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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Reconciliations of Benefit Obligations, Plan Assets of Pension Plans and Funded Status of Plans
The following tables present reconciliations of plan benefit obligations, fair value of plan assets and the funded status of pension plans and other post-retirement plans as of and for the years ended December 31, 2019 and 2018:
 
Pension plans
 
Other post-retirement
plans
In millions
2019
2018
 
2019
2018
Change in benefit obligations
 
 
 
 
 
Benefit obligation beginning of year
$
277.9

$
473.8

 
$
14.9

$
17.5

Service cost
2.6

4.1

 
—

—

Interest cost
7.3

11.5

 
0.6

0.6

Settlements
(1.5
)
—

 
—

—

Actuarial loss (gain)
8.0

(23.6
)
 
2.0

(1.4
)
Foreign currency translation
0.1

(0.2
)
 
—

—

Benefits paid
(182.3
)
(187.7
)
 
(2.9
)
(1.8
)
Benefit obligation end of year
$
112.1

$
277.9

 
$
14.6

$
14.9

Change in plan assets
 
 
 
 
 
Fair value of plan assets beginning of year
$
180.7

$
382.8

 
$
—

$
—

Actual return on plan assets
16.0

(21.4
)
 
—

—

Company contributions
18.0

7.1

 
2.9

1.8

Settlements
(1.5
)
—

 
—

—

Foreign currency translation
0.1

(0.1
)
 
—

—

Benefits paid
(182.3
)
(187.7
)
 
(2.9
)
(1.8
)
Fair value of plan assets end of year
$
31.0

$
180.7

 
$
—

$
—

Funded status
 
 
 
 
 
Benefit obligations in excess of the fair value of plan assets
$
(81.1
)
$
(97.2
)
 
$
(14.6
)
$
(14.9
)
Amounts Recognized in Consolidated Balance Sheets
Amounts recorded in the Consolidated Balance Sheets were as follows:
 
Pension plans
 
Other post-retirement
plans
In millions
2019
2018
 
2019
2018
Current liabilities
$
(5.3
)
$
(28.3
)
 
$
(1.7
)
$
(1.7
)
Non-current liabilities
(75.8
)
(68.9
)
 
(12.9
)
(13.2
)
Benefit obligations in excess of the fair value of plan assets
$
(81.1
)
$
(97.2
)
 
$
(14.6
)
$
(14.9
)
Pension Plans with an Accumulated Benefit Obligation or Projected Benefit Obligation in Excess of Plan Assets
Information for pension plans with an accumulated benefit obligation or projected benefit obligation in excess of plan assets as of December 31 was as follows:
 
Projected benefit obligation
exceeds the fair value
of plan assets
 
Accumulated benefit  obligation
exceeds the fair value of
plan assets
In millions
2019
2018

2019
2018
Projected benefit obligation
$
111.7

$
277.9


$
111.7

$
270.6

Fair value of plan assets
30.4

180.7


30.4

173.7

Accumulated benefit obligation
N/A

N/A


107.1

268.3
Components of Net Periodic Benefit Cost
Components of net periodic benefit expense for our pension plans for the years ended December 31 were as follows:
In millions
2019
2018
2017
Service cost
$
2.6

$
4.1

$
11.7

Interest cost
7.3

11.5

16.4

Expected return on plan assets
(3.9
)
(7.6
)
(11.6
)
Net actuarial (gain) loss
(4.1
)
5.2

8.4

Net periodic benefit expense
$
1.9

$
13.2

$
24.9
Weighted-Average Assumptions used to Determine Domestic Benefit Obligations and Domestic Net Periodic Benefit Cost
The following table provides the weighted-average assumptions used to determine benefit obligations and net periodic benefit cost as they pertain to our pension and other post-retirement plans.
 
Pension plans

Other post-retirement
plans
 
2019
2018
2017

2019
2018
2017
Benefit obligation assumptions (1)
Discount rate
2.68
%
3.73
%
4.00
%

2.81
%
3.95
%
3.40
%
Rate of compensation increase
3.68
%
3.77
%
3.96
%

NA
NA
NA
Net periodic benefit expense assumptions
 
 
 
 
 
 
 
Discount rate
3.70
%
4.00
%
3.94
%
 
3.95
%
3.40
%
3.80
%
Expected long-term return on plan assets
4.37
%
4.17
%
4.05
%
 
NA
NA
NA
Rate of compensation increase
3.72
%
3.96
%
3.96
%
 
NA
NA
NA


(1) 
The benefit obligation for the Salaried Plan as of December 31, 2018 was determined using assumptions reflecting the termination of the plan. As a result, the 2018 weighted-average assumptions for the pension plans reflected in the table above do not include the Salaried Plan.
Assumed Health Care Cost Trend Rates
The assumed healthcare cost trend rates for other post-retirement plans as of December 31 were as follows:
 
2019
2018
Healthcare cost trend rate assumed for following year
5.8
%
6.2
%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
4.4
%
4.4
%
Year the cost trend rate reaches the ultimate trend rate
2038

2038
Actual Overall Asset Allocation for U.S. And Non-U.S. Plans as Compared to Investment Policy Goals
Our actual overall asset allocation for our pension plans as compared to our investment policy goals as of December 31 was as follows:
 
Actual
 
Target
 
2019
2018
 
2019
2018
Fixed income
70
%
87
%
 
72
%
95
%
Alternative
29
%
5
%
 
28
%
5
%
Cash
1
%
8
%
 
—
%
—
%
Plan Assets Using Fair Value Hierarchy
The fair values of our pension plan assets and their respective levels in the fair value hierarchy as of December 31, 2019 and December 31, 2018 were as follows:
 
December 31, 2019
In millions
Level 1
Level 2
Level 3
Total
Cash and cash equivalents
$
0.4

$
—

$
—

$
0.4

Other investments
—

—

8.9

8.9

Total investments at fair value
$
0.4

$
—

$
8.9

$
9.3

Investments measured at NAV



21.7

Total



$
31.0


 
December 31, 2018
In millions
Level 1
Level 2
Level 3
Total
Cash and cash equivalents
$
—

$
12.0

$
—

$
12.0

Fixed income
—

137.5

—

137.5

Other investments
—

—

9.3

9.3

Total investments at fair value
$
—

$
149.5

$
9.3

$
158.8

Investments measured at NAV
 
 
 
21.9

Total
 
 
 
$
180.7
Expected Future Service to Be Paid by Plans
The following benefit payments, which reflect expected future service or payout from termination, as appropriate, are expected to be paid by the plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter are as follows:
In millions
Pension plans
Other post-
retirement
plans
2020
$
6.8

$
1.7

2021
6.8

1.6

2022
6.8

1.5

2023
7.2

1.4

2024
7.2

1.3

2025 - 2029
36.9

4.9