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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Schedule of Assumptions Used for Benefit Obligation
Assumptions used to determine benefit obligations as of the periods presented were as follows:
 
 
Canadian Pension Plan
 
Salaried VEBA
 
 
December 31, 2019
 
December 31, 2018
 
December 31, 2019
 
December 31, 2018
Discount rate
 
3.10
%
 
3.90
%
 
2.95
%
 
3.90
%
Expected long-term return on plan assets
 
4.45
%
 
4.45
%
 
5.50
%
 
5.50
%
Rate of compensation increase
 
3.00
%
 
3.00
%
 
—

 
—
Schedule of Assumptions Used to Determine Net Periodic Benefit Cost (Income)
Assumptions used to determine net periodic postretirement benefit cost for the years ended December 31 were:
 
 
Canadian Pension Plan
 
Salaried VEBA
 
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Discount rate
 
3.90
%
 
3.40
%
 
3.80
%
 
3.90
%
 
3.20
%
 
3.60
%
Expected long-term return on plan assets1
 
4.45
%
 
4.45
%
 
4.45
%
 
5.50
%
 
5.50
%
 
7.75
%
Rate of compensation increase
 
3.00
%
 
3.00
%
 
3.00
%
 
—

 
—

 
—

_____________________
1. 
The expected long-term rate of return assumption for the Salaried VEBA is based on the targeted investment portfolios provided to us by the trustee of the Salaried VEBA.
Schedule of Changes in Benefit Obligations The following table presents the benefit obligations and funded status of our Canadian pension plan and the Salaried VEBA as of December 31, 2019 and December 31, 2018 and the corresponding amounts that are included in our Consolidated Balance Sheets (in millions of dollars):
 
 
Canadian Pension Plan
 
Salaried VEBA
 
 
2019
 
2018
 
2019
 
2018
Change in benefit obligation:
 
 
 
 
 
 
 
 
Obligation at beginning of year
 
$
7.3

 
$
8.5

 
$
85.6

 
$
90.0

Foreign currency translation adjustment
 
0.3

 
(0.7
)
 
—

 
—

Service cost
 
0.3

 
0.3

 
0.1

 
0.1

Interest cost
 
0.3

 
0.3

 
3.2

 
2.7

Prior service cost1
 
—

 
—

 
2.5

 
6.9

Actuarial loss (gain)2
 
1.1

 
(0.6
)
 
6.4

 
(6.8
)
Plan participants contributions
 
—

 
0.1

 
—

 
—

Benefits paid by Company
 
(0.5
)
 
(0.6
)
 
—

 
—

Benefits paid by Salaried VEBA
 
—

 
—

 
(7.6
)
 
(7.3
)
Obligation at end of year3
 
8.8

 
7.3

 
90.2

 
85.6

 
 
 
 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
 
 
 
Fair market value of plan assets at beginning of year
 
6.5

 
7.3

 
53.2

 
58.1

Foreign currency translation adjustment
 
0.3

 
(0.6
)
 
—

 
—

Actual return on assets
 
1.0

 
(0.2
)
 
9.1

 
0.3

Plan participants contributions
 
—

 
0.1

 
—

 
—

Company contributions
 
0.5

 
0.5

 
2.9

 
2.1

Benefits paid by Company
 
(0.5
)
 
(0.6
)
 
—

 
—

Benefits paid by Salaried VEBA
 
—

 
—

 
(7.6
)
 
(7.3
)
Fair market value of plan assets at end of year
 
7.8

 
6.5

 
57.6

 
53.2

Net funded status4
 
$
(1.0
)
 
$
(0.8
)
 
$
(32.6
)
 
$
(32.4
)

_____________________________
1. 
The prior service cost relating to the Salaried VEBA in both 2019 and 2018 resulted from increases in the annual healthcare reimbursement benefit starting in 2019 and 2018, respectively, for plan participants.
2. 
The actuarial gain relating to the Salaried VEBA in 2019 was comprised of: (i) a $6.8 million loss due to a change in the discount rate; (ii) a $0.1 million loss due to changes in census information; offset by (iii) a $0.5 million gain due to a change in the projected utilization rate.
The actuarial gain relating to the Salaried VEBA in 2018 was comprised of: (i) a $5.1 million gain due to a change in the discount rate; (ii) a $2.2 million gain due to a change in the projected utilization rate; offset by (iii) a $0.5 million loss due to changes in census information.
3. 
For the Canadian pension plan, the benefit obligation is the projected benefit obligation. For the Salaried VEBA, the benefit obligation is the APBO.
4. 
Net funded status relating to the Salaried VEBA at December 31, 2019 and December 31, 2018, respectively, was presented as Net liabilities of Salaried VEBA on the Consolidated Balance Sheet.
Schedule of Changes in Plan Assets The following table presents the benefit obligations and funded status of our Canadian pension plan and the Salaried VEBA as of December 31, 2019 and December 31, 2018 and the corresponding amounts that are included in our Consolidated Balance Sheets (in millions of dollars):
 
 
Canadian Pension Plan
 
Salaried VEBA
 
 
2019
 
2018
 
2019
 
2018
Change in benefit obligation:
 
 
 
 
 
 
 
 
Obligation at beginning of year
 
$
7.3

 
$
8.5

 
$
85.6

 
$
90.0

Foreign currency translation adjustment
 
0.3

 
(0.7
)
 
—

 
—

Service cost
 
0.3

 
0.3

 
0.1

 
0.1

Interest cost
 
0.3

 
0.3

 
3.2

 
2.7

Prior service cost1
 
—

 
—

 
2.5

 
6.9

Actuarial loss (gain)2
 
1.1

 
(0.6
)
 
6.4

 
(6.8
)
Plan participants contributions
 
—

 
0.1

 
—

 
—

Benefits paid by Company
 
(0.5
)
 
(0.6
)
 
—

 
—

Benefits paid by Salaried VEBA
 
—

 
—

 
(7.6
)
 
(7.3
)
Obligation at end of year3
 
8.8

 
7.3

 
90.2

 
85.6

 
 
 
 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
 
 
 
Fair market value of plan assets at beginning of year
 
6.5

 
7.3

 
53.2

 
58.1

Foreign currency translation adjustment
 
0.3

 
(0.6
)
 
—

 
—

Actual return on assets
 
1.0

 
(0.2
)
 
9.1

 
0.3

Plan participants contributions
 
—

 
0.1

 
—

 
—

Company contributions
 
0.5

 
0.5

 
2.9

 
2.1

Benefits paid by Company
 
(0.5
)
 
(0.6
)
 
—

 
—

Benefits paid by Salaried VEBA
 
—

 
—

 
(7.6
)
 
(7.3
)
Fair market value of plan assets at end of year
 
7.8

 
6.5

 
57.6

 
53.2

Net funded status4
 
$
(1.0
)
 
$
(0.8
)
 
$
(32.6
)
 
$
(32.4
)

_____________________________
1. 
The prior service cost relating to the Salaried VEBA in both 2019 and 2018 resulted from increases in the annual healthcare reimbursement benefit starting in 2019 and 2018, respectively, for plan participants.
2. 
The actuarial gain relating to the Salaried VEBA in 2019 was comprised of: (i) a $6.8 million loss due to a change in the discount rate; (ii) a $0.1 million loss due to changes in census information; offset by (iii) a $0.5 million gain due to a change in the projected utilization rate.
The actuarial gain relating to the Salaried VEBA in 2018 was comprised of: (i) a $5.1 million gain due to a change in the discount rate; (ii) a $2.2 million gain due to a change in the projected utilization rate; offset by (iii) a $0.5 million loss due to changes in census information.
3. 
For the Canadian pension plan, the benefit obligation is the projected benefit obligation. For the Salaried VEBA, the benefit obligation is the APBO.
4. 
Net funded status relating to the Salaried VEBA at December 31, 2019 and December 31, 2018, respectively, was presented as Net liabilities of Salaried VEBA on the Consolidated Balance Sheet.
Schedule of Expected Benefit Payments
As of December 31, 2019, the net benefits expected to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter are as follows (in millions of dollars):
 
Benefit Payments Due by Period
 
2020
 
2021
 
2022
 
2023
 
2024
 
2025-2029
Canadian pension plan benefit payments
$
0.3

 
$
0.3

 
$
0.3

 
$
0.3

 
$
0.3

 
$
2.0

Salaried VEBA benefit payments1
7.9

 
7.6

 
7.4

 
7.1

 
6.8

 
29.1

Total net benefits
$
8.2

 
$
7.9

 
$
7.7

 
$
7.4

 
$
7.1

 
$
31.1

__________________________________
1. 
Such amounts are based on benefit amounts and certain key assumptions obtained from the Salaried VEBA.
Schedule of Net Periodic Benefit Cost Not yet Recognized
The amount of loss included in the Consolidated Balance Sheets (within Accumulated other comprehensive loss) associated with our Canadian pension plan and the Salaried VEBA (before tax) that had not yet been reflected in net periodic postretirement benefit cost was as follows at December 31 (in millions of dollars):
 
 
Canadian Pension Plan
 
Salaried VEBA
 
 
2019
 
2018
 
2019
 
2018
Accumulated net actuarial loss
 
$
(1.9
)
 
$
(1.5
)
 
$
(12.1
)
 
$
(12.5
)
Prior service cost
 
—

 
—

 
(41.1
)
 
(44.2
)
Cumulative loss reflected in Accumulated other comprehensive loss
 
$
(1.9
)
 
$
(1.5
)
 
$
(53.2
)
 
$
(56.7
)
Schedule of Defined Benefit Plans Disclosures [Table Text Block] fair value of plan assets, classified under the appropriate level of the fair value hierarchy, as of the periods presented (in millions of dollars):
 
Level 1
 
Level 2
 
Level 3
 
Total
December 31, 2019:
 
 
 
 
 
 
 
Plan Assets in the Fair Value Hierarchy:
 
 
 
 
 
 
 
Salaried VEBA –
 
 
 
 
 
 
 
Cash and money market investments
$
0.9

 
$
—

 
$
—

 
$
0.9

Diversified investment funds in registered investment companies1
7.1

 
—

 
—

 
7.1

Total Salaried VEBA assets in the fair value hierarchy
8.0

 
—

 
—

 
8.0

Deferred compensation program – Diversified investment funds in registered investment companies1
—

 
8.1

 
—

 
8.1

Total plan assets in the fair value hierarchy
$
8.0

 
$
8.1

 
$
—

 
$
16.1

 
 
 
 
 
 
 
 
Plan Assets Measured at NAV 2:
 
 
 
 
 
 
 
Salaried VEBA – Fixed income investment funds in registered investment companies3
 
 
 
 
 
 
$
21.9

Salaried VEBA – Equity investment funds in registered investment companies4
 
 
 
 
 
 
24.8

Canadian pension plan – Diversified investment funds in registered investment companies1
 
 
 
 
 
 
7.8

Total plan assets at fair value


 


 


 
$
70.6

 
 
 
 
 
 
 
 
December 31, 2018:
 
 
 
 
 
 
 
Plan Assets in the Fair Value Hierarchy:
 
 
 
 
 
 
 
Salaried VEBA –
 
 
 
 
 
 
 
Cash and money market investments
$
0.9

 
$
—

 
$
—

 
$
0.9

Diversified investment funds in registered investment companies1
8.7

 
—

 
—

 
8.7

Total Salaried VEBA assets in the fair value hierarchy
9.6

 
—

 
—

 
9.6

Deferred compensation program – Diversified investment funds in registered investment companies1
—

 
10.5

 
—

 
10.5

Total plan assets in the fair value hierarchy
$
9.6

 
$
10.5

 
$
—

 
$
20.1

 
 
 
 
 
 
 
 
Plan Assets Measured at NAV 2:
 
 
 
 
 
 
 
Salaried VEBA – Fixed income investment funds in registered investment companies3
 
 
 
 
 
 
$
21.2

Salaried VEBA – Equity investment funds in registered investment companies4
 
 
 
 
 
 
20.3

Canadian pension plan – Diversified investment funds in registered investment companies1
 
 
 
 
 
 
6.5

Total plan assets at fair value
 
 
 
 
 
 
$
68.1

_________________________
1. 
The plan assets are invested in investment funds that hold a diversified portfolio of: (i) U.S. and international debt and equity securities; (ii) fixed income securities such as corporate bonds and government bonds; (iii) mortgage-related securities; and (iv) cash and cash equivalents.
2. 
The market value of these funds has not been categorized in the fair value hierarchy and is being presented in the table above to permit a reconciliation of the fair value hierarchy to the Consolidated Balance Sheets. Equity investment funds measured at fair value using the NAV practical expedient are managed by an investment adviser registered with the SEC
under the Investment Advisers Act of 1940 and can be redeemed with five business days' notice on the 15th (or last business day prior to the 15th) and on the last business day of each month. A business day is every day that the New York Stock Exchange is open. Diversified investment funds measured at fair value using the NAV practical expedient are unitized mutual funds without externally published net asset values, which can be redeemed daily without restriction.
3. 
This category represents investments in various fixed income funds with multiple registered investment companies. Such funds invest primarily in bonds (including Eurodollar and Yankee bonds), debentures, notes, securities with equity and fixed-income characteristics (such as bonds with warrants attached, convertible bonds, hybrids and certain preferred securities), cash equivalents, securities backed by mortgages and other assets, loans, pooled or collective investment vehicles made up of fixed-income securities, and other fixed-income obligations of banks, corporations and governmental authorities.
4. 
This category represents investments in equity funds that invest in portfolios comprised primarily of equity and equity-related securities of U.S. and non-U.S. issuers across all market capitalizations.
Schedule of Net Periodic Benefit Costs (Income) The following table presents the components of Net periodic postretirement benefit cost for the years ended December 31 (in millions of dollars):
 
 
Canadian Pension Plan
 
Salaried VEBA
 
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Service cost
 
$
0.3

 
$
0.3

 
$
0.3

 
$
0.1

 
$
0.1

 
$
—

Interest cost
 
0.3

 
0.3

 
0.3

 
3.2

 
2.7

 
3.0

Expected return on plan assets
 
(0.3
)
 
(0.3
)
 
(0.3
)
 
(2.7
)
 
(2.9
)
 
(4.1
)
Amortization of prior service cost1
 
—

 
—

 
—

 
5.6

 
5.4

 
4.7

Amortization of net actuarial loss
 
0.1

 
0.1

 
—

 
0.4

 
0.8

 
0.9

Net periodic postretirement benefit cost
 
$
0.4

 
$
0.4

 
$
0.3

 
$
6.6

 
$
6.1

 
$
4.5

__________________________
1. 
We amortize prior service cost on a straight-line basis over the average remaining years of service to full eligibility for benefits of the active plan participants.
The following tables present the total expense related to all benefit plans for the periods presented (in millions of dollars):
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Canadian pension plan1
 
$
0.4

 
$
0.4

 
$
0.3

Defined contribution plans1
 
8.8

 
8.8

 
8.9

Deferred compensation plan1
 
1.6

 
1.0

 
1.8

Multiemployer pension plans2
 
5.0

 
4.7

 
4.6

Net periodic postretirement benefit cost relating to Salaried VEBA3
 
6.6

 
6.1

 
4.5

Total
 
$
22.4

 
$
21.0

 
$
20.1

___________________________
1. 
Substantially all of these charges related to employee benefits are in Cost of products sold with the remaining balance in SG&A and R&D.
2. 
See Note 6 for more information on our multiemployer defined benefit pension plans.
3. 
The current service cost component of Net periodic postretirement benefit cost relating to Salaried VEBA is included within our Statements of Consolidated Income in SG&A and R&D for all periods presented. All other components of Net periodic postretirement benefit cost relating to Salaried VEBA are included within Other expense, net, in our Statements of Consolidated Income.