Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Pension Expenses

The components of net periodic pension (income) expense are as follows: 

	Year Ended December 31,
	2020		2019		2018
Interest cost	$	1.8	$	2.2	$	2.1
Expected return on plan assets	(3.3)		(2.9)		(3.3)
Amortization of net loss	1.2		1.3		0.9
Total net periodic pension (income) expense	$	(0.3)	$	0.6	$	(0.3)

Schedule of Changes in Projected Benefit Obligation and Plan Assets, Funded Status and Amounts Recognized on the Balance Sheet

The changes in the projected benefit obligation and plan assets, the funded status of the plans and the amounts recognized in the consolidated balance sheets are as follows:

 

	December 31,
	2020		2019
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	58.5	$	53.6
Interest cost	1.8		2.2
Assumption changes	5.2		5.4
Benefits paid	(2.7)		(2.5)
Actuarial gains	(0.3)		(0.2)
Projected benefit obligation at year end	62.5		58.5
Change in plan assets:
Fair value of plan assets at beginning of year	49.1		42.8
Actual return	6.4		8.4
Employer contributions	1.1		0.4
Benefits paid	(2.7)		(2.5)
Fair value of plan assets at year end	53.9		49.1
Funded status (Accrued pension liabilities) (1)	$	(8.6)	$	(9.4)
Unrecognized actuarial loss recognized in accumulated other comprehensive income (loss)	$	14.9	$	14.2

_______________

(1)Accrued pension liabilities on the consolidated balance sheets for both December 31, 2020 and 2019 were $1.0 and $0.8, respectively, related to our Hudson Products business, which is not included in the table above.

Schedule of Assumptions Used

The actuarial assumptions used in determining pension plan information are as follows: 

	December 31,
	2020		2019		2018
Assumptions used to determine benefit obligation at year end:
Discount rate	2.4	%	3.2	%	4.2	%
Assumptions used to determine net periodic benefit cost:
Discount rate	3.2	%	4.2	%	3.7	%
Expected long-term weighted-average rate of return on plan assets	7.0	%	7.0	%	7.0	%

Schedule of Target Allocation by Asset Category and Fair Value

The target allocations by asset category and fair values of the plan assets by asset class at December 31 are as follows: 

	Target Allocations by Asset Category	Fair Value
		Total				Level 2				Level 3
Plan Assets:		2020		2019		2020		2019		2020		2019
Equity funds	68%	$	38.9	$	36.0	$	38.9	$	36.0	$	—	$	—
Fixed income funds	26%	13.2		12.8		13.2		12.8		—		—
Other investments	6%	1.8		0.3		—		—		1.8		0.3
Total		$	53.9	$	49.1	$	52.1	$	48.8	$	1.8	$	0.3

Rollforward of Unobservable Inputs

The following table represents changes in the fair value of plan assets categorized as Level 3 from the preceding table:

Balance at December 31, 2018	$	0.2
Purchases, sales and settlements, net	(3.1)
Transfers, net	3.2
Balance at December 31, 2019	0.3
Purchases, sales and settlements, net	(3.0)
Transfers, net	4.5
Balance at December 31, 2020	$	1.8

Schedule of Expected Benefit Payments

The following benefit payments are expected to be paid by the plan in each of the next five years and in the aggregate for the subsequent five years: 

2021	$	3.1
2022	3.2
2023	3.3
2024	3.3
2025	3.4
In aggregate during five years thereafter	17.2