Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Benefit Obligations, Plan Assets and Funded Status of Plans

The following table reflects the benefit obligations, fair value of plan assets and funded status of the U.S. plans at December 31, 2018 and 2017.

DECEMBER 31	U.S. Qualified Pension Plan						U.S. Non-Qualified Pension Plan
(in millions)	2018			2017			2018			2017
Change in benefit obligation:
Benefit obligation, beginning of period (1)	$	501.2		$	506.8		$	36.6		$	38.0
Interest cost		18.4			20.4			1.4			1.5
Actuarial losses (gains)		(17.5	)		7.3			(1.3	)		0.1
Benefits paid		(32.6	)		(33.3	)		(2.9	)		(3.0	)
Benefit obligation, end of year (1)		469.5			501.2			33.8			36.6
Change in plan assets:
Fair value of plan assets, beginning of period		460.1			453.3			—			—
Actual return on plan assets		(16.8	)		40.1			—			—
Contributions		40.0			—			2.9			3.0
Benefits paid		(32.6	)		(33.3	)		(2.9	)		(3.0	)
Fair value of plan assets, end of year		450.7			460.1			—			—
Funded status of the plans	$	(18.8	)	$	(41.1	)	$	(33.8	)	$	(36.6	)

(1) The accumulated benefit obligation for these plans is equal to the projected benefit obligation.

Schedule of Expected Benefit Payments

The Company estimates that benefit payments over the next 10 years will be as follows:

YEARS ENDED DECEMBER 31	2019		2020		2021		2022		2023		2024-2028
(in millions)
U.S. qualified pension plan	$	38.5	$	37.4	$	38.7	$	37.3	$	37.1	$	163.7
U.S. non-qualified pension plan	$	3.1	$	3.0	$	3.0	$	2.9	$	2.7	$	12.4

Components of Net Periodic Pension Cost

The components of total net periodic pension cost are as follows:

YEARS ENDED DECEMBER 31	2018			2017			2016
(in millions)
Interest cost	$	19.8		$	21.9		$	24.9
Expected return on plan assets		(20.6	)		(21.4	)		(23.5	)
Recognized net actuarial loss		9.6			13.5			11.2
Net periodic pension cost	$	8.8		$	14.0		$	12.6

Accumulated Other Comprehensive (Income) Loss Related to Postretirement Benefit Plans

The following table reflects the total amounts recognized in accumulated other comprehensive income relating to the U.S. defined benefit pension plans as of December 31, 2018 and 2017.

DECEMBER 31	2018		2017
(in millions)
Net actuarial loss	$	109.7	$	100.8

Postretirement Plans [Member]

Schedule of Benefit Obligations, Plan Assets and Funded Status of Plans

DECEMBER 31	2018			2017
(in millions)
Change in benefit obligation:
Accumulated postretirement benefit obligation, beginning of year	$	10.1		$	11.6
Interest cost		0.4			0.4
Net actuarial gain		(0.9	)		(0.3	)
Benefits paid		(1.2	)		(1.6	)
Accumulated postretirement benefit obligation, end of year		8.4			10.1
Fair value of plan assets, end of year		—			—
Funded status of plans	$	(8.4	)	$	(10.1	)

Schedule of Expected Benefit Payments

YEARS ENDING DECEMBER 31
(in millions)
2019	$	1.1
2020		1.0
2021		0.9
2022		0.8
2023		0.8
2024 - 2028		3.1

Components of Net Periodic Pension Cost

YEARS ENDED DECEMBER 31	2018			2017			2016
(in millions)
Interest cost	$	0.4		$	0.4		$	0.5
Recognized net actuarial loss		0.2			0.2			0.2
Amortization of prior service cost (benefit)		(0.3	)		(1.4	)		(1.4	)
Net periodic postretirement cost (benefit)	$	0.3		$	(0.8	)	$	(0.7	)

Accumulated Other Comprehensive (Income) Loss Related to Postretirement Benefit Plans

DECEMBER 31	2018			2017
(in millions)
Net actuarial loss	$	2.5		$	3.6
Net prior service cost (benefit)		(0.1	)		(0.4	)
	$	2.4		$	3.2

Summary of Weighted-Average Assumptions Used to Determine Pension Benefit Obligations

YEARS ENDED DECEMBER 31	2018			2017
Postretirement benefit obligations discount rate		4.38	%		3.75	%
Postretirement benefit cost discount rate		3.75	%		4.13	%

Assumed Health Care Cost Trend Rates

DECEMBER 31	2018			2017
Health care cost trend rate assumed for next year		6.50	%		6.50	%
Rate to which the cost trend is assumed to decline (ultimate trend rate)		4.50	%		4.50	%
Year the rate reaches the ultimate trend rate	2024			2024