Pension Plans (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Plans [Line Items]

Schedule of Weighted Average Assumptions

Weighted average assumptions used to determine pension benefit obligations are as follows:

DECEMBER 31	2020			2019			2018
Discount rate - qualified plan		3.00	%		3.75	%		4.50	%
Discount rate - non-qualified plan		2.88	%		4.00	%		4.50	%
Cash balance interest crediting rate		3.00	%		3.50	%		3.50	%

The Company utilizes a measurement date of January 1^st to determine its periodic pension costs. Weighted average assumptions used to determine net periodic pension costs for the defined benefit plans are as follows:

YEARS ENDED DECEMBER 31	2020			2019			2018
Qualified plan
Discount rate		3.75	%		4.50	%		3.88	%
Expected return on plan assets		4.75	%		5.50	%		4.75	%
Cash balance interest crediting rate		3.50	%		3.50	%		3.50	%
Non-qualified plan
Discount rate		4.00	%		4.50	%		3.88	%

Summary of Target Allocations and Invested Asset Allocations

The following table provides its year-end 2020 target allocations and actual invested asset allocations at December 31, 2020 and 2019.

DECEMBER 31	2020 TARGET LEVELS			2020			2019
Fixed income securities:
Fixed maturities		88	%		87	%		88	%
Money market funds		2	%		3	%		2	%
Total fixed income securities		90	%		90	%		90	%
Equity securities		10	%		10	%		10	%
Total plan assets		100	%		100	%		100	%

Summary of Plan Assets Investment Measured at Fair Value

The following table presents, for each hierarchy level, the qualified defined benefit plan’s investment assets that are measured at fair value at December 31, 2020 and 2019. Refer to Note 5 – “Fair Value” for a description of the different levels in the Fair Value Hierarchy.

DECEMBER 31	2020								2019
(in millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Fixed income securities:
Fixed maturities	$	29.5	$	10.4	$	—	$	19.1	$	33.6	$	10.7	$	—	$	22.9
Money market mutual funds		11.3		11.3		—		—		7.8		7.8		—		—
Total investments at fair value	$	40.8	$	21.7	$	—	$	19.1	$	41.4	$	18.5	$	—	$	22.9

Summary of Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs

The table below provides a reconciliation for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3).

YEARS ENDED DECEMBER 31	2020			2019
(in millions)
Balance at beginning of period	$	22.9		$	25.8
Less: Assets transferred to Level 1 investments		(4.3	)		(3.5	)
Actual return on plan assets related to assets still held		0.5			0.6
Balance at end of year	$	19.1		$	22.9

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 plans at December 31, 2020 and 2019.

DECEMBER 31	Qualified Pension Plan						Non-Qualified Pension Plan
(in millions)	2020			2019			2020			2019
Change in benefit obligation:
Benefit obligation, beginning of period (1)	$	472.5		$	469.5		$	31.7		$	33.8
Interest cost		17.1			19.9			1.2			1.4
Actuarial losses (gains)		25.9			20.4			3.0			(0.6	)
Benefits paid		(32.2	)		(37.3	)		(2.9	)		(2.9	)
Benefit obligation, end of year (1)		483.3			472.5			33.0			31.7
Change in plan assets:
Fair value of plan assets, beginning of period		487.6			450.7			—			—
Actual return on plan assets		55.3			64.2			—			—
Contributions		—			10.0			2.9			2.9
Benefits paid		(32.2	)		(37.3	)		(2.9	)		(2.9	)
Fair value of plan assets, end of year		510.7			487.6			—			—
Funded status of the plans	$	27.4		$	15.1		$	(33.0	)	$	(31.7	)

Components of Net Periodic Pension Cost

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

YEARS ENDED DECEMBER 31	2020			2019			2018
(in millions)
Interest cost	$	18.3		$	21.3		$	19.8
Expected return on plan assets		(22.2	)		(23.4	)		(20.6	)
Recognized net actuarial loss		5.8			11.3			9.6
Net periodic pension cost	$	1.9		$	9.2		$	8.8

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 defined benefit pension plans as of December 31, 2020 and 2019.

DECEMBER 31	2020		2019
(in millions)
Net actuarial loss	$	67.4	$	77.3

Schedule of Expected Benefit Payments

YEARS ENDED DECEMBER 31	2021		2022		2023		2024		2025		2026-2030
(in millions)
Qualified pension plan	$	39.4	$	38.1	$	37.5	$	35.8	$	34.2	$	152.4
Non-qualified pension plan	$	2.9	$	2.9	$	2.7	$	2.6	$	2.5	$	11.1

Investments Net Asset Value [Member]

Retirement Plans [Line Items]

Schedule of Fair Values of Investments

The fair values of these investments are as follows:

DECEMBER 31	2020		2019
Fixed maturities	$	414.4	$	394.3
Equity securities		52.7		51.7
Total investments carried at NAV	$	467.1	$	446.0