Postretirement Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2020

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

The following table sets forth the net periodic benefit cost for the Company’s other postretirement benefit plans. The amounts for the three and nine months ended September 30, 2020 are based on calculations prepared by the Company's actuaries and represent the Company’s best estimate of that period’s proportionate share of the amounts to be recorded for the year ending December 31, 2020.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Components of net periodic benefit (credit) cost:
Service cost	$	—	$	—	$	0.1	$	0.1
Interest cost	0.6		1.2		1.6		5.0
Expected return on plan assets	(0.1)		(0.8)		(0.3)		(2.4)
Amortization of prior service credit	(2.4)		(2.0)		(7.3)		(3.1)
Recognition of net actuarial losses	—		9.9		—		9.9


Net periodic benefit (credit) cost	$	(1.9)	$	8.3	$	(5.9)	$	9.5

In January 2020, the Company established a second Voluntary Employee Beneficiary Association ("VEBA") trust for certain active employees’ medical benefits. The Company transferred $50 million from an existing VEBA trust to fund this new VEBA trust. The $50 million that was transferred was primarily classified as other current assets based on the portfolio of the assets in the trust. The Company expects to fully utilize the assets of the trust in 2020 for the payment of certain active employees’ medical benefits. As of September 30, 2020, the Company had utilized $38 million of the new VEBA trust.

In July 2019, the Company announced changes to the medical plan offerings of certain of its postretirement benefit plans, effective January 1, 2020, which impacted the benefits provided to certain retirees. The plan amendment: (1) resulted in a $92.8 million reduction in the postretirement benefit obligation and a corresponding pretax adjustment to accumulated other comprehensive loss; and (2) triggered a remeasurement of the postretirement obligation, and as a result, the Company recognized an actuarial loss of $9.9 million during the three months ended September 30, 2019. Beginning in third quarter of 2019, the Company began amortizing the pretax adjustment of $92.8 million from accumulated other comprehensive loss into net periodic benefit cost (as a benefit) over the next twelve years.