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Pensions and Other Post-Employment Benefits (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Obligation and funded status of the company's pension and other post-retirement benefit plans
The obligation and funded status of the Company’s pension and other post-employment benefit plans are shown below. The Pension Benefits column aggregates defined benefit pension plans in the U.S., Germany, and England, and the U.S. supplemental retirement plans. The Other Benefits column includes the domestic retiree medical and life insurance plan.
  
 
Pension Benefits
 
Other Benefits
(Thousands)
 
2019
 
2018
 
2019
 
2018
Change in benefit obligation
 
 
 
 
 
 
 
 
Benefit obligation at beginning of year
 
$
170,136

 
$
313,728

 
$
11,375

 
$
14,166

Service cost
 
5,918

 
6,953

 
67

 
111

Interest cost
 
6,292

 
9,554

 
399

 
396

Net pension curtailments and settlements
 
(12,212
)
 
(112,644
)
 
—

 
—

Actuarial loss (gain)
 
20,409

 
(31,824
)
 
(2,192
)
 
(2,453
)
Benefit payments
 
(3,170
)
 
(13,700
)
 
(981
)
 
(876
)
Foreign currency exchange rate changes and other
 
(613
)
 
(1,931
)
 
13

 
31

Benefit obligation at end of year
 
186,760

 
170,136

 
8,681

 
11,375

Change in plan assets
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
 
145,046

 
234,976

 
—

 
—

Plan settlements
 
—

 
(111,542
)
 
—

 
—

Actual return on plan assets
 
27,264

 
(8,570
)
 
—

 
—

Employer contributions
 
4,702

 
42,227

 
—

 
—

Employee contributions
 
124

 
146

 
—

 
—

Benefit payments from fund
 
(2,933
)
 
(10,826
)
 
—

 
—

Expenses paid from assets
 
(391
)
 
(890
)
 
—

 
—

Foreign currency exchange rate changes and other
 
234

 
(475
)
 
—

 
—

Fair value of plan assets at end of year
 
174,046

 
145,046

 
—

 
—

Funded status at end of year
 
$
(12,714
)
 
$
(25,090
)
 
$
(8,681
)
 
$
(11,375
)
Amounts recognized in the Consolidated
Balance Sheets consist of:
 
 
 
 
 
 
 
 
Other assets
 
$
11,298

 
$
1,948

 
$
—

 
$
—

Other liabilities and accrued items
 
(997
)
 
(411
)
 
(1,012
)
 
(1,258
)
Retirement and post-employment benefits
 
(23,015
)
 
(26,627
)
 
(7,669
)
 
(10,117
)
 
 
$
(12,714
)
 
$
(25,090
)
 
$
(8,681
)
 
$
(11,375
)
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block]
The following amounts are included within accumulated other comprehensive loss at December 31, 2019 and are expected to be recognized as components of net periodic benefit cost during 2020:
  
 
Pension Benefits
 
Other Benefits
(Thousands)
 
2019
 
2018
 
2019
 
2018
Amounts recognized in other comprehensive income (before tax) consist of:
 
 
 
 
 
 
 
 
Net actuarial loss (gain)
 
$
48,073

 
$
61,599

 
$
(4,529
)
 
$
(2,429
)
Net prior service cost (credit)
 
—

 
3,810

 
(5,049
)
 
(6,546
)
 
 
$
48,073

 
$
65,409

 
$
(9,578
)
 
$
(8,975
)
Amortizations expected to be recognized during next fiscal year (before tax):
 
 
 
 
 
 
 
 
Amortization of net loss
 
$
1,707

 
$
3,769

 
$
—

 
$
—

Net prior service cost (credit)
 
—

 
482

 
(1,497
)
 
(1,497
)
 
 
$
1,707

 
$
4,251

 
$
(1,497
)
 
$
(1,497
)
Schedule of Accumulated and Projected Benefit Obligations
The following table provides information regarding the accumulated benefit obligation:
  
 
Pension Benefits
 
Other Benefits
(Thousands)
 
2019
 
2018
 
2019
 
2018
Additional information
 
 
 
 
 
 
 
 
Accumulated benefit obligation for all defined benefit pension plans
 
$
185,402

 
$
161,169

 
$
—

 
$
—

For defined benefit pension plans with benefit obligations in excess of plan assets:
 
 
 
 
 
 
 
 
Aggregate benefit obligation
 
25,640

 
165,344

 
—

 
—

Aggregate fair value of plan assets
 
3,045

 
138,305

 
—

 
—

For defined benefit pension plans with accumulated benefit obligations in excess of plan assets:
 
 
 
 
 
 
 
 
Aggregate accumulated benefit obligation
 
24,482

 
156,639

 
—

 
—

Aggregate fair value of plan assets
 
3,045

 
138,305

 
—

 
—
Schedule of Net Benefit Costs
The following table summarizes components of net benefit cost:
  
 
Pension Benefits
 
Other Benefits
(Thousands)
 
2019

2018

2017

2019

2018

2017
Net benefit cost
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
 
$
5,918


$
6,953

 
$
7,587

 
$
67


$
111

 
$
91

Interest cost
 
6,292


9,554

 
9,949

 
399


396

 
398

Expected return on plan assets
 
(8,777
)

(14,231
)
 
(13,760
)
 
—


—

 
—

Amortization of prior service credit
 
483


(123
)
 
(274
)
 
(1,497
)

(1,497
)
 
(1,497
)
Recognized net actuarial loss (gain)
 
3,304


7,171

 
6,636

 
(93
)

—

 
—

Net periodic cost
 
7,220

 
9,324

 
10,138

 
(1,124
)
 
(990
)
 
(1,008
)
Net pension curtailments and settlements
 
3,328

 
41,406

 
—

 
—

 
—

 
—

Total net benefit cost
 
$
10,548

 
$
50,730

 
$
10,138

 
$
(1,124
)
 
$
(990
)
 
$
(1,008
)
Summary of cumulative net gain (loss) by component, net of tax, within other comprehensive income
The following table summarizes amounts recognized in other comprehensive income (OCI):
  
Pension Benefits
 
Other Benefits
(Thousands)
2019

2018

2017

2019

2018

2017
Change in other comprehensive income
 
 
 
 
 
 
 
 
 
 
 
OCI at beginning of year
$
65,409


$
122,802

 
$
121,329

 
$
(8,976
)

$
(8,020
)
 
$
(9,961
)
Increase (decrease) in OCI:


 
 
 
 


 
 
 
Recognized during year — prior service cost (credit)
(3,811
)

123

 
274

 
1,497


1,497

 
1,497

Recognized during year — net actuarial (losses) gains
(3,304
)

(7,171
)
 
(6,636
)
 
93


—

 
—

Occurring during year — prior service cost
—


—

 
3,804

 
—


—

 
—

Occurring during year — net actuarial losses (gains)
2,062


(8,997
)
 
4,055

 
(2,192
)

(2,453
)
 
444

Other adjustments
(12,212
)

(41,406
)
 
—

 
—


—

 
—

Foreign currency exchange rate changes
(71
)

58

 
(24
)
 
—


—

 
—

OCI at end of year
$
48,073

 
$
65,409

 
$
122,802

 
$
(9,578
)
 
$
(8,976
)
 
$
(8,020
)

Changes in the components of accumulated other comprehensive income, including amounts reclassified out, for 2019, 2018, and 2017, and the balances in accumulated other comprehensive income as of December 31, 2019, 2018, and 2017 are as follows:
 
 
Gains and Losses
On Cash Flow Hedges
 
Pension and Post- Employment Benefits
 
Foreign Currency Translation
 
 
(Thousands)
 
Foreign Currency
 
Precious Metals
 
Copper
 
Total
Total
Balance at December 31, 2016
 
$
1,837

 
$
—

 
$
—

 
$
1,837

 
$
(82,358
)
 
$
(5,660
)
 
$
(86,181
)
Other comprehensive income (loss) before reclassifications
 
(1,180
)
 
(463
)
 
—

 
(1,643
)
 
(8,279
)
 
1,552

 
(8,370
)
Amounts reclassified from accumulated other comprehensive income
 
632

 
208

 
—

 
840

 
4,865

 
—

 
5,705

Other comprehensive income (loss) before tax
 
(548
)
 
(255
)
 
—


(803
)
 
(3,414
)
 
1,552

 
(2,665
)
Deferred taxes on current period activity
 
330

 
(59
)
 
—

 
271

 
13,820

 
—

 
14,091

Other comprehensive income (loss) after tax
 
(878
)
 
(196
)
 
—

 
(1,074
)
 
(17,234
)
 
1,552

 
(16,756
)
Balance at December 31, 2017
 
$
959

 
$
(196
)
 
$
—

 
$
763

 
$
(99,592
)
 
$
(4,108
)
 
$
(102,937
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2017
 
$
959

 
$
(196
)
 
$
—

 
$
763

 
$
(99,592
)
 
$
(4,108
)
 
$
(102,937
)
Other comprehensive income (loss) before reclassifications

(333
)

467

 
(569
)

(435
)

11,396


(484
)

10,477

Amounts reclassified from accumulated other comprehensive income

10


(109
)
 
—


(99
)

46,953


—


46,854

Other comprehensive income (loss) before tax

(323
)

358

 
(569
)

(534
)

58,349


(484
)

57,331

Deferred taxes on current period activity

(627
)

83

 
(128
)

(672
)

13,300


—


12,628

Other comprehensive income (loss) after tax

304


275

 
(441
)

138


45,049


(484
)

44,703

Balance at December 31, 2018

$
1,263


$
79

 
$
(441
)

$
901


$
(54,543
)

$
(4,592
)

$
(58,234
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018
 
$
1,263

 
$
79

 
$
(441
)
 
$
901

 
$
(54,543
)
 
$
(4,592
)
 
$
(58,234
)
Other comprehensive income (loss) before reclassifications
 
108

 
(1,285
)
 
209

 
(968
)
 
9,085

 
(421
)
 
7,696

Amounts reclassified from accumulated other comprehensive income
 
(29
)
 
595

 
393

 
959

 
8,853

 
—

 
9,812

Other comprehensive income (loss) before tax
 
79

 
(690
)
 
602

 
(9
)
 
17,938

 
(421
)
 
17,508

Deferred taxes on current period activity

 
18

 
(159
)
 
136

 
(5
)
 
4,741

 
—

 
4,736

Other comprehensive income (loss) after tax
 
61

 
(531
)
 
466

 
(4
)
 
13,197

 
(421
)
 
12,772

Balance at December 31, 2019
 
$
1,324

 
$
(452
)
 
$
25

 
$
897

 
$
(41,346
)
 
$
(5,013
)
 
$
(45,462
)
Summary of key valuation assumptions

In determining the projected benefit obligation and the net benefit cost, as of a December 31 measurement date, the Company used the following weighted-average assumptions:
 
 
Pension Benefits
 
Other Benefits
 
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Weighted-average assumptions used to determine benefit obligations at fiscal year end
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
 
3.12
%

4.07
%
 
3.53
%
 
3.20
%

4.11
%
 
3.43
%
Rate of compensation increase
 
3.00
%

3.87
%
 
3.93
%
 
3.00
%

4.00
%
 
4.00
%
Weighted-average assumptions used to determine net cost for the fiscal year
 


 
 
 
 


 
 
 
Discount rate
 
4.16
%

3.63
%
 
3.93
%
 
4.11
%

3.43
%
 
3.68
%
Expected long-term return on plan assets
 
6.06
%

6.63
%
 
6.89
%
 
N/A


N/A

 
N/A

Rate of compensation increase
 
2.99
%

3.98
%
 
3.91
%
 
4.00
%

4.00
%
 
4.00
%
Assumed health care trend rates
Assumed health care trend rates at fiscal year end
 
2019
 
2018
Health care trend rate assumed for next year
 
6.25%
 
6.50%
Rate that the trend rate gradually declines to (ultimate trend rate)
 
5.00%
 
5.00%
Year that the rate reaches the ultimate trend rate
 
2025
 
2025
Effects of A one-percentage-point change in assumed health care cost trend rates A one-percentage-point change in assumed health care cost trend rates would have the following effects:
 
 
 
1-Percentage-
Point Increase
 
1-Percentage-
Point Decrease
(Thousands)
 
2019

2018
 
2019
 
2018
Effect on total of service and interest cost components
 
$
6

 
$
6

 
$
(6
)
 
$
(6
)
Effect on post-employment benefit obligation
 
149

 
163

 
(139
)
 
(152
)
Summary of fair values of the Company's defined benefit pension plan assets
The following tables present the fair values of the Company’s defined benefit pension plan assets as of December 31, 2019 and 2018 by asset category. The Company has some investments that are valued using net asset value (NAV) as the practical expedient and have not been classified in the fair value hierarchy. Refer to Note Q for definitions of the fair value hierarchy.
 
 
December 31, 2019
(Thousands)
 
Total
 
Level 1
 
Level 2
 
Level 3
Cash
 
$
1,718

 
$
1,718


$
—


$
—

Equity securities (a)
 
47,722

 
47,722


—


—

Fixed-income securities (b)
 
3,923

 
3,923


—


—

Other types of investments:
 

 





Real estate fund (c)
 
3,121

 
3,121


—


—

Total
 
56,484

 
56,484

 
—

 
—

Investments measured at NAV: (d)
 
 
 
 
 
 
 
 
Pooled investment fund (e)
 
113,187

 


 
 
 


Multi-strategy hedge funds (f)
 
4,277

 








Intermediate-term bonds (g)
 
—

 
 
 
 
 
 
Private equity funds
 
98

 








Total assets at fair value
 
$
174,046

 


 


 


 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
(Thousands)
 
Total
 
Level 1
 
Level 2
 
Level 3
Cash
 
$
21,881

 
$
21,881

 
$
—

 
$
—

Equity securities (a)
 
50,862

 
50,862

 
—

 
—

Fixed-income securities (b)
 
18,211

 
18,211

 
—

 
—

Other types of investments:
 
 
 
 
 
 
 
 
Real estate fund (c)
 
3,257

 
3,257

 
—

 
—

Total
 
94,211

 
94,211

 
—

 
—

Investments measured at NAV: (d)
 
 
 
 
 
 
 
 
Pooled investment fund (e)
 
24,947

 
 
 
 
 


Multi-strategy hedge funds (f)
 
4,113

 
 
 
 
 


Intermediate-term bonds (g)
 
21,678

 
 
 
 
 
 
Private equity funds
 
97

 
 
 
 
 


Total assets at fair value
 
$
145,046

 


 


 




(a)
Equity securities are primarily comprised of corporate stock and mutual funds directly held by the plans. Equity securities are valued using the closing price reported on the active market on which the individual securities are traded.
(b)
Fixed income securities are primarily comprised of governmental and corporate bonds directly held by the plans. Governmental and corporate bonds are valued using both market observable inputs for similar assets that are traded on an active market and the closing price on the active market on which the individual securities are traded.
(c)
Includes a mutual fund that typically invests at least 80% of its assets in equity and debt securities of companies in the real estate industry or related industries or in companies which own significant real estate assets at the time of investment.
(d)
Certain assets that are measured at fair value using the NAV practical expedient have not been classified in the fair value hierarchy.
(e)
Pooled investment fund consists of various investment types including equity investments covering a range of geographies and including investment managers that hold long and short positions, property investments, and other multi-strategy funds which combine a range of different credit, equity, and macro-orientated ideas and dynamically allocate funds across asset classes.
(f)
Includes a fund that invests in a broad portfolio of hedge funds.
(g)
Includes a mutual fund that employs a value-oriented approach to fixed income investment management and a mutual fund that invests primarily in investment-grade debt securities.
Estimated Future Benefits payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
 
 
Other Benefits
(Thousands)
 
Pension Benefits
 
Gross Benefit
Payment
 
Net of
Medicare
Part D
Subsidy
2020
 
$
3,752

 
$
1,012

 
$
997

2021
 
3,921

 
979

 
966

2022
 
4,799

 
884

 
872

2023
 
6,231

 
804

 
794

2024
 
6,410

 
722

 
713

2025 through 2029
 
42,020

 
2,544

 
2,518