Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Schedule of Changes in Projected Benefit Obligation

The following tables set forth the changes in the projected benefit obligation and plan assets and reconciles the funded status and the amounts recognized in the Consolidated Balance Sheets for the defined benefit pension and postretirement plans for the two years ended December 31:

	Pension						Postretirement
Change in Projected Benefit Obligation	2019			2018			2019			2018
Projected benefit obligation at beginning of year	$	1,013,541		$	1,112,785		$	41,243		$	45,449
Service cost	9,857			11,663			1,849			1,716
Interest cost	36,138			35,499			1,432			1,327
Actuarial loss (gain)	101,576			(44,976		)	(39		)	(2,720		)
Participant contributions	900			905			130			360
Benefits paid	(55,801		)	(59,531		)	(2,824		)	(3,418		)
Plan amendment	1,693			—			—			—
Settlement	(222,342		)	—			(146		)	—
Effects of foreign currency exchange rates	22,811			(42,804		)	926			(1,471		)
Projected benefit obligation at end of year	$	908,373		$	1,013,541		$	42,571		$	41,243

Schedule of Changes in Fair Value of Plan Assets

Change in Plan Assets
Fair value of plan assets at beginning of year	$	844,588		$	979,269		$	—		$	—
Actual return on plan assets	148,226			(44,167		)	—			—
Employer contributions	8,899			9,109			2,694			3,059
Participant contributions	900			905			130			360
Benefits paid	(55,801		)	(59,316		)	(2,824		)	(3,419		)
Settlement	(222,342		)	—			—			—
Effects of foreign currency exchange rates	21,388			(41,212		)	—			—
Fair value of plan assets at end of year	$	745,858		$	844,588		$	—		$	—

Schedule of Funded Status

Funded Status at end of year: $ (162,515 ) $ (168,953 ) $ (42,571 ) $ (41,243 )

Schedule of Amounts Recognized in Consolidated Balance Sheet

	Pension						Postretirement
Amounts recognized in the Consolidated Balance Sheets consist of:	2019			2018			2019			2018
Non-current assets	$	37,505		$	30,395		$	—		$	—
Current liabilities	(3,745		)	(3,773		)	(2,221		)	(3,160		)
Non-current liabilities	(196,275		)	(195,575		)	(40,350		)	(38,083		)
Net amount recognized	$	(162,515	)	$	(168,953	)	$	(42,571	)	$	(41,243	)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Net gains (losses) recognized in other comprehensive income for the three years ended December 31 are as follows:

	Pension								Postretirement
	2019			2018			2017		2019			2018		2017
Net gains (losses)	$	(6,294	)	$	(55,918	)	$	24,411	$	(97	)	$	2,640	$	1,639
Prior service (costs) gains	$	(1,728	)	$	—		$	—	$	—		$	—	$	—

Net gains or losses and prior service costs or credits reclassified from other comprehensive income and recognized as a component of pension and postretirement expense for the three years ended December 31 are as follows:

	Pension						Postretirement
	2019		2018		2017		2019			2018			2017
Pension settlement loss (a)	$	8,787	$	—	$	—	$	—		$	—		$	—
Amortization of losses	10,244		11,648		11,651		81			229			333
Amortization of prior service (credit) cost	846		572		761		(153		)	(153		)	(151		)

(a) In October 2019, the Company purchased annuity contracts from a third-party insurance company who has assumed responsibility for future pension benefits for certain participants in our Canadian defined benefit plans. As required under ASC 715 Compensation-Retirement Benefits, we recognized a loss in the fourth quarter of 2019 on the settlement and de-recognition of the projected benefit obligation.

Schedule of Net Periodic Benefit Cost Not yet Recognized

Net losses, prior service costs or credits and plan amendments that have not yet been included in pension and postretirement expense for the two years ended December 31 which have been recognized as a component of AOCI are as follows:

	Pension						Postretirement
	2019			2018			2019			2018
Prior service cost	$	(2,842	)	$	(1,681	)	$	1,185		$	1,338
Net losses	(160,058		)	(172,484		)	(2,266		)	(2,280		)
Deferred income tax benefit	37,050			39,299			293			218
Accumulated other comprehensive income (loss)	$	(125,850	)	$	(134,866	)	$	(788	)	$	(724	)

Schedule of Accumulated and Projected Benefit Obligations in Excess of Fair Value of Plan Assets

For defined benefit pension plans with accumulated benefit obligations in excess of plan assets, the following table sets forth the projected and accumulated benefit obligations and the fair value of plan assets for the years ended December 31:

	2019		2018
Projected benefit obligation	$	907,755	$	740,287
Accumulated benefit obligation	$	871,291	$	714,891
Fair value of plan assets	$	744,662	$	540,944

Schedule of Net Benefit Costs

The following tables set forth the components of net pension and postretirement benefit cost that have been recognized during the three years ended December 31:

	Pension									Postretirement
Components of Net Periodic Benefit Cost	2019			2018			2017			2019			2018			2017
Service cost	$	9,857		$	11,663		$	5,646		$	1,849		$	1,716		$	1,249
Interest cost	36,138			35,499			15,926			1,432			1,327			827
Expected return on plan assets	(52,343		)	(57,438		)	(25,978		)	—			—			—
Amortization of prior service (credit) cost	569			572			761			(153		)	(153		)	(151		)
Amortization of losses	10,363			11,648			11,651			81			229			333
Pension settlement loss	8,787			—			—			—			—			—
Net periodic benefit cost (a)	$	13,371		$	1,944		$	8,006		$	3,209		$	3,119		$	2,258

(a)

Service cost is included in cost of sales or selling, general and administrative expenses in the statements of income, as appropriate. Interest cost, expected return on plan assets, amortization of prior service cost, amortization of losses and amortization of negative plan amendment are included in non-operating income on the consolidated statement of income

Schedule of Assumptions Used

The following table sets forth the weighted average principal assumptions inherent in the determination of benefit obligations and net periodic benefit cost of the pension and postretirement benefit plans as of December 31:

	Pension						Postretirement
	2019		2018		2017		2019		2018		2017
Assumptions used to determine benefit obligations at December 31:
Discount rate	3.46	%	3.99	%	3.55	%	3.20	%	3.82	%	3.14	%
Rate of compensation increase	2.67	%	2.61	%	2.60	%	3.63	%	3.68	%	3.10	%
Assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate	3.91	%	3.42	%	3.77	%	3.91	%	3.40	%	3.64	%
Expected long-term return on plan assets	6.37	%	6.32	%	7.38	%	N/A		N/A		N/A
Rate of compensation increase	2.67	%	2.61	%	2.59	%	3.63	%	3.68	%	3.10	%

Schedule of Health Care Cost Trend Rates

The following table sets forth the assumed health care cost trend rates as of December 31:

	Postretirement
	2019				2018
	U.S.		Canada		U.S.		Canada
Health care cost trend rate assumed for next year	7.00	%	6.50	%	7.50	%	5.00	%
Rate to which the cost trend is assumed to decline (ultimate trend rate)	5.00	%	4.50	%	5.00	%	4.50	%
Year that ultimate trend rate is reached	2024		2021-2022		2024		2019

Schedule of Allocation of Plan Assets

The following table sets forth by level, within the fair value hierarchy (see Note 2 — Summary of Significant Accounting Policies and New Accounting Pronouncements for definition), the assets of the plans as of December 31, 2019 and 2018.

	Fair Value at December 31, 2019
Asset Category	Level 1		Level 2		Level 3		Total
Mutual funds	$	128,000	$	—	$	—	$	128,000
Investments at net asset value:
Common collective trust funds							617,858
Total assets at fair value							$	745,858

	Fair Value at December 31, 2018
Asset Category	Level 1		Level 2		Level 3		Total
Mutual funds	$	172,870	$	—	$	—	$	172,870
Investments at net asset value:
Common collective trust funds							671,718
Total assets at fair value							$	844,588

The Company’s weighted average defined benefit pension plan asset allocation at December 31, 2019 and 2018, by asset category are as follows:

	Percentage of Plan Assets
Asset Category	2019		2018
U.S. equity securities	25	%	22	%
International equity securities	31	%	24	%
U.S. fixed income securities	19	%	13	%
International fixed income securities	21	%	36	%
Other	4	%	5	%
Total	100	%	100	%

Schedule of Expected Benefit Payments

Expected benefit payments for the next ten years are as follows:

	Pension Benefits		Postretirement Benefits
2020	$	45,443	$	2,988
2021	44,157		2,863
2022	45,396		2,902
2023	46,400		2,798
2024	47,098		2,730
2025 — 2029	243,013		12,990