Pensions and Postretirement Benefits Other than Pensions (Tables)

12 Months Ended

Dec. 31, 2017

Defined Benefit Pension and Other Postretirement Benefits Plans

The following table reflects changes in the projected obligations and fair market values of assets in all defined benefit pension and other postretirement benefit plans of the Company:



	2017 Pension Benefits									2016 Pension Benefits									Other Postretirement Benefits
	Domestic			International			Total			Domestic			International			Total			2017			2016
Change in benefit obligation:
Projected Benefit Obligation at beginning of year	$	1,040,498		$	422,528		$	1,463,026		$	1,045,467		$	405,884		$	1,451,351		$	262,275		$	265,579
Service cost - employer	9,860			—			9,860			9,613			9			9,622			2,003			2,149
Interest cost	39,251			11,525			50,776			41,595			14,097			55,692			10,063			10,819
Actuarial (gain)/loss	59,137			2,567			61,704			26,618			81,180			107,798			8,190			(5,760		)
Benefits paid	(60,113		)	(15,959		)	(76,072		)	(53,405		)	(12,846		)	(66,251		)	(10,805		)	(10,512		)
Settlements	—			—			—			(29,390		)	—			(29,390		)	—			—
Foreign currency translation effect	—			40,765			40,765			—			(65,796		)	(65,796		)	—			—
Projected Benefit Obligation at December 31	$	1,088,633		$	461,426		$	1,550,059		$	1,040,498		$	422,528		$	1,463,026		$	271,726		$	262,275
Change in plans’ assets:
Fair value of plans’ assets at beginning of year	$	848,341		$	328,533		$	1,176,874		$	836,514		$	309,916		$	1,146,430		$	—		$	—
Actual return on plans’ assets	120,620			27,199			147,819			59,310			77,711			137,021			—			—
Employer contribution	35,498			13,080			48,578			35,312			10,763			46,075			—			—
Benefits paid	(60,113		)	(15,959		)	(76,072		)	(53,405		)	(12,846		)	(66,251		)	—			—
Settlements	—			—			—			(29,390		)	—			(29,390		)	—			—
Foreign currency translation effect	—			33,026			33,026			—			(57,011		)	(57,011		)	—			—
Fair value of plans’ assets at December 31	$	944,346		$	385,879		$	1,330,225		$	848,341		$	328,533		$	1,176,874		$	—		$	—
Funded status	$	(144,287	)	$	(75,547	)	$	(219,834	)	$	(192,157	)	$	(93,995	)	$	(286,152	)	$	(271,726	)	$	(262,275	)
Amounts recognized in the balance sheets:
Accrued liabilities	$	(300	)	$	—		$	(300	)	$	(300	)	$	—		$	(300	)	$	(14,838	)	$	(15,048	)
Postretirement benefits other than pensions	—			—			—			—			—			—			$	(256,888	)	$	(247,227	)
Pension benefits	$	(143,987	)	$	(75,547	)	$	(219,534	)	$	(191,857	)	$	(93,995	)	$	(285,852	)	—			—

Weighted Average Assumptions Used to Determine Benefit Obligations

Weighted average assumptions used to determine benefit obligations at December 31:



	Pension Benefits				Other Postretirement Benefits
	2017		2016		2017		2016
All plans
Discount rate	3.20	%	3.54	%	3.50	%	3.95	%
Domestic plans
Discount rate	3.50	%	3.90	%	3.50	%	3.95	%
Foreign plans
Discount rate	2.50	%	2.65	%	—		—

Components of Net Periodic Benefit Costs

At December 31, 2017, the weighted average assumed annual rate of increase in the cost of medical benefits was 7.00 percent for 2017 trending linearly to 4.50 percent per annum in 2025.



	Pension Benefits - Domestic									Pension Benefits - International
	2017			2016			2015			2017			2016			2015
Components of net periodic benefit cost:
Service cost	$	9,860		$	9,613		$	11,037		$	—		$	9		$	9
Interest cost	39,251			41,595			40,202			11,525			14,097			15,853
Expected return on plan assets	(54,058		)	(57,438		)	(55,299		)	(11,262		)	(11,322		)	(12,421		)
Amortization of actuarial loss	37,122			38,490			39,514			5,448			5,134			7,222
Effect of settlements	—			12,262			—			—			—			—
Net periodic benefit cost	$	32,175		$	44,522		$	35,454		$	5,711		$	7,918		$	10,663



	Other Post Retirement Benefits
	2017			2016			2015
Components of net periodic benefit cost:
Service cost	$	2,003		$	2,149		$	2,513
Interest cost	10,063			10,819			10,320
Amortization of prior service cost	(566		)	(566		)	(566		)
Net periodic benefit cost	$	11,500		$	12,402		$	12,267

Weighted Average Assumptions Used To Determine Net Periodic Benefit Cost

Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:



	Pension Benefits						Other Postretirement Benefits
	2017		2016		2015		2017		2016		2015
All plans
Discount rate	3.54	%	4.10	%	3.70	%	3.95	%	4.20	%	3.80	%
Expected return on plan assets	5.57	%	6.16	%	6.12	%	—	%	—	%	—	%
Domestic plans
Discount rate	3.90	%	4.20	%	3.75	%	3.95	%	4.20	%	3.80	%
Expected return on plan assets	6.50	%	7.00	%	7.00	%	—	%	—	%	—	%
Foreign plans
Discount rate	2.65	%	3.84	%	3.59	%	—	%	—	%	—	%
Expected return on plan assets	3.29	%	3.99	%	3.84	%	—	%	—	%	—	%

Projected Benefit Obligation, Accumulated Benefit Obligation and Fair Value of Plan Assets for Pension Plans

The following table lists the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the pension plans with projected benefit obligations and accumulated benefit obligations in excess of plan assets at December 31, 2017 and 2016:



	2017				2016
	Projected benefit obligation exceeds plan assets		Accumulated benefit obligation exceeds plan assets		Projected benefit obligation exceeds plan assets		Accumulated benefit obligation exceeds plan assets
Projected benefit obligation	$	1,550,059	$	1,550,059	$	1,463,026	$	1,463,026
Accumulated benefit obligation	1,546,705		1,546,705		1,459,809		1,459,809
Fair value of plan assets	1,330,225		1,330,225		1,176,874		1,176,874

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:



	Percentage Point
	Increase		Decrease
Increase (decrease) in total service and interest cost components	$	50	$	(43	)
Increase (decrease) in the other postretirement benefit obligation	1,419		(1,222		)

Weighted Average Asset Allocations for Domestic and U.K. Pension Plans' Assets

The table below presents the Company’s weighted average asset allocations for its domestic and U.K. pension plans’ assets at December 31, 2017 and December 31, 2016 by asset category.



	U.S. Plans				U.K. Plan
Asset Category	2017		2016		2017		2016
Debt securities	52	%	36	%	68	%	68	%
Equity securities	40		63		18		18
Other investments	6		0		13		14
Cash	2		1		1		0
Total	100	%	100	%	100	%	100	%

Assets of U.S and U.K Plans Using Fair Value Hierarchy

The table below classifies the assets of the U.S. and U.K. plans using the Fair Value Hierarchy described in Note 8 – Fair Value Measurements.



			Fair Value Hierarchy
	Total		Level 1		Level 2		Level 3
December 31, 2017
United States plans
Cash and cash equivalents	$	18,819	$	18,819			$	—
Collective Trust Funds - Equity	381,696		—		381,696		—
Collective Trust Funds - Fixed income	490,955		—		490,955		—
Collective Trust Funds - Real Estate	52,876		$	—	$	52,876	$	—
	$	944,346	$	18,819	$	925,527	$	—
United Kingdom plan
Cash and cash equivalents	$	1,578	$	1,578	$	—	$	—
Equity securities	69,547		69,547		—		—
Fixed income securities	261,260		261,260		—		—
Other investments	51,446		—		13,376		38,070
	$	383,831	$	332,385	$	13,376	$	38,070
December 31, 2016
United States plans
Cash and cash equivalents	$	8,491	$	8,491	$	—	$	—
Equity securities	184,690		184,690		—		—
Fixed income securities	138,988		138,988		—		—
Collective Trust Funds - Equity	347,249		—		347,249		—
Collective Trust Funds - Fixed income	168,923		—		168,923		—
	$	848,341	$	332,169	$	516,172	$	—
United Kingdom plan
Cash and cash equivalents	$	1,078	$	1,078	$	—	$	—
Equity securities	60,185		60,185		—		—
Fixed income securities	220,974		220,974		—		—
Other investments	44,596		—		10,800		33,796
	$	326,833	$	282,237	$	10,800	$	33,796

Details of Activity in Investment in European Infrastructure and Property Funds

The following table details the activity in these investments for the years ended December 31, 2016 and 2017:



	U.K. Plan Level 3 Assets
Balance at December 31, 2014	$	25,812
Transfer into level 3	—
Disbursements	—
Change in fair value	2,798
Foreign currency translation effect	(1,548		)
Balance at December 31, 2015	27,062
Transfer into level 3	9,489
Disbursements	—
Change in fair value	3,545
Foreign currency translation effect	(6,300		)
Balance at December 31, 2016	33,796
Transfer into level 3	—
Disbursements	—
Change in fair value	969
Foreign currency translation effect	3,305
Balance at December 31, 2017	$	38,070

Estimated Benefit Payments for Domestic and Foreign Pension Plans and Other Postretirement Benefit Plans

The Company estimates its benefit payments for its domestic and foreign pension plans and other postretirement benefit plans during the next ten years to be as follows:



	Pension Benefits		Other Postretirement Benefits
2018	$	89,433	$	14,838
2019	84,648		15,261
2020	86,980		15,919
2021	87,027		16,225
2022	88,491		16,462
2022 through 2026	446,996		82,126