Pensions and Postretirement Benefits Other than Pensions (Tables)

12 Months Ended

Dec. 31, 2019

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:



	2019 Pension Benefits									2018 Pension Benefits									Other Postretirement Benefits
	Domestic			International			Total			Domestic			International			Total			2019			2018
Change in benefit obligation:
Projected Benefit Obligation at beginning of year	$	1,004,751		$	404,629		$	1,409,380		$	1,088,633		$	461,426		$	1,550,059		$	251,798		$	271,726
Service cost - employer	8,906			—			8,906			10,363			—			10,363			1,573			1,948
Interest cost	39,499			11,061			50,560			36,840			11,161			48,001			9,887			9,251
Actuarial loss/(gain)	113,828			48,721			162,549			(67,543		)	(28,064		)	(95,607		)	(9,664		)	(19,909		)
Benefits paid	(63,176		)	(14,542		)	(77,718		)	(63,542		)	(17,889		)	(81,431		)	(12,044		)	(11,218		)
Plan amendment	3,069			—			3,069			—			3,704			3,704			—			—
Settlements	—			(18,196		)	(18,196		)	—			—			—			—			—
Foreign currency translation effect	—			15,013			15,013			—			(25,709		)	(25,709		)	—			—
Projected Benefit Obligation at December 31	$	1,106,877		$	446,686		$	1,553,563		$	1,004,751		$	404,629		$	1,409,380		$	241,550		$	251,798
Change in plans’ assets:
Fair value of plans’ assets at beginning of year	$	912,129		$	349,001		$	1,261,130		$	944,346		$	385,879		$	1,330,225		$	—		$	—
Actual return on plans’ assets	159,949			38,139			198,088			(33,063		)	(8,591		)	(41,654		)	—			—
Employer contribution	38,312			10,587			48,899			64,388			10,725			75,113			—			—
Benefits paid	(63,176		)	(14,542		)	(77,718		)	(63,542		)	(17,889		)	(81,431		)	—			—
Settlements	—			(18,196		)	(18,196		)	—			—			—			—			—
Foreign currency translation effect	—			14,353			14,353			—			(21,123		)	(21,123		)	—			—
Fair value of plans’ assets at December 31	$	1,047,214		$	379,342		$	1,426,556		$	912,129		$	349,001		$	1,261,130		$	—		$	—
Funded status	$	(59,663	)	$	(67,344	)	$	(127,007	)	$	(92,622	)	$	(55,628	)	$	(148,250	)	$	(241,550	)	$	(251,798	)
Amounts recognized in the balance sheets:
Accrued liabilities	$	(300	)	$	—		$	(300	)	$	(300	)	$	—		$	(300	)	$	(14,334	)	$	(15,344	)
Postretirement benefits other than pensions							—						—			—			$	(227,216	)	$	(236,454	)
Pension benefits	$	(59,363	)	$	(67,344	)	$	(126,707	)	$	(92,322	)	$	(55,628	)	$	(147,950	)	—			—

Weighted Average Assumptions Used to Determine Benefit Obligations

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



	Pension Benefits				Other Postretirement Benefits
	2019		2018		2019		2018
All plans
Discount rate	2.78	%	3.70	%	3.12	%	4.05	%
Domestic plans
Discount rate	3.09	%	4.05	%	3.12	%	4.05	%
Foreign plans
Discount rate	1.99	%	2.80	%	—		—

Components of Net Periodic Benefit Costs

The following tables disclose the amount of net periodic benefit costs for the twelve months ended December 31, 2019 and 2018, respectively, for the Company’s defined benefit plans and other postretirement benefits:



	Pension Benefits - Domestic
	Twelve Months Ended December 31,
	2019			2018			2017
Components of net periodic benefit cost:
Service cost	$	8,906		$	10,363		$	9,860
Interest cost	39,499			36,840			39,251
Expected return on plan assets	(48,034		)	(54,035		)	(54,058		)
Amortization of actuarial loss	32,432			32,939			37,122
Amortization of prior service cost	$	703		—			—
Net periodic benefit cost	$	33,506		$	26,107		$	32,175



	Pension Benefits - International
	Twelve Months Ended December 31,
	2019			2018			2017
Components of net periodic benefit cost:
Interest cost	$	11,061		$	11,161		$	11,525
Expected return on plan assets	(11,554		)	(12,073		)	(11,262		)
Amortization of actuarial loss	3,411			4,264			5,448
Amortization of prior service cost	309			—			—
Effect of settlements	4,262			—			—
Net periodic benefit cost	$	7,489		$	3,352		$	5,711



	Other Post Retirement Benefits
	Twelve Months Ended December 31,
	2019			2018			2017
Components of net periodic benefit cost:
Service cost	$	1,573		$	1,948		$	2,003
Interest cost	9,887			9,251			10,063
Amortization of prior service credit	(409		)	(541		)	(566		)
Net periodic benefit cost	$	11,051		$	10,658		11,500

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
	2019		2018		2017		2019		2018		2017
All plans
Discount rate	3.70	%	3.20	%	3.54	%	4.05	%	3.50	%	3.95	%
Expected return on plan assets	5.00	%	5.34	%	5.57	%	—	%	—	%	—	%
Domestic plans
Discount rate	4.05	%	3.50	%	3.90	%	4.05	%	3.50	%	3.95	%
Expected return on plan assets	5.66	%	6.25	%	6.50	%	—	%	—	%	—	%
Foreign plans
Discount rate	2.80	%	2.50	%	2.50	%	—	%	—	%	—	%
Expected return on plan assets	3.34	%	3.19	%	3.29	%	—	%	—	%	—	%

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, 2019 and 2018. The Spectrum Plan is excluded from the December 31, 2019 amounts as the plan assets exceeded the projected benefit obligation and accumulated benefit obligation at that date.



	December 31,
	2019		2018 ^(a)
Projected benefit obligation	$	1,052,824	$	1,409,380
Accumulated benefit obligation	1,051,298		1,406,263
Fair value of plan assets	909,890		1,261,130
The following table lists the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the Spectrum Plan, which had plan assets in excess of projected benefit obligations and accumulated benefit obligations at December 31, 2019:
	December 31,
	2019		2018 ^(a)
Projected benefit obligation	$	500,739	$	—
Accumulated benefit obligation	$	500,739	$	—
Fair value of plan assets	$	516,666	$	—

^(a) - In 2018 all plans had projected and accumulated benefit obligations in excess of plan assets.

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	$	16	$	(17	)
Increase (decrease) in the other postretirement benefit obligation	514		(548		)

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

The table below presents the weighted average asset allocations for the domestic and U.K. pension plans’ assets at December 31, 2019 and December 31, 2018 by asset category.



	U.S. Plans				U.K. Plan
Asset Category	2019		2018		2019		2018
Fixed Income Collective Trust Funds and Securities	65	%	68	%	68	%	70	%
Equity Collective Trust Funds and Securities	30		26		19		17
Other Investment Collective Trust Funds and Securities	3		3		12		12
Cash	2		3		1		1
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 9 - Fair Value Measurements.



			Fair Value Hierarchy
	Total		Level 1		Level 2		Level 3		NAV⁽¹⁾
December 31, 2019
United States plans
Cash and cash equivalents	$	23,867	$	23,867	$	—	$	—	$	—
Collective Trust Funds - Equity	309,794		—		—		—		309,794
Collective Trust Funds - Fixed income	682,279		—		22,410		—		659,869
Collective Trust Funds - Real Estate	31,274		$	—	$	—	$	—	$	31,274
	$	1,047,214	$	23,867	$	22,410	$	—	$	1,000,937
United Kingdom plan
Cash and cash equivalents	$	1,802	$	1,802	$	—	$	—	$	—
Equity securities	72,503		72,503		—		—		—
Fixed income securities	259,192		259,192		—		—		—
Other investments	44,039		—		13,859		30,180		—
	$	377,536	$	333,497	$	13,859	$	30,180	$	—
December 31, 2018
United States plans
Cash & Cash Equivalents	$	23,896	$	23,896	$	—	$	—	$	—
Collective Trust Funds - Equity	238,795		—		—		—		238,795
Collective Trust Funds - Fixed Income	622,576		—		10,514		—		612,062
Collective Trust Funds - Real Estate	26,862		—		—		—		26,862
	$	912,129	$	23,896	$	10,514	$	—	$	877,719
United Kingdom plan
Cash & Cash Equivalents	$	1,644	$	1,644	$	—	$	—	$	—
Equity securities	58,848		58,848		—		—		—
Fixed income securities	244,262		244,262		—		—		—
Other investments	42,354		—		13,416		28,938		—
	$	347,108	$	304,754	$	13,416	$	28,938	$	—

(1) Investments in common/ collective trusts invest primarily in publicly traded securities and are valued using net asset value (NAV) of units of a bank collective trust. Therefore, these amounts have not been classified in the fair value hierarchy and are presented in the tables to reconcile the fair value hierarchy to the total fair value of plan assets.

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, 2017, 2018 and 2019:



	U.K. Plan Level 3 Assets
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
Transfer into level 3	—
Disbursements	—
Change in fair value	(7,294		)
Foreign currency translation effect	(1,838		)
Balance at December 31, 2018	28,938
Transfer into level 3	—
Disbursements	—
Change in fair value	97
Foreign currency translation effect	1,145
Balance at December 31, 2019	$	30,180

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
2020	$	86,944	$	14,334
2021	86,886		14,557
2022	88,845		14,697
2023	88,431		14,748
2024	89,937		14,852
2025 through 2029	448,531		72,251