Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2017

Compensation And Retirement Disclosure [Abstract]

Reconciliation of Projected Benefit Obligations (PBO), Plan Assets, the Funded Status of the Plans and the Amounts Recognized in the Consolidated Balance Sheets

The following provides a reconciliation of projected benefit obligations (“PBO”), plan assets and the funded status of the plans for the Corporation’s defined benefit plans calculated using a measurement date as of the end of the respective years.

	U.S. Pension Benefits(a)						Foreign Pension Benefits						Other Postretirement Benefits
	2017			2016			2017			2016			2017			2016
Change in projected benefit obligations:
PBO at January 1	$	244,440		$	181,803		$	66,910		$	63,750		$	19,059		$	8,117
Åkers acquisition – PBO at March 3		0			68,081			0			5,393			0			17,467
Service cost		1,651			1,714			150			314			492			504
Interest cost		8,413			9,977			1,845			2,250			571			722
Plan amendments		0			0			0			0			165			(4,762	)
Plan settlements(b)		0			(2,739	)		0			0			0			0
Plan curtailments		0			(1,181	)		0			0			0			0
Foreign currency exchange rate changes		0			0			5,948			(11,477	)		0			0
Actuarial loss (gain)		13,825			(160	)		(7,954	)		8,869			(2,170	)		(1,598	)
Participant contributions		0			0			0			0			92			80
Benefits paid from plan assets		(12,950	)		(12,679	)		(1,813	)		(2,189	)		0			0
Benefits paid by the Corporation		(403	)		(376	)		(473	)		0			(1,230	)		(1,471	)
PBO at December 31	$	254,976		$	244,440		$	64,613		$	66,910		$	16,979		$	19,059
Change in plan assets:
Fair value of plan assets at January 1	$	188,722		$	139,376		$	48,055		$	49,628		$	0		$	0
Åkers acquisition – fair value of plan assets at    March 3		0			50,108			0			0			0			0
Actual return on plan assets		23,366			14,656			3,998			7,859			0			0
Foreign currency exchange rate changes		0			0			4,673			(8,930	)		0			0
Corporate contributions		403			376			1,979			1,687			1,138			1,391
Participant contributions		0			0			0			0			92			80
Plan settlements(b)		0			(2,739	)		0			0			0			0
Gross benefits paid		(13,353	)		(13,055	)		(2,286	)		(2,189	)		(1,230	)		(1,471	)
Fair value of plan assets at December 31	$	199,138		$	188,722		$	56,419		$	48,055		$	0		$	0
Funded status of the plans:
Fair value of plan assets	$	199,138		$	188,722		$	56,419		$	48,055		$	0		$	0
Less benefit obligations		254,976			244,440			64,613			66,910			16,979			19,059
Funded status at December 31	$	(55,838	)	$	(55,718	)	$	(8,194	)	$	(18,855	)	$	(16,979	)	$	(19,059	)

(a) Includes the nonqualified defined benefit pension plan.

(b) Represents lump sum payments.

The following provides a summary of amounts recognized in the consolidated balance sheets.

	U.S. Pension Benefits						Foreign Pension Benefits						Other Postretirement Benefits
	2017			2016			2017			2016			2017			2016
Employee benefit obligations:
Accrued payrolls and employee benefits(a)	$	(432	)	$	(409	)	$	0		$	0		$	(1,371	)	$	(1,276	)
Employee benefit obligations(b)		(55,406	)		(55,309	)		(8,194	)		(18,855	)		(15,608	)		(17,783	)
	$	(55,838	)	$	(55,718	)	$	(8,194	)	$	(18,855	)	$	(16,979	)	$	(19,059	)
Accumulated other comprehensive loss:(c)
Net actuarial loss (gain)	$	47,252		$	48,153		$	25,914		$	25,547		$	(1,211	)	$	936
Prior service cost (credit)		156			209			(9,174	)		0			(13,809	)		(15,581	)
	$	47,408		$	48,362		$	16,740		$	25,547		$	(15,020	)	$	(14,645	)

(a) Recorded as a current liability in the consolidated balance sheet.

(b) Recorded as a noncurrent liability in the consolidated balance sheet.

(c) Amounts are pre-tax.

Amounts Included in Accumulated Other Comprehensive Loss to be Recognized over Next Year

Amounts included in accumulated other comprehensive loss as of December 31, 2017, expected to be recognized in net periodic pension and other postretirement costs in 2018 include:

	U.S. Pension Benefits		Foreign Pension Benefits			Other Postretirement Benefits
Net actuarial loss (gain)	$	1,763	$	784		$	(109	)
Prior service cost (credit)		52		(324	)		(1,607	)
	$	1,815	$	460		$	(1,716	)

Schedule of Target Asset Allocations and Major Asset Categories

The following summarizes target asset allocations (within +/-5% considered acceptable) and major asset categories. Certain investments are classified differently for target asset allocation purposes and external reporting purposes. Adoption of the glide-path strategy in 2017 did not result in any significant changes to the target asset allocations. In December 2016, the Corporation changed investment managers for the legacy plan; accordingly, there was temporarily a higher amount in cash and cash equivalents.

	U.S. Pension Benefits									Foreign Pension Benefits
	Target Allocation			Percentage of Plan Assets						Target Allocation			Percentage of Plan Assets
	Dec. 31, 2017			2017			2016			Dec. 31, 2017			2017			2016
Equity Securities		60	%		58	%		47	%		44	%		49	%		48	%
Fixed-Income Securities		20	%		21	%		21	%		35	%		33	%		34	%
Alternative Investments		15	%		16	%		8	%		21	%		17	%		18	%
Other (primarily cash and cash equivalents)		5	%		5	%		24	%		0	%		1	%		0	%

Asset Categories Based on the Nature and Risks of the Plans Assets

Asset categories based on the nature and risks of the U.S. Pension Benefit Plans’ assets as of December 31, 2017, are summarized below.

	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity Securities:
U.S.
Consumer discretionary	$	637	$	0	$	0	$	637
Consumer staples		896		0		0		896
Energy		427		0		0		427
Financial		1,362		0		0		1,362
Healthcare		1,192		0		0		1,192
Industrials		819		0		0		819
Information technology		2,061		0		0		2,061
Materials		248		0		0		248
Mutual funds		91,258		0		0		91,258
Telecommunications		198		0		0		198
Utilities		204		0		0		204
Total Equity Securities		99,302		0		0		99,302
Fixed Income Securities:
Corporate bonds		0		10,801		0		10,801
Mutual funds		18,884		0		0		18,884
Treasury bonds		6,976		0		0		6,976
Agency bonds		0		926		0		926
Total Fixed Income Securities		25,860		11,727		0		37,587
Alternative Investments:
Managed funds(a)		0		0		49,838		49,838
Total Alternative Investments		0		0		49,838		49,838
Other:
Cash and cash equivalents(b)		11,012		0		0		11,012
Commingled funds		0		174		0		174
Other(c)		2		0		1,223		1,225
Total Other		11,014		174		1,223		12,411
	$	136,176	$	11,901	$	51,061	$	199,138

(a) Includes approximately 47.3% in equity and equity-like asset securities, 41.1% in alternative investments (real assets, commodities and resources, absolute return funds) and 9.6% in fixed income securities and 2.0% in other, primarily cash and cash equivalents.

(b) Includes investments in temporary funds.

(c) Includes accrued receivables and pending broker settlements.

Categories of Plan Assets

Asset categories based on the nature and risks of the U.S. Pension Benefit Plans’ assets as of December 31, 2016, are summarized below.

	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity Securities:
U.S.
Bank & financial services	$	631	$	0	$	0	$	631
Capital goods		75		0		0		75
Chemicals		20		0		0		20
Commercial services		16		0		0		16
Electronics		67		0		0		67
Health care		201		0		0		201
Mutual funds		72,571		0		0		72,571
Oil & gas		87		0		0		87
Retail		101		0		0		101
Technology		188		0		0		188
Transportation		18		0		0		18
Wholesale distribution		16		0		0		16
Other (represents 8 business sectors)		211		0		0		211
International
Chemicals		7		0		0		7
Technology		6		0		0		6
Total Equity Securities		74,215		0		0		74,215
Fixed Income Securities:
Mutual funds		36,601		0		0		36,601
Total Fixed Income Securities		36,601		0		0		36,601
Alternative Investments:
Managed funds(a)		0		0		33,830		33,830
Total Alternative Investments		0		0		33,830		33,830
Other:
Cash and cash equivalents(b)		27,902		0		0		27,902
Commingled funds		0		154		0		154
Other(c)		16,020		0		0		16,020
Total Other		43,922		154		0		44,076
	$	154,738	$	154	$	33,830	$	188,722

(a) Includes approximately 45.9% in equity and equity-like asset securities, 44.5% in alternative investments (real assets, commodities and resources, absolute return funds) and 7.4% in fixed income securities and 2.2% in other, primarily cash and cash equivalents.

(b) Includes investments in temporary funds.

(c) Includes accrued receivables and pending broker settlements.

Asset categories based on the nature and risks of the Foreign Pension Benefit Plan’s assets as of December 31, 2017, are summarized below.

	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity Securities:
Commingled Funds (U.K.)	$	0	$	4,617	$	0	$	4,617
Commingled Funds (International)		0		23,015		0		23,015
Total Equity Securities		0		27,632		0		27,632
Fixed-Income Securities:
Commingled Funds (U.K.)		0		18,851		0		18,851
Alternative Investments:
Hedge and Absolute Return Funds		0		0		9,637		9,637
Cash and cash equivalents		299		0		0		299
	$	299	$	46,483	$	9,637	$	56,419

Asset categories based on the nature and risks of the Foreign Pension Benefit Plan’s assets as of December 31, 2016, are summarized below.

	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity Securities:
Commingled Funds (U.K.)	$	0	$	3,716	$	0	$	3,716
Commingled Funds (International)		0		19,146		0		19,146
Total Equity Securities		0		22,862		0		22,862
Fixed-Income Securities:
Commingled Funds (U.K.)		0		16,426		0		16,426
Alternative Investments:
Hedge and Absolute Return Funds		0		0		8,593		8,593
Cash and cash equivalents		174		0		0		174
	$	174	$	39,288	$	8,593	$	48,055

Summary of Changes in the Fair Value of the Level 3 Plan Assets for U.S. and Foreign Pension Plans

The table below sets forth a summary of changes in the fair value of the Level 3 plan assets for U.S. and foreign pension plans for the year ended December 31, 2017.

	Alternative Investments
	U.S. Pension Benefits			Foreign Pension Benefits
Fair value as of January 1, 2017	$	33,830		$	8,593
Contributions		16,000			0
Withdrawals		(5,364	)		0
Realized gains		1,304			0
Change in net unrealized gains		4,068			229
Other, primarily impact from changes in foreign currency    exchange rates		0			815
Fair value as of December 31, 2017	$	49,838		$	9,637

The table below sets forth a summary of changes in the fair value of the Level 3 plan assets for U.S. and foreign pension plans for the year ended December 31, 2016.

	Alternative Investments
	U.S. Pension Benefits						Foreign Pension Benefits
Fair value as of January 1, 2016	$	4,967		$	32,210		$	10,571
Withdrawals		(4,967	)		0			0
Realized gains		0			1,857			0
Change in net unrealized losses		0			(237	)		(280	)
Other, primarily impact from changes in foreign currency    exchange rates		0			0			(1,698	)
Fair value as of December 31, 2016	$	0		$	33,830		$	8,593

Net Periodic Pension and Other Postretirement Benefit Costs

Net periodic pension and other postretirement benefit costs include the following components for the year ended December 31:

	U.S. Pension Benefits									Foreign Pension Benefits									Other Postretirement Benefits
	2017			2016			2015			2017			2016			2015			2017			2016			2015
Service cost	$	1,651		$	1,714		$	2,743		$	150		$	314		$	0		$	492		$	504		$	384
Interest cost		8,413			9,977			7,990			1,845			2,250			2,394			571			722			474
Expected return on plan assets		(12,503	)		(13,424	)		(10,996	)		(2,239	)		(2,461	)		(2,681	)		0			0			0
Amortization of:
Prior service cost (credit)		52			44			371			0			0			0			(1,607	)		(1,277	)		(672	)
Actuarial loss (gain)		4,111			3,324			5,440			751			670			845			(24	)		36			26
Curtailment (gain) loss		0			(887	)		1,303			0			0			0			0			0			0
	$	1,724		$	748		$	6,851		$	507		$	773		$	558		$	(568	)	$	(15	)	$	212

Discount Rates and Weighted-Average Wage Increases Used to Determine the Benefit Obligations

The discount rates and weighted-average wage increases used to determine the benefit obligations as of December 31, 2017, and 2016, are summarized below.

	U.S. Pension Benefits		Foreign Pension Benefits		Other Postretirement Benefits
	2017	2016	2017	2016	2017	2016
Discount rate	3.63-3.72%	4.02-4.25%	2.45%	2.50-2.65%	3.46-3.69%	3.90-4.13%
Wage increases	3.00%	3.00%	n/a	n/a	n/a	n/a

Assumptions Regarding Net Periodic Pension and Other Postretirement Benefit Costs

The following assumptions were used to determine net periodic pension and other postretirement benefit costs for the year ended December 31:

	U.S. Pension Benefits			Foreign Pension Benefits			Other Postretirement Benefits
	2017	2016	2015	2017	2016	2015	2017	2016	2015
Discount rate	4.02-4.25%	4.20-4.40%	4.00-4.10%	2.50-2.65%	3.00-3.65%	3.50%	3.90-4.13%	3.80-4.20%	4.00%
Expected long-term rate of return	6.95-7.50%	6.90-7.75%	8.00%	4.45%	5.40%	5.40%	n/a	n/a	n/a
Wages increases	3.00%	3.00%	4.00%	n/a	n/a	n/a	n/a	n/a	n/a