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Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2019

Compensation And Retirement Disclosure [Abstract]

Actuarial losses (gains) were comprised of the following components:

	U.S. Pension Benefits					Foreign Pension Benefits					Other Postretirement Benefits
	2019		2018			2019		2018			2019		2018
Changes in assumptions	$	27,380	$	(16,642	)	$	6,277	$	(5,298	)	$	1,116	$	(914	)
GMP equalization		0		0			0		982			0		0
Other		295		(420	)		831		(1,446	)		134		(229	)
Total actuarial losses (gains)	$	27,675	$	(17,062	)	$	7,108	$	(5,762	)	$	1,250	$	(1,143	)

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 table 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^(b)						Other Postretirement Benefits
	2019			2018			2019			2018			2019			2018
Change in projected benefit obligations:
PBO at January 1	$	233,790		$	254,976		$	54,337		$	64,613		$	15,810		$	16,979
Service cost		633			1,225			444			477			286			457
Interest cost		9,018			8,473			1,399			1,391			390			494
Plan amendments		472			0			0			0			(4,632	)		0
Special termination benefits		3,694			1,350			0			0			(478	)		126
Plan curtailments		1,458			(1,726	)		0			0			0			0
Foreign currency exchange rate changes		0			0			1,586			(3,434	)		0			0
Actuarial losses (gains)		27,675			(17,062	)		7,108			(5,762	)		1,250			(1,143	)
Participant contributions		0			0			0			0			99			104
Benefits paid from plan assets		(14,435	)		(13,043	)		(1,879	)		(2,282	)		0			0
Benefits paid by the Corporation		(403	)		(403	)		(656	)		(666	)		(1,327	)		(1,207	)
PBO at December 31	$	261,902		$	233,790		$	62,339		$	54,337		$	11,398		$	15,810

Change in plan assets:
Fair value of plan assets at January 1	$	182,541		$	199,138		$	49,651		$	56,419		$	0		$	0
Actual return on plan assets		26,304			(4,765	)		8,164			(2,477	)		0			0
Foreign currency exchange rate changes		0			0			1,964			(2,991	)		0			0
Corporate contributions		1,660			1,614			656			1,648			1,228			1,103
Participant contributions		0			0			0			0			99			104
Gross benefits paid		(14,838	)		(13,446	)		(2,535	)		(2,948	)		(1,327	)		(1,207	)
Fair value of plan assets at December 31	$	195,667		$	182,541		$	57,900		$	49,651		$	0		$	0

Funded status of the plans:
Fair value of plan assets	$	195,667		$	182,541		$	57,900		$	49,651		$	0		$	0
Less benefit obligations		261,902			233,790			62,339			54,337			11,398			15,810
Funded status at December 31	$	(66,235	)	$	(51,249	)	$	(4,439	)	$	(4,686	)	$	(11,398	)	$	(15,810	)

(a)	Includes the nonqualified defined benefit pension plan.

(b)	Includes the overfunded U.K. defined benefit pension plan and two smaller underfunded defined benefit pension plans.

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

	U.S. Pension Benefits						Foreign Pension Benefits						Other Postretirement Benefits
	2019			2018			2019			2018			2019			2018
Employee benefit obligations:
Prepaid pensions^(a)	$	0		$	0		$	3,062		$	2,192		$	0		$	0
Accrued payrolls and employee benefits^(b)		(464	)		(436	)		0			0			(1,305	)		(1,395	)
Employee benefit obligations^(c)		(65,771	)		(50,813	)		(7,501	)		(6,878	)		(10,093	)		(14,415	)
Total employee benefit obligations	$	(66,235	)	$	(51,249	)	$	(4,439	)	$	(4,686	)	$	(11,398	)	$	(15,810	)

Accumulated other comprehensive loss:^(d)
Net actuarial loss (gain)	$	57,883		$	45,041		$	19,673		$	22,149		$	(538	)	$	(2,123	)
Prior service cost (credit)		79			91			(7,371	)		(7,402	)		(7,850	)		(12,202	)
Total accumulated other comprehensive loss	$	57,962		$	45,132		$	12,302		$	14,747		$	(8,388	)	$	(14,325	)

(a)	Represents the overfunded U.K. defined benefit pension plan which is recorded as a noncurrent asset in the consolidated balance sheet.

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

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

(d)	Amounts are pre-tax.

Schedule of Estimated Benefit Payments

Estimated benefit payments for subsequent years are as follows:

	U.S. Pension Benefits		Foreign Pension Benefits		Other Postretirement Benefits
2020	$	16,041	$	1,898	$	1,319
2021		15,878		1,947		1,038
2022		15,945		1,995		997
2023		15,947		1,820		984
2024		15,863		2,588		962
2025-2029		76,016		12,456		3,183
Total benefit payments	$	155,690	$	22,704	$	8,483

Summary of Target Asset Allocations and Major Asset Categories

The following table 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. In the latter part of 2018, the Corporation changed investment managers for one of its domestic defined benefit pension plans; accordingly, at December 31, 2018, there was temporarily a higher amount in cash and cash equivalents. The Corporation intends to continue to liquidate its alternative investments to provide additional flexibility with investment allocation.

	U.S. Pension Benefits									Foreign Pension Benefits
	Target Allocation			Percentage of Plan Assets						Target Allocation			Percentage of Plan Assets
	Dec. 31, 2019			2019			2018			Dec. 31, 2019			2019			2018
Equity Securities		54	%		45	%		25	%		14	%		14	%		50	%
Fixed-Income Securities		43	%		42	%		45	%		75	%		75	%		35	%
Alternative Investments		0	%		10	%		10	%		11	%		11	%		15	%
Other (primarily cash and cash equivalents)		3	%		3	%		20	%		0	%		0	%		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, 2019, 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	$	4,054	$	0	$	0		$	4,054
Consumer staples		3,368		0		0			3,368
Energy		1,405		0		0			1,405
Financial		3,612		0		0			3,612
Healthcare		6,952		0		0			6,952
Industrials		6,941		0		0			6,941
Information technology		7,443		0		0			7,443
Materials		844		0		0			844
Mutual funds		51,259		0		0			51,259
Real estate		272		0		0			272
Telecommunications		2,994		0		0			2,994
Utilities		516		0		0			516
Total Equity Securities		89,660		0		0			89,660
Fixed-Income Securities:
Corporate bonds		0		45,289		0			45,289
Treasury bonds		15,751		0		0			15,751
Agency bonds		0		10,752		0			10,752
Mutual funds		7,802		0		0			7,802
Total Fixed-Income Securities		23,553		56,041		0			79,594
Alternative Investments:
Managed funds^(a)		0		0		19,341			19,341
Total Alternative Investments		0		0		19,341			19,341
Other:
Cash and cash equivalents^(b)		7,038		0		0			7,038
Other^(c)		100		0		(66	)		34
Total Other		7,138		0		(66	)		7,072
Total assets	$	120,351	$	56,041	$	19,275		$	195,667

(a)	Includes approximately 81.0% in alternative investments (real assets, commodities and resources, absolute return funds) and 19.0% in 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 U.S. Pension Benefit Plans’ assets as of December 31, 2018, 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	$	891	$	0	$	0	$	891
Consumer staples		602		0		0		602
Energy		415		0		0		415
Financial		1,075		0		0		1,075
Healthcare		1,718		0		0		1,718
Industrials		780		0		0		780
Information technology		1,632		0		0		1,632
Materials		177		0		0		177
Mutual funds		36,883		0		0		36,883
Telecommunications		560		0		0		560
Utilities		264		0		0		264
Total Equity Securities		44,997		0		0		44,997
Fixed-Income Securities:
Corporate bonds		0		44,786		0		44,786
Treasury bonds		25,605		0		0		25,605
Agency bonds		0		10,334		0		10,334
Total Fixed-Income Securities		25,605		55,120		0		80,725
Alternative Investments:
Managed funds^(a)		0		0		23,673		23,673
Total Alternative Investments		0		0		23,673		23,673
Other:
Cash and cash equivalents^(b)		33,146		0		0		33,146
Total Other		33,146		0		0		33,146
Total assets	$	103,748	$	55,120	$	23,673	$	182,541

(a)	Includes approximately 74.0% in alternative investments (real assets, commodities and resources, absolute return funds) and 26.0% in cash and cash equivalents.

(b)	Includes investments in temporary funds.

Asset categories based on the nature and risks of the Foreign Pension Benefit Plan’s assets as of December 31, 2019, 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	$	4,874	$	0	$	4,874
Commingled funds (International)		0		3,291		0		3,291
Total Equity Securities		0		8,165		0		8,165
Fixed-Income Securities:
Commingled funds (U.K.)		0		43,168		0		43,168
Alternative Investments:
Absolute return funds		0		0		6,495		6,495
Cash and cash equivalents		72		0		0		72
Total assets	$	72	$	51,333	$	6,495	$	57,900

Asset categories based on the nature and risks of the Foreign Pension Benefit Plan’s assets as of December 31, 2018, 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	$	3,949	$	0	$	3,949
Commingled funds (International)		0		20,645		0		20,645
Total Equity Securities		0		24,594		0		24,594
Fixed-Income Securities:
Commingled funds (U.K.)		0		17,332		0		17,332
Alternative Investments:
Absolute return funds		0		0		7,569		7,569
Cash and cash equivalents		156		0		0		156
Total assets	$	156	$	41,926	$	7,569	$	49,651

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 the U.S. and foreign pension benefits plans for the year ended December 31, 2019, and 2018.

	U.S. Pension Benefits						Foreign Pension Benefits
	2019			2018			2019			2018
Fair value as of January 1	$	23,673		$	49,838		$	7,569		$	9,637
Withdrawals		(4,921	)		(26,131	)		(1,791	)		(1,037	)
Realized gains (losses)		1,445			9,061			(701	)		(436	)
Change in net unrealized (losses) gains		(856	)		(9,095	)		1,189			(98	)
Other, primarily impact from changes in foreign currency exchange rates		0			0			229			(497	)
Fair value as of December 31	$	19,341		$	23,673		$	6,495		$	7,569

Net Periodic Pension and Other Postretirement Benefit Costs

Net periodic pension and other postretirement benefit costs include the following components for each of the years.

	U.S. Pension Benefits						Foreign Pension Benefits						Other Postretirement Benefits
	2019			2018			2019			2018			2019			2018
Service cost	$	633		$	1,225		$	444		$	477		$	286		$	457
Interest cost		9,018			8,473			1,399			1,391			390			494
Expected return on plan assets		(12,623	)		(13,282	)		(2,321	)		(2,580	)		0			0
Amortization of:
Prior service cost (credit)		64			44			(284	)		(336	)		(1,804	)		(1,607	)
Actuarial loss (gain)		1,153			1,471			669			727			(336	)		(231	)
Effect of plan amendment		236			0			0			0			0			0
Special termination benefits		3,694			1,350			0			0			0			126
Curtailment loss (gain)		1,641			21			0			0			(7,654	)		0
Total net periodic pension and other postretirement benefit costs	$	3,816		$	(698	)	$	(93	)	$	(321	)	$	(9,118	)	$	(761	)

Discount Rates Used to Determine the Benefit Obligations

The discount rates used to determine the benefit obligations as of December 31, 2019, and 2018, are summarized below.

U.S. Pension

Benefits

Foreign Pension

Benefits