Pensions and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2017

Retirement Benefits [Abstract]

Schedule of Plan Benefit Obligations

The following table sets forth the plan benefit obligations:

	As of December 31, 2017				As of December 31, 2016
(in thousands)	Pension plans		Other postretirement benefits		Pension plans		Other postretirement benefits
Benefit obligation, beginning of year	$210,856		$57,488		$199,856		$59,970
Service cost	2,720		244		2,656		254
Interest cost	7,476		2,214		7,885		2,443
Plan participants’ contributions	211		-		249		-
Actuarial (gain)/loss	6,626		2,743		17,676		(395	)
Benefits paid	(7,697	)	(4,230	)	(7,057	)	(4,812	)
Settlements and curtailments	(8	)	-		(2,436	)	-
Plan amendments and other	(3	)	-		36		-
Foreign currency changes	10,730		72		(8,009	)	28
Benefit obligation, end of year	$230,911		$58,531		$210,856		$57,488
Accumulated benefit obligation	$220,622		$-		$200,790		$-
Weighted average assumptions used to determine benefit obligations, end of year:
Discount rate - U.S. plan	3.70	%	3.59	%	4.20	%	4.00	%
Discount rate - non-U.S. plans	2.83	%	3.40	%	2.98	%	3.70	%
Compensation increase - U.S. plan	-		-		-		-
Compensation increase - non-U.S. plans	3.02	%	3.00	%	3.29	%	3.00	%

Schedule of Plan Assets

The following sets forth information about plan assets:

	As of December 31, 2017				As of December 31, 2016
(in thousands)	Pension plans		Other postretirement benefits		Pension plans		Other postretirement benefits
Fair value of plan assets, beginning of year	$180,672		$-		$171,387		$-
Actual return on plan assets, net of expenses	19,182		-		19,740		-
Employer contributions	4,645		4,230		6,605		4,812
Plan participants’ contributions	211		37		249		72
Benefits paid	(7,697	)	(4,267	)	(7,057	)	(4,884	)
Settlements	(8	)	-		(2,308	)	-
Foreign currency changes	8,581		-		(7,944	)	-
Fair value of plan assets, end of year	$205,586		$-		$180,672		$-

Schedule of Funded Status of Plans

The funded status of the plans was as follows:

	As of December 31, 2017				As of December 31, 2016
(in thousands)	Pension plans		Other postretirement benefits		Pension plans		Other postretirement benefits
Fair value of plan assets	$205,586		$-		$180,672		$-
Benefit obligation	230,911		58,531		210,856		57,488
Funded status	($25,325	)	($58,531	)	($30,184	)	($57,488	)
Accrued benefit cost, end of year	($25,325	)	($58,531	)	($30,184	)	($57,488	)
Amounts recognized in the consolidated balance sheet consist of the following:
Noncurrent asset	$16,242		$-		$7,794		$-
Current liability	(2,094	)	(4,108	)	(2,057	)	(4,195	)
Noncurrent liability	(39,473	)	(54,423	)	(35,921	)	(53,293	)
Net amount recognized	($25,325	)	($58,531	)	($30,184	)	($57,488	)
Amounts recognized in accumulated other comprehensive income consist of:
Net actuarial loss	$67,283		$34,717		$72,400		$34,782
Prior service cost/(credit)	572		(26,411	)	597		(30,899	)
Net amount recognized	$67,855		$8,306		$72,997		$3,883

Schedule of composition of the net pension plan funded status

The composition of the net pension plan funded status as of December 31, 2017 was as follows:

			Non-U.S.
(in thousands)	U.S. plan		plans		Total
Pension plans with pension assets	($6,466	)	$13,870		$7,404
Pension plans without pension assets	(7,356	)	(25,373	)	(32,729	)
Total	($13,822	)	($11,503	)	($25,325	)

Schedule of Net Periodic Benefit Plan Cost

The composition of the net periodic benefit plan cost for the years ended December 31, 2017, 2016, and 2015, was as follows:

	Pension plans						Other postretirement benefits
(in thousands)	2017		2016		2015		2017		2016		2015
Components of net periodic benefit cost:
Service cost	$2,720		$2,656		$2,959		$244		$254		$330
Interest cost	7,476		7,885		7,787		2,214		2,443		2,437
Expected return on assets	(8,152	)	(8,675	)	(8,630	)	-		-		-
Amortization of prior service cost/(credit)	36		38		48		(4,488	)	(4,488	)	(4,488	)
Amortization of net actuarial loss	2,628		2,283		2,594		2,811		2,819		3,338
Settlement	-		162		103		-		-		-
Curtailment (gain)/loss	-		(111	)	-		-		-		-
Special/contractual termination of benefits	-		-		44		-		-		-
Net periodic benefit cost	$4,708		$4,238		$4,905		$781		$1,028		$1,617
Weighted average assumptions used to determine net cost:
Discount rate - U.S. plan	4.20	%	4.54	%	4.18	%	4.00	%	4.24	%	3.90	%
Discount rate - non-U.S. plan	2.98	%	3.67	%	3.58	%	3.70	%	4.00	%	3.85	%
Expected return on plan assets - U.S. plan	4.40	%	4.74	%	4.43	%	-		-		-
Expected return on plan assets - non-U.S. plans	4.46	%	5.39	%	5.52	%	-		-		-
Rate of compensation increase - U.S. plan	-		-		-		-		-		-
Rate of compensation increase - non-U.S. plans	3.29	%	3.24	%	3.23	%	3.00	%	3.00	%	3.00	%

Schedule of Pretax (gains)/Losses Recognized in Other Comprehensive Income

Pretax (gains)/losses on plan assets and benefit obligations recognized in other comprehensive income during 2017 were as follows:

			Other
	Pension		postretirement
(in thousands)	plan		benefits
Settlements/curtailments	$-		$-
Asset/liability loss/(gain)	(4,408	)	2,743
Amortization of actuarial (loss)	(2,628	)	(2,811	)
Amortization of prior service (cost)/credit	(36	)	4,488
Currency impact	1,930		2
Cost/(benefit) in other comprehensive income	($5,142	)	$4,422
Total cost/(benefit) recognized in net periodic benefit cost and other comprehensive income	($434	)	$5,203

Schedule of Amounts That Will Be Amortized from Accumulated Other Comprehensive Income

The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2018 are as follows:

		Total
	Total	postretirement
(in thousands)	pension	benefits
Actuarial loss	$2,232	$2,956
Prior service cost/(benefit)	35	(4,488	)
Total	$2,267	($1,532	)

Schedule of Fair Value of Plan Assets

The following tables present plan assets as of December 31, 2017, and 2016, using the fair-value hierarchy, which has three levels based on the reliability of inputs used, as described in Note 15. Certain investments that are measured at fair value using net asset value (NAV) as a practical expedient are not required to be categorized in the fair value hierarchy table. The total fair value of these investments is included in the table below to permit reconciliation of the fair value hierarchy to amounts presented in the funded status table above. As of December 31, 2017 and 2016, there were no investments expected to be sold at a value materially different than NAV.

	Assets at Fair Value as of December 31, 2017
	Quoted prices	Significant other	Significant
	in active markets	observable inputs	unobservable inputs
(in thousands)	Level 1	Level 2	Level 3	Total
Common Stocks and equity funds	$335	$-	$-	$335
Debt securities	-	81,363	-	81,363
Insurance contracts	-	-	2,407	2,407
Cash and short-term investments	3,253	-	-	3,253
Total investments in the fair value hierarchy	$3,588	$81,363	$2,407	87,358
Investments at net asset value:
Common Stocks and equity funds				37,768
Fixed income funds				75,881
Limited partnerships				4,579
Hedge funds				-
Total plan assets				$205,586

	Assets at Fair Value as of December 31, 2016
	Quoted prices	Significant other	Significant
	in active markets	observable inputs	unobservable inputs
(in thousands)	Level 1	Level 2	Level 3	Total
Common Stocks and equity funds	$309	$-	$-	$309
Debt securities	-	74,449	-	74,449
Insurance contracts	-	-	2,238	2,238
Cash and short-term investments	3,401	-	-	3,401
Total investments in the fair value hierarchy	$3,710	$74,449	$2,238	80,397
Investments at net asset value:
Common Stocks and equity funds				35,510
Fixed income funds				59,662
Limited partnerships				5,065
Hedge funds				38
Total plan assets				$180,672

Reconciliation of Level 3 Assets

The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2017 and 2016:

(in thousands)	December 31, 2016	Net realized gains	Net unrealized gains	Net purchases, issuances and settlements	Net transfers (out of) Level 3	December 31, 2017
Insurance contracts	$2,238	$-	$56	$113	$-	$2,407
Total level 3 assets	$2,238	$-	$56	$113	$-	$2,407

(in thousands)	December 31, 2015	Net realized gains	Net unrealized gains	Net purchases, issuances and settlements	Net transfers (out of) Level 3	December 31, 2016
Insurance contracts	$2,403	$-	$26	$(191)	$-	$2,238
Total level 3 assets	$2,403	$-	$26	($191)	$-	$2,238

Schedule of Asset Allocation

The asset allocation for the Company’s U.S. and non-U.S. pension plans for 2016 and 2017, and the target allocation for 2018, by asset category, are as follows:

	United States Plan						Non-U.S. Plans
	Target		Percentage of plan assets				Target		Percentage of plan assets
	Allocation		at plan measurement date				Allocation		at plan measurement date
Asset category	2018		2017		2016		2018		2017		2016
Equity securities	-		1	%	2	%	32	%	30	%	33	%
Debt securities	100	%	95	%	92	%	64	%	64	%	61	%
Real estate	-		4	%	5	%	1	%	1	%	-
Other  (1)	-		-		1	%	3	%	5	%	6	%
	100	%	100	%	100	%	100	%	100	%	100	%

(1)        Other includes hedged equity and absolute return strategies, and private equity. The Company has procedures to closely monitor the performance of these investments and compares asset valuations to audited financial statements of the funds.

Schedule of Pension Plans with Projected Benefit Obligation in Excess of Plan Assets and for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets

At the end of 2017 and 2016, the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for pension plans with projected benefit obligation and an accumulated benefit obligation in excess of plan assets were as follows:

	Plans with projected benefit obligation in excess of plan assets
(in thousands)	2017	2016
Projected benefit obligation	$131,717	$121,600
Fair value of plan assets	90,149	83,622
	Plans with accumulated benefit obligation in excess of plan assets
(in thousands)	2017	2016
Accumulated benefit obligation	$129,698	$119,728
Fair value of plan assets	90,149	83,558

Schedule of Expected Cash Flows

Information about expected cash flows for the pension and other benefit obligations are as follows:

(in thousands)	Pension plans	Other postretirement benefits
Expected employer contributions and direct employer payments in the next fiscal year	$4,787	$4,108
Expected benefit payments
2018	$7,495	$4,108
2019	7,605	3,985
2020	8,104	3,872
2021	8,925	3,801
2022	9,207	3,749
2023-2027	55,897	17,890