Pension and Other Post-Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

Funded Status (in thousands):



	Pension Plans						Post-retirement Healthcare Plans
	2018			2017			2018			2017
Accumulated benefit obligation	$	690,729		$	740,783		$	3,824		$	4,056
Change in benefit obligation
Obligation as of January 1	$	740,783		$	791,182		$	4,056		$	4,231
Service cost	—			—			123			158
Interest cost	29,135			33,585			127			142
Curtailment gain	—			8,483			—			—
Plan transfers	1,603			2,643			—			—
Benefits paid	(29,439		)	(33,779		)	(365		)	(412		)
Curtailments and settlement	—			(106,742		)	—			—
Actuarial (gain) loss	(51,353		)	45,411			(117		)	(63		)
Obligation as of December 31	$	690,729		$	740,783		$	3,824		$	4,056
Change in plan assets
Fair value as of January 1	$	681,573		$	715,885		$	—		$	—
Actual gain (loss) on plan assets	(51,274		)	99,090			—			—
Plan transfers	1,603			2,643			—			—
Return of excess premiums	963			—			—			—
Employer contributions	22,220			4,476			365			412
Benefits paid	(29,439		)	(33,779		)	(365		)	(412		)
Settlement payments	$	—		$	(106,742	)	$	—		$	—
Fair value as of December 31	$	625,646		$	681,573		$	—		$	—
Funded status
Underfunded plans
Current liabilities	$	(3,971	)	$	(1,497	)	$	(451	)	$	(414	)
Non-current liabilities	$	(61,112	)	$	(57,713	)	$	(3,373	)	$	(3,642	)

Schedule of Net Benefit Costs

ABX’s net periodic benefit costs for its defined benefit pension plans and post-retirement healthcare plans for the years ended December 31, 2018, 2017 and 2016, are as follows (in thousands):



	Pension Plans									Post-Retirement Healthcare Plan
	2018			2017			2016			2018		2017			2016
Service cost	$	—		$	—		$	—		$	123	$	158		123
Interest cost	29,135			33,585			35,872			127		142			170
Expected return on plan assets	(42,093		)	(42,080		)	(41,056		)	—		—			—
Curtailments and settlements	—			12,923			—			—		—			(1,997		)
Amortization of prior service cost	—			—			—			—		(51		)	(103		)
Amortization of net (gain) loss	3,547			7,778			13,472			219		283			160
Net periodic benefit cost (income)	$	(9,411	)	$	12,206		$	8,288		$	469	$	532		$	(1,647	)

Schedule of Net Periodic Benefit Cost Not yet Recognized

The pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit expense at December 31 are as follows (in thousands):



	Pension Plans				Post-Retirement Healthcare Plans
	2018		2017		2018		2017
Unrecognized prior service cost	$	—	$	—	$	—	$	—
Unrecognized net actuarial loss	126,192		88,689		1,210		1,547
Accumulated other comprehensive loss	$	126,192	$	88,689	$	1,210	$	1,547

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year

The amounts of unrecognized net actuarial loss recorded in accumulated other comprehensive loss that is expected to be recognized as components of net periodic benefit expense during 2019 is $15.5 million and $0.2 million for the pension plans and the post-retirement healthcare plans, respectively.

Schedule of Assumptions Used

Assumptions used in determining the funded status of ABX’s pension plans at December 31 were as follows:



	Pension Plans
	2018	2017	2016
Discount rate - crewmembers	4.65%	4.00%	4.50%
Discount rate - non-crewmembers	4.65%	4.05%	4.60%
Expected return on plan assets	6.20%	6.25%	6.25%

Schedule of Allocation of Plan Assets

The weighted-average asset allocations by asset category are as shown below:



	Composition of Plan Assets as of December 31
Asset category	2018		2017
Cash	1	%	1	%
Equity securities	25	%	31	%
Fixed income securities	74	%	68	%
	100	%	100	%

The pension plan assets measured at fair value on a recurring basis were as follows (in thousands):



As of December 31, 2018	Fair Value Measurement Using				Total
	Level 1		Level 2		Total
Plan assets
Common trust funds	$	—	$	3,961	$	3,961
Corporate stock	13,142		—		13,142
Mutual funds	48,645		91,085		139,730
Fixed income investments	2,065		462,149		464,214
Benefit Plan Assets	$	63,852	$	557,195	$	621,047

Investments measured at net asset value ("NAV")					4,599
Total benefit plan assets					$	625,646



As of December 31, 2017	Fair Value Measurement Using				Total
	Level 1		Level 2		Total
Plan assets
Common trust funds	$	—	$	3,792	$	3,792
Corporate stock	17,361		—		17,361
Mutual funds	53,391		113,426		166,817
Fixed income investments	3,926		462,480		466,406
Benefit Plan Assets	$	74,678	$	579,698	$	654,376

Investments measured at net asset value ("NAV")					27,197
Total benefit plan assets					$	681,573

Schedule of Expected Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid out of the respective plans as follows (in thousands):



	Pension Benefits		Post-retirement Healthcare Benefits
2019	$	35,680	$	451
2020	36,175		492
2021	38,835		530
2022	41,192		529
2023	43,347		550
Years 2024 to 2028	232,465		2,009

Schedule of Level Three Defined Benefit Plan Assets Roll Forward

The following table presents investments measured at fair value based on NAV per share as a practical expedient:



	Fair Value		Redemption Frequency	Redemption Notice Period	Unfunded Commitments
As of December 31, 2018
Hedge Funds & Private Equity	$	4,599	(1) (2)	90 days	$	—
Real Estate	—		(3)	90 days	—
Total investments measured at NAV	$	4,599			$	—

As of December 31, 2017
Hedge Funds & Private Equity	$	27,197	(1) (2)	90 days	$	—
Real Estate	—		(3)	90 days	—
Total investments measured at NAV	$	27,197			$	—