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Pension, Health Care and Postretirement Benefits Other Than Pensions (Tables)
 12 Months Ended
Dec. 31, 2018
Retirement Benefits [Abstract]  
Summary of the Components of the Net Pension Costs and Cumulative Other Comprehensive Loss Related to the Defined Benefit Pension Plans
The following table summarizes the components of the net pension costs and Cumulative other comprehensive loss related to the defined benefit pension plans:
 
Domestic
Defined Benefit Pension Plans
 
Foreign
Defined Benefit Pension Plans
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
Net pension cost (credit):
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
7,259

 
$
21,711

 
$
22,291

 
$
8,160

 
$
7,039

 
$
4,225

Interest cost
32,161

 
31,085

 
26,498

 
9,486

 
8,177

 
7,441

Expected return on plan assets
(53,005
)
 
(48,275
)
 
(50,197
)
 
(10,837
)
 
(9,070
)
 
(6,915
)
Amortization of prior service cost
3,530

 
1,362

 
1,205

 

 


 


Amortization of actuarial losses


 
6,210

 
4,532

 
1,518

 
1,833

 
1,540

Ongoing pension cost (credit)
(10,055
)
 
12,093

 
4,329

 
8,327

 
7,979

 
6,291

Settlement cost (credit)
37,648

 
(1,990
)
 

 
(374
)
 
71

 
4,231

Curtailment cost
825

 
 
 
 
 
 
 
 
 
 
Net pension cost
28,418

 
10,103

 
4,329

 
7,953

 
8,050

 
10,522

Other changes in plan assets and projected benefit
obligation recognized in Cumulative other comprehensive loss (before taxes):
 
 
 
 
 
 
 
 
 
 
 
Net actuarial losses (gains) arising during the year
29,927

 
(65,829
)
 
18,926

 
(5,107
)
 
(13,960
)
 
17,030

Prior service cost arising during the year
4,577

 
844

 
2,081

 

 

 

Amortization of actuarial losses


 
(6,210
)
 
(4,532
)
 
(1,518
)
 
(1,833
)
 
(1,540
)
Amortization of prior service cost
(3,530
)
 
(1,362
)
 
(1,205
)
 

 


 


(Loss) gain recognized for settlement
(37,648
)
 
1,990

 
 
 
374

 
(71
)
 
 
Prior service cost recognized for curtailment
(825
)
 
 
 
 
 
 
 
 
 
 
Loss arising from curtailment
(742
)
 
 
 
 
 
 
 
 
 
 
Exchange rate (loss) gain recognized during the year

 

 

 
(1,890
)
 
4,133

 
(11,627
)
Total recognized in Cumulative other
comprehensive loss
(8,241
)
 
(70,567
)
 
15,270

 
(8,141
)
 
(11,731
)
 
3,863

Total recognized in net pension cost and Cumulative other comprehensive loss
$
20,177

 
$
(60,464
)
 
$
19,599

 
$
(188
)
 
$
(3,681
)
 
$
14,385

 
 
 
 
 
 
 
 
 
 
 
 
Summary of the Fair Value of the Defined Benefit Pension Plan Assets
The following tables summarize the fair value of the defined benefit pension plan assets at December 31, 2018, 2017 and 2016. The presentation is in accordance with the Retirement Benefits Topic of the ASC, as updated by ASU No. 2015-07 (see Note 1).
 
Fair value at December 31, 2018
 
Quoted Prices in 
Active Markets for Identical
Assets
(Level 1)
 
Significant Other
Observable 
Inputs
(Level 2)
 
Significant
Unobservable 
Inputs
(Level 3)
Investments at fair value:
 
 
 
 
 
 
 
Equity investments (1)
$
215,812

 
$
123,982

 
$
91,830

 

Fixed income investments (2)
609,926

 
462,777

 
147,149

 

Other assets (3)
38,413

 

 
38,413

 

Total investments in fair value hierarchy
864,151

 
$
586,759

 
$
277,392

 

Investments measured at NAV or its equivalent (4)
166,376

 

 

 

Total investments
$
1,030,527

 


 


 

 
 
 
 
 
 
 
 
 
Fair value at December 31, 2017
 
Quoted Prices in
Active Markets for Identical
Assets
(Level 1)
 
Significant Other
Observable 
Inputs
(Level 2)
 
Significant
Unobservable Inputs
(Level 3)
Investments at fair value:
 
 
 
 
 
 
 
Equity investments (1)
$
514,983

 
$
409,911

 
$
105,072

 

Fixed income investments (2)
380,902

 
146,816

 
234,086

 

Other assets (3)
39,196

 

 
39,196

 

Total investments in fair value hierarchy
935,081

 
$
556,727

 
$
378,354

 

Investments measured at NAV or its equivalent (4)
533,561

 
 
 
 
 
 
Total investments
$
1,468,642

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value at December 31, 2016
 
Quoted Prices in
Active Markets for Identical
Assets
(Level 1)
 
Significant Other
Observable 
Inputs
(Level 2)
 
Significant
Unobservable Inputs
(Level 3)
Investments at fair value:
 
 
 
 
 
 
 
Equity investments (1)
$
393,045

 
$
321,152

 
$
71,893

 

Fixed income investments (2)
294,103

 
144,668

 
149,435

 

Other assets (3)
14,643

 

 
14,643

 

Total investments in fair value hierarchy
701,791

 
$
465,820

 
$
235,971

 

Investments measured at NAV or its equivalent (4)
310,230

 
 
 
 
 
 
Total investments
$
1,012,021

 
 
 
 
 
 


(1) This category includes actively managed equity assets that track primarily to the S&P 500.
(2) This category includes government and corporate bonds that track primarily to the Barclays Capital Aggregate Bond Index.
(3) This category includes real estate and pooled investment funds.
(4) This category includes pooled investment funds and private equity funds that are measured at NAV or its equivalent using the practical expedient. Therefore, these investments are not classified in the fair value hierarchy.
Summary of the Obligations, Plan Assets and Assumptions Used for Defined Benefit Pension Plans
The following table summarizes the obligations, plan assets and assumptions used for the defined benefit pension plans, which are all measured as of December 31:
 
Domestic
Defined Benefit Pension Plans
 
Foreign
Defined Benefit Pension Plans
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
Accumulated benefit obligations
at end of year
$
520,958

 
$
913,363

 
$
630,159

 
$
280,046

 
$
308,164

 
$
172,047

Projected benefit obligations:
 
 
 
 
 
 
 
 
 
 
 
Balances at beginning of year
$
916,175

 
$
632,797

 
$
624,791

 
$
349,597

 
$
206,873

 
$
201,854

Service cost
7,259

 
21,711

 
22,291

 
8,160

 
7,039

 
4,225

Interest cost
32,161

 
31,085

 
26,498

 
9,486

 
8,177

 
7,441

Actuarial (gains) losses
(13,552
)
 
67,945

 
8,132

 
(20,958
)
 
(4,002
)
 
43,736

Acquisition


 
246,894

 

 


 
115,045

 

Contributions and other
3,834

 
844

 
2,081

 
1,572

 
1,397

 
947

Settlements
(379,064
)
 
(43,381
)
 

 
(6,319
)
 
(758
)
 
(14,862
)
Effect of foreign exchange

 

 

 
(16,226
)
 
22,938

 
(30,360
)
Benefits paid
(42,138
)
 
(41,720
)
 
(50,996
)
 
(9,467
)
 
(7,112
)
 
(6,108
)
Balances at end of year
524,675

 
916,175

 
632,797

 
315,845

 
349,597

 
206,873

Plan assets:
 
 
 
 
 
 
 
 
 
 
 
Balances at beginning of year
1,188,638

 
847,013

 
858,605

 
280,004

 
165,008

 
162,339

Actual returns on plan assets
9,525

 
182,049

 
39,404

 
(4,896
)
 
16,282

 
33,569

Acquisition


 
244,677

 

 


 
82,314

 


Contributions and other

 

 

 
8,278

 
6,048

 
15,019

Settlements
(379,064
)
 
(43,381
)
 

 
(6,319
)
 
(758
)
 
(14,862
)
Effect of foreign exchange

 

 

 
(14,034
)
 
18,222

 
(24,949
)
Benefits paid
(42,138
)
 
(41,720
)
 
(50,996
)
 
(9,467
)
 
(7,112
)
 
(6,108
)
Balances at end of year
776,961

 
1,188,638

 
847,013

 
253,566

 
280,004

 
165,008

Excess (deficient) plan assets over
projected benefit obligations
$
252,286

 
$
272,463

 
$
214,216

 
$
(62,279
)
 
$
(69,593
)
 
$
(41,865
)
Assets and liabilities recognized in the
Consolidated Balance Sheets:
 
 
 
 
 
 
 
 

 
 
Deferred pension assets
$
252,286

 
$
272,463

 
$
214,216

 
$
18,378

 
$
24,280

 
$
11,313

Other accruals

 

 

 
(2,716
)
 
(2,523
)
 
(1,522
)
Other long-term liabilities


 

 


 
(77,941
)
 
(91,350
)
 
(51,656
)
 
$
252,286

 
$
272,463

 
$
214,216

 
$
(62,279
)
 
$
(69,593
)
 
$
(41,865
)
Amounts recognized in Cumulative other
comprehensive loss:
 
 
 
 
 
 
 
 
 
 
 
Net actuarial losses
$
(56,335
)
 
$
(64,799
)
 
$
(134,847
)
 
$
(25,732
)
 
$
(33,873
)
 
$
(45,604
)
Prior service costs
(5,719
)
 
(5,496
)
 
(6,015
)
 

 

 


 
$
(62,054
)
 
$
(70,295
)
 
$
(140,862
)
 
$
(25,732
)
 
$
(33,873
)
 
$
(45,604
)
Weighted-average assumptions used to
determine projected benefit obligations:
 
 
 
 
 
 
 
 
 
 
 
Discount rate
3.60
%
 
3.60
%
 
4.20
%
 
3.04
%
 
2.73
%
 
3.21
%
Rate of compensation increase
3.17
%
 
3.33
%
 
3.38
%
 
3.65
%
 
3.69
%
 
4.43
%
Weighted-average assumptions used to
determine net pension costs:
 
 
 
 
 
 
 
 
 
 
 
Discount rate
3.60
%
 
4.15
%
 
4.40
%
 
2.73
%
 
3.88
%
 
4.20
%
Expected long-term rate of
return on assets
5.00
%
 
5.00
%
 
6.00
%
 
3.84
%
 
4.75
%
 
4.70
%
Rate of compensation increase
3.33
%
 
3.30
%
 
3.14
%
 
3.69
%
 
4.33
%
 
4.00
%
Summary of the Obligation and the Assumptions Used for Postretirement Benefits Other than Pensions
The following table summarizes the obligation and the assumptions used for postretirement benefits other than pensions:
 
Postretirement Benefits Other than Pensions
 
2018
 
2017
 
2016
Benefit obligation:
 
 
 
 
 
Balance at beginning of year - unfunded
$
290,823

 
$
265,137

 
$
263,383

Service cost
1,994

 
2,105

 
2,244

Interest cost
10,178

 
10,749

 
11,009

Acquisition


 
17,010

 
 
Actuarial (gain) loss
(9,047
)
 
11,637

 
7,548

Plan amendments
(77
)
 


 


Benefits paid
(19,237
)
 
(15,815
)
 
(19,047
)
Balance at end of year - unfunded
$
274,634

 
$
290,823

 
$
265,137

Liabilities recognized in the Consolidated Balance Sheets:
 
 
 
 
 
Postretirement benefits other than pensions
$
(257,621
)
 
$
(274,675
)
 
$
(250,397
)
Other accruals
(17,013
)
 
(16,148
)
 
(14,740
)
 
$
(274,634
)
 
$
(290,823
)
 
$
(265,137
)
Amounts recognized in Cumulative other comprehensive loss:
 
 
 
 
 
Net actuarial losses
$
(32,774
)
 
$
(44,147
)
 
$
(23,211
)
Prior service credits
6,134

 
12,625

 
19,205

 
$
(26,640
)
 
$
(31,522
)
 
$
(4,006
)
Weighted-average assumptions used to determine benefit obligation:
 
 
 
 
 
Discount rate
4.21
%
 
3.61
%
 
4.10
%
Health care cost trend rate - pre-65
6.69
%
 
7.00
%
 
6.00
%
Health care cost trend rate - post-65
4.94
%
 
5.00
%
 
5.50
%
Prescription drug cost increases
9.75
%
 
11.00
%
 
10.50
%
Employer Group Waiver Plan (EGWP) trend rate
9.75
%
 
11.00
%
 
10.60
%
Weighted-average assumptions used to determine net periodic benefit cost:
 
 
 
 
 
Discount rate
3.61
%
 
4.10
%
 
4.30
%
Health care cost trend rate - pre-65
7.00
%
 
6.00
%
 
6.00
%
Health care cost trend rate - post-65
5.00
%
 
5.50
%
 
5.00
%
Prescription drug cost increases
11.00
%
 
10.50
%
 
11.50
%
Summary of the Components of Net Periodic Benefit Cost and Cumulative Other Comprehensive Loss Related to Postretirement Benefits Other than Pensions
The following table summarizes the components of the net periodic benefit cost and Cumulative other comprehensive loss related to postretirement benefits other than pensions:
 
Postretirement Benefits Other than Pensions
 
2018
 
2017
 
2016
Net periodic benefit cost (credit):
 
 
 
 
 
Service cost
$
1,994

 
$
2,105

 
$
2,244

Interest cost
10,178

 
10,749

 
11,009

Amortization of actuarial losses
2,326

 
32

 


Amortization of prior service credit
(6,569
)
 
(6,579
)
 
(6,578
)
Net periodic benefit cost
7,929

 
6,307

 
6,675

  Settlement credit


 
(9,332
)
 

  Net periodic benefit cost (credit)
7,929

 
(3,025
)
 
6,675

 
 
 
 
 
 
Other changes in projected benefit obligation recognized in
Cumulative other comprehensive loss (before taxes):
 
 
 
 
 
Net actuarial (gain) loss arising during the year
(9,047
)
 
11,637

 
7,548

Prior service credit arising during the year
(78
)
 


 


Amortization of actuarial losses
(2,326
)
 
(32
)
 


Settlement cost


 
9,332

 


Amortization of prior service credit
6,569

 
6,579

 
6,578

Total recognized in Cumulative other comprehensive loss
(4,882
)
 
27,516

 
14,126

Total recognized in net periodic benefit cost and
Cumulative other comprehensive loss
$
3,047

 
$
24,491

 
$
20,801
Effect of Changes in Assumed Health Care and Prescription Drug Cost Trend Rates
A one-percentage-point change in assumed health care and prescription drug cost trend rates would have had the following effects at December 31, 2018:
 
One-Percentage Point
 
Increase
 
(Decrease)
Effect on total of service and interest cost components
$
132

 
$
(132
)
Effect on the postretirement benefit obligation
$
3,602

 
$
(3,636
)
Expected Retiree Health Care Benefit Cash Payments
The Company expects to make retiree health care benefit cash payments as follows:
 
Expected Cash
Payments
2019
$
17,013

2020
18,757

2021
19,391

2022
19,969

2023
19,991

2024 through 2028
98,836

Total expected benefit cash payments
$
193,957