Pension Plans and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2018

Retirement Benefits [Abstract]

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

The following provides a reconciliation of benefit obligations, plan assets and funded status, as well as a summary of significant assumptions, for our postretirement benefit plans (in thousands):

	Year Ended December 31,
	2018			2017
	Other Postretirement Benefits			Other Postretirement Benefits
Change in benefit obligations:
Benefit obligation at January 1	$	56,647		$	56,141
Service cost	117			121
Interest cost	2,168			2,340
Actuarial (gain) loss	(5,661		)	2,008
Benefits paid	(2,881		)	(3,963		)
Benefit obligation at December 31	$	50,390		$	56,647
Change in plan assets:
Fair value of plan assets at January 1	$	834		$	2,232
Actual return on plan assets	(253		)	104
Employer contributions	2,300			2,461
Benefits paid	(2,881		)	(3,963		)
Fair value of plan assets at December 31	$	—		$	834
Funded status at December 31	$	(50,390	)	$	(55,813	)

	December 31,
	2018			2017
	Other Postretirement Benefits			Other Postretirement Benefits
Amounts recognized in consolidated balance sheets:
Current liabilities (accrued expenses)	$	(4,233	)	$	(3,810	)
Noncurrent liabilities (postretirement benefits)	(46,157		)	(52,003		)
Net postretirement liability	$	(50,390	)	$	(55,813	)
Amounts recognized in accumulated other comprehensive (loss) income:
Prior service benefit	$	—		$	48
Net amount recognized	$	—		$	48
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate	4.55		%	3.99		%
Rate of compensation increase	3.50		%	3.50		%

The following provides a reconciliation of benefit obligations, plan assets and funded status, as well as a summary of significant assumptions, for our defined benefit pension plans (in thousands):

	Year Ended December 31, 2018						Year Ended December 31, 2017
	U.S. Pension Plans			Foreign Pension Plans			U.S. Pension Plans			Foreign Pension Plans
Change in benefit obligations:
Benefit obligation at January 1	$	685,963		$	275,006		$	665,688		$	246,280
Service cost	1,043			3,919			985			2,547
Interest cost	26,804			5,144			28,614			5,128
Plan amendments	—			233			—			—
Actuarial (gain) loss	(36,844		)	(17,885		)	30,539			2,783
Benefits paid	(41,100		)	(9,974		)	(39,863		)	(9,524		)
Employee contributions	—			182			—			215
Foreign exchange (gain) loss	—			(12,632		)	—			30,711
Settlements/curtailments	—			(3,628		)	—			(3,065		)
Other	—			(62		)	—			(69		)
Benefit obligation at December 31	$	635,866		$	240,303		$	685,963		$	275,006
Change in plan assets:
Fair value of plan assets at January 1	$	580,396		$	79,478		$	538,082		$	68,875
Actual return on plan assets	(28,457		)	(1,593		)	80,613			6,260
Employer contributions	2,236			10,700			1,564			9,316
Benefits paid	(41,100		)	(9,974		)	(39,863		)	(9,524		)
Employee contributions	—			182			—			215
Foreign exchange (loss) gain	—			(4,519		)	—			7,470
Settlements/curtailments	—			(3,628		)	—			(3,065		)
Other	—			(62		)	—			(69		)
Fair value of plan assets at December 31	$	513,075		$	70,584		$	580,396		$	79,478
Funded status at December 31	$	(122,791	)	$	(169,719	)	$	(105,567	)	$	(195,528	)

	December 31, 2018						December 31, 2017
	U.S. Pension Plans			Foreign Pension Plans			U.S. Pension Plans			Foreign Pension Plans
Amounts recognized in consolidated balance sheets:
Current liabilities (accrued expenses)	$	(1,342	)	$	(5,772	)	$	(1,267	)	$	(5,217	)
Noncurrent liabilities (pension benefits)	(121,449		)	(163,947		)	(104,300		)	(190,311		)
Net pension liability	$	(122,791	)	$	(169,719	)	$	(105,567	)	$	(195,528	)
Amounts recognized in accumulated other comprehensive (loss) income:
Prior service benefit	$	—		$	(409	)	$	(60	)	$	(269	)
Net amount recognized	$	—		$	(409	)	$	(60	)	$	(269	)
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate	4.59		%	2.15		%	4.03		%	1.94		%
Rate of compensation increase	—		%	3.63		%	—		%	3.18		%

Schedule of Net Benefit Costs

The components of postretirement benefits (credit) cost from continuing operations are as follows (in thousands):

	Year Ended December 31,
	2018			2017			2016
	Other Postretirement Benefits			Other Postretirement Benefits			Other Postretirement Benefits
Service cost	$	117		$	121		$	115
Interest cost	2,168			2,340			2,483
Expected return on assets	(7		)	(110		)	(187		)
Actuarial (gain) loss	(5,400		)	2,014			1,275
Amortization of prior service benefit	(48		)	(95		)	(95		)
Total net postretirement benefits (credit) cost	$	(3,170	)	$	4,270		$	3,591
Weighted-average assumption percentages:
Discount rate	3.99		%	4.35		%	4.59		%
Expected return on plan assets	7.00		%	7.00		%	7.00		%
Rate of compensation increase	3.50		%	3.50		%	3.50		%

The components of pension benefits cost (credit) from continuing operations are as follows (in thousands):

	Year Ended						Year Ended						Year Ended
	December 31, 2018						December 31, 2017						December 31, 2016
	U.S. Pension Plans			Foreign Pension Plans			U.S. Pension Plans			Foreign Pension Plans			U.S. Pension Plans			Foreign Pension Plans
Service cost	$	1,043		$	3,919		$	985		$	2,547		$	1,028		$	3,133
Interest cost	26,804			5,144			28,614			5,128			30,514			6,570
Expected return on assets	(38,621		)	(4,204		)	(36,243		)	(4,441		)	(36,445		)	(4,027		)
Actuarial loss (gain)	30,234			(10,833		)	(13,910		)	483			5,988			19,418
Amortization of prior service benefit	60			34			75			56			75			859
Total net pension benefits cost (credit)(a)	$	19,520		$	(5,940	)	$	(20,479	)	$	3,773		$	1,160		$	25,953
Weighted-average assumption percentages:
Discount rate	4.03		%	1.94		%	4.43		%	2.00		%	4.67		%	2.76		%
Expected return on plan assets	6.89		%	5.52		%	6.89		%	6.16		%	6.89		%	6.66		%
Rate of compensation increase	—		%	3.18		%	—		%	3.18		%	—		%	3.16		%

(a) For the year ended December 31, 2016, $10.8 million of net pension benefits credit is included in Income from discontinued operations (net of tax) in the consolidated statements of income. See Note 3, “Divestitures,” for additional information.

Schedule of Assumptions Used

The components of pension benefits cost (credit) from continuing operations are as follows (in thousands):

	Year Ended						Year Ended						Year Ended
	December 31, 2018						December 31, 2017						December 31, 2016
	U.S. Pension Plans			Foreign Pension Plans			U.S. Pension Plans			Foreign Pension Plans			U.S. Pension Plans			Foreign Pension Plans
Service cost	$	1,043		$	3,919		$	985		$	2,547		$	1,028		$	3,133
Interest cost	26,804			5,144			28,614			5,128			30,514			6,570
Expected return on assets	(38,621		)	(4,204		)	(36,243		)	(4,441		)	(36,445		)	(4,027		)
Actuarial loss (gain)	30,234			(10,833		)	(13,910		)	483			5,988			19,418
Amortization of prior service benefit	60			34			75			56			75			859
Total net pension benefits cost (credit)(a)	$	19,520		$	(5,940	)	$	(20,479	)	$	3,773		$	1,160		$	25,953
Weighted-average assumption percentages:
Discount rate	4.03		%	1.94		%	4.43		%	2.00		%	4.67		%	2.76		%
Expected return on plan assets	6.89		%	5.52		%	6.89		%	6.16		%	6.89		%	6.66		%
Rate of compensation increase	—		%	3.18		%	—		%	3.18		%	—		%	3.16		%

(a) For the year ended December 31, 2016, $10.8 million of net pension benefits credit is included in Income from discontinued operations (net of tax) in the consolidated statements of income. See Note 3, “Divestitures,” for additional information.

The components of postretirement benefits (credit) cost from continuing operations are as follows (in thousands):

	Year Ended December 31,
	2018			2017			2016
	Other Postretirement Benefits			Other Postretirement Benefits			Other Postretirement Benefits
Service cost	$	117		$	121		$	115
Interest cost	2,168			2,340			2,483
Expected return on assets	(7		)	(110		)	(187		)
Actuarial (gain) loss	(5,400		)	2,014			1,275
Amortization of prior service benefit	(48		)	(95		)	(95		)
Total net postretirement benefits (credit) cost	$	(3,170	)	$	4,270		$	3,591
Weighted-average assumption percentages:
Discount rate	3.99		%	4.35		%	4.59		%
Expected return on plan assets	7.00		%	7.00		%	7.00		%
Rate of compensation increase	3.50		%	3.50		%	3.50		%

Financial Assets Accounted for at Fair Value on Recurring Basis

The following tables set forth the assets of our pension and postretirement plans that were accounted for at fair value on a recurring basis as of December 31, 2018 and 2017 (in thousands):

	December 31, 2018		Quoted Prices in Active Markets for Identical Items (Level 1)		Quoted Prices in Active Markets for Similar Items (Level 2)		Unobservable Inputs (Level 3)
Pension Assets:
Domestic Equity(a)	$	113,355	$	111,665	$	1,690	$	—
International Equity(b)	114,554		90,651		23,903		—
Fixed Income(c)	254,437		219,124		35,313		—
Absolute Return Measured at Net Asset Value(d)	71,987		—		—		—
Cash	29,326		29,326		—		—
Total Pension Assets	$	583,659	$	450,766	$	60,906	$	—

	December 31, 2017		Quoted Prices in Active Markets for Identical Items (Level 1)		Quoted Prices in Active Markets for Similar Items (Level 2)		Unobservable Inputs (Level 3)
Pension Assets:
Domestic Equity(a)	$	163,160	$	160,976	$	2,184	$	—
International Equity(b)	130,935		101,366		29,569		—
Fixed Income(c)	269,365		231,506		37,859		—
Absolute Return Measured at Net Asset Value(d)	96,414		—		—		—
Total Pension Assets	$	659,874	$	493,848	$	69,612	$	—
Postretirement Assets:
Fixed Income(c)	$	834	$	—	$	834	$	—

(a) Consists primarily of U.S. stock funds that track or are actively managed and measured against the S&P 500 index.

(b) Consists primarily of international equity funds which invest in common stocks and other securities whose value is based on an international equity index or an underlying equity security or basket of equity securities.

(c) Consists primarily of debt obligations issued by governments, corporations, municipalities and other borrowers. Also includes insurance policies.

(d) Consists primarily of funds with holdings in private investment companies. See additional information about the Absolute Return investments below. Holdings in private investment companies are measured at fair value using the net asset value per share as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts of $72.0 million and $96.4 million as of December 31, 2018 and 2017, respectively, are included in this table to permit reconciliation to the reconciliation of plan assets table above.

Schedule of Allocation of Plan Assets

The weighted-average target allocations as of the measurement date are as follows:

	Target Allocation
Equity securities	43	%
Fixed income	44	%
Absolute return	13	%

Current Forecast of Benefit Payments, which Reflect Expected Future Service

The current forecast of benefit payments, which reflects expected future service, amounts to (in millions):

	U.S. Pension Plans		Foreign Pension Plans		Other Postretirement Benefits
2019	$	42.0	$	12.9	$	4.2
2020	$	43.0	$	9.4	$	4.0
2021	$	43.5	$	9.7	$	3.8
2022	$	43.9	$	9.2	$	3.8
2023	$	44.3	$	12.1	$	3.7
2024-2028	$	220.6	$	52.1	$	17.4