Pension Plans and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2019

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,
	2019			2018
	Other Postretirement Benefits			Other Postretirement Benefits
Change in benefit obligations:
Benefit obligation at January 1	$	50,390		$	56,647
Service cost	98			117
Interest cost	2,197			2,168
Actuarial loss (gain)	5,445			(5,661		)
Benefits paid	(3,041		)	(2,881		)
Benefit obligation at December 31	$	55,089		$	50,390
Change in plan assets:
Fair value of plan assets at January 1	$	—		$	834
Actual return on plan assets	—			(253		)
Employer contributions	3,041			2,300
Benefits paid	(3,041		)	(2,881		)
Fair value of plan assets at December 31	$	—		$	—
Funded status at December 31	$	(55,089	)	$	(50,390	)

	December 31,
	2019			2018
	Other Postretirement Benefits			Other Postretirement Benefits
Amounts recognized in consolidated balance sheets:
Current liabilities (accrued expenses)	$	(4,190	)	$	(4,233	)
Noncurrent liabilities (postretirement benefits)	(50,899		)	(46,157		)
Net postretirement liability	$	(55,089	)	$	(50,390	)
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate	3.53		%	4.55		%
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, 2019						Year Ended December 31, 2018
	U.S. Pension Plans			Foreign Pension Plans			U.S. Pension Plans			Foreign Pension Plans
Change in benefit obligations:
Benefit obligation at January 1	$	635,866		$	240,303		$	685,963		$	275,006
Service cost	730			3,680			1,043			3,919
Interest cost	28,199			4,998			26,804			5,144
Plan amendments	—			—			—			233
Actuarial loss (gain)	56,108			21,588			(36,844		)	(17,885		)
Benefits paid	(42,183		)	(10,088		)	(41,100		)	(9,974		)
Employee contributions	—			133			—			182
Foreign exchange gain	—			(1,772		)	—			(12,632		)
Settlements/curtailments	—			(398		)	—			(3,628		)
Other	—			(70		)	—			(62		)
Benefit obligation at December 31	$	678,720		$	258,374		$	635,866		$	240,303
Change in plan assets:
Fair value of plan assets at January 1	$	513,075		$	70,584		$	580,396		$	79,478
Actual return on plan assets	82,926			9,417			(28,457		)	(1,593		)
Employer contributions	2,865			10,572			2,236			10,700
Benefits paid	(42,183		)	(10,088		)	(41,100		)	(9,974		)
Employee contributions	—			133			—			182
Foreign exchange gain (loss)	—			1,316			—			(4,519		)
Settlements/curtailments	—			(398		)	—			(3,628		)
Other	—			(70		)	—			(62		)
Fair value of plan assets at December 31	$	556,683		$	81,466		$	513,075		$	70,584
Funded status at December 31	$	(122,037	)	$	(176,908	)	$	(122,791	)	$	(169,719	)

	December 31, 2019						December 31, 2018
	U.S. Pension Plans			Foreign Pension Plans			U.S. Pension Plans			Foreign Pension Plans
Amounts recognized in consolidated balance sheets:
Current liabilities (accrued expenses)	$	(1,224	)	$	(5,648	)	$	(1,342	)	$	(5,772	)
Noncurrent liabilities (pension benefits)	(120,813		)	(171,260		)	(121,449		)	(163,947		)
Net pension liability	$	(122,037	)	$	(176,908	)	$	(122,791	)	$	(169,719	)
Amounts recognized in accumulated other comprehensive (loss) income:
Prior service benefit	$	—		$	224		$	—		$	(409	)
Net amount recognized	$	—		$	224		$	—		$	(409	)
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate	3.56		%	1.33		%	4.59		%	2.15		%
Rate of compensation increase	—		%	3.72		%	—		%	3.63		%

Schedule of Net Benefit Costs

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

	Year Ended December 31,
	2019			2018			2017
	Other Postretirement Benefits			Other Postretirement Benefits			Other Postretirement Benefits
Service cost	$	98		$	117		$	121
Interest cost	2,197			2,168			2,340
Expected return on assets	—			(7		)	(110		)
Actuarial loss (gain)	5,449			(5,400		)	2,014
Amortization of prior service benefit	—			(48		)	(95		)
Total net postretirement benefits cost (credit)	$	7,744		$	(3,170	)	$	4,270
Weighted-average assumption percentages:
Discount rate	4.55		%	3.99		%	4.35		%
Expected return on plan assets	—		%	7.00		%	7.00		%
Rate of compensation increase	3.50		%	3.50		%	3.50		%

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

	Year Ended						Year Ended						Year Ended
	December 31, 2019						December 31, 2018						December 31, 2017
	U.S. Pension Plans			Foreign Pension Plans			U.S. Pension Plans			Foreign Pension Plans			U.S. Pension Plans			Foreign Pension Plans
Service cost	$	730		$	3,680		$	1,043		$	3,919		$	985		$	2,547
Interest cost	28,199			4,998			26,804			5,144			28,614			5,128
Expected return on assets	(33,926		)	(3,837		)	(38,621		)	(4,204		)	(36,243		)	(4,441		)
Actuarial loss (gain)	7,106			16,784			30,234			(10,833		)	(13,910		)	483
Amortization of prior service benefit	—			37			60			34			75			56
Total net pension benefits cost (credit)	$	2,109		$	21,662		$	19,520		$	(5,940	)	$	(20,479	)	$	3,773
Weighted-average assumption percentages:
Discount rate	4.59		%	2.15		%	4.03		%	1.94		%	4.43		%	2.00		%
Expected return on plan assets	6.89		%	5.51		%	6.89		%	5.52		%	6.89		%	6.16		%
Rate of compensation increase	—		%	3.63		%	—		%	3.18		%	—		%	3.18		%

Schedule of Assumptions Used

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

	Year Ended						Year Ended						Year Ended
	December 31, 2019						December 31, 2018						December 31, 2017
	U.S. Pension Plans			Foreign Pension Plans			U.S. Pension Plans			Foreign Pension Plans			U.S. Pension Plans			Foreign Pension Plans
Service cost	$	730		$	3,680		$	1,043		$	3,919		$	985		$	2,547
Interest cost	28,199			4,998			26,804			5,144			28,614			5,128
Expected return on assets	(33,926		)	(3,837		)	(38,621		)	(4,204		)	(36,243		)	(4,441		)
Actuarial loss (gain)	7,106			16,784			30,234			(10,833		)	(13,910		)	483
Amortization of prior service benefit	—			37			60			34			75			56
Total net pension benefits cost (credit)	$	2,109		$	21,662		$	19,520		$	(5,940	)	$	(20,479	)	$	3,773
Weighted-average assumption percentages:
Discount rate	4.59		%	2.15		%	4.03		%	1.94		%	4.43		%	2.00		%
Expected return on plan assets	6.89		%	5.51		%	6.89		%	5.52		%	6.89		%	6.16		%
Rate of compensation increase	—		%	3.63		%	—		%	3.18		%	—		%	3.18		%

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

	Year Ended December 31,
	2019			2018			2017
	Other Postretirement Benefits			Other Postretirement Benefits			Other Postretirement Benefits
Service cost	$	98		$	117		$	121
Interest cost	2,197			2,168			2,340
Expected return on assets	—			(7		)	(110		)
Actuarial loss (gain)	5,449			(5,400		)	2,014
Amortization of prior service benefit	—			(48		)	(95		)
Total net postretirement benefits cost (credit)	$	7,744		$	(3,170	)	$	4,270
Weighted-average assumption percentages:
Discount rate	4.55		%	3.99		%	4.35		%
Expected return on plan assets	—		%	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, 2019 and 2018 (in thousands):

	December 31, 2019		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)	$	119,842	$	118,255	$	1,587	$	—
International Equity(b)	126,828		95,246		31,582		—
Fixed Income(c)	317,667		279,731		37,936		—
Absolute Return Measured at Net Asset Value(d)	73,777		—		—		—
Cash	35		35		—		—
Total Pension Assets	$	638,149	$	493,267	$	71,105	$	—

	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	$	—

(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 $73.8 million and $72.0 million as of December 31, 2019 and 2018, 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	42	%
Fixed income	49	%
Absolute return	9	%

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
2020	$	42.3	$	10.6	$	4.2
2021	$	47.8	$	10.0	$	4.0
2022	$	48.4	$	9.5	$	3.9
2023	$	48.9	$	12.3	$	3.9
2024	$	49.0	$	10.4	$	3.8
2025-2029	$	240.9	$	54.6	$	17.5