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Postretirement Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]  
Obligations and Funded Status

Obligations and Funded Status at December 31

 

(In thousands)

 

United States

 

 

United Kingdom

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Change in benefit obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

171,358

 

 

$

162,727

 

 

$

24,048

 

 

$

22,034

 

Interest cost

 

 

6,194

 

 

 

6,651

 

 

 

565

 

 

 

592

 

Actuarial (gain) loss

 

 

(11,494

)

 

 

9,109

 

 

 

(2,129

)

 

 

(156

)

Benefits paid

 

 

(7,464

)

 

 

(7,129

)

 

 

(1,255

)

 

 

(516

)

Foreign exchange impact

 

 

 

 

 

 

 

 

(1,223

)

 

 

2,094

 

Benefit obligation at end of year

 

$

158,594

 

 

$

171,358

 

 

$

20,006

 

 

$

24,048

 

 

(In thousands)

 

United States

 

 

United Kingdom

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Change in plan assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

147,908

 

 

$

137,092

 

 

$

24,168

 

 

$

20,336

 

Actual return (loss) on plan assets

 

 

(11,558

)

 

 

15,533

 

 

 

(1,583

)

 

 

1,957

 

Employer contributions

 

 

5,312

 

 

 

2,412

 

 

 

494

 

 

 

365

 

Benefits paid

 

 

(7,464

)

 

 

(7,129

)

 

 

(1,254

)

 

 

(516

)

Foreign exchange impact

 

 

 

 

 

 

 

 

(1,249

)

 

 

2,026

 

Fair value of plan assets at end of year

 

$

134,198

 

 

$

147,908

 

 

$

20,576

 

 

$

24,168

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over (Under) funded status at end of year

 

$

(24,396

)

 

$

(23,450

)

 

$

570

 

 

$

120

 

Schedule of Amounts Recognized in Balance Sheets

The amounts recognized in the consolidated balance sheets at December 31 consisted of:

 

(In thousands)

 

United States

 

 

United Kingdom

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Non-current asset

 

$

 

 

$

 

 

$

570

 

 

$

120

 

Current liability

 

 

(302

)

 

 

(302

)

 

 

 

 

 

 

Non-current liability

 

 

(24,094

)

 

 

(23,148

)

 

 

 

 

 

 

Net amount recognized

 

$

(24,396

)

 

$

(23,450

)

 

$

570

 

 

$

120

 

Amounts Recognized in Accumulated Other Comprehensive Income

The amounts recognized in accumulated other comprehensive income at December 31 consisted of:

 

(In thousands)

 

United States

 

 

United Kingdom

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Net actuarial loss

 

$

45,334

 

 

$

39,801

 

 

$

5,849

 

 

$

5,743

 

Information for Pension Plans with Projected Benefit Obligations in Excess of Plan Assets Below is information for pension plans with projected benefit obligations in excess of plan assets at December 31:

 

(In thousands)

 

United States

 

 

United Kingdom

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Projected benefit obligation

 

$

158,594

 

 

$

171,358

 

 

$

 

 

$

 

Accumulated benefit obligation

 

 

158,594

 

 

 

171,358

 

 

 

 

 

 

 

Fair value of plan assets

 

 

134,198

 

 

 

147,908

 

 

 

 

 

 

 

Components of Net Periodic Benefit Cost

Net periodic benefit costs for the years ended December 31, 2018, 2017 and 2016, were as follows:

 

(In thousands)

 

United States

 

 

United Kingdom

 

 

 

2018

 

 

2017

 

 

2016

 

 

2018

 

 

2017

 

 

2016

 

Interest cost

 

$

6,194

 

 

$

6,651

 

 

$

6,934

 

 

$

565

 

 

$

592

 

 

$

733

 

Expected return on plan assets

 

 

(9,284

)

 

 

(9,288

)

 

 

(9,012

)

 

 

(885

)

 

 

(797

)

 

 

(900

)

Amortization of net actuarial loss

 

 

3,814

 

 

 

3,085

 

 

 

3,386

 

 

 

219

 

 

 

382

 

 

 

77

 

Net periodic benefit cost

 

$

724

 

 

$

448

 

 

$

1,308

 

 

$

(101

)

 

$

177

 

 

$

(90

)

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

Other changes in plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2018, 2017 and 2016, were as follows:

 

(In thousands)

 

United States

 

 

United Kingdom

 

 

 

2018

 

 

2017

 

 

2016

 

 

2018

 

 

2017

 

 

2016

 

Net actuarial (gain) loss

 

$

9,348

 

 

$

2,864

 

 

$

(11,062

)

 

$

325

 

 

$

(1,318

)

 

$

3,756

 

Amortization of net actuarial loss

 

 

(3,814

)

 

 

(3,085

)

 

 

(3,386

)

 

 

(219

)

 

 

(382

)

 

 

(77

)

Total recognized in other comprehensive

   income

 

$

5,534

 

 

$

(221

)

 

$

(14,448

)

 

$

106

 

 

$

(1,700

)

 

$

3,679

 

Total recognized in net periodic benefit

   cost and other comprehensive income

 

$

6,258

 

 

$

227

 

 

$

(13,140

)

 

$

5

 

 

$

(1,523

)

 

$

3,589

 

Estimated Amounts Reclassified from Accumulated Other Comprehensive Income into Net Periodic Benefit Cost

The estimated amounts that will be reclassified from accumulated other comprehensive income into net periodic benefit cost in 2019 are as follows:

 

(In thousands)

 

United

States

 

 

United

Kingdom

 

Net actuarial loss

 

$

2,609

 

 

$

244

 

Estimated Future Benefit Payments

Estimated Future Benefit Payments

 

(In thousands)

 

United

States

 

 

United

Kingdom

 

2019

 

$

8,009

 

 

$

482

 

2020

 

 

8,443

 

 

 

487

 

2021

 

 

8,954

 

 

 

509

 

2022

 

 

9,438

 

 

 

553

 

2023

 

 

9,836

 

 

 

592

 

2024-2028

 

 

51,998

 

 

 

3,557

 

 

Defined Contribution Plan Expenses for Company's Retirement Savings Plans and Profit Sharing Plan

Defined contribution expenses for the Company’s qualified defined contribution plans were as follows:

 

(In thousands)

 

2018

 

 

2017

 

 

2016

 

Retirement contributions

 

$

7,617

 

 

$

4,998

 

 

$

4,902

 

Profit sharing contributions

 

 

4,182

 

 

 

7,002

 

 

 

6,230

 

Total

 

$

11,799

 

 

$

12,000

 

 

$

11,132

 

United States [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Company's Asset Allocations for its U.S. and U.K Pension Plans

The Company’s asset allocations for its U.S. pension plans at December 31, 2018 and 2017, by asset category, were as follows:

 

 

 

December 31, 2018

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash and Cash Equivalents

 

$

4,935

 

 

$

 

 

$

 

 

$

4,935

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Equities

 

 

34,751

 

 

 

 

 

 

 

 

 

34,751

 

Non-U.S. Equities

 

 

27,415

 

 

 

 

 

 

 

 

 

27,415

 

Employer Securities

 

 

22,063

 

 

 

 

 

 

 

 

 

22,063

 

Total Equities

 

 

84,229

 

 

 

 

 

 

 

 

 

84,229

 

Fixed Income Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Corporate Bonds

 

 

 

 

 

29,659

 

 

 

 

 

 

29,659

 

U.S. Government and Agency Bonds

 

 

6,314

 

 

 

3,139

 

 

 

 

 

 

9,453

 

Other Bonds

 

 

 

 

 

5,922

 

 

 

 

 

 

5,922

 

Total Fixed Income

 

 

6,314

 

 

 

38,720

 

 

 

 

 

 

45,034

 

Total

 

$

95,478

 

 

$

38,720

 

 

$

 

 

$

134,198

 

 

 

 

December 31, 2017

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash and Cash Equivalents

 

$

4,903

 

 

$

 

 

$

 

 

$

4,903

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Equities

 

 

37,753

 

 

 

 

 

 

 

 

 

37,753

 

Non-U.S. Equities

 

 

31,581

 

 

 

47

 

 

 

 

 

 

31,628

 

Employer Securities

 

 

30,197

 

 

 

 

 

 

 

 

 

30,197

 

Total Equities

 

 

99,531

 

 

 

47

 

 

 

 

 

 

99,578

 

Fixed Income Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Corporate Bonds

 

 

 

 

 

28,744

 

 

 

 

 

 

28,744

 

U.S. Government and Agency Bonds

 

 

5,545

 

 

 

1,045

 

 

 

 

 

 

6,590

 

Other Bonds

 

 

 

 

 

8,093

 

 

 

 

 

 

8,093

 

Total Fixed Income

 

 

5,545

 

 

 

37,882

 

 

 

 

 

 

43,427

 

Total

 

$

109,979

 

 

$

37,929

 

 

$

 

 

$

147,908

 

 

United Kingdom [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Company's Asset Allocations for its U.S. and U.K Pension Plans

The Company’s asset allocations for its U.K. pension plans at December 31, 2018 and 2017, by asset category, were as follows:

 

 

 

December 31, 2018

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash

 

$

205

 

 

$

 

 

$

 

 

$

205

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pooled Pension Funds

 

 

 

 

 

12,750

 

 

 

 

 

 

12,750

 

Fixed Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pooled Pension Funds

 

 

 

 

 

6,378

 

 

 

 

 

 

6,378

 

Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pooled Pension Funds

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Contracts

 

 

 

 

 

 

 

 

1,243

 

 

 

1,243

 

Total

 

$

205

 

 

$

19,128

 

 

$

1,243

 

 

$

20,576

 

 

 

 

December 31, 2017

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash

 

$

745

 

 

$

 

 

$

 

 

$

745

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pooled Pension Funds

 

 

 

 

 

14,127

 

 

 

 

 

 

14,127

 

Fixed Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pooled Pension Funds

 

 

 

 

 

6,952

 

 

 

 

 

 

6,952

 

Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pooled Pension Funds

 

 

 

 

 

646

 

 

 

 

 

 

646

 

Insurance Contracts

 

 

 

 

 

 

 

 

1,698

 

 

 

1,698

 

Total

 

$

745

 

 

$

21,725

 

 

$

1,698

 

 

$

24,168

 

Fair Value Changes within Asset Categories for which Fair Value Measurements Use Significant Unobservable Inputs (Level 3) Defined Benefit United States Plans and United Kingdom Plans

Fair value changes within asset categories for which fair value measurements use significant unobservable inputs (Level 3) were as follows during 2017 and 2018:

 

(In thousands)

 

Insurance Contracts

 

Fair value, December 31, 2016

 

$

1,759

 

Sale proceeds (benefit payments)

 

 

(134

)

Change in unrealized gain

 

 

(84

)

Foreign exchange impact

 

 

157

 

Fair value, December 31, 2017

 

$

1,698

 

Sale proceeds (benefit payments)

 

 

(129

)

Change in unrealized gain

 

 

(247

)

Foreign exchange impact

 

 

(79

)

Fair value, December 31, 2018

 

$

1,243

 

Defined Benefit Plan Periodic Costs [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Weighted-Average Assumptions Used to Determine Benefit Obligations/Net Periodic Benefit Costs

 

The weighted-average assumptions used to determine net periodic benefit costs for years ended December 31 were as follows: 

 

 

 

United States

 

 

United Kingdom

 

 

 

2018

 

 

2017

 

 

2016

 

 

2018

 

 

2017

 

 

2016

 

Discount rate

 

 

3.67

%

 

 

4.17

%

 

 

4.39

%

 

 

2.40

%

 

 

2.60

%

 

 

4.00

%

Expected long-term return on plan assets

 

 

6.75

%

 

 

7.00

%

 

 

7.00

%

 

 

3.71

%

 

 

3.77

%

 

 

4.59

%

Benefit Obligation [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Weighted-Average Assumptions Used to Determine Benefit Obligations/Net Periodic Benefit Costs

The weighted-average assumptions used to determine benefit obligations at December 31 were as follows:

 

 

 

United States

 

 

United Kingdom

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Discount rate

 

 

4.30

%

 

 

3.67

%

 

 

2.80

%

 

 

2.40

%