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Pension Plans and Other Postretirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2017
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, 2017 and 2016 (in thousands):
| 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 |  |  | $ | — |
| December 31, 2016 |  | 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) | $ | 146,683 |  |  | $ | 143,987 |  |  | $ | 2,696 |  |  | $ | — |
International Equity(b) | 116,649 |  |  | 83,839 |  |  | 32,810 |  |  | — |
Fixed Income(c) | 255,401 |  |  | 230,309 |  |  | 25,092 |  |  | — |
Absolute Return Measured at Net Asset Value(d) | 86,112 |  |  | — |  |  | — |  |  | — |
Cash | 2,112 |  |  | 2,112 |  |  | — |  |  | — |
Total Pension Assets | $ | 606,957 |  |  | $ | 460,247 |  |  | $ | 60,598 |  |  | $ | — |
Postretirement Assets: |  |  |  |  |  |  |
Fixed Income(c) | $ | 2,232 |  |  | $ | — |  |  | $ | 2,232 |  |  | $ | — |
(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 $96.4 million and $86.1 million as of December 31, 2017 and 2016, 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
2018 | $ | 41.2 |  |  | $ | 13.9 |  |  | $ | 4.6 |
2019 | $ | 43.2 |  |  | $ | 9.1 |  |  | $ | 4.4 |
2020 | $ | 43.9 |  |  | $ | 10.2 |  |  | $ | 4.2 |
2021 | $ | 44.3 |  |  | $ | 10.8 |  |  | $ | 3.9 |
2022 | $ | 44.6 |  |  | $ | 10.0 |  |  | $ | 3.9 |
2023-2027 | $ | 224.2 |  |  | $ | 59.0 |  |  | $ | 18.2 |
Pension Plans |
Reconciliation of Benefit Obligations, Plan Assets and Funded Status of Plans | 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, 2017 |  | Year Ended December 31, 2016
| U.S. Pension Plans |  | Foreign Pension Plans |  | U.S. Pension Plans |  | Foreign Pension Plans
Change in benefit obligations: |  |  |  |  |  |  |
Benefit obligation at January 1 | $ | 665,688 |  |  | $ | 246,280 |  |  | $ | 682,839 |  |  | $ | 245,747 |
Service cost | 985 |  |  | 2,547 |  |  | 1,028 |  |  | 3,133 |
Interest cost | 28,614 |  |  | 5,128 |  |  | 30,514 |  |  | 6,570 |
Actuarial loss | 30,539 |  |  | 2,783 |  |  | 7,357 |  |  | 28,083 |
Benefits paid | (39,863 | ) |  | (9,524 | ) |  | (56,050 | ) |  | (9,793 | )
Divestitures | — |  |  | — |  |  | — |  |  | (6,372 | )
Employee contributions | — |  |  | 215 |  |  | — |  |  | 245 |
Foreign exchange loss (gain) | — |  |  | 30,711 |  |  | — |  |  | (21,724 | )
Settlements/curtailments | — |  |  | (3,065 | ) |  | — |  |  | (427 | )
Other | — |  |  | (69 | ) |  | — |  |  | 818 |
Benefit obligation at December 31 | $ | 685,963 |  |  | $ | 275,006 |  |  | $ | 665,688 |  |  | $ | 246,280 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at January 1 | $ | 538,082 |  |  | $ | 68,875 |  |  | $ | 555,084 |  |  | $ | 64,911 |
Actual return on plan assets | 80,613 |  |  | 6,260 |  |  | 37,725 |  |  | 12,534 |
Employer contributions | 1,564 |  |  | 9,316 |  |  | 1,323 |  |  | 10,911 |
Benefits paid | (39,863 | ) |  | (9,524 | ) |  | (56,050 | ) |  | (9,793 | )
Employee contributions | — |  |  | 215 |  |  | — |  |  | 245 |
Foreign exchange gain (loss) | — |  |  | 7,470 |  |  | — |  |  | (10,492 | )
Settlements/curtailments | — |  |  | (3,065 | ) |  | — |  |  | — |
Other | — |  |  | (69 | ) |  | — |  |  | 559 |
Fair value of plan assets at December 31 | $ | 580,396 |  |  | $ | 79,478 |  |  | $ | 538,082 |  |  | $ | 68,875 |
Funded status at December 31 | $ | (105,567 | ) |  | $ | (195,528 | ) |  | $ | (127,606 | ) |  | $ | (177,405 | )
| December 31, 2017 |  | December 31, 2016
| U.S. Pension Plans |  | Foreign Pension Plans |  | U.S. Pension Plans |  | Foreign Pension Plans
Amounts recognized in consolidated balance sheets: |  |  |  |  |  |  |
Current liabilities (accrued expenses) | $ | (1,267 | ) |  | $ | (5,217 | ) |  | $ | (1,100 | ) |  | $ | (5,216 | )
Noncurrent liabilities (pension benefits) | (104,300 | ) |  | (190,311 | ) |  | (126,506 | ) |  | (172,189 | )
Net pension liability | $ | (105,567 | ) |  | $ | (195,528 | ) |  | $ | (127,606 | ) |  | $ | (177,405 | )
Amounts recognized in accumulated other comprehensive (loss) income: |  |  |  |  |  |  |
Prior service benefit | $ | (60 | ) |  | $ | (269 | ) |  | $ | (136 | ) |  | $ | (322 | )
Net amount recognized | $ | (60 | ) |  | $ | (269 | ) |  | $ | (136 | ) |  | $ | (322 | )
Weighted-average assumptions used to determine benefit obligations at December 31: |  |  |  |  |  |  |
Discount rate | 4.03 | % |  | 1.94 | % |  | 4.43 | % |  | 2.00 | %
Rate of compensation increase | — | % |  | 3.18 | % |  | — | % |  | 3.18 | %
Components of Pension and Postretirement Benefits Expense | The components of pension benefits (credit) cost from continuing operations are as follows (in thousands):
| Year Ended |  | Year Ended |  | Year Ended
| December 31, 2017 |  | December 31, 2016 |  | December 31, 2015
| U.S. Pension Plans |  | Foreign Pension Plans |  | U.S. Pension Plans |  | Foreign Pension Plans |  | U.S. Pension Plans |  | Foreign Pension Plans
Service cost | $ | 985 |  |  | $ | 2,547 |  |  | $ | 1,028 |  |  | $ | 3,133 |  |  | $ | 1,233 |  |  | $ | 3,909 |
Interest cost | 28,614 |  |  | 5,128 |  |  | 30,514 |  |  | 6,570 |  |  | 30,235 |  |  | 6,405 |
Expected return on assets | (36,243 | ) |  | (4,441 | ) |  | (36,445 | ) |  | (4,027 | ) |  | (40,495 | ) |  | (3,670 | )
Actuarial (gain) loss | (13,910 | ) |  | 483 |  |  | 5,988 |  |  | 19,418 |  |  | 2,665 |  |  | (27,043 | )
Amortization of prior service benefit | 75 |  |  | 56 |  |  | 75 |  |  | 859 |  |  | 75 |  |  | 43 |
Total net pension benefits (credit) cost(a) | $ | (20,479 | ) |  | $ | 3,773 |  |  | $ | 1,160 |  |  | $ | 25,953 |  |  | $ | (6,287 | ) |  | $ | (20,356 | )
Weighted-average assumption percentages: |  |  |  |  |  |  |  |  |  |  |
Discount rate | 4.43 | % |  | 2.00 | % |  | 4.67 | % |  | 2.76 | % |  | 4.19 | % |  | 2.22 | %
Expected return on plan assets | 6.89 | % |  | 6.16 | % |  | 6.89 | % |  | 6.66 | % |  | 6.88 | % |  | 5.76 | %
Rate of compensation increase | — | % |  | 3.18 | % |  | — | % |  | 3.16 | % |  | — | % |  | 3.15 | %
(a) | For the years ended December 31, 2016 and 2015, $10.8 million and $6.2 million, respectively, 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.
Estimated Amounts to Be Amortized from Accumulated Other Comprehensive Income | The estimated amounts to be amortized from accumulated other comprehensive loss into net periodic pension costs during 2018 are as follows (in thousands):
| U.S. Pension Plans |  | Foreign Pension Plans
Amortization of prior service benefit | $ | 60 |  |  | $ | 40 |
Other Postretirement Benefits |
Reconciliation of Benefit Obligations, Plan Assets and Funded Status of Plans | 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,
| 2017 |  | 2016
| Other Postretirement Benefits |  | Other Postretirement Benefits
Change in benefit obligations: |  |  |
Benefit obligation at January 1 | $ | 56,141 |  |  | $ | 56,499 |
Service cost | 121 |  |  | 115 |
Interest cost | 2,340 |  |  | 2,483 |
Actuarial loss | 2,008 |  |  | 1,529 |
Benefits paid | (3,963 | ) |  | (4,485 | )
Benefit obligation at December 31 | $ | 56,647 |  |  | $ | 56,141 |
Change in plan assets: |  |  |
Fair value of plan assets at January 1 | $ | 2,232 |  |  | $ | 3,292 |
Actual return on plan assets | 104 |  |  | 442 |
Employer contributions | 2,461 |  |  | 2,983 |
Benefits paid | (3,963 | ) |  | (4,485 | )
Fair value of plan assets at December 31 | $ | 834 |  |  | $ | 2,232 |
Funded status at December 31 | $ | (55,813 | ) |  | $ | (53,909 | )
| December 31,
| 2017 |  | 2016
| Other Postretirement Benefits |  | Other Postretirement Benefits
Amounts recognized in consolidated balance sheets: |  |  |
Current liabilities (accrued expenses) | $ | (3,810 | ) |  | $ | (3,371 | )
Noncurrent liabilities (postretirement benefits) | (52,003 | ) |  | (50,538 | )
Net postretirement liability | $ | (55,813 | ) |  | $ | (53,909 | )
Amounts recognized in accumulated other comprehensive (loss) income: |  |  |
Prior service benefit | $ | 48 |  |  | $ | 143 |
Net amount recognized | $ | 48 |  |  | $ | 143 |
Weighted-average assumptions used to determine benefit obligations at December 31: |  |  |
Discount rate | 3.99 | % |  | 4.35 | %
Rate of compensation increase | 3.50 | % |  | 3.50 | %
Components of Pension and Postretirement Benefits Expense | The components of postretirement benefits cost (credit) from continuing operations are as follows (in thousands):
| Year Ended December 31,
| 2017 |  | 2016 |  | 2015
| Other Postretirement Benefits |  | Other Postretirement Benefits |  | Other Postretirement Benefits
Service cost | $ | 121 |  |  | $ | 115 |  |  | $ | 137 |
Interest cost | 2,340 |  |  | 2,483 |  |  | 2,573 |
Expected return on assets | (110 | ) |  | (187 | ) |  | (263 | )
Actuarial loss (gain) | 2,014 |  |  | 1,275 |  |  | (5,707 | )
Amortization of prior service benefit | (95 | ) |  | (95 | ) |  | (95 | )
Total net postretirement benefits cost (credit)(a) | $ | 4,270 |  |  | $ | 3,591 |  |  | $ | (3,355 | )
Weighted-average assumption percentages: |  |  |  |  |
Discount rate | 4.35 | % |  | 4.59 | % |  | 4.15 | %
Expected return on plan assets | 7.00 | % |  | 7.00 | % |  | 7.00 | %
Rate of compensation increase | 3.50 | % |  | 3.50 | % |  | 3.50 | %
(a) | For the year ended December 31, 2015, $2.6 million of net postretirement 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.
Estimated Amounts to Be Amortized from Accumulated Other Comprehensive Income | The estimated amounts to be amortized from accumulated other comprehensive loss into net periodic postretirement costs during 2018 are as follows (in thousands):
| Other Postretirement Benefits
Amortization of prior service benefit | $ | (48 | )

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