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Pension Plans and Other Postretirement Benefits (Tables) | 12 Months Ended
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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 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 + Details
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