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Retirement Benefits (Tables) - Defined Benefit Pension Plans | 12 Months Ended
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Dec. 31, 2017
Retirement Benefits |
Schedule of components of net periodic pension expense |
|  | U.S. Pension Plan |  | Non-U.S. Pension Plans |
|  | Year Ended December 31, |  | Year Ended December 31, |
(in thousands) |  | 2017 |  | 2016 |  | 2015 |  | 2017 |  | 2016 |  | 2015 |
Service cost |  | $ | — |  | $ | — |  | $ | 6,800 |  | $ | 18,780 |  | $ | 19,507 |  | $ | 20,517 |
Interest cost |  | — |  | — |  | 16,116 |  | 22,525 |  | 26,435 |  | 26,511 |
Expected return on assets |  | — |  | — |  | (19,711 | ) | (40,272 | ) | (39,535 | ) | (49,066 | )
Amortization of prior service cost/(credits) |  | — |  | — |  | 867 |  | (828 | ) | (813 | ) | (814 | )
Recognized net actuarial loss |  | — |  | — |  | 9,714 |  | 7,890 |  | 8,819 |  | 7,681 |
Loss on settlement |  | — |  | — |  | 250,946 |  | 184 |  | 396 |  | 390 |
Net periodic pension expense |  | $ | — |  | $ | — |  | $ | 264,732 |  | $ | 8,279 |  | $ | 14,809 |  | $ | 5,219 |
Schedule of assumptions for determining projected benefit obligation at year end and net periodic cost for year |
|  | U.S. Pension Plan |  | Non-U.S. Pension Plans |
|  | December 31, |  | December 31, |
|  | 2017 |  | 2016 |  | 2015 |  | 2017 |  | 2016 |  | 2015 |
For determining projected benefit obligation at year-end: |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rates |  | N/A |  | N/A |  | N/A |  | 1.90-5.50% |  | 1.90-5.00% |  | 2.35-5.50% |
Rates of increase in compensation levels |  | N/A |  | N/A |  | N/A |  | 2.25-7.00% |  | 2.25-7.00% |  | 2.25-7.00% |
For determining net periodic cost for the year: |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rates |  | N/A |  | N/A |  | 1.95 | % | 1.90-5.00% |  | 1.90-5.50% |  | 2.20-5.00% |
Rates of increase in compensation levels |  | N/A |  | N/A |  | N/A |  | 2.25-7.00% |  | 2.25-7.00% |  | 2.25-8.00% |
Expected long-term rates of return on assets |  | N/A |  | N/A |  | 2.95 | % | 1.90-7.40% |  | 4.30-7.00% |  | 4.90-7.00% |
Schedule of target allocations and weighted average actual allocations of plan assets |
|  | December 31, |
|  | Target Allocation |  | 2017 |  | 2016 |
Asset category: |  |  |  |  |  |  |
Debt securities |  | 65% - 75% |  | 68 | % | 68 | %
Equity securities |  | 20% - 30% |  | 25 | % | 26 | %
Other |  | 0% - 10% |  | 7 | % | 6 | %
Total |  |  |  | 100 | % | 100 | %
Schedule of plan assets and liabilities of defined benefit pension plans, measured at fair value on a recurring basis |
|  | December 31, 2017 |  | December 31, 2016 |
|  | Fair Value Hierarchy |  | Fair Value Hierarchy |
(in thousands) |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | $ | 4,806 |  | $ | 4,806 |  | $ | — |  | $ | — |  | $ | 3,187 |  | $ | 3,187 |  | $ | — |  | $ | — |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | 155,337 |  | — |  | 155,337 |  | — |  | 139,243 |  | — |  | 139,243 |  | — |
Government securities |  | 305,831 |  | — |  | 305,831 |  | — |  | 276,266 |  | — |  | 276,266 |  | — |
Other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Guaranteed investment contracts |  | 21,030 |  | — |  | — |  | 21,030 |  | 19,075 |  | — |  | — |  | 19,075 |
Foreign currency contracts and other |  | 12,225 |  | — |  | 12,225 |  | — |  | 5,244 |  | — |  | 5,244 |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Repurchase agreements |  | (110,282 | ) | — |  | (110,282 | ) | — |  | (107,328 | ) | — |  | (107,328 | ) | — |
Other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts and other |  | (11,138 | ) | — |  | (11,138 | ) | — |  | (5,113 | ) | — |  | (5,113 | ) | — |
Plan assets measured at fair value, net |  | $ | 377,809 |  | $ | 4,806 |  | $ | 351,973 |  | $ | 21,030 |  | $ | 330,574 |  | $ | 3,187 |  | $ | 308,312 |  | $ | 19,075 |
Plan assets measured at net asset value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CCTs – equity securities |  | 265,647 |  |  |  |  |  |  |  | 240,203 |  |  |  |  |  |  |
CCTs – debt securities |  | 380,419 |  |  |  |  |  |  |  | 337,265 |  |  |  |  |  |  |
CCTs – other |  | 58,900 |  |  |  |  |  |  |  | 41,744 |  |  |  |  |  |  |
Plan assets not measured at fair value, net |  | 3,431 |  |  |  |  |  |  |  | 1,161 |  |  |  |  |  |  |
Total plan assets, net |  | $ | 1,086,206 |  |  |  |  |  |  |  | $ | 950,947 |  |  |  |  |  |  |
Reconciliation of beginning and ending balances of fair value measurements using significant unobservable inputs (Level 3) |
(in thousands) |  | 2017 |  | 2016 |
Balance at beginning of year |  | $ | 19,075 |  | $ | — |
Actual return on plan assets: |  |  |  |  |
Assets still held at reporting date |  | 3,388 |  | (1,268 | )
Assets sold during the period |  | — |  | — |
Acquisitions |  | — |  | 21,923 |
Purchases |  | 16 |  | — |
Sales |  | — |  | — |
Settlements |  | (1,449 | ) | (1,580 | )
Balance at end of year |  | $ | 21,030 |  | $ | 19,075 |
Schedule of expected benefit payments for defined benefit pension plans |
(in thousands) |  |  |
Year Ended December 31, |  |  |
2018 |  | $ | 39,753 |
2019 |  | 39,055 |
2020 |  | 40,856 |
2021 |  | 52,848 |
2022 |  | 42,098 |
2023 — 2027 |  | 218,507 |
Schedule of change in projected benefit obligation, plan assets and funded status |
|  | December 31, |
(in thousands) |  | 2017 |  | 2016 |
Change in projected benefit obligation |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 987,989 |  | $ | 911,550 |
Service cost |  | 18,780 |  | 19,507 |
Interest cost |  | 22,525 |  | 26,435 |
Employee contributions |  | 3,112 |  | 3,272 |
Currency translation |  | 118,411 |  | (80,418 | )
Actuarial (gain) loss |  | (15,437 | ) | 96,216 |
Plan amendments |  | (1,058 | ) | — |
Benefits paid |  | (33,948 | ) | (33,695 | )
Settlements |  | (2,281 | ) | — |
Acquisitions |  | — |  | 55,799 |
Other |  | — |  | (10,677 | )
Projected benefit obligation at end of year |  | 1,098,093 |  | 987,989 |
Change in plan assets |  |  |  |  |
Plan assets at beginning of year |  | 950,947 |  | 920,477 |
Actual return on plan assets |  | 38,657 |  | 124,210 |
Company contributions |  | 15,283 |  | 14,868 |
Employee contributions |  | 3,112 |  | 3,272 |
Currency translation |  | 114,436 |  | (88,852 | )
Benefits paid |  | (33,948 | ) | (33,695 | )
Settlements |  | (2,281 | ) | — |
Acquisitions |  | — |  | 21,923 |
Other |  | — |  | (11,256 | )
Plan assets at end of year |  | 1,086,206 |  | 950,947 |
Funded Status - (Under)/overfunded |  | $ | (11,887 | ) | $ | (37,042 | )
Schedule of amounts recognized in Consolidated Balance Sheet |
Amounts recognized in the Consolidated Balance Sheet |  |  |  |  |
Pension assets included in other assets |  | $ | 40,212 |  | $ | 30,977 |
Pension liabilities included in other accrued liabilities |  | (2,208 | ) | (2,001 | )
Pension liabilities included in noncurrent liabilities |  | (49,891 | ) | (66,018 | )
Accumulated other comprehensive loss (pre-tax) |  | $ | 235,495 |  | $ | 231,225 |

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