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Retirement Benefits (Tables) - Defined Benefit Pension Plans

12 Months Ended

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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Tabular disclosure of the target allocations and weighted average actual allocations for the major categories of plan assets, of pension plans and/or other employee benefit plans.

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Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans.

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Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

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Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets.

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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

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