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Retirement Benefits | 9 Months Ended
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Sep. 30, 2019
Retirement Benefits [Abstract] |
Retirement Benefits | Retirement Benefits Net periodic pension expense for the company’s defined benefit pension plans includes the following components:
|  | Location in Condensed Consolidated Statement of Operations |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  |  | 2019 |  | 2018 |  | 2019 |  | 2018
Service cost |  | Total cost of revenue |  | $ | 3,917 |  |  | $ | 4,436 |  |  | $ | 11,846 |  |  | $ | 13,644 |
Interest cost |  | Corporate general and administrative expense |  | 4,832 |  |  | 5,537 |  |  | 14,731 |  |  | 17,118 |
Expected return on assets |  | Corporate general and administrative expense |  | (8,068 | ) |  | (9,685 | ) |  | (24,540 | ) |  | (29,919 | )
Amortization of prior service credit |  | Corporate general and administrative expense |  | (220 | ) |  | (230 | ) |  | (667 | ) |  | (709 | )
Recognized net actuarial loss |  | Corporate general and administrative expense |  | 2,529 |  |  | 1,803 |  |  | 7,736 |  |  | 5,573 |
Loss on settlement |  | Corporate general and administrative expense |  | — |  |  | 18,641 |  |  | — |  |  | 20,534 |
Net periodic pension expense |  |  |  | $ | 2,990 |  |  | $ | 20,502 |  |  | $ | 9,106 |  |  | $ | 26,241 |
The company currently expects to contribute up to $15 million into its defined benefit pension plans during 2019, which is expected to be in excess of the minimum funding required. During the nine months ended September 30, 2019, contributions of approximately $11 million were made by the company. During the nine months ended September 30, 2018, lump-sum distributions to participants of the defined benefit pension plan in the United Kingdom exceeded the sum of the service and interest cost components of net periodic pension cost. As a result, the company recorded a loss on partial pension settlement of $19 million and $21 million during the three and nine months ended September 30, 2018, respectively, which was included in Corporate general and administrative expense in the Condensed Consolidated Statement of Operations. The lump-sum distributions were funded by assets of the U.K. plan. In the third quarter of 2018, the company executed a buy-in policy contract with an insurance company to fully insure the benefits of the defined benefit pension plan in the U.K. The initial value of the insurance asset was equal to the premium paid to secure the policy (i.e., the fair value of the plan assets plus additional funding to execute the buy-in contract). The company does not anticipate any further material contributions to the U.K. plan. The fair value of the insurance policy, which is a Level 3 asset, is adjusted annually to mirror the change in the benefit obligation.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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