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Pension and Other Postretirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2019
Retirement Benefits [Abstract] |
Schedule of change in benefit obligation, change in plan assets and funded status | The following table presents the change in benefit obligation, change in plan assets and funded status for the Company's defined benefit and postretirement benefit plans for the year ended December 31, 2019:
(in thousands) | Pension Benefits (Underfunded) |  | Pension Benefits (Overfunded) |  | Postretirement Benefits
Change in projected benefit obligation ("PBO") |  |  |  |  |
Benefit obligation at December 31, 2018 | $ | 274,821 |  |  | $ | 25,629 |  |  | $ | 14,412 |
Service cost | 8,839 |  |  | — |  |  | 574 |
Interest cost | 10,208 |  |  | 729 |  |  | 557 |
Actuarial loss | 47,077 |  |  | 2,628 |  |  | 2,288 |
Curtailments | (116 | ) |  | — |  |  | — |
Settlements | (27,438 | ) |  | — |  |  | — |
Plan amendments | 1,464 |  |  | — |  |  | — |
Participants’ contributions | — |  |  | — |  |  | 498 |
Benefit payments | (2,605 | ) |  | (639 | ) |  | (1,504 | )
Foreign currency translation | 290 |  |  | 742 |  |  | — |
Projected benefit obligation at December 31, 2019 | 312,540 |  |  | 29,089 |  |  | 16,825 |
Accumulated benefit obligation at December 31, 2019 | 282,986 |  |  | 27,412 |  |  | 16,825 |
Change in plan assets |  |  |  |  |
Fair value of plan assets at December 31, 2018 | 176,044 |  |  | 40,700 |  |  | — |
Return on plan assets | 33,799 |  |  | 1,772 |  |  | — |
Employer contributions | 24,540 |  |  | — |  |  | 1,006 |
Participants’ contributions | — |  |  | — |  |  | 498 |
Settlements | (27,438 | ) |  | — |  |  | — |
Benefit payments | (2,605 | ) |  | (639 | ) |  | (1,504 | )
Foreign currency translation | 9 |  |  | 1,122 |  |  | — |
Fair value of plan assets at December 31, 2019 | 204,349 |  |  | 42,955 |  |  | — |
Funded status (fair value of plan assets less PBO) | $ | (108,191 | ) |  | $ | 13,866 |  |  | $ | (16,825 | )
The following table presents the change in benefit obligation, change in plan assets and funded status for the Company's defined benefit and postretirement benefit plans for the year ended December 31, 2018:
(in thousands) | Pension Benefits (Underfunded) |  | Pension Benefits (Overfunded) |  | Postretirement Benefits
Change in projected benefit obligation |  |  |  |  |
Benefit obligation at December 31, 2017 | $ | 316,882 |  |  | $ | 35,468 |  |  | $ | 16,052 |
Service cost | 9,067 |  |  | — |  |  | 657 |
Interest cost | 11,040 |  |  | 857 |  |  | 490 |
Actuarial gain | (22,436 | ) |  | (5,255 | ) |  | (1,600 | )
Curtailments | (177 | ) |  | — |  |  | — |
Settlements | (36,244 | ) |  | (3,507 | ) |  | — |
Plan amendments | — |  |  | 285 |  |  | — |
Participants’ contributions | — |  |  | — |  |  | 378 |
Benefit payments | (2,990 | ) |  | (580 | ) |  | (1,565 | )
Foreign currency translation | (321 | ) |  | (1,639 | ) |  | — |
Projected benefit obligation at December 31, 2018 | 274,821 |  |  | 25,629 |  |  | 14,412 |
Accumulated benefit obligation at December 31, 2018 | 240,270 |  |  | 23,821 |  |  | 14,412 |
Change in plan assets |  |  |  |  |
Fair value of plan assets at December 31, 2017 | 183,093 |  |  | 50,767 |  |  | — |
Return on plan assets | (11,863 | ) |  | (3,846 | ) |  | — |
Employer contributions | 44,105 |  |  | 441 |  |  | 1,187 |
Participants’ contributions | — |  |  | — |  |  | 378 |
Settlements | (36,244 | ) |  | (3,507 | ) |  | — |
Benefit payments | (2,990 | ) |  | (580 | ) |  | (1,565 | )
Foreign currency translation | (57 | ) |  | (2,575 | ) |  | — |
Fair value of plan assets at December 31, 2018 | 176,044 |  |  | 40,700 |  |  | — |
Funded status (fair value of plan assets less PBO) | $ | (98,777 | ) |  | $ | 15,071 |  |  | $ | (14,412 | )
Schedule of amount of pension and postretirement assets and liabilities recognized on consolidated balance sheets | The amount of pension and postretirement assets and liabilities recognized on the consolidated balance sheets was as follows:
| Pension Benefits |  | Postretirement Benefits
| December 31, |  | December 31,
(in thousands) | 2019 |  | 2018 |  | 2019 |  | 2018
Other noncurrent assets | $ | 13,866 |  |  | $ | 15,071 |  |  | $ | — |  |  | $ | — |
Accrued compensation and benefits | (5,357 | ) |  | (10,391 | ) |  | (807 | ) |  | (721 | )
Accrued pension and other postretirement benefits | (102,834 | ) |  | (88,386 | ) |  | (16,018 | ) |  | (13,691 | )
Net liability recognized | $ | (94,325 | ) |  | $ | (83,706 | ) |  | $ | (16,825 | ) |  | $ | (14,412 | )
Schedule of amount in accumulated other comprehensive income (loss) on consolidated balance sheets that have not yet been recognized as components of net periodic benefit cost | The amounts in accumulated other comprehensive loss, net of tax on the consolidated balance sheets that have not yet been recognized as components of net periodic benefit cost were as follows:
| Pension Benefits |  | Postretirement Benefits
| Year ended December 31, |  | Year ended December 31,
(in thousands) | 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017
Net actuarial gain (loss) at beginning of year | $ | (39,125 | ) |  | $ | (44,892 | ) |  | $ | (33,736 | ) |  | $ | 12,315 |  |  | $ | 12,392 |  |  | $ | 8,055 |
Actuarial gain (loss) | (27,123 | ) |  | (882 | ) |  | (14,554 | ) |  | (2,288 | ) |  | 1,600 |  |  | 5,075 |
Prior service cost | (1,464 | ) |  | (285 | ) |  | — |  |  | — |  |  | — |  |  | — |
Curtailment impact | — |  |  | (97 | ) |  | — |  |  | — |  |  | — |  |  | — |
Settlement impact | 4,324 |  |  | 4,982 |  |  | 2,740 |  |  | — |  |  | — |  |  | — |
Amortization of actuarial (gain) loss | 1,530 |  |  | 1,687 |  |  | 804 |  |  | (1,436 | ) |  | (1,540 | ) |  | (601 | )
Amortization of prior service cost (credit) | 247 |  |  | 175 |  |  | 175 |  |  | (137 | ) |  | (137 | ) |  | (137 | )
Foreign currency translation | (190 | ) |  | 187 |  |  | (321 | ) |  | — |  |  | — |  |  | — |
Net actuarial gain (loss) at end of year | $ | (61,801 | ) |  | $ | (39,125 | ) |  | $ | (44,892 | ) |  | $ | 8,454 |  |  | $ | 12,315 |  |  | $ | 12,392 |
Schedule of components of net periodic benefit cost | Components of net periodic benefit cost were as follows:
| Pension Benefits |  | Postretirement Benefits
| Year ended December 31, |  | Year ended December 31,
(in thousands) | 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017
Components of net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 8,839 |  |  | $ | 9,067 |  |  | $ | 9,217 |  |  | $ | 574 |  |  | $ | 657 |  |  | $ | 955 |
Interest cost | 10,937 |  |  | 11,897 |  |  | 11,832 |  |  | 557 |  |  | 490 |  |  | 713 |
Expected return on plan assets | (12,987 | ) |  | (13,041 | ) |  | (12,006 | ) |  | — |  |  | — |  |  | — |
Curtailment income | (118 | ) |  | (97 | ) |  | — |  |  | — |  |  | — |  |  | — |
Settlement expense | 4,324 |  |  | 4,982 |  |  | 2,740 |  |  | — |  |  | — |  |  | — |
Amortization of net (gain) loss | 1,530 |  |  | 1,687 |  |  | 804 |  |  | (1,436 | ) |  | (1,540 | ) |  | (601 | )
Amortization of prior service cost (credit) | 247 |  |  | 175 |  |  | 175 |  |  | (137 | ) |  | (137 | ) |  | (137 | )
Net periodic benefit cost (credit) | $ | 12,772 |  |  | $ | 14,670 |  |  | $ | 12,762 |  |  | $ | (442 | ) |  | $ | (530 | ) |  | $ | 930 |
Schedule of weighted average assumptions used to determine future benefit obligations and net periodic benefit cost | The weighted average assumptions used to determine benefit obligations at December 31, 2019 and 2018 were as follows:
| Pension Benefits |  | Postretirement Benefits
| 2019 |  | 2018 |  | 2019 |  | 2018
Discount rate | 3.24 | % |  | 4.25 | % |  | 3.12 | % |  | 4.27 | %
Rate of compensation increase | 3.97 | % |  | 4.00 | % |  | N/A |  |  | N/A |
The weighted average assumptions used to determine net periodic benefit cost (credit) for the years ended December 31, 2019, 2018 and 2017 were as follows:
| Pension Benefits |  | Postretirement Benefits
| 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017
Discount rate | 4.25 | % |  | 3.62 | % |  | 4.17 | % |  | 4.27 | % |  | 3.61 | % |  | 4.08 | %
Expected long-term rate of return on plan assets | 5.84 | % |  | 5.77 | % |  | 5.77 | % |  | N/A |  |  | N/A |  |  | N/A |
Rate of compensation increase | 4.00 | % |  | 4.01 | % |  | 4.02 | % |  | N/A |  |  | N/A |  |  | N/A |
Schedule of assumed healthcare cost trend rates used to determine benefit obligations and net cost | The assumed healthcare cost trend rates used to determine benefit obligations and net periodic benefit cost (credit) for postretirement benefits as of and for the years ended December 31, 2019, 2018 and 2017 were as follows:
| 2019 |  | 2018 |  | 2017
Healthcare cost trend rate assumed for next year | 6.03%/8.44% |  |  | 6.25%/9.00% |  |  | 5.50%/8.50% |
Rate that the cost trend rate is assumed to decline (the ultimate trend rate) | 4.50 | % |  | 4.50 | % |  | 4.50 | %
Year that the rate reaches the ultimate trend rate | 2027 |  |  | 2027 |  |  | 2024 |
Schedule of one-percentage-point change in assumed healthcare cost trend rates | A one-percentage-point change in assumed healthcare cost trend rates would have the following effects:
| 2019 |  | 2018
(in thousands) | One-Percentage Point Increase |  | One-Percentage Point Decrease |  | One-Percentage Point Increase |  | One-Percentage Point Decrease
Effect on total of service cost and interest cost | $ | 68 |  |  | $ | (61 | ) |  | $ | 72 |  |  | $ | (64 | )
Effect on projected benefit obligation | 710 |  |  | (642 | ) |  | 632 |  |  | (572 | )
Schedule of pension assets by major category of plan assets and type of fair value measurement | Pension assets by major category of plan assets and the type of fair value measurement as of December 31, 2019 were as follows:
(in thousands) | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Asset category |  |  |  |  |  |  |
Individual securities |  |  |  |  |  |  |
Fixed income | $ | 1,682 |  |  | $ | — |  |  | $ | 1,682 |  |  | $ | — |
Commingled funds |  |  |  |  |  |  |
Measured at net asset value | 245,622 |  |  | — |  |  | — |  |  | — |
| $ | 247,304 |  |  | $ | — |  |  | $ | 1,682 |  |  | $ | — |
Pension assets by major category of plan assets and the type of fair value measurement as of December 31, 2018 were as follows:
(in thousands) | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Asset category |  |  |  |  |  |  |
Individual securities |  |  |  |  |  |  |
Fixed income | $ | 1,682 |  |  | $ | — |  |  | $ | 1,682 |  |  | $ | — |
Commingled funds |  |  |  |  |  |  |
Measured at net asset value | 215,062 |  |  | — |  |  | — |  |  | — |
| $ | 216,744 |  |  | $ | — |  |  | $ | 1,682 |  |  | $ | — |
Schedule of estimated future retirement benefit payments | The following retirement benefit payments, which reflect expected future service, are expected to be paid as follows:
(in thousands) | Pension Benefits |  | Postretirement Benefits
Year ending December 31, |  |  |
2020 | $ | 23,308 |  |  | $ | 807 |
2021 | 22,808 |  |  | 981 |
2022 | 23,017 |  |  | 1,108 |
2023 | 26,913 |  |  | 1,165 |
2024 | 27,333 |  |  | 1,290 |
Thereafter | 144,095 |  |  | 6,989 |
| $ | 267,474 |  |  | $ | 12,340 |

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