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Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
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