U.K. Pension Plan (Tables)

12 Months Ended

Dec. 31, 2018

Defined Benefit Plan [Abstract]

Schedule of Funding Obligations and Assets

The following table summarizes the funding obligations and assets of the Pension Program as of December 31, 2018 and 2017 (dollars in thousands):

	2018			2017
Projected benefit obligation (100%)	$	586,884		$	698,809
Fair value of plan assets (100%)	495,337			531,671
Funded status (100%)	(91,547		)	(167,138		)
Employees' share of deficit (40%)	(36,619		)	(66,855		)
Net pension liability recognized in the balance sheet (60%)	$	(54,928	)	$	(100,283	)

Schedule of Changes in Fair Value of Plan Assets

The following table presents the changes in the Company's portion of the benefit obligation and fair value of plan assets of the Pension Program for the years ended December 31, 2018 and 2017 and the funded status as of December 31, 2018 and 2017 (dollars in thousands):

	2018			2017
Change in benefit obligations:
Benefit obligation at beginning of period	$	419,286		$	364,202
Service cost	14,260			15,401
Interest cost	9,413			10,194
Benefits paid	(14,622		)	(13,580		)
Actuarial (gain)/loss	(52,141		)	6,697
Exchange rate changes	(24,066		)	36,372
Benefit obligation at end of year	$	352,130		$	419,286
Change in plan assets:
Fair value of plan assets at beginning of period	$	319,003		$	270,169
Actual return on plan assets	2,743			27,847
Benefits paid	(14,622		)	(13,580		)
Employer contributions	8,237			8,531
Exchange rate changes	(18,159		)	26,036
Fair value of plan assets at end of year	$	297,202		$	319,003
Funded status of the Pension Plan	$	(54,928	)	$	(100,283	)

Schedule of Changes in Projected Benefit Obligations

The following table presents the changes in the Company's portion of the benefit obligation and fair value of plan assets of the Pension Program for the years ended December 31, 2018 and 2017 and the funded status as of December 31, 2018 and 2017 (dollars in thousands):

	2018			2017
Change in benefit obligations:
Benefit obligation at beginning of period	$	419,286		$	364,202
Service cost	14,260			15,401
Interest cost	9,413			10,194
Benefits paid	(14,622		)	(13,580		)
Actuarial (gain)/loss	(52,141		)	6,697
Exchange rate changes	(24,066		)	36,372
Benefit obligation at end of year	$	352,130		$	419,286
Change in plan assets:
Fair value of plan assets at beginning of period	$	319,003		$	270,169
Actual return on plan assets	2,743			27,847
Benefits paid	(14,622		)	(13,580		)
Employer contributions	8,237			8,531
Exchange rate changes	(18,159		)	26,036
Fair value of plan assets at end of year	$	297,202		$	319,003
Funded status of the Pension Plan	$	(54,928	)	$	(100,283	)

Schedule of Amounts Recognized in Balance Sheet

The following table presents the amounts recognized for the Pension Program in the consolidated balance sheets as of December 31, 2018 and 2017 and in OCI for the years ended December 31, 2018 and 2017 (dollars in thousands):

	2018		2017
Amounts recognized in the consolidated balance sheet:
Accrued expenses	$	14,945	$	13,879
Other long-term liabilities	39,983		86,404
Total amount recognized in the consolidated balance sheet	$	54,928	$	100,283
Amount recognized in other comprehensive income/(loss):
Net actuarial income/(loss)	$	12,552	$	(24,409	)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

The following table presents the amounts recognized for the Pension Program in the consolidated balance sheets as of December 31, 2018 and 2017 and in OCI for the years ended December 31, 2018 and 2017 (dollars in thousands):

	2018		2017
Amounts recognized in the consolidated balance sheet:
Accrued expenses	$	14,945	$	13,879
Other long-term liabilities	39,983		86,404
Total amount recognized in the consolidated balance sheet	$	54,928	$	100,283
Amount recognized in other comprehensive income/(loss):
Net actuarial income/(loss)	$	12,552	$	(24,409	)

Schedule of Net Benefit Costs

The following table summarizes the components of the Pension Program related to the net benefit costs recognized in labor and benefits in the Company's consolidated statement of operations for the years ended December 31, 2018, 2017 and 2016 (dollars in thousands):

	2018			2017			2016
Operating expense:
Service cost(a)	$	14,260		$	15,401		$	12,980
Nonoperating income, net:
Interest cost	9,413			10,194			12,074
Expected return on plan assets	(18,060		)	(17,046		)	(15,434		)
Total nonoperating income, net(b)	$	(8,647	)	$	(6,852	)	$	(3,360	)
Net periodic benefit cost	$	5,613		$	8,549		$	9,620

Schedule of Assumptions Used

The following table presents the actuarial assumptions used to compute the funded status of the Pension Program as of December 31, 2018, 2017 and 2016:

	2018		2017		2016
Discount rate	2.7	%	2.4	%	2.7	%
Price inflation (RPI measure)	3.3	%	3.3	%	3.3	%
Pension increases (CPI measure)	2.2	%	2.2	%	2.2	%
Salary increases	2.1	%	3.3	%	3.3	%

The following table presents the actuarial assumptions used for the calculation of net periodic expense associated with the Pension Program for the years ended December 31, 2018, 2017 and 2016:

	2018		2017		2016
Discount rate	2.4	%	2.7	%	3.8	%
Price inflation (RPI measure)	3.3	%	3.3	%	3.1	%
Pension increases (CPI measure)	2.2	%	2.2	%	2.0	%
Salary increases	3.3	%	3.3	%	3.7	%
Expected return on plan assets	6.0	%	6.1	%	6.1	%

The discount rates used by the actuaries are established by considering the yields on high-quality corporate bonds having a similar duration as the expected liabilities under the Pension Program. The following table presents the sensitivity to a change in the Company's U.K. pension liability resulting from a one percentage point change in the discount rate and retail price index (RPI) as of December 31, 2018 (dollars in thousands):

	Change in Pension Liability
Discount Rate +1% per annum	$	(61,744	)
Discount Rate -1% per annum	$	81,772
RPI inflation +1% per annum	$	61,234
RPI inflation -1% per annum	$	(47,456	)

Schedule of Asset Allocation Policy

The Pension Program's asset allocation policy states the assets should be allocated as follows, +/- 5%:

	Percentage
Asset category:
Return-seeking assets	81	%
Defensive/other assets	19	%
Total	100	%

Schedule of Defined Benefit Plan Expected Return on Assets

The following table provides the Pension Program's allocation of assets among the pooled investment funds and the expected return on assets for each pooled fund, net of expenses, as well as the weighted average expected return on assets used in the actuarial calculations as of December 31, 2018, 2017 and 2016:

	2018
	Weighted Average Expected Yields		Weighted Average Asset Allocation		Weighted Average Expected Return on Plan Assets
Growth, private equity and infrastructure pooled funds	7.1	%	78	%	5.5	%
Defensive and government bond pooled fund plus cash	1.5	%	22	%	0.3	%
Expected return on plan assets					5.8	%

	2017
	Weighted Average Expected Yields		Weighted Average Asset Allocation		Weighted Average Expected Return on Plan Assets
Growth, private equity and infrastructure pooled funds	7.1	%	81	%	5.7	%
Defensive and government bond pooled fund plus cash	1.4	%	19	%	0.3	%
Expected return on plan assets					6.0	%

	2016
	Weighted Average Expected Yields		Weighted Average Asset Allocation		Weighted Average Expected Return on Plan Assets
Growth, private equity and infrastructure pooled funds	7.1	%	82	%	5.8	%
Defensive and government bond pooled fund plus cash	1.5	%	18	%	0.3	%
Expected return on plan assets					6.1	%

Schedule of Allocation of Plan Assets

The following table presents the fair value of the Pension Program's assets as of December 31, 2018 and 2017 (dollars in thousands):

	2018		2017
Growth pooled fund(a)	$	189,540	$	221,762
Private equity pooled fund(b)	31,715		30,494
Government bond pooled fund(c)	23,340		47,679
Infrastructure pooled fund(d)	4,329		6,455
Long-term income pooled fund(e)	18,076		8,485
Illiquid growth pooled fund(f)	6,114		—
Short duration index linked pooled fund(g)	23,102		4,128
Other, net(h)	986		—
Fair value of plan assets	$	297,202	$	319,003

(a) The growth pooled fund is comprised of global equities, government bonds, property, emerging market bonds and hedge funds.

(b) The private equity pooled fund is comprised of a series of sub funds, each representing a different vintage of private equity investment.

(c) The government bond pooled fund is U.K. only government bond fund with an average portfolio duration of approximately five years.

(d) The infrastructure pooled fund is comprised of investments in facilities, structures and services required to facilitate the orderly operation of the economy.

(e) The long-term income pooled fund is comprised of investments offering inflation linkage, distributable income and are British pound denominated.

(f) The illiquid growth pooled fund is comprised of investments in a wide range of illiquid return seeking assets across different private markets and economies in order to produce an investment return in excess of U.K. inflation over a rolling five to ten year period.

(g) The short duration index linked pooled fund is comprised of investments in government bonds with average portfolio duration of approximately five years.

(h) Other, net represents cash, current assets and current liabilities, net.

Schedule of Expected Benefit Payments

The following benefit payments are expected to be paid between 2019 and 2027 (dollars in thousands):

	Amount
2019	$	14,945
2020	$	13,997
2021	$	15,609
2022	$	15,953
2023	$	16,303
2024 - 2027	$	86,075