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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2018
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]  
Pension Benefit Costs
Summaries of the changes in the benefit obligations, plan assets and funded status of the plans are as follows:
 
Pension Benefits
 
Other Postretirement Benefits
 
Year Ended December 31, 2018
 
Year Ended December 31, 2017
 
Year Ended December 31, 2018
 
Year Ended December 31, 2017
(In thousands)
 
 
 
 
 
 
 
CHANGE IN BENEFIT OBLIGATIONS
 
 
 
 
 
 
 
Benefit obligations at beginning of period
$
270,098

 
$
313,629

 
$
110,519

 
$
111,867

Service cost
—

 
—

 
558

 
671

Interest cost
9,269

 
11,169

 
3,674

 
4,150

Divestitures (see Note 5 to the Consolidated Financial Statements)
—

 
(29,097
)
 
—

 
—

Settlement gain
(2,332
)
 
(1,532
)
 
—

 
—

Curtailments
—

 
—

 
—

 
(520
)
Benefits paid
(36,895
)
 
(38,197
)
 
(5,388
)
 
(8,152
)
Other-primarily actuarial (gain) loss
(11,267
)
 
14,126

 
(20,800
)
 
2,503

Benefit obligations at end of period
$
228,873

 
$
270,098

 
$
88,563

 
$
110,519

CHANGE IN PLAN ASSETS
 
 
 
 
 
 
 
Value of plan assets at beginning of period
$
255,642

 
$
274,225

 
$
—

 
$
—

Actual return on plan assets
(6,463
)
 
39,689

 
 
 
—

Employer contributions
222

 
429

 
5,388

 
8,152

Benefits paid
(36,895
)
 
(38,197
)
 
(5,388
)
 
(8,152
)
Divestitures
$
—

 
$
(20,504
)
 
$
—

 
$
—

Value of plan assets at end of period
$
212,506

 
$
255,642

 
$
—

 
$
—

Accrued benefit cost
$
(16,367
)
 
$
(14,456
)
 
$
(88,563
)
 
$
(110,519
)
ITEMS NOT YET RECOGNIZED AS A COMPONENT OF NET PERIODIC BENEFIT COST
 
 
 
 
 
 
 
Accumulated gain
$
8,899

 
$
16,178

 
$
25,936

 
$
5,137

 
$
8,899

 
$
16,178

 
$
25,936

 
$
5,137

BALANCE SHEET AMOUNTS
 
 
 
 
 
 
 
Current liability
$
(220
)
 
$
(420
)
 
$
(5,400
)
 
$
(8,150
)
Noncurrent liability
(16,147
)
 
(14,036
)
 
(83,163
)
 
(102,369
)
 
$
(16,367
)
 
$
(14,456
)
 
$
(88,563
)
 
$
(110,519
)
Other Postretirement Benefit Costs
The following table details the components of pension and postretirement benefit costs (credits):
 
Pension Benefits
 
Other Postretirement Benefits
 
Successor
Predecessor
 
Successor
Predecessor
 
Year Ended December 31, 2018
 
Year Ended December 31, 2017
 
October 2 through December 31, 2016
January 1 through October 1, 2016
 
Year Ended December 31, 2018
 
Year Ended December 31, 2017
 
October 2 through December 31, 2016
January 1 through October 1, 2016
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
—

 
$
—

 
$
—

$
—

 
$
558

 
$
671

 
$
180

$
393

Interest cost(1)
9,269

 
11,169

 
2,768

9,338

 
3,674

 
4,150

 
978

3,223

Curtailments
—

 
—

 
—

454

 
—

 
(520
)
 
—

(970
)
Settlements(1)
(2,332
)
 
(1,532
)
 
(135
)
—

 
—

 
—

 
—

—

Expected return on plan assets(1)
(12,083
)
 
(16,498
)
 
(4,770
)
(13,623
)
 
—

 
—

 
—

—

Amortization of prior service credits(1)
—

 
—

 
—

—

 
—

 
—

 
—

(7,854
)
Amortization of other actuarial losses (gains) (1)
—

 
—

 
—

3,973

 
—

 
—

 
—

(849
)
Net benefit cost (credit)
$
(5,146
)
 
$
(6,861
)
 
$
(2,137
)
$
142

 
$
4,232

 
$
4,301

 
$
1,158

$
(6,057
)


(1) In accordance with the adoption of ASU 2017-07, “Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” these costs are recorded within Nonoperating expenses in the Consolidated Income Statements on the line item “Non-service related pension and postretirement benefit costs.” For additional information about the adoption of the standard, see Note 2, “Accounting Policies” in the Consolidated Financial Statements.
Schedule of Assumptions Used
The following table provides the weighted average assumptions used to determine the actuarial present value of projected benefit obligations for the respective periods.
 
Year Ended December 31, 2018
 
Year Ended December 31, 2017
(Percentages)
 
 
 
Pension Benefits
 
 
 
Discount rate
4.11/3.94
 
3.49/3.27
 
 
 
 
Other Postretirement Benefits
 
 
 
Discount rate
4.12
 
3.49

The following table provides the weighted average assumptions used to determine net periodic benefit cost for the respective periods.
 
Successor
Predecessor
 
Year Ended December 31, 2018
 
Year Ended December 31, 2017
 
October 2 through December 31, 2016
January 1 through October 1, 2016
(Percentages)
 
 
 
 
 
 
Pension Benefits
 
 
 
 
 
 
Discount rate
3.82
 
3.77
 
3.39/3.95
4.59/3.80
Expected return on plan assets
5.3
 
6.2
 
6.85
6.85
 
 
 
 
 
 
 
Other Postretirement Benefits
 
 
 
 
 
 
Discount rate
3.49
 
3.85
 
3.37
4.57/3.80
Schedule of Allocation of Plan Assets
The Company’s pension plan assets at December 31, 2018 and 2017, respectively, are categorized below according to the fair value hierarchy as defined in Note 16, “Fair Value Measurements”:
 
Total
 
Level 1
 
Level 2
 
Level 3
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
 
(In thousands)
Equity Securities:(A)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. small-cap
$
2,751

 
$
4,692

 
$
2,751

 
$
4,692

 
$
—

 
$
—

 
$
—

 
$
—

U.S. mid-cap
1,182

 
6,017

 
1,182

 
6,017

 
—

 
—

 
—

 
—

U.S. large-cap
—

 
21,416

 
—

 
21,416

 
—

 
—

 
—

 
—

Non-U.S.
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Fixed income securities:

 

 
 
 
 
 
 
 
 
 
 
 
—

U.S. government securities(B)
43,829

 
66,922

 
38,436

 
60,286

 
5,393

 
6,636

 
—

 
—

Non-U.S. government securities(C)
2,092

 
4,050

 
—

 
—

 
2,092

 
4,050

 
—

 
—

U.S. government asset and mortgage backed securities(D)
7,667

 
2,440

 
—

 
—

 
7,667

 
2,440

 
—

 
—

Corporate fixed income(E)
68,762

 
54,679

 
—

 
—

 
68,762

 
54,679

 
—

 
—

State and local government securities(F)
3,480

 
3,829

 
—

 
—

 
3,480

 
3,829

 
—

 
—

Other investments(I)
5,223

 
8,457

 
—

 
—

 
5,223

 
8,457

 
—

 
—

Total
$
134,986

 
$
172,502

 
$
42,369

 
$
92,411

 
$
92,617

 
$
80,091

 
$
—

 
$
—

Assets at net asset value(G)
82,765

 
84,172

 
 
 
 
 
 
 
 
 
 
 
 
Short-term investments(H)
7,003

 
8,573

 
 
 
 
 
 
 
 
 
 
 
 
Other liabilities(J)
(12,248
)
 
(9,605
)
 
 
 
 
 
 
 
 
 
 
 
 
 
$
212,506

 
$
255,642

 
 
 
 
 
 
 
 
 
 
 
 
 (A) Equity securities includes investments in 1) common stock, 2) preferred stock and 3) mutual funds. Investments in common and preferred stocks are valued using quoted market prices multiplied by the number of shares owned. Investments in mutual funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date and are traded on listed exchanges.
(B) U.S. government securities includes agency and treasury debt. These investments are valued using dealer quotes in an active market.
(C) Non-U.S. government securities includes debt securities issued by foreign governments and are valued utilizing a price spread basis valuation technique with observable sources from investment dealers and research vendors.
(D) U.S. government asset and mortgage backed securities includes government-backed mortgage funds which are valued utilizing an income approach that includes various valuation techniques and sources such as discounted cash flows models, benchmark yields and securities, reported trades, issuer trades and/or other applicable data.
(E) Corporate fixed income is primarily comprised of corporate bonds and certain corporate asset-backed securities that are denominated in the U.S. dollar and are investment-grade securities. These investments are valued using dealer quotes.
(F) State and local government securities include different U.S. state and local municipal bonds and asset backed securities, these investments are valued utilizing a market approach that includes various valuation techniques and sources such as value generation models, broker quotes, benchmark yields and securities, reported trades, issuer trades and/or other applicable data.
(G) Investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy in accordance with Accounting Standards Update 2015-07. These investments are primarily mutual funds that are highly liquid with no restrictions on ability to redeem the funds into cash.
(H) Short-term investments include governmental agency funds, government repurchase agreements, commingled funds, and pooled funds and mutual funds. Governmental agency funds are valued utilizing an option adjusted spread valuation technique and sources such as interest rate generation processes, benchmark yields and broker quotes. Investments in governmental repurchase agreements, commingled funds and pooled funds and mutual funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date.
(I) Other investments include cash, forward contracts, derivative instruments, credit default swaps, interest rate swaps and mutual funds. Investments in interest rate swaps are valued utilizing a market approach that includes various valuation techniques and sources such as value generation models, broker quotes in active and non-active markets, benchmark yields and securities, reported trades, issuer trades and/or other applicable data. Forward contracts and derivative instruments are valued at their exchange listed price or broker quote in an active market. The mutual funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date and are traded on listed exchanges.
(J)Net payable amount due for pending securities purchased and sold due to broker/dealer.
Schedule of Expected Benefit Payments
The following represents expected future benefit payments from the plan:
 
 
 
Other
 
Pension
 
Postretirement
 
Benefits
 
Benefits
 
(In thousands)
2019
$
16,400

 
$
11,993

2020
17,363

 
12,125

2021
18,173

 
12,058

2022
18,532

 
12,253

2023
16,904

 
12,072

Next 5 years
73,508

 
57,896

 
$
160,880

 
$
118,397