Employee Benefit Plans (Tables)
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12 Months Ended |
Dec. 31, 2017 |
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| Retirement Benefits [Abstract] |
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| Schedule of Changes in Projected Benefit Obligation |
The following tables set forth the changes in the projected benefit obligation and plan assets and reconciles the funded status and the amounts recognized in the Consolidated Balance Sheets for the defined benefit pension and postretirement plans for the two years ended December 31: | | | | | | | | | | | | | | | | | | Pension | | Postretirement | Change in Projected Benefit Obligation | 2017 | | 2016 | | 2017 | | 2016 | Projected benefit obligation at beginning of year | $ | 414,479 |
| | $ | 405,033 |
| | $ | 26,838 |
| | $ | 26,959 |
| Plans assumed in Acquisition | 710,466 |
| | — |
| | 18,884 |
| | — |
| Service cost | 5,646 |
| | 5,225 |
| | 1,249 |
| | 808 |
| Interest cost | 15,926 |
| | 15,915 |
| | 827 |
| | 871 |
| Actuarial loss (gain) | 6,852 |
| | 7,416 |
| | (1,639 | ) | | (940 | ) | Participant contributions | 96 |
| | — |
| | 396 |
| | 335 |
| Benefits paid | (23,192 | ) | | (19,110 | ) | | (1,386 | ) | | (1,195 | ) | Effects of foreign currency exchange rates | 8,904 |
| | — |
| | 280 |
| | — |
| Projected benefit obligation at end of year | $ | 1,139,177 |
| | $ | 414,479 |
| | $ | 45,449 |
| | $ | 26,838 |
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| Schedule of Changes in Fair Value of Plan Assets |
| | | | | | | | | | | | | | | | | Change in Plan Assets | | | | | | | | Fair value of plan assets at beginning of year | $ | 275,955 |
| | $ | 266,155 |
| | $ | — |
| | $ | — |
| Plans assumed in Acquisition | 668,463 |
| | — |
| | — |
| | — |
| Actual return on plan assets | 57,618 |
| | 16,634 |
| | — |
| | — |
| Employer contributions | 12,732 |
| | 12,276 |
| | 990 |
| | 860 |
| Participant contributions | 96 |
| | — |
| | 396 |
| | 335 |
| Benefits paid | (23,192 | ) | | (19,110 | ) | | (1,386 | ) | | (1,195 | ) | Effects of foreign currency exchange rates | 8,528 |
| | — |
| | — |
| | — |
| Fair value of plan assets at end of year | $ | 1,000,200 |
| | $ | 275,955 |
| | $ | — |
| | $ | — |
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| Schedule of Funded Status |
| | | | | | | | | | | | | | | | | Funded Status at end of year: | $ | (138,977 | ) | | $ | (138,524 | ) | | $ | (45,449 | ) | | $ | (26,838 | ) |
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| Schedule of Amounts Recognized in Consolidated Balance Sheet |
| | | | | | | | | | | | | | | | | | Pension | | Postretirement | Amounts recognized in the Consolidated Balance Sheets consist of: | 2017 | | 2016 | | 2017 | | 2016 | Non-current assets | $ | 36,605 |
| | $ | — |
| | $ | — |
| | $ | — |
| Current liabilities | (5,059 | ) | | (2,293 | ) | | (3,162 | ) | | (1,340 | ) | Non-current liabilities | (170,523 | ) | | (136,231 | ) | | (42,287 | ) | | (25,498 | ) | Net amount recognized | $ | (138,977 | ) | | $ | (138,524 | ) | | $ | (45,449 | ) | | $ | (26,838 | ) |
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| Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
Net gains (losses) recognized in other comprehensive income for the three years ended December 31 are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | Pension | | Postretirement | | 2017 | | 2016 | | 2015 | | 2017 | | 2016 | | 2015 | Net gains (losses) | $ | 24,411 |
| | $ | (14,101 | ) | | $ | (24,950 | ) | | $ | 1,639 |
| | $ | 1,184 |
| | $ | 759 |
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Net gains or losses and prior service costs or credits reclassified from other comprehensive income and recognized as a component of pension and postretirement expense for the three years ended December 31 are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | Pension | | Postretirement | | 2017 | | 2016 | | 2015 | | 2017 | | 2016 | | 2015 | Amortization of losses | $ | 11,651 |
| | $ | 11,343 |
| | $ | 13,434 |
| | $ | 333 |
| | $ | 238 |
| | $ | 676 |
| Amortization of prior service (credit) cost | 761 |
| | 761 |
| | 750 |
| | (151 | ) | | (139 | ) | | (158 | ) |
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| Schedule of Net Periodic Benefit Cost Not yet Recognized |
Net losses, prior service costs or credits and plan amendments that have not yet been included in pension and postretirement expense for the two years ended December 31, which have been recognized as a component of AOCL are as follows: | | | | | | | | | | | | | | | | | | Pension | | Postretirement | | 2017 | | 2016 | | 2017 | | 2016 | Prior service cost | $ | (2,254 | ) | | $ | (3,015 | ) | | $ | — |
| | $ | (2 | ) | Net losses | (128,215 | ) | | (164,277 | ) | | (5,149 | ) | | (7,121 | ) | Plan amendment | — |
| | — |
| | 1,491 |
| | 1,644 |
| Deferred income tax benefit | 50,907 |
| | 60,684 |
| | 1,582 |
| | 2,007 |
| AOCL | $ | (79,562 | ) | | $ | (106,608 | ) | | $ | (2,076 | ) | | $ | (3,472 | ) |
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| Schedule of Accumulated and Projected Benefit Obligations in Excess of Fair Value of Plan Assets |
For defined benefit pension plans with accumulated benefit obligations in excess of plan assets, the following table sets forth the projected and accumulated benefit obligations and the fair value of plan assets for the years ended December 31: | | | | | | | | | | 2017 | | 2016 | Projected benefit obligation | $ | 813,411 |
| | $ | 414,480 |
| Accumulated benefit obligation | 785,435 |
| | 401,896 |
| Fair value of plan assets | 638,414 |
| | 275,955 |
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| Schedule of Net Benefit Costs |
The following tables set forth the components of net pension and postretirement benefit cost that have been recognized during the three years ended December 31: | | | | | | | | | | | | | | | | | | | | | | | | | | Pension | | Postretirement | Components of Net Periodic Benefit Cost | 2017 | | 2016 | | 2015 | | 2017 | | 2016 | | 2015 | Service cost | $ | 5,646 |
| | $ | 5,225 |
| | $ | 5,977 |
| | $ | 1,249 |
| | $ | 808 |
| | $ | 1,006 |
| Interest cost | 15,926 |
| | 15,915 |
| | 15,228 |
| | 827 |
| | 871 |
| | 919 |
| Expected return on plan assets | (25,978 | ) | | (23,320 | ) | | (23,234 | ) | | — |
| | — |
| | — |
| Amortization of prior service (credit) cost | 761 |
| | 761 |
| | 750 |
| | (151 | ) | | (139 | ) | | (158 | ) | Amortization of losses | 11,651 |
| | 11,343 |
| | 13,434 |
| | 333 |
| | 238 |
| | 676 |
| Net periodic benefit cost (a) | $ | 8,006 |
| | $ | 9,924 |
| | $ | 12,155 |
| | $ | 2,258 |
| | $ | 1,778 |
| | $ | 2,443 |
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| | (a) | A portion of the net periodic benefit cost is recorded in cost of goods sold in the Consolidated Statements of Income. |
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| Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year |
The estimated pre-tax amounts that will be amortized from AOCL into net periodic benefit cost in 2018 are as follows: | | | | | | | | | | Pension | | Postretirement | Amortization of loss | $ | 11,648 |
| | $ | 229 |
| Amortization of prior service cost | 572 |
| | (153 | ) | Total amortization of AOCL | $ | 12,220 |
| | $ | 76 |
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| Schedule of Assumptions Used |
The following table sets forth the weighted average principal assumptions inherent in the determination of benefit obligations and net periodic benefit cost of the pension and postretirement benefit plans as of December 31: | | | | | | | | | | | | | | | | | | | | Pension | | Postretirement | | 2017 | | 2016 | | 2015 | | 2017 | | 2016 | | 2015 | Assumptions used to determine benefit obligations at December 31: | | | | | | | | | | | | Discount rate | 3.55 | % | | 3.88 | % | | 4.03 | % | | 3.14 | % | | 3.85 | % | | 3.98 | % | Rate of compensation increase | 2.60 | % | | 4.10 | % | | 4.45 | % | | 3.10 | % | | 4.50 | % | | 4.50 | % | Assumptions used to determine net periodic benefit cost for years ended December 31: | | | | | | | | | | | | Discount rate | 3.77 | % | | 4.03 | % | | 3.71 | % | | 3.64 | % | | 3.98 | % | | 3.65 | % | Expected long-term return on plan assets | 7.38 | % | | 8.50 | % | | 8.50 | % | | N/A |
| | N/A |
| | N/A |
| Rate of compensation increase | 2.59 | % | | 4.10 | % | | 4.45 | % | | 3.10 | % | | 4.50 | % | | 4.50 | % |
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| Schedule of Health Care Cost Trend Rates |
The following table sets forth the assumed health care cost trend rates as of December 31: | | | | | | | | | | | Postretirement | | 2017 | | 2016 | | U.S. | | Canada | | U.S. | Health care cost trend rate assumed for next year | 8.00 | % | | 5.50 | % | | 8.00 | % | Rate to which the cost trend is assumed to decline (ultimate trend rate) | 5.00 | % | | 4.50 | % | | 5.00 | % | Year that ultimate trend rate is reached | 2024 |
| | 2019 |
| | 2026 |
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| Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates |
The following table shows the effect of a one percentage point change in assumed health care cost trends: | | | | | | | | | | 1 Percent | Effect on: | Increase | | Decrease | Total of service and interest cost components | $ | 237 |
| | $ | (203 | ) | Accumulated postretirement benefit obligation | 2,022 |
| | (1,772 | ) |
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| Schedule of Allocation of Plan Assets |
The Company’s weighted average defined benefit pension plan asset allocation at December 31, 2017 and 2016, by asset category are as follows: | | | | | | | | Percentage of Plan Assets | Asset Category | 2017 | | 2016 | U.S. equity securities | 23 | % | | 41 | % | International equity securities | 27 | % | | 24 | % | U.S. fixed income securities | 13 | % | | 27 | % | International fixed income securities | 34 | % | | 5 | % | Other | 3 | % | | 3 | % | Total | 100 | % | | 100 | % |
The following table sets forth by level, within the fair value hierarchy (see Note 1 — Nature of Operations and Basis of Presentation for definition), the assets of the plans as of December 31, 2017 and 2016. | | | | | | | | | | | | | | | | | | Fair Value at December 31, 2017 | Asset Category | Level 1 | | Level 2 | | Level 3 | | Total | Mutual funds | $ | 161,424 |
| | $ | — |
| | $ | — |
| | $ | 161,424 |
| | | | | | | | | Investments at net asset value: | | | | | | | | Common collective trust funds | | | | | | | 838,776 |
| Total assets at fair value | | | | | | | $ | 1,000,200 |
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| | | | | | | | | | | | | | | | | | Fair Value at December 31, 2016 | Asset Category | Level 1 | | Level 2 | | Level 3 | | Total | Mutual funds | $ | 76,757 |
| | $ | — |
| | $ | — |
| | $ | 76,757 |
| | | | | | | | | Investments at net asset value: | | | | | | | | Common collective trust funds | | | | | | | 199,198 |
| Total assets at fair value | | | | | | | $ | 275,955 |
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| Schedule of Expected Benefit Payments |
Expected benefit payments for the next ten years are as follows: | | | | | | | | | | Pension Benefits | | Postretirement Benefits | 2018 | $ | 87,144 |
| | $ | 3,163 |
| 2019 | 89,291 |
| | 3,035 |
| 2020 | 90,367 |
| | 3,127 |
| 2021 | 91,580 |
| | 3,014 |
| 2022 | 92,327 |
| | 2,836 |
| 2023 — 2027 | 473,753 |
| | 11,296 |
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