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Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2018
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]  
Reconciliation of Benefit Obligation, Plan Assets, and Funded Status
The following table provides a reconciliation of benefit obligation, plan assets, and the funded status of the pension plans for U.S. and non-U.S. locations at the measurement dates.
 
U.S.
Pension Plans
 
Non-U.S.
Pension Plans
 
2018
2017
 
2018
2017
Accumulated benefit obligation
$
205,319

$
228,934

 
$
1,936

$
2,535

Change in projected benefit obligation:
 

 

 
 

 

Projected benefit obligation at January 1
$
228,934

$
247,276

 
$
3,140

$
2,866

Service cost
—

—

 
43

48

Interest cost
7,123

8,273

 
42

34

Benefits paid
(14,781
)
(39,177
)
 
(669
)
(210
)
Actuarial (gain) loss
(15,957
)
12,562

 
287

164

Foreign exchange impact
—

—

 
(87
)
238

Projected benefit obligation at December 31
$
205,319

$
228,934

 
$
2,756

$
3,140

Change in plan assets:
 

 

 
 

 

Assets at fair value at January 1
$
284,762

$
292,044

 
$
1,777

$
1,523

Actual return on assets
(11,757
)
31,559

 
67

17

Company contributions
103

336

 
300

319

Benefits paid
(14,781
)
(39,177
)
 
(669
)
(210
)
Foreign exchange impact
—

—

 
(50
)
128

Assets at fair value at December 31
$
258,327

$
284,762

 
$
1,425

$
1,777

Funded status (plan assets less projected benefit obligations)
$
53,008

$
55,828

 
$
(1,331
)
$
(1,363
)
The measurement dates for the post-retirement life insurance plan were December 31, 2018, and 2017. The following table provides a reconciliation of benefit obligation, plan assets, and the funded status of the post-retirement life insurance plan at those measurement dates.
 
Post-Retirement
Life Insurance Plan
 
2018
2017
Accumulated benefit obligation
$
4,595

$
5,134

Change in projected benefit obligation:




Projected benefit obligation at January 1
$
5,134

$
4,952

Service cost
2

2

Interest cost
156

161

Benefits paid
(157
)
(165
)
Actuarial loss
(540
)
184

Projected benefit obligation at December 31
$
4,595

$
5,134

Change in plan assets:
 

 

Assets at fair value at January 1
$
—

$
—

Actual return on assets
—

—

Company contributions
157

165

Benefits paid
(157
)
(165
)
Other
—

—

Assets at fair value at December 31
$
—

$
—

Funded status (plan assets less projected benefit obligations)
$
(4,595
)
$
(5,134
)
Components of Prepaid (Accrued) Cost
The components of the prepaid (accrued) cost of the domestic and foreign pension plans are classified in the following lines in the Consolidated Balance Sheets at December 31:
 
U.S.Pension Plans
 
Non-U.S. Pension Plans
 
2018
2017
 
2018
2017
Prepaid pension asset
$
54,100

$
57,050

 
$
—

$
—

Accrued expenses and other liabilities
(100
)
(100
)
 
—

—

Long-term pension obligations
(992
)
(1,122
)
 
(1,331
)
(1,363
)
Net prepaid (accrued) cost
$
53,008

$
55,828

 
$
(1,331
)
$
(1,363
)

The components of the accrued cost of the post-retirement life insurance plan are classified in the following lines in the Consolidated Balance Sheets at December 31:
 
Post-Retirement
Life Insurance Plan
 
2018
2017
Accrued expenses and other liabilities
$
(407
)
$
(418
)
Long-term pension obligations
(4,188
)
(4,716
)
Total accrued cost
$
(4,595
)
$
(5,134
)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
We have also recorded the following amounts to accumulated other comprehensive loss for the U.S. and non-U.S. pension plans, net of tax:
 
U.S.Pension Plans
 
Non-U.S. Pension Plans
 
Unrecognized
Loss
 
Unrecognized
Loss
Balance at January 1, 2017
$
89,763

 
$
1,743

Amortization of retirement benefits, net of tax
(3,685
)
 
10

Settlements
(8,585
)
 
—

Net actuarial (loss) gain
(1,753
)
 
2

Foreign exchange impact
—

 
143

Balance at January 1, 2018
$
75,740

 
$
1,898

Amortization of retirement benefits, net of tax
(4,538
)
 
(126
)
Settlements
19,083

 
—

Net actuarial (loss) gain
(12,351
)
 
196

Foreign exchange impact
—

 
(52
)
Tax impact due to implementation of ASU 2018-02
17,560

 
—

Balance at December 31, 2018
$
95,494

 
$
1,916

We have recorded the following amounts to accumulated other comprehensive loss for the post-retirement life insurance plan, net of tax:
 
Unrecognized
Gain
Balance at January 1, 2017
$
(560
)
Amortization of retirement benefits, net of tax
64

Net actuarial gain
117

Balance at January 1, 2018
$
(379
)
Amortization of retirement benefits, net of tax
36

Net actuarial loss
(418
)
Tax impact due to implementation of ASU No. 2018-02
(88
)
Balance at December 31, 2018
$
(849
)
Projected Benefit Obligation Accumulated Benefit Obligation and Fair Value of Plan Assets
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for those Pension Plans with accumulated benefit obligation in excess of fair value of plan assets is shown below:
 
As of December 31,
 
2018
2017
Projected benefit obligation
$
3,848

$
4,361

Accumulated benefit obligation
$
3,028

$
3,757

Fair value of plan assets
$
1,426

$
1,776
Net Pension Income or Postretirement Expense
Net pension expense (income) includes the following components:
 
Years Ended
December 31,

Years Ended
December 31,
 
U.S. Pension Plans

Non-U.S. Pension Plans
 
2018
2017
2016

2018
2017
2016
Service cost
$
—

$
—

$
87


$
43

$
48

$
51

Interest cost
7,123

8,273

11,024


42

34

46

Expected return on plan assets(1)
(12,898
)
(16,243
)
(18,976
)

(25
)
(20
)
(26
)
Amortization of unrecognized loss
5,863

5,785

5,994


162

155

140

Settlement loss
—

13,476

—


—

—

—

Net expense (income)
$
88

$
11,291

$
(1,871
)

$
222

$
217

$
211

Weighted-average actuarial assumptions(2)
 

 

 


 

 

 

Benefit obligation assumptions:
 

 

 


 

 

 

Discount rate
4.30
%
3.63
%
4.16
%

1.13
%
1.38
%
1.13
%
Rate of compensation increase
0.00
%
0.00
%
0.00
%

3.00
%
2.00
%
2.00
%
Pension income/expense assumptions:


 

 






 

Discount rate
3.63
%
4.16
%
4.43
%

1.38
%
1.13
%
1.63
%
Expected return on plan assets(1)
4.72
%
5.61
%
6.63
%

1.38
%
1.13
%
1.63
%
Rate of compensation increase
0.00
%
0.00
%
0.00
%

2.00
%
2.00
%
2.00
%
(1)
Expected return on plan assets is net of expected investment expenses and certain administrative expenses.
(2)
During the fourth quarter of each year, we review our actuarial assumptions in light of current economic factors to determine if the assumptions need to be adjusted.
Net post-retirement expense includes the following components:
 
Post-Retirement
Life Insurance Plan
 
Years Ended December 31,
 
2018
2017
2016
Service cost
$
2

$
2

$
3

Interest cost
156

161

207

Amortization of unrecognized gain
(46
)
(101
)
(149
)
Net expense
$
112

$
62

$
61

Weighted-average actuarial assumptions (1)
 

 

 

Benefit obligation assumptions:
 

 

 

Discount rate
4.26
%
3.59
%
4.10
%
Rate of compensation increase
0
%
0
%
0
%
Pension income/post-retirement expense assumptions:




 

Discount rate
3.59
%
4.10
%
4.43
%
Rate of compensation increase
0
%
0
%
0
%
(1)
During the fourth quarter of each year, we review our actuarial assumptions in light of current economic factors to determine if the assumptions need to be adjusted.
Asset Allocation and Target Allocation Plan
Our pension plan asset allocation at December 31, 2018, and 2017, and target allocation for 2019 by asset category are as follows:
 
Target Allocations
 
Percentage of Plan Assets
at December 31,
Asset Category
2019
 
2018
2017
Equity securities
13%
 
12%
11%
Debt securities
83%
 
84%
82%
Other
4%
 
4%
7%
Total
100%
 
100%
100%
Summary of Fair Values of Pension Plan
The following table summarizes the fair values of our pension plan assets:
 
As of December 31,
 
2018
2017
Equity securities - U.S. holdings(1)
$
20,469

$
19,487

Equity securities - non-U.S. holdings(1)
—

1,131

Equity funds - U.S. holdings(1) (8)
54

1,314

Bond funds - government(5) (8)
19,146

3,126

Bond funds - other(6) (8)
202,393

231,710

Real estate(7) (8)
2,652

1,235

Cash and cash equivalents(2)
5,866

11,145

Partnerships(4)
9,172

10,787

International hedge funds(3)
—

6,604

Total fair value of plan assets
$
259,752

$
286,539
Summary of Categories in Fair Value Hierarchy
The fair values at December 31, 2018, are classified within the following categories in the fair value hierarchy:
 
Quoted Prices
in Active
Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Not Leveled
Total
Equity securities - U.S. holdings(1)
$
20,469

$
—

$
—

$
—

$
20,469

Equity funds - U.S. holdings(1) (8)
—

—

—

54

54

Bond funds - government(5)
—

—

—

19,146

19,146

Bond funds - other(6) (8)
—

—

—

202,393

202,393

Real estate(7) (8)
—

—

—

2,652

2,652

Cash and cash equivalents(2)
5,866

—

—

—

5,866

Partnerships(4)
—

—

9,172

—

9,172

Total
$
26,335

$
—

$
9,172

$
224,245

$
259,752

The fair values at December 31, 2017, are classified within the following categories in the fair value hierarchy:
 
Quoted Prices
in Active
Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Not Leveled
Total
Equity securities - U.S. holdings(1)
$
19,487

$
—

$
—

$
—

$
19,487

Equity securities - non-U.S. holdings(1)
1,131

—

—

—

1,131

Equity funds - U.S.holdings(1) (8)
—

—

—

1,314

1,314

Bond funds - government(5) (8)
—

—

—

3,126

3,126

Bond funds - other(6) (8)
—

—

—

231,710

231,710

Real estate(7) (8)
—

—

—

1,235

1,235

Cash and cash equivalents(2)
11,145

—

—

—

11,145

Partnerships(4)
—

—

10,787

—

10,787

International hedge funds(3) (8)
—

—

—

6,604

6,604

Total
$
31,763

$
—

$
10,787

$
243,989

$
286,539

(1)
Comprised of common stocks of companies in various industries. The Pension Plan fund manager may shift investments from value to growth strategies or vice-versa, from small cap to large cap stocks or vice-versa, in order to meet the Pension Plan's investment objectives, which are to provide for a reasonable amount of long-term growth of capital without undue exposure to volatility, and protect the assets from erosion of purchasing power.
(2)
Comprised of investment grade short-term investment and money-market funds.
(3)
This fund allocates its capital across several direct hedge fund organizations. This fund invests with hedge funds that employ "non-directional" strategies. These strategies do not require the direction of the markets to generate returns. The majority of these hedge funds generate returns by the occurrence of key events such as bankruptcies, mergers, spin-offs, etc. Investments can be redeemed at the share Net Asset Value ("NAV") as of the last business day of each calendar quarter with at least a sixty-five day prior written notice to the administrator.
(4)
Comprised of partnerships that invest in various U.S. and international industries.
(5)
Comprised of long-term government bonds with a minimum maturity of 10 years and zero-coupon Treasury securities ("Treasury Strips") with maturities greater than 20 years.
(6)
Comprised predominately of investment grade U.S. corporate bonds with maturities greater than 10 years and U.S. high-yield corporate bonds; emerging market debt (local currency sovereign bonds, U.S. dollar-denominated sovereign bonds and U.S. dollar-denominated corporate bonds); and U.S. bank loans.
(7)
Comprised of investments in securities of U.S. and non-U.S. real estate investment trusts (REITs), real estate operating companies and other companies that are principally engaged in the real estate industry and of investments in global private direct commercial real estate. Investments can be redeemed immediately following the valuation date with a notice of at least fifteen business days before valuation.
(8)
Comprised of investments that are measured at fair value using the NAV per share practical expedient. In accordance with the provisions of ASC 820-10, these investments have not been classified in the fair value hierarchy. The fair value amount not leveled is presented to allow reconciliation of the fair value hierarchy to total fund pension plan assets.
Estimated Future Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
 
U.S.
Pension
Plans
Non-U.S.
Pension
Plans
Post-Retirement
Life Insurance Plan
2019
$
15,537

$
52

$
407

2020
15,519

57

393

2021
15,409

66

379

2022
15,226

91

365

2023
14,988

82

351

2024-2027
70,462

658

1,551

Total
$
147,141

$
1,006

$
3,446
Summary of 401K and Other Plan Expense
Expenses related to defined contribution plans include the following:
 
Years Ended December 31,
 
2018
2017
2016
401(k) and other plan expense
$
3,256

$
3,141

$
2,841
Partnership  
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]  
Reconciliation of Level 3 Hedge Fund Asset Within Fair Value Hierarchy
The table below reconciles the Level 3 partnership assets within the fair value hierarchy:
 
Amount
Fair value of Level 3 partnership assets at January 1, 2017
$
12,862

Capital contributions
343

Realized and unrealized gain
2,107

Capital distributions
(4,525
)
Fair value of Level 3 partnership assets at December 31, 2017
10,787

Capital contributions
78

Realized and unrealized gain
1,154

Capital distributions
(2,847
)
Fair value of Level 3 partnership assets at December 31, 2018
$
9,172