Employee Benefit Plans (Tables)
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12 Months Ended |
Dec. 31, 2018 |
Defined Benefit Plan [Abstract] |
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Schedule of Defined Benefit Plans Disclosures [Table Text Block] |
The following tables summarize the Consolidated Balance Sheets impact, including the benefit obligations, assets and funded status associated with the Company's significant defined benefit and other post-retirement benefit plans at December 31, 2018 and 2017. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Qualified Defined Benefits | | | | | | | | Non-Qualified Supplemental Benefits | | | | Other Post-Retirement Benefits | | | | U.S. Plan | | | | Non-U.S. Plans | | | | | | | | | | | | 2018 | | 2017 | | 2018 | | 2017 | | 2018 | | 2017 | | 2018 | | 2017 | Change in benefit obligation: | | | | | | | | | | | | | | | | Benefit obligation at beginning of year | $ | 566,389 | | $ | 535,299 | | $ | 278,188 | | $ | 243,483 | | $ | 106,012 | | $ | 110,446 | | $ | 8,595 | | $ | 12,263 | Service cost | 9,019 | | 12,083 | | 5,359 | | 5,688 | | 2,624 | | 2,473 | | 30 | | 68 | Interest cost | 20,756 | | 21,718 | | 4,962 | | 5,263 | | 3,204 | | 4,076 | | 290 | | 783 | Plan participants' contributions | — | | — | | 1,279 | | 1,237 | | — | | — | | — | | — | Benefits paid | (18,172) | | (38,490) | | (8,161) | | (8,528) | | (19,352) | | (11,576) | | (620) | | (917) | Actuarial (gain) loss | (48,104) | | 35,446 | | (19,533) | | 8,812 | | (7,687) | | 593 | | (446) | | 946 | Business acquisitions | — | | — | | — | | 1,810 | | — | | — | | — | | — | Amendments | 69 | | 364 | | 3,073 | | — | | — | | — | | — | | (4,646) | Settlements and curtailments | (78,896) | | (32) | | (1,813) | | — | | (2,289) | | — | | — | | — | Currency translation and other | — | | 1 | | 21,554 | | 20,423 | | — | | — | | — | | 98 | Spin-off of Apergy | (3,888) | | — | | (14,579) | | — | | (15,676) | | — | | — | | — | Benefit obligation at end of year | 447,173 | | 566,389 | | 270,329 | | 278,188 | | 66,836 | | 106,012 | | 7,849 | | 8,595 | Change in plan assets: | | | | | | | | | | | | | | | | Fair value of plan assets at beginning of year | 617,840 | | 562,564 | | 175,534 | | 148,514 | | — | | — | | — | | — | Actual (loss) return on plan assets | (32,939) | | 93,766 | | (8,490) | | 15,849 | | — | | — | | — | | — | Company contributions | — | | — | | 5,961 | | 7,971 | | 19,352 | | 11,576 | | 620 | | 917 | Plan participants' contributions | — | | — | | 1,279 | | 1,237 | | | | — | | | | — | Benefits paid | (18,172) | | (38,490) | | (8,161) | | (8,528) | | (19,352) | | (11,576) | | (620) | | (917) | | | | | | | | | | | | | | | | | Settlements and curtailments | (74,016) | | — | | (1,472) | | — | | — | | — | | — | | — | Currency translation and other | — | | — | | 11,223 | | 10,491 | | — | | — | | — | | — | Spin-off of Apergy | (3,813) | | — | | (13,285) | | — | | — | | — | | — | | — | Fair value of plan assets at end of year | 488,900 | | 617,840 | | 162,589 | | 175,534 | | — | | — | | — | | — | Funded (Unfunded) status | $ | 41,727 | | $ | 51,451 | | $ | (107,740) | | $ | (102,654) | | $ | (66,836) | | $ | (106,012) | | $ | (7,849) | | $ | (8,595) | Amounts recognized in the consolidated balance sheets consist of: | | | | | | | | | | | | | | | | Assets and Liabilities: | | | | | | | | | | | | | | | | Other assets and deferred charges | $ | 41,727 | | $ | 51,451 | | $ | 919 | | $ | 890 | | $ | — | | $ | — | | $ | — | | $ | — | Accrued compensation and employee benefits | — | | — | | (1,493) | | (1,484) | | (13,219) | | (15,903) | | (702) | | (706) | Other liabilities (deferred compensation) | — | | — | | (107,166) | | (102,172) | | (53,617) | | (75,911) | | (7,147) | | (7,889) | Assets (liabilities) of discontinued operations | — | | — | | — | | 112 | | — | | (14,198) | | — | | — | Total assets and liabilities | 41,727 | | 51,451 | | (107,740) | | (102,654) | | (66,836) | | (106,012) | | (7,849) | | (8,595) | Accumulated Other Comprehensive Loss (Earnings): | | | | | | | | | | | | | | | | Net actuarial losses (gains) | 81,437 | | 79,288 | | 66,480 | | 69,490 | | (25,186) | | (13,780) | | (1,164) | | (748) | Prior service cost (credit) | 852 | | 1,344 | | (72) | | (3,500) | | 9,099 | | 13,777 | | 71 | | 84 | Net asset at transition, other | — | | — | | — | | (60) | | — | | — | | — | | — | Deferred taxes | (17,597) | | (30,777) | | (14,861) | | (14,982) | | 3,461 | | 83 | | 412 | | 322 | Total accumulated other comprehensive loss (earnings), net of tax | 64,692 | | 49,855 | | 51,547 | | 50,948 | | (12,626) | | 80 | | (681) | | (342) | Net amount recognized at December 31, | $ | 106,419 | | $ | 101,306 | | $ | (56,193) | | $ | (51,706) | | $ | (79,462) | | $ | (105,932) | | $ | (8,530) | | $ | (8,937) | | | | | | | | | | | | | | | | | Accumulated benefit obligations | $ | 438,005 | | $ | 547,278 | | $ | 258,109 | | $ | 264,766 | | $ | 60,080 | | $ | 96,612 | | | | |
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Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] |
Pension plans with accumulated benefit obligations in excess of plan assets consist of the following at December 31, 2018 and 2017: | | | | | | | | | | | | | 2018 | | 2017 | Projected benefit obligation (PBO) | $ | 330,168 | | $ | 372,559 | Accumulated benefit obligation (ABO) | 311,192 | | 349,735 | Fair value of plan assets | 154,673 | | 162,890 |
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Schedule of Net Benefit Costs [Table Text Block] |
Net Periodic Benefit Cost
Components of the net periodic benefit cost were as follows:
Defined Benefit Plans | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Qualified Defined Benefits | | | | | | | | | | | | Non-Qualified Supplemental Benefits | | | | | | U.S. Plan | | | | | | Non-U.S. Plans | | | | | | | | | | | | 2018 | | 2017 | | 2016 | | 2018 | | 2017 | | 2016 | | 2018 | | 2017 | | 2016 | Service cost | $ | 9,019 | | $ | 12,083 | | $ | 13,913 | | $ | 5,359 | | $ | 5,688 | | $ | 5,590 | | $ | 2,624 | | $ | 2,473 | | $ | 2,959 | Interest cost | 20,756 | | 21,718 | | 23,046 | | 4,962 | | 5,263 | | 5,593 | | 3,204 | | 4,076 | | 5,268 | Expected return on plan assets | (39,045) | | (39,812) | | (38,793) | | (7,675) | | (7,417) | | (7,830) | | — | | — | | — | Amortization of: | | | | | | | | | | | | | | | | | | Prior service cost (credit) | 298 | | 427 | | 733 | | (449) | | (425) | | (397) | | 3,770 | | 4,411 | | 6,266 | Recognized actuarial loss (gain) | 3,102 | | 5,582 | | 6,437 | | 2,952 | | 3,506 | | 2,658 | | (1,132) | | (1,192) | | (560) | Transition obligation | — | | — | | — | | 1 | | 4 | | 4 | | — | | — | | — | Settlement and curtailment loss (gain) | 13,939 | (1) | 76 | | — | | 7 | | 678 | | 1,103 | | (1,381) | | — | | — | Other | — | | — | | 35 | | — | | — | | — | | — | | — | | — | Net periodic benefit expense | $ | 8,069 | | $ | 74 | | $ | 5,371 | | $ | 5,157 | | $ | 7,297 | | $ | 6,721 | | $ | 7,085 | | $ | 9,768 | | $ | 13,933 | Less: Discontinued operations | 10,109 | (1) | 3,383 | | 4,237 | | 114 | | 810 | | 974 | | 279 | | 1,226 | | 1,222 | Net periodic (income) expense - Continuing operations | $ | (2,040) | | $ | (3,309) | | $ | 1,134 | | $ | 5,043 | | $ | 6,487 | | $ | 5,747 | | $ | 6,806 | | $ | 8,542 | | $ | 12,711 |
(1) $9.2 million of the total settlement and curtailment loss on the U.S. Plan is attributable to Apergy participants in the Dover Defined Benefit Plan and has therefore, been reflected in the results of discontinued operations.
Other Post-Retirement Benefits | | | | | | | | | | | | | | | | | | | 2018 | | 2017 | | 2016 | Service cost | $ | 30 | | $ | 68 | | $ | 52 | Interest cost | 290 | | 783 | | 403 | Amortization of: | | | | | | Prior service cost | 13 | | 7 | | 7 | Recognized actuarial (gain) loss | (30) | | (161) | | 5 | Settlement and curtailment gain | — | | (4,598) | | — | | | | | | | Net periodic expense (benefit) | $ | 303 | | $ | (3,901) | | $ | 467 |
The curtailment gain in 2017 relates primarily to the impact of an amendment to the post-retirement plan in Brazil.
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Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] |
Amounts expected to be amortized from accumulated other comprehensive earnings (loss) into net periodic benefit cost during 2019 are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Qualified Defined Benefits | | | | Non-Qualified Supplemental Benefits | | Other Post-Retirement Benefits | | U.S. Plan | | Non-U.S. Plans | | | | | Amortization of: | | | | | | | | Prior service cost (credit) | $ | 303 | | $ | (238) | | $ | 2811 | | $ | 13 | Recognized actuarial loss (gain) | — | | 3,241 | | (2,280) | | (70) | Transition obligation | — | | — | | — | | — | Total | $ | 303 | | $ | 3,003 | | $ | 531 | | $ | (57) |
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Weighted-average assumptions used in benefit obligations [Table Text Block] |
The weighted average assumptions used in determining the benefit obligations were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Qualified Defined Benefits | | | | | | | | Non-Qualified Supplemental Benefits | | | | Other Post-Retirement Benefits | | | | U.S. Plan | | | | Non-U.S. Plans | | | | | | | | | | | | 2018 | | 2017 | | 2018 | | 2017 | | 2018 | | 2017 | | 2018 | | 2017 | Discount rate | 4.35 | % | | 3.65 | % | | 1.83 | % | | 1.94 | % | | 4.30 | % | | 3.57 | % | | 4.15 | % | | 3.50 | % | Average wage increase | 4.50 | % | | 4.00 | % | | 2.10 | % | | 2.33 | % | | 4.50 | % | | 4.50 | % | | na | | na | Ultimate medical trend rate | na | | | na | | | na | | | na | | | na | | | na | | | 5.00 | % | | 2.33 | % |
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Weighted-average assumptions used calculating net periodic cost [Table Text Block] |
The weighted average assumptions used in determining the net periodic benefit cost were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Qualified Defined Benefits | | | | | | | | | | | | Non- Qualified Supplemental Benefits | | | | | | Other Post-Retirement Benefits | | | | | | U.S. Plan | | | | | | Non-U.S. Plans | | | | | | | | | | | | | | | | | | 2018 | | 2017 | | 2016 | | 2018 | | 2017 | | 2016 | | 2018 | | 2017 | | 2016 | | 2018 | | 2017 | | 2016 | Discount rate | 4.2%/3.65% | | (1) | 4.10 | % | | 4.40 | % | | 1.94 | % | | 2.06 | % | | 2.32 | % | | 3.57 | % | | 3.97 | % | | 4.18 | % | | 3.50 | | | 6.49 | % | | 4.00 | % | Average wage increase | 4.00 | % | | 4.00 | % | | 4.00 | % | | 2.33 | % | | 2.34 | % | | 2.25 | % | | 4.50 | % | | 4.50 | % | | 4.50 | % | | na | | na | | na | Expected return on plan assets | 6.8%/7.25% | | (1) | 7.25 | % | | 7.25 | % | | 4.66 | % | | 4.73 | % | | 4.95 | % | | na | | na | | | na | | | na | | | na | | | na | |
(1) The separation of Apergy triggered a pension plan curtailment which required a re-measurement of the Plan's benefit obligation in the second quarter 2018, assuming a discount rate of 4.2% and an expected return on assets of 6.8%.
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Weighted-average asset allocation actual and target [Table Text Block] |
The Company’s actual and target weighted average asset allocation for our U.S. Corporate Pension Plan was as follows: | | | | | | | | | | | | | | | | | | | 2018 | | 2017 | | Current Target | Equity securities | 36 | % | | 57 | % | | 40 | % | Fixed income | 55 | % | | 33 | % | | 55 | % | Real estate and other | 9 | % | | 10 | % | | 5 | % | Total | 100 | % | | 100 | % | | 100 | % |
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Schedule of Allocation of Plan Assets [Table Text Block] |
The fair values of both U.S. and non-U.S. pension plan assets by asset category within the fair value hierarchy (as defined in Note 12 — Financial Instruments) were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Qualified Defined Benefits Plan | | | | | | | | | | | | | | | | 12/31/2018 | | | | | | | | 12/31/2017 | | | | | | | | Level 1 | | Level 2 | | | | Total Fair Value | | Level 1 | | Level 2 | | | | Total Fair Value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate bonds | — | | 150,179 | | | | 150,179 | | — | | 74,509 | | | | 74,509 | Government securities | 1,586 | | 113,931 | | | | 115,517 | | 2,766 | | 130,774 | | | | 133,540 | Interest-bearing cash and short-term investments | 2,066 | | — | | | | 2,066 | | 1,222 | | — | | | | 1,222 | Total investments at fair value | 3,652 | | 264,110 | | | | 267,762 | | 3,988 | | 205,283 | | | | 209,271 | Investments measured at net asset value* | | | | | | | | | | | | | | | | Collective funds | — | | — | | | | 175,963 | | — | | — | | | | 352,481 | Real estate investments | — | | — | | | | 32,686 | | — | | — | | | | 48,294 | Short-term investment funds | — | | — | | | | 12,489 | | — | | — | | | | 7,794 | Total investments | 3,652 | | 264,110 | | | | 488,900 | | 3,988 | | 205,283 | | | | 617,840 |
The Company had no level 3 U.S. Plan assets at December 31, 2018 and 2017. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Non-U.S. Plans | | | | | | | | | | | | | | | | 12/31/2018 | | | | | | | | 12/31/2017 | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total Fair Value | | Level 1 | | Level 2 | | Level 3 | | Total Fair Value | Common stocks | $ | 28,528 | | $ | — | | $ | — | | $ | 28,528 | | $ | 28,761 | | $ | — | | $ | — | | $ | 28,761 | Fixed income investments | — | | 27,797 | | — | | 27,797 | | — | | 29,612 | | — | | 29,612 | Mutual funds | 23,438 | | — | | — | | 23,438 | | 34,075 | | 4,642 | | — | | 38,717 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cash and cash equivalents | 470 | | — | | — | | 470 | | 4,633 | | — | | — | | 4,633 | Other | — | | 2,390 | | 21,283 | | 23,673 | | — | | 3,088 | | 4,592 | | 7,680 | Total investments at fair value | $ | 52,436 | | $ | 30,187 | | $ | 21,283 | | $ | 103,906 | | $ | 67,469 | | $ | 37,342 | | $ | 4,592 | | $ | 109,403 | Investments measured at net asset value* | | | | | | | | | | | | | | | | Collective funds | — | | — | | — | | 54,505 | | — | | — | | — | | 61,648 | Other | — | | — | | — | | 4,178 | | — | | — | | — | | 4,483 | Total | $ | 52,436 | | $ | 30,187 | | $ | 21,283 | | $ | 162,589 | | $ | 67,469 | | $ | 37,342 | | $ | 4,592 | | $ | 175,534 |
* In accordance with Fair Value Measurement Topic 820 (Subtopic 820-10), certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient were not classified in the fair value hierarchy. These are included to permit reconciliation of the fair value hierarchy to the aggregate pension plan assets.
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Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] |
The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2017 and 2018, due to the following: | | | | | | | | | | | | | | | Level 3 | Balance at January 1, 2017 | | | $ | 4,354 | Actual return on plan assets: | | | | Relating to assets sold during the period | | | 28 | Relating to assets still held at December 31, 2017 | | | 280 | Sales | | | (456) | Foreign currency translation | | | 386 | Balance at December 31, 2017 | | | $ | 4,592 | Actual return on plan assets: | | | | | | | | Relating to assets still held at December 31, 2018 | | | (29) | | | | | | | | | Insurance contracts added | | | 16,975 | Foreign currency translation | | | (255) | Balance at December 31, 2018 | | | $ | 21,283 |
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Schedule of Expected Benefit Payments [Table Text Block] |
Benefit Payments
Estimated future benefit payments to retirees, which reflect expected future service, are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Qualified Defined Benefits | | | | Non-Qualified Supplemental Benefits | | Other Post-Retirement Benefits | | U.S. Plan | | Non-U.S. Plans | | | | | 2019 | $ | 33,990 | | $ | 9,069 | | $ | 13,500 | | $ | 717 | 2020 | 37,086 | | 8,484 | | 5,353 | | 705 | 2021 | 37,217 | | 9,043 | | 11,474 | | 681 | 2022 | 36,896 | | 9,339 | | 8,742 | | 663 | 2023 | 36,117 | | 10,754 | | 4,220 | | 641 | 2024 - 2028 | 166,962 | | 63,653 | | 18,933 | | 2,794 |
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