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Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2018

Compensation And Retirement Disclosure [Abstract]

Actuarial (gains) losses were comprised of the following components:

	U.S. Pension Benefits					Foreign Pension Benefits						Other Postretirement Benefits
	2018			2017		2018			2017			2018			2017
Changes in assumptions	$	(16,642	)	$	12,566	$	(5,298	)	$	616		$	(914	)	$	(1,103	)
GMP equalization		0			0		982			0			0			0
Change from RPI to CPI		0			0		0			(8,760	)		0			0
Other		(420	)		1,259		(1,446	)		190			(229	)		(1,067	)
Total actuarial (gains) losses	$	(17,062	)	$	13,825	$	(5,762	)	$	(7,954	)	$	(1,143	)	$	(2,170	)

Reconciliation of Projected Benefit Obligations (PBO), Plan Assets, the Funded Status of the Plans and the Amounts Recognized in the Consolidated Balance Sheets

The following provides a reconciliation of projected benefit obligations (“PBO”), plan assets and the funded status of the plans for the Corporation’s defined benefit plans calculated using a measurement date as of the end of the respective years.

	U.S. Pension Benefits^(a)						Foreign Pension Benefits^(b)						Other Postretirement Benefits
	2018			2017			2018			2017			2018			2017
Change in projected benefit obligations:
PBO at January 1	$	254,976		$	244,440		$	64,613		$	66,910		$	16,979		$	19,059
Service cost		1,225			1,651			477			150			457			492
Interest cost		8,473			8,413			1,391			1,845			494			571
Plan amendments		0			0			0			0			0			165
Special termination benefits		1,350			0			0			0			126			0
Plan curtailments		(1,726	)		0			0			0			0			0
Foreign currency exchange rate changes		0			0			(3,434	)		5,948			0			0
Actuarial (gains) losses		(17,062	)		13,825			(5,762	)		(7,954	)		(1,143	)		(2,170	)
Participant contributions		0			0			0			0			104			92
Benefits paid from plan assets		(13,043	)		(12,950	)		(2,282	)		(1,813	)		0			0
Benefits paid by the Corporation		(403	)		(403	)		(666	)		(473	)		(1,207	)		(1,230	)
PBO at December 31	$	233,790		$	254,976		$	54,337		$	64,613		$	15,810		$	16,979
Change in plan assets:
Fair value of plan assets at January 1	$	199,138		$	188,722		$	56,419		$	48,055		$	0		$	0
Actual return on plan assets		(4,765	)		23,366			(2,477	)		3,998			0			0
Foreign currency exchange rate changes		0			0			(2,991	)		4,673			0			0
Corporate contributions		1,614			403			1,648			1,979			1,103			1,138
Participant contributions		0			0			0			0			104			92
Gross benefits paid		(13,446	)		(13,353	)		(2,948	)		(2,286	)		(1,207	)		(1,230	)
Fair value of plan assets at December 31	$	182,541		$	199,138		$	49,651		$	56,419		$	0		$	0
Funded status of the plans:
Fair value of plan assets	$	182,541		$	199,138		$	49,651		$	56,419		$	0		$	0
Less benefit obligations		233,790			254,976			54,337			64,613			15,810			16,979
Funded status at December 31	$	(51,249	)	$	(55,838	)	$	(4,686	)	$	(8,194	)	$	(15,810	)	$	(16,979	)

(a)	Includes the nonqualified defined benefit pension plan.

(b)	Includes the overfunded U.K. defined benefit pension plan and two smaller underfunded defined benefit pension plans.

The following provides a summary of amounts recognized in the consolidated balance sheets.

	U.S. Pension Benefits						Foreign Pension Benefits						Other Postretirement Benefits
	2018			2017			2018			2017			2018			2017
Employee benefit obligations:
Prepaid pensions^(a)	$	0		$	0		$	2,192		$	0		$	0		$	0
Accrued payrolls and employee benefits^(b)		(436	)		(432	)		0			0			(1,395	)		(1,371	)
Employee benefit obligations^(c)		(50,813	)		(55,406	)		(6,878	)		(8,194	)		(14,415	)		(15,608	)
	$	(51,249	)	$	(55,838	)	$	(4,686	)	$	(8,194	)	$	(15,810	)	$	(16,979	)
Accumulated other comprehensive loss:^(d)
Net actuarial loss (gain)	$	45,041		$	47,252		$	22,149		$	25,914		$	(2,123	)	$	(1,211	)
Prior service cost (credit)		91			156			(7,402	)		(9,174	)		(12,202	)		(13,809	)
	$	45,132		$	47,408		$	14,747		$	16,740		$	(14,325	)	$	(15,020	)

(a)	Represents the overfunded U.K. defined benefit pension plan which is recorded as a noncurrent asset in the consolidated balance sheet.

(b)	Recorded as a current liability in the consolidated balance sheet.

(c)	Recorded as a noncurrent liability in the consolidated balance sheet.

(d)	Amounts are pre-tax.

Summary of Target Asset Allocations and Major Asset Categories

The following summarizes target asset allocations (within +/-5% considered acceptable) and major asset categories. Certain investments are classified differently for target asset allocation purposes and external reporting purposes. In the latter part of 2018, the Corporation changed investment managers; accordingly, at December 31, 2018, there is temporarily a higher amount in cash and cash equivalents.

	U.S. Pension Benefits									Foreign Pension Benefits
	Target Allocation			Percentage of Plan Assets						Target Allocation			Percentage of Plan Assets
	Dec. 31, 2018			2018			2017			Dec. 31, 2018			2018			2017
Equity Securities		45	%		25	%		58	%		44	%		50	%		49	%
Fixed-Income Securities		42	%		45	%		21	%		35	%		35	%		33	%
Alternative Investments		10	%		10	%		16	%		21	%		15	%		17	%
Other (primarily cash and cash equivalents)		3	%		20	%		5	%		0	%		0	%		1	%

Asset Categories Based on the Nature and Risks of the Plans Assets

Asset categories based on the nature and risks of the U.S. Pension Benefit Plans’ assets as of December 31, 2018, are summarized below.

	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity Securities:
U.S.
Consumer discretionary	$	891	$	0	$	0	$	891
Consumer staples		602		0		0		602
Energy		415		0		0		415
Financial		1,075		0		0		1,075
Healthcare		1,718		0		0		1,718
Industrials		780		0		0		780
Information technology		1,632		0		0		1,632
Materials		177		0		0		177
Mutual funds		36,883		0		0		36,883
Telecommunications		560		0		0		560
Utilities		264		0		0		264
Total Equity Securities		44,997		0		0		44,997
Fixed Income Securities:
Corporate bonds		0		44,786		0		44,786
Treasury bonds		25,605		0		0		25,605
Agency bonds		0		10,334		0		10,334
Total Fixed Income Securities		25,605		55,120		0		80,725
Alternative Investments:
Managed funds^(a)		0		0		23,673		23,673
Total Alternative Investments		0		0		23,673		23,673
Other:
Cash and cash equivalents^(b)		33,146		0		0		33,146
Total Other		33,146		0		0		33,146
	$	103,748	$	55,120	$	23,673	$	182,541

(a)	Includes approximately 74.0% in alternative investments (real assets, commodities and resources, absolute return funds) and 26.0% in cash and cash equivalents.

(b)	Includes investments in temporary funds.

Categories of Plan Assets

Asset categories based on the nature and risks of the U.S. Pension Benefit Plans’ assets as of December 31, 2017, are summarized below.

	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity Securities:
U.S.
Consumer discretionary	$	637	$	0	$	0	$	637
Consumer staples		896		0		0		896
Energy		427		0		0		427
Financial		1,362		0		0		1,362
Healthcare		1,192		0		0		1,192
Industrials		819		0		0		819
Information technology		2,061		0		0		2,061
Materials		248		0		0		248
Mutual funds		91,258		0		0		91,258
Telecommunications		198		0		0		198
Utilities		204		0		0		204
Total Equity Securities		99,302		0		0		99,302
Fixed Income Securities:
Corporate bonds		0		10,801		0		10,801
Mutual funds		18,884		0		0		18,884
Treasury bonds		6,976		0		0		6,976
Agency bonds		0		926		0		926
Total Fixed Income Securities		25,860		11,727		0		37,587
Alternative Investments:
Managed funds^(a)		0		0		49,838		49,838
Total Alternative Investments		0		0		49,838		49,838
Other:
Cash and cash equivalents^(b)		11,012		0		0		11,012
Commingled funds		0		174		0		174
Other^(c)		2		0		1,223		1,225
Total Other		11,014		174		1,223		12,411
	$	136,176	$	11,901	$	51,061	$	199,138

(a)	Includes approximately 47.3% in equity and equity-like asset securities, 41.1% in alternative investments (real assets, commodities and resources, absolute return funds) and 9.6% in fixed income securities and 2.0% in other, primarily cash and cash equivalents.

(b)	Includes investments in temporary funds.

(c)	Includes accrued receivables and pending broker settlements.

Asset categories based on the nature and risks of the Foreign Pension Benefit Plan’s assets as of December 31, 2018, are summarized below.

	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity Securities:
Commingled Funds (U.K.)	$	0	$	3,949	$	0	$	3,949
Commingled Funds (International)		0		20,645		0		20,645
Total Equity Securities		0		24,594		0		24,594
Fixed-Income Securities:
Commingled Funds (U.K.)		0		17,332		0		17,332
Alternative Investments:
Hedge and Absolute Return Funds		0		0		7,569		7,569
Cash and cash equivalents		156		0		0		156
	$	156	$	41,926	$	7,569	$	49,651

Asset categories based on the nature and risks of the Foreign Pension Benefit Plan’s assets as of December 31, 2017, are summarized below.

	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity Securities:
Commingled Funds (U.K.)	$	0	$	4,617	$	0	$	4,617
Commingled Funds (International)		0		23,015		0		23,015
Total Equity Securities		0		27,632		0		27,632
Fixed-Income Securities:
Commingled Funds (U.K.)		0		18,851		0		18,851
Alternative Investments:
Hedge and Absolute Return Funds		0		0		9,637		9,637
Cash and cash equivalents		299		0		0		299
	$	299	$	46,483	$	9,637	$	56,419

Summary of Changes in the Fair Value of the Level 3 Plan Assets for U.S. and Foreign Pension Plans

The table below sets forth a summary of changes in the fair value of the Level 3 plan assets for U.S. and foreign pension plans for the year ended December 31, 2018.

	U.S. Pension Benefits						Foreign Pension Benefits
	2018			2017			2018			2017
Fair value as of January 1	$	49,838		$	33,830		$	9,637		$	8,593
Contributions		0			16,000			0			0
Withdrawals		(26,131	)		(5,364	)		(1,037	)		0
Realized gains (losses)		9,061			1,304			(436	)		0
Change in net unrealized (losses) gains		(9,095	)		4,068			(98	)		229
Other, primarily impact from changes in foreign currency exchange rates		0			0			(497	)		815
Fair value as of December 31	$	23,673		$	49,838		$	7,569		$	9,637

Net Periodic Pension and Other Postretirement Benefit Costs

Net periodic pension and other postretirement benefit costs include the following components for each of the years.

	U.S. Pension Benefits						Foreign Pension Benefits						Other Postretirement Benefits
	2018			2017			2018			2017			2018			2017
Service cost	$	1,225		$	1,651		$	477		$	150		$	457		$	492
Interest cost		8,473			8,413			1,391			1,845			494			571
Expected return on plan assets		(13,282	)		(12,503	)		(2,580	)		(2,239	)		0			0
Amortization of:
Prior service cost (credit)		44			52			(336	)		0			(1,607	)		(1,607	)
Actuarial loss (gain)		1,471			4,111			727			751			(231	)		(24	)
Special termination benefits		1,350			0			0			0			126			0
Curtailment loss		21			0			0			0			0			0
	$	(698	)	$	1,724		$	(321	)	$	507		$	(761	)	$	(568	)

Discount Rates and Weighted-Average Wage Increases Used to Determine the Benefit Obligations

The discount rates and weighted-average wage increases used to determine the benefit obligations as of December 31, 2018, and 2017, are summarized below.

	U.S. Pension Benefits		Foreign Pension Benefits		Other Postretirement Benefits
	2018	2017	2018	2017	2018	2017
Discount rate	4.23-4.34%	3.63-3.72%	3.00	2.45%	4.09-4.33%	3.46-3.69%
Wage increases	n/a	3.00%	n/a	n/a	n/a	n/a

Assumptions Regarding Net Periodic Pension and Other Postretirement Benefit Costs

The following assumptions were used to determine net periodic pension and other postretirement benefit costs for the year ended December 31:

	U.S. Pension Benefits		Foreign Pension Benefits		Other Postretirement Benefits
	2018	2017	2018	2017	2018	2017
Discount rate	3.63-4.34%	4.02-4.25%	2.45%	2.50-2.65%	3.46-3.69%	3.90-4.13%
Expected long-term rate of return	6.95-7.50%	6.95-7.50%	4.65%	4.45%	n/a	n/a
Wages increases	n/a	3.00%	n/a	n/a	n/a	n/a