XML 64 R40.htm IDEA: XBRL DOCUMENT

Retirement Plans and Postretirement Medical Benefits (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Change in Benefit Obligation, Plan Assets and the Funded Status of Defined Benefit Pension Plans

The benefit obligations and funded status of defined benefit pension plans are as follows:



	United States						Foreign
	2017			2016			2017			2016
Accumulated benefit obligation	$	1,726,824		$	1,677,288		$	737,580		$	675,566

Projected benefit obligation
Benefit obligation - beginning of year	$	1,678,097		$	1,689,885		$	688,172		$	647,112
Service cost	132			105			2,274			2,148
Interest cost	68,611			73,699			18,836			21,886
Plan participants' contributions	—			—			6			6
Actuarial loss	92,789			31,764			2,098			127,054
Foreign currency changes	—			—			64,236			(88,138		)
Settlement	—			(5,887		)	—			(423		)
Benefits paid	(111,892		)	(111,469		)	(24,249		)	(21,473		)
Benefit obligation - end of year	$	1,727,737		$	1,678,097		$	751,373		$	688,172



Fair value of plan assets
Fair value of plan assets - beginning of year	$	1,464,082		$	1,460,790		$	547,290		$	530,112
Actual return on plan assets	199,749			110,954			46,542			68,067
Company contributions	5,968			9,694			13,081			40,872
Plan participants' contributions	—			—			6			6
Settlement	—			(5,887		)	—			(423		)
Foreign currency changes	—			—			50,040			(69,871		)
Benefits paid	(111,892		)	(111,469		)	(24,249		)	(21,473		)
Fair value of plan assets - end of year	$	1,557,907		$	1,464,082		$	632,710		$	547,290



Amounts recognized in the Consolidated Balance Sheets
Noncurrent asset	$	392		$	310		$	19,139		$	11,744
Current liability	(8,362		)	(7,937		)	(1,188		)	(1,045		)
Noncurrent liability	(161,860		)	(206,388		)	(136,614		)	(151,581		)
Funded status	$	(169,830	)	$	(214,015	)	$	(118,663	)	$	(140,882	)

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

Information provided in the table below is only for pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2017 and 2016:



	United States				Foreign
	2017		2016		2017		2016
Projected benefit obligation	$	1,727,292	$	1,677,675	$	614,371	$	578,588
Accumulated benefit obligation	$	1,726,378	$	1,676,866	$	601,412	$	565,992
Fair value of plan assets	$	1,557,069	$	1,463,350	$	476,825	$	425,962

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Other changes in plan assets and benefit obligation for nonpension postretirement benefit plans recognized in other comprehensive income were as follows:



	2017			2016
Net actuarial loss (gain)	$	5,134		$	(13,934	)
Amortization of net actuarial loss	(3,600		)	(3,615		)
Amortization of prior service cost	(297		)	(297		)
Total recognized in other comprehensive income	$	1,237		$	(17,846	)

The estimated amounts that will be amortized from AOCI into net periodic benefit cost in 2018 are as follows:



Net actuarial loss	$	3,736
Prior service cost	351
Total	$	4,087



Pretax amounts recognized in AOCI consist of:
	United States						Foreign
	2017			2016			2017			2016
Net actuarial loss	$	835,265		$	873,523		$	321,914		$	342,169
Prior service credit	(391		)	(452		)	(597		)	(667		)
Transition asset	—			—			(24		)	(32		)
Total	$	834,874		$	873,071		$	321,293		$	341,470

The estimated amounts that will be amortized from AOCI into net periodic benefit cost in 2018 are as follows:



	United States			Foreign
Net actuarial loss	$	32,303		$	7,304
Prior service credit	(60		)	(72		)
Transition asset	—			(7		)
Total	$	32,243		$	7,225

Other changes in plan assets and benefit obligations for defined benefit pension plans recognized in other comprehensive income were as follows:



	United States						Foreign
	2017			2016			2017			2016
Net actuarial (gain) loss	$	(9,304	)	$	22,728		$	(12,202	)	$	91,549
Amortization of net actuarial loss	(28,954		)	(27,220		)	(8,052		)	(5,264		)
Amortization of prior service credit	60			60			71			73
Net transition asset	—			—			8			8
Settlement	—			(2,109		)	—			(110		)
Total recognized in other comprehensive income	$	(38,198	)	$	(6,541	)	$	(20,175	)	$	86,256

Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs

The weighted-average discount rates used to determine end of year benefit obligation and net periodic pension cost include:



	2017		2016		2015
Discount rate used to determine benefit obligation
U.S.	3.55	%	3.90	%	4.20	%
Canada	3.35	%	3.65	%	3.95	%

Discount rate used to determine net period benefit cost
U.S.	3.90	%	4.20	%	3.90	%
Canada	3.65	%	3.95	%	3.80	%

Weighted-average actuarial assumptions used to determine end of year benefit obligations and net periodic benefit cost for defined benefit pension plans include:



	2017				2016				2015
United States
Used to determine benefit obligations
Discount rate	3.69%				4.20%				4.55%
Rate of compensation increase	N/A				N/A				N/A

Used to determine net periodic benefit cost
Discount rate	4.20%				4.55%				4.15%
Expected return on plan assets	6.75%				7.00%				7.0%
Rate of compensation increase	N/A				N/A				N/A

Foreign
Used to determine benefit obligations
Discount rate	0.65	%	-	3.35%	0.70	%	-	3.65%	1.15	%	-	3.95%
Rate of compensation increase	1.50	%	-	2.50%	1.50	%	-	2.50%	1.50	%	-	3.50%

Used to determine net periodic benefit cost
Discount rate	0.70	%	-	3.65%	1.15	%	-	3.95%	1.10	%	-	3.80%
Expected return on plan assets	3.75	%	-	6.25%	3.75	%	-	6.51%	4.00	%	-	7.00%
Rate of compensation increase	1.50	%	-	3.30%	1.50	%	-	3.50%	1.50	%	-	3.50%

Schedule of Target Allocation and Percentage of Plan Assets for Domestic Pension Plan

2018, 2017 and 2016 for the U.S. pension plans were as follows:



	Target allocation		Percent of Plan Assets at December 31,
	2018		2017		2016
Asset category
U.S. equities	15	%	15	%	17	%
Non-U.S. equities	15	%	15	%	13	%
Fixed income	60	%	62	%	60	%
Real estate	5	%	6	%	6	%
Private equity	5	%	2	%	4	%
Total	100	%	100	%	100	%

Schedule of Target Allocation and Percentage of Plan Assets for Foreign Pension Plan

2018, 2017 and 2016 were as follows:



	Target Allocation		Percent of Plan Assets at December 31,
	2018		2017		2016
Asset category
U.K. equities	10	%	10	%	22	%
Non-U.K. equities	30	%	29	%	19	%
Fixed income	40	%	41	%	41	%
Real estate	10	%	9	%	8	%
Diversified growth	10	%	9	%	9	%
Cash	—	%	2	%	1	%
Total	100	%	100	%	100	%

Schedule of Fair Value Measurement of Plan Assets

United States Pension Plans



	December 31, 2017
	Level 1		Level 2		Level 3		Total
Money market funds	$	8,810	$	9,350	$	—	$	18,160
Equity securities	152,815		150,043		—		302,858
Commingled fixed income securities	—		377,078		—		377,078
Government and related securities	295,404		20,473		—		315,877
Corporate debt securities	—		418,908		—		418,908
Mortgage-backed securities /asset-backed securities	—		19,223		—		19,223
Private equity	—		—		38,362		38,362
Real estate	—		—		91,352		91,352
Securities lending collateral ⁽¹⁾	—		152,179		—		152,179
Total plan assets at fair value	$	457,029	$	1,147,254	$	129,714	$	1,733,997
Securities lending payable ⁽¹⁾							(152,179		)
Cash							5,186
Other							(29,097		)
Fair value of plan assets							$	1,557,907



	December 31, 2016
	Level 1		Level 2		Level 3		Total
Money market funds	$	2,604	$	6,609	$	—	$	9,213
Equity securities	184,254		140,691		—		324,945
Commingled fixed income securities	—		358,776		—		358,776
Government and related securities	214,068		21,126		—		235,194
Corporate debt securities	—		367,369		—		367,369
Mortgage-backed securities /asset-backed securities	—		14,072		1,236		15,308
Private equity	—		—		49,637		49,637
Real estate	—		—		87,852		87,852
Securities lending collateral ⁽¹⁾	—		174,651		—		174,651
Total plan assets at fair value	$	400,926	$	1,083,294	$	138,725	$	1,622,945
Securities lending payable ⁽¹⁾							(174,651		)
Cash							18,164
Other							(2,376		)
Fair value of plan assets							$	1,464,082

(1) Securities lending collateral is offset by a corresponding securities lending payable amount.

Foreign Plans



	December 31, 2017
	Level 1		Level 2		Level 3		Total
Money market funds	$	—	$	13,375	$	—	$	13,375
Equity securities	—		226,032		—		226,032
Commingled fixed income securities	—		213,844		—		213,844
Government and related securities	—		66,115		—		66,115
Corporate debt securities	—		24,889		—		24,889
Real estate	—		—		41,601		41,601
Diversified growth funds	—		—		44,024		44,024
Total plan assets at fair value	$	—	$	544,255	$	85,625	$	629,880
Cash							2,203
Other							627
Fair value of plan assets							$	632,710



	December 31, 2016
	Level 1		Level 2		Level 3		Total
Money market funds	$	—	$	6,811	$	—	$	6,811
Equity securities	32,295		181,943		—		214,238
Commingled fixed income securities	—		69,022		—		69,022
Government and related securities	—		29,363		—		29,363
Corporate debt securities	—		150,767		—		150,767
Real estate	—		—		34,483		34,483
Diversified growth funds	—		—		36,779		36,779
Total plan assets at fair value	$	32,295	$	437,906	$	71,262	$	541,463
Cash							4,262
Other							1,565
Fair value of plan assets							$	547,290

Schedule of Changes in Fair Value of Level 3 Assets Domestic

The following table summarizes the changes in the fair value of Level 3 assets for the years ended December 31, 2017 and 2016:

United States Pension Plans



	MBS & ABS			Private equity			Real estate			Total
Balance at December 31, 2015	$	1,592		$	63,577		$	82,569		$	147,738
Realized gains	8			10,200			1,280			11,488
Unrealized gains (losses)	38			(7,540		)	4,815			(2,687		)
Net purchases, sales and settlements	(402		)	(16,600		)	(812		)	(17,814		)
Balance at December 31, 2016	1,236			49,637			87,852			138,725
Realized gains	25			9,226			980			10,231
Unrealized gains (losses)	49			(2,334		)	2,397			112
Net purchases, sales and settlements	(1,310		)	(18,167		)	123			(19,354		)
Balance at December 31, 2017	$	—		$	38,362		$	91,352		$	129,714

Foreign Pension Plans



	Real estate			Diversified growth funds			Total
Balance at December 31, 2015	$	39,177		$	20,513		$	59,690
Unrealized gains	459			2,561			3,020
Net purchases, sales and settlements	1,436			19,028			20,464
Foreign currency loss	(6,589		)	(5,323		)	(11,912		)
Balance at December 31, 2016	34,483			36,779			71,262
Unrealized gains	2,159			3,551			5,710
Net purchases, sales and settlements	1,481			—			1,481
Foreign currency gain	3,478			3,694			7,172
Balance at December 31, 2017	$	41,601		$	44,024		$	85,625

Schedule of Change in Benefit Obligation, Plan Assets and the Funded Status of Nonpension Benefit Plans

The benefit obligation and funded status for nonpension postretirement benefit plans are as follows:



	2017			2016
Benefit obligation
Benefit obligation - beginning of year	$	189,772		$	211,878
Service cost	1,727			2,046
Interest cost	7,100			7,969
Plan participants' contributions	3,820			4,241
Actuarial loss (gain)	5,134			(13,934		)
Foreign currency changes	1,066			409
Benefits paid	(19,778		)	(22,837		)
Benefit obligation - end of year ⁽¹⁾	$	188,841		$	189,772



Fair value of plan assets
Fair value of plan assets - beginning of year	$	—		$	—
Company contribution	15,958			18,596
Plan participants' contributions	3,820			4,241
Benefits paid	(19,778		)	(22,837		)
Fair value of plan assets - end of year	$	—		$	—



Amounts recognized in the Consolidated Balance Sheets
Current liability	$	(17,712	)	$	(18,127	)
Non-current liability	(171,129		)	(171,645		)
Funded status	$	(188,841	)	$	(189,772	)


(1)	The benefit obligation for the U.S. nonpension postretirement plans was $172 million and $174 million at December 31, 2017 and 2016, respectively.

Pretax amounts recognized in AOCI consist of:



	2017		2016
Net actuarial loss	$	43,160	$	41,625
Prior service cost	1,466		1,763
Total	$	44,626	$	43,388

Schedule of Costs of Retirement Plans

The components of net periodic benefit cost (income) for defined benefit pension plans were as follows:



	United States									Foreign
	2017			2016			2015			2017			2016			2015
Service cost	$	132		$	105		$	134		$	2,274		$	2,148		$	2,229
Interest cost	68,611			73,699			74,331			18,836			21,886			24,261
Expected return on plan assets	(97,656		)	(101,918		)	(104,004		)	(32,242		)	(32,615		)	(35,421		)
Amortization of net transition asset	—			—			—			(8		)	(8		)	(9		)
Amortization of prior service credit	(60		)	(60		)	(60		)	(71		)	(73		)	(66		)
Amortization of net actuarial loss	28,954			27,220			29,272			8,052			5,264			5,926
Special termination benefits	—			—			—			—			52			79
Settlement	—			2,109			1,243			—			110			—
Net periodic benefit (income) cost	$	(19	)	$	1,155		$	916		$	(3,159	)	$	(3,236	)	$	(3,001	)

The components of net periodic benefit cost for nonpension postretirement benefit plans were as follows:



	2017		2016		2015
Service cost	$	1,727	$	2,046	$	2,455
Interest cost	7,100		7,969		8,799
Amortization of prior service cost	297		297		297
Amortization of net actuarial loss	3,600		3,615		7,528
Net periodic benefit cost	$	12,724	$	13,927	$	19,079

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

A 1% change in the assumed health care cost trend rates would have the following effects:



	1% Increase		1% Decrease
Effect on total of service and interest cost components	$	323	$	(269	)
Effect on postretirement benefit obligation	$	7,672	$	(6,479	)

Schedule of Expected Benefit Payments

The following benefit payments, which reflect expected future service, are expected to be paid.



	Pension Benefits		Nonpension Benefits
Years ending December 31,
2018	$	132,626	$	17,693
2019	129,051		17,163
2020	130,201		16,554
2021	128,257		15,952
2022	128,221		15,347
Thereafter	628,715		63,303
	$	1,277,071	$	146,012