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Retirement Plans and Postretirement Medical Benefits (Tables)

12 Months Ended

Dec. 31, 2018

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
	2018			2017			2018			2017
Accumulated benefit obligation	$	1,500,691		$	1,726,824		$	659,628		$	737,580

Projected benefit obligation
Benefit obligation - beginning of year	$	1,727,737		$	1,678,097		$	751,373		$	688,172
Service cost	92			132			2,159			2,274
Interest cost	61,490			68,611			18,089			18,836
Plan participants' contributions	—			—			7			6
Actuarial (gain) loss	(124,298		)	92,789			(41,995		)	2,098
Foreign currency changes	—			—			(40,559		)	64,236
Plan amendments	—			—			9,009			—
Settlement / curtailment	(82,273		)	—			(6,703		)	—
Benefits paid	(81,608		)	(111,892		)	(28,736		)	(24,249		)
Benefit obligation - end of year	$	1,501,140		$	1,727,737		$	662,644		$	751,373



Fair value of plan assets
Fair value of plan assets - beginning of year	$	1,557,907		$	1,464,082		$	632,710		$	547,290
Actual return on plan assets	(73,745		)	199,749			(17,043		)	46,542
Company contributions	6,753			5,968			10,939			13,081
Plan participants' contributions	—			—			7			6
Settlement	(82,273		)	—			—			—
Foreign currency changes	—			—			(35,360		)	50,040
Benefits paid	(81,608		)	(111,892		)	(28,736		)	(24,249		)
Fair value of plan assets - end of year	$	1,327,034		$	1,557,907		$	562,517		$	632,710



Amounts recognized in the Consolidated Balance Sheets
Noncurrent asset	$	277		$	392		$	14,225		$	19,139
Current liability	(10,975		)	(8,362		)	(1,197		)	(1,188		)
Noncurrent liability	(163,408		)	(161,860		)	(113,155		)	(136,614		)
Funded status	$	(174,106	)	$	(169,830	)	$	(100,127	)	$	(118,663	)

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, 2018 and 2017:



	United States				Foreign
	2018		2017		2018		2017
Projected benefit obligation	$	1,500,680	$	1,727,292	$	540,798	$	614,371
Accumulated benefit obligation	$	1,500,231	$	1,726,378	$	538,666	$	601,412
Fair value of plan assets	$	1,326,296	$	1,557,069	$	426,446	$	476,825

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)



Pretax amounts recognized in AOCI consist of:
	United States						Foreign
	2018			2017			2018			2017
Net actuarial loss	$	809,836		$	835,265		$	318,474		$	321,914
Prior service credit	(330		)	(391		)	8,496			(597		)
Transition asset	—			—			(17		)	(24		)
Total	$	809,506		$	834,874		$	326,953		$	321,293

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



	United States						Foreign
	2018			2017			2018			2017
Net actuarial loss (gain)	$	50,534		$	(9,304	)	$	3,824		$	(12,202	)
Plan amendment	—			—			9,009			—
Amortization of net actuarial loss	(31,298		)	(28,954		)	(7,264		)	(8,052		)
Amortization of prior service credit	60			60			71			71
Net transition asset	—			—			7			8
Settlement/Curtailment	(44,665		)	—			13			—
Total recognized in other comprehensive income	$	(25,369	)	$	(38,198	)	$	5,660		$	(20,175	)

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



	2018			2017
Net actuarial (gain) loss	$	(11,837	)	$	5,134
Curtailment	(246		)	—
Amortization of net actuarial loss	(3,048		)	(3,600		)
Amortization of prior service cost	(304		)	(297		)
Total recognized in other comprehensive income	$	(15,435	)	$	1,237

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:



	2018		2017		2016
Discount rate used to determine benefit obligation
U.S.	4.20	%	3.55	%	3.90	%
Canada	3.60	%	3.35	%	3.65	%

Discount rate used to determine net period benefit cost
U.S.	3.55	%	3.90	%	4.20	%
Canada	3.35	%	3.65	%	3.95	%

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



	2018				2017				2016
United States
Used to determine benefit obligations
Discount rate	4.34%				3.69%				4.20%
Rate of compensation increase	N/A				N/A				N/A

Used to determine net periodic benefit cost
Discount rate	3.69%				4.20%				4.55%
Expected return on plan assets	7.00%				6.75%				7.00%
Rate of compensation increase	N/A				N/A				N/A

Foreign
Used to determine benefit obligations
Discount rate	0.75	%	-	3.55%	0.65	%	-	3.35%	0.70	%	-	3.65%
Rate of compensation increase	1.50	%	-	2.50%	1.50	%	-	2.50%	1.50	%	-	2.50%

Used to determine net periodic benefit cost
Discount rate	0.65	%	-	3.35%	0.70	%	-	3.65%	1.15	%	-	3.95%
Expected return on plan assets	3.75	%	-	6.25%	3.75	%	-	6.25%	3.75	%	-	6.51%
Rate of compensation increase	1.50	%	-	3.25%	1.50	%	-	3.30%	1.50	%	-	3.50%

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

Target and actual allocations for 2019, 2018 and 2017 for the U.S. pension plans were as follows:



	Target allocation		Percent of Plan Assets at December 31,
	2019		2018		2017
Asset category
U.S. equities	14	%	13	%	15	%
Non-U.S. equities	13	%	13	%	15	%
Fixed income	63	%	64	%	62	%
Real estate	5	%	7	%	6	%
Private equity	5	%	3	%	2	%
Total	100	%	100	%	100	%

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

Target and actual asset allocations for the U.K. Plan for 2019, 2018 and 2017 were as follows:



	Target Allocation		Percent of Plan Assets at December 31,
	2019		2018		2017
Asset category
U.K. equities	10	%	9	%	10	%
Non-U.K. equities	30	%	29	%	29	%
Fixed income	40	%	41	%	41	%
Real estate	10	%	10	%	9	%
Diversified growth	10	%	10	%	9	%
Cash	—	%	1	%	2	%
Total	100	%	100	%	100	%

Schedule of Fair Value Measurement of Plan Assets

Foreign Plans



	December 31, 2018
	Level 1		Level 2		Level 3		Total
Money market funds	$	—	$	11,172	$	—	$	11,172
Equity securities	—		194,914		—		194,914
Commingled fixed income securities	—		198,902		—		198,902
Government and related securities	—		40,055		—		40,055
Corporate debt securities	—		29,996		—		29,996
Real estate	—		—		42,143		42,143
Diversified growth funds	—		—		40,766		40,766
Total plan assets at fair value	$	—	$	475,039	$	82,909	$	557,948
Cash							3,903
Other							666
Fair value of plan assets							$	562,517



	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

United States Pension Plans



	December 31, 2018
	Level 1		Level 2		Level 3		Total
Money market funds	$	3,498	$	5,759	$	—	$	9,257
Equity securities	110,840		109,864		—		220,704
Commingled fixed income securities	—		281,258		—		281,258
Government and related securities	258,535		16,144		—		274,679
Corporate debt securities	—		435,285		—		435,285
Mortgage-backed securities /asset-backed securities	—		23,474		—		23,474
Private equity	—		—		32,750		32,750
Real estate	—		—		96,877		96,877
Securities lending collateral	—		117,603		—		117,603
Total plan assets at fair value	$	372,873	$	989,387	$	129,627	$	1,491,887
Securities lending payable							(117,603		)
Cash							11,341
Other							(58,591		)
Fair value of plan assets							$	1,327,034



	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	—		152,179		—		152,179
Total plan assets at fair value	$	457,029	$	1,147,254	$	129,714	$	1,733,997
Securities lending payable							(152,179		)
Cash							5,186
Other							(29,097		)
Fair value of plan assets							$	1,557,907

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, 2018 and 2017:

United States Pension Plans



	MBS & ABS			Private equity			Real estate		Total
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
Realized gains	—			8,264			1,001		9,265
Unrealized (losses) gains	—			(1,409		)	4,462		3,053
Net purchases, sales and settlements	—			(12,467		)	62		(12,405		)
Balance at December 31, 2018	$	—		$	32,750		$	96,877	$	129,627

Foreign Pension Plans



	Real estate			Diversified growth funds			Total
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	3,478			3,694			7,172
Balance at December 31, 2017	41,601			44,024			85,625
Unrealized gains (losses)	1,317			(4,948		)	(3,631		)
Net purchases, sales and settlements	1,653			4,090			5,743
Foreign currency	(2,428		)	(2,400		)	(4,828		)
Balance at December 31, 2018	$	42,143		$	40,766		$	82,909

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:



	2018			2017
Benefit obligation
Benefit obligation - beginning of year	$	188,841		$	189,772
Service cost	1,405			1,727
Interest cost	6,640			7,100
Plan participants' contributions	3,200			3,820
Actuarial (gain) loss	(11,304		)	5,134
Foreign currency changes	(1,178		)	1,066
Curtailment	(533		)	—
Benefits paid	(20,596		)	(19,778		)
Benefit obligation - end of year ⁽¹⁾	$	166,475		$	188,841



Fair value of plan assets
Fair value of plan assets - beginning of year	$	—		$	—
Company contribution	17,396			15,958
Plan participants' contributions	3,200			3,820
Benefits paid	(20,596		)	(19,778		)
Fair value of plan assets - end of year	$	—		$	—



Amounts recognized in the Consolidated Balance Sheets
Current liability	$	(17,013	)	$	(17,712	)
Non-current liability	(149,463		)	(171,129		)
Funded status	$	(166,476	)	$	(188,841	)


(1)	The benefit obligation for U.S. nonpension postretirement plans was $154 million and $172 million at December 31, 2018 and 2017, respectively.

Pretax amounts recognized in AOCI consist of:



	2018		2017
Net actuarial loss	$	28,368	$	43,160
Prior service cost	823		1,466
Total	$	29,191	$	44,626

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
	2018			2017			2016			2018			2017			2016
Service cost	$	92		$	132		$	105		$	2,159		$	2,274		$	2,148
Interest cost	61,490			68,611			73,699			18,089			18,836			21,886
Expected return on plan assets	(101,087		)	(97,656		)	(101,918		)	(35,687		)	(32,242		)	(32,615		)
Amortization of net transition asset	—			—			—			(7		)	(8		)	(8		)
Amortization of prior service credit	(60		)	(60		)	(60		)	(71		)	(71		)	(73		)
Amortization of net actuarial loss	31,298			28,954			27,220			7,264			8,052			5,264
Special termination benefits	—			—			—			208			—			52
Settlement/Curtailment	44,665			—			2,109			(13		)	—			110
Net periodic benefit cost (income)	$	36,398		$	(19	)	$	1,155		$	(8,058	)	$	(3,159	)	$	(3,236	)

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



	2018		2017		2016
Service cost	$	1,405	$	1,727	$	2,046
Interest cost	6,640		7,100		7,969
Amortization of prior service cost	304		297		297
Amortization of net actuarial loss	3,048		3,600		3,615
Curtailment	246		—		—
Net periodic benefit cost	$	11,643	$	12,724	$	13,927

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,
2019	$	137,312	$	17,040
2020	131,672		16,376
2021	129,641		15,783
2022	128,972		14,737
2023	128,774		13,706
Thereafter	627,369		59,518
	$	1,283,740	$	137,160