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Retirement Plans and Postretirement Medical Benefits (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
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
 
2019
 
2018
 
2019
 
2018
Accumulated benefit obligation
$
1,612,551

 
$
1,500,691

 
$
745,658

 
$
659,628

 
 
 
 
 
 
 
 
Projected benefit obligation
 
 
 
 
 
 
 
Benefit obligation - beginning of year
$
1,501,140

 
$
1,727,737

 
$
662,644

 
$
751,373

Service cost
83

 
92

 
1,543

 
2,159

Interest cost
63,171

 
61,490

 
17,853

 
18,089

Plan participants' contributions
—

 
—

 
6

 
7

Actuarial loss (gain)
160,390

 
(124,298
)
 
68,385

 
(41,995
)
Foreign currency changes
—

 
—

 
25,452

 
(40,559
)
Plan amendments
—

 
—

 
—

 
9,009

Settlements and curtailments
(6,684
)
 
(82,273
)
 
(2,682
)
 
(6,703
)
Benefits paid
(105,046
)
 
(81,608
)
 
(26,259
)
 
(28,736
)
Benefit obligation - end of year
$
1,613,054

 
$
1,501,140

 
$
746,942

 
$
662,644

Fair value of plan assets
 
 
 
 
 
 
 
Fair value of plan assets - beginning of year
$
1,327,034

 
$
1,557,907

 
$
562,517

 
$
632,710

Actual return on plan assets
261,579

 
(73,745
)
 
98,006

 
(17,043
)
Company contributions
10,135

 
6,753

 
10,085

 
10,939

Plan participants' contributions
—

 
—

 
6

 
7

Settlements and curtailments
(6,684
)
 
(82,273
)
 
(1,773
)
 
—

Foreign currency changes
—

 
—

 
25,726

 
(35,360
)
Benefits paid
(105,046
)
 
(81,608
)
 
(26,259
)
 
(28,736
)
Fair value of plan assets - end of year
$
1,487,018

 
$
1,327,034

 
$
668,308

 
$
562,517

Amounts recognized in the Consolidated Balance Sheets
 
 
 
 
 
 
 
Noncurrent asset
$
383

 
$
277

 
$
20,020

 
$
14,225

Current liability
(9,019
)
 
(10,975
)
 
(1,313
)
 
(1,197
)
Noncurrent liability
(117,401
)
 
(163,408
)
 
(97,341
)
 
(113,155
)
Funded status
$
(126,037
)
 
$
(174,106
)
 
$
(78,634
)
 
$
(100,127
)
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, 2019 and 2018:
 
United States
 
Foreign
 
2019
 
2018
 
2019
 
2018
Projected benefit obligation
$
1,612,745

 
$
1,500,680

 
$
615,288

 
$
540,798

Accumulated benefit obligation
$
1,612,241

 
$
1,500,231

 
$
614,293

 
$
538,666

Fair value of plan assets
$
1,486,325

 
$
1,326,296

 
$
516,634

 
$
426,446
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Pretax amounts recognized in AOCI consist of:
 
 
 
 
 
 
 
 
United States
 
Foreign
 
2019
 
2018
 
2019
 
2018
Net actuarial loss
$
772,850

 
$
809,836

 
$
315,319

 
$
318,474

Prior service (credit) cost
(270
)
 
(330
)
 
8,317

 
8,496

Transition asset
—

 
—

 
(11
)
 
(17
)
Total
$
772,580

 
$
809,506

 
$
323,625

 
$
326,953


Other changes in plan assets and benefit obligation for nonpension postretirement benefit plans recognized in other comprehensive income were as follows:
 
2019
 
2018
Net actuarial loss (gain)
$
6,931

 
$
(11,837
)
Curtailment
—

 
(246
)
Amortization of net actuarial loss
(2,026
)
 
(3,048
)
Amortization of prior service cost
(321
)
 
(304
)
Total recognized in other comprehensive income
$
4,584

 
$
(15,435
)

Other changes in plan assets and benefit obligations for defined benefit pension plans recognized in other comprehensive income were as follows:
 
United States
 
Foreign
 
2019
 
2018
 
2019
 
2018
Net actuarial (gain) loss
$
(8,459
)
 
$
50,534

 
$
3,643

 
$
3,824

Plan amendment
—

 
—

 
—

 
9,009

Amortization of net actuarial loss
(26,146
)
 
(31,298
)
 
(6,337
)
 
(7,264
)
Amortization of prior service credit (cost)
60

 
60

 
(243
)
 
71

Net transition asset
—

 
—

 
6

 
7

Settlements and curtailments
(2,381
)
 
(44,665
)
 
(397
)
 
13

Total recognized in other comprehensive income
$
(36,926
)
 
$
(25,369
)
 
$
(3,328
)
 
$
5,660
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:
 
2019
 
2018
 
2017
Discount rate used to determine benefit obligation
 
 
 
 
 
U.S.
3.20
%
 
4.20
%
 
3.55
%
Canada
3.00
%
 
3.60
%
 
3.35
%
 
 
 
 
 
 
Discount rate used to determine net period benefit cost
 
 
 
 
 
U.S.
4.20
%
 
3.55
%
 
3.90
%
Canada
3.60
%
 
3.35
%
 
3.65
%

Weighted-average actuarial assumptions used to determine end of year benefit obligations and net periodic benefit cost for defined benefit pension plans include:
 
2019
 
2018
 
2017
United States
 
 
 
 
 
 
 
 
 
 
 
Used to determine benefit obligations
 
 
 
 
 
 
 
 
 
 
 
     Discount rate
3.34%
 
4.34%
 
3.69%
     Rate of compensation increase
N/A
 
N/A
 
N/A
 
 
 
 
 
 
 
 
 
 
 
 
Used to determine net periodic benefit cost
 
 
 
 
 
 
 
 
 
 
 
     Discount rate
4.34%
 
3.69%
 
4.20%
     Expected return on plan assets
6.75%
 
7.00%
 
6.75%
     Rate of compensation increase
N/A
 
N/A
 
N/A
 
 
 
 
 
 
 
 
 
 
 
 
Foreign
 
 
 
 
 
 
 
 
 
 
 
Used to determine benefit obligations
 
 
 
 
 
 
 
 
 
 
 
     Discount rate
0.65
%
-
2.95%
 
0.75
%
-
3.55%
 
0.65
%
-
3.35%
     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
0.75
%
-
3.55%
 
0.65
%
-
3.35%
 
0.70
%
-
3.65%
     Expected return on plan assets
4.25
%
-
6.25%
 
3.75
%
-
6.25%
 
3.75
%
-
6.25%
     Rate of compensation increase
1.50
%
-
2.50%
 
1.50
%
-
3.25%
 
1.50
%
-
3.30%
Schedule of Target Allocation and Percentage of Plan Assets for Domestic Pension Plan Target and actual asset allocations for the U.S. pension plans were as follows:
 
Target allocation
 
Percent of Plan Assets at December 31,
 
2020
 
2019
 
2018
Asset category
 
 
 
 
 
Equities
30
%
 
30
%
 
26
%
Fixed income
63
%
 
63
%
 
64
%
Real estate
5
%
 
5
%
 
7
%
Private equity
2
%
 
2
%
 
3
%
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 were as follows:
 
Target Allocation
 
Percent of Plan Assets at December 31,
 
2020
 
2019
 
2018
Asset category
 
 
 
 
 
Equities
30
%
 
35
%
 
38
%
Fixed income
50
%
 
46
%
 
41
%
Real estate
10
%
 
9
%
 
10
%
Diversified growth
10
%
 
9
%
 
10
%
Cash
—
%
 
1
%
 
1
%
Total
100
%
 
100
%
 
100
%
Schedule of Fair Value Measurement of Plan Assets
Foreign Plans
 
December 31, 2019
 
Level 1
 
Level 2
 
Level 3
 
Total
Money market funds
$
—

 
$
8,734

 
$
—

 
$
8,734

Equity securities
—

 
222,554

 
—

 
222,554

Commingled fixed income securities
—

 
264,131

 
—

 
264,131

Government and related securities
—

 
43,405

 
—

 
43,405

Corporate debt securities
—

 
34,528

 
—

 
34,528

Real estate
—

 
—

 
45,335

 
45,335

Diversified growth funds
—

 
—

 
47,621

 
47,621

Total plan assets at fair value
$
—

 
$
573,352

 
$
92,956

 
$
666,308

Cash
 
 
 
 
 
 
1,516

Other
 
 
 
 
 
 
484

Fair value of plan assets

 


 


 
$
668,308


 
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


The following tables show the U.S. and foreign pension plans' assets:
United States Pension Plans
 
December 31, 2019
 
Level 1
 
Level 2
 
Level 3
 
Total
Money market funds
$
—

 
$
4,917

 
$
—

 
$
4,917

Equity securities
—

 
265,832

 
—

 
265,832

Commingled fixed income securities
—

 
275,335

 
—

 
275,335

Government and related securities
292,506

 
15,764

 
—

 
308,270

Corporate debt securities
—

 
528,425

 
—

 
528,425

Mortgage-backed securities /asset-backed securities
—

 
51,770

 
—

 
51,770

Private equity
—

 
—

 
23,608

 
23,608

Real estate
—

 
—

 
71,337

 
71,337

Securities lending collateral
—

 
106,886

 
—

 
106,886

Total plan assets at fair value
$
292,506

 
$
1,248,929

 
$
94,945

 
$
1,636,380

Securities lending payable
 
 
 
 
 
 
(106,886
)
Cash
 
 
 
 
 
 
9,409

Other
 
 
 
 
 
 
(51,885
)
Fair value of plan assets

 


 


 
$
1,487,018


 
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
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:
United States Pension Plans
 
Private equity
 
Real estate
 
Total
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

Realized gains
5,625

 
14,876

 
20,501

Unrealized losses
(5,288
)
 
(12,517
)
 
(17,805
)
Net purchases, sales and settlements
(9,479
)
 
(27,899
)
 
(37,378
)
Balance at December 31, 2019
$
23,608

 
$
71,337

 
$
94,945



Foreign Pension Plans
 
Real estate
 
Diversified growth funds
 
Total
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

Unrealized (losses) gains
(799
)
 
4,954

 
4,155

Net purchases, sales and settlements
1,618

 
107

 
1,725

Other
687

 
—

 
687

Foreign currency
1,686

 
1,794

 
3,480

Balance at December 31, 2019
$
45,335

 
$
47,621

 
$
92,956
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:
 
2019
 
2018
Benefit obligation
 
 
 
Benefit obligation - beginning of year
$
166,476

 
$
188,841

Service cost
967

 
1,405

Interest cost
6,584

 
6,640

Plan participants' contributions
3,003

 
3,200

Actuarial loss (gain)
6,930

 
(11,304
)
Foreign currency changes
674

 
(1,177
)
Curtailment
—

 
(533
)
Benefits paid
(20,530
)
 
(20,596
)
Benefit obligation - end of year (1)
$
164,104

 
$
166,476

Fair value of plan assets
 
 
 
Fair value of plan assets - beginning of year
$
—

 
$
—

Company contribution
17,527

 
17,396

Plan participants' contributions
3,003

 
3,200

Benefits paid
(20,530
)
 
(20,596
)
Fair value of plan assets - end of year
$
—

 
$
—

Amounts recognized in the Consolidated Balance Sheets
 
 
 
Current liability
$
(16,132
)
 
$
(17,013
)
Non-current liability
(147,972
)
 
(149,463
)
Funded status
$
(164,104
)
 
$
(166,476
)
(1)
The benefit obligation for U.S. nonpension postretirement plans was $150 million and $154 million at December 31, 2019 and 2018, respectively.

Pretax amounts recognized in AOCI consist of:
 
2019
 
2018
Net actuarial loss
$
33,272

 
$
28,368

Prior service cost
502

 
823

Total
$
33,774

 
$
29,191
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
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Service cost
$
83

 
$
92

 
$
132

 
$
1,543

 
$
2,159

 
$
2,274

Interest cost
63,171

 
61,490

 
68,611

 
17,853

 
18,089

 
18,836

Expected return on plan assets
(92,726
)
 
(101,087
)
 
(97,656
)
 
(34,363
)
 
(35,687
)
 
(32,242
)
Amortization of net transition asset
—

 
—

 
—

 
(6
)
 
(7
)
 
(8
)
Amortization of prior service (credit) cost
(60
)
 
(60
)
 
(60
)
 
243

 
(71
)
 
(71
)
Amortization of net actuarial loss
26,146

 
31,298

 
28,954

 
6,337

 
7,264

 
8,052

Special termination benefits
—

 
—

 
—

 
—

 
208

 
—

Settlements and curtailments
2,381

 
44,665

 
—

 
397

 
(13
)
 
—

Net periodic benefit (income) cost
$
(1,005
)
 
$
36,398

 
$
(19
)
 
$
(7,996
)
 
$
(8,058
)
 
$
(3,159
)

The components of net periodic benefit cost for nonpension postretirement benefit plans were as follows:
 
2019
 
2018
 
2017
Service cost
$
967

 
$
1,405

 
$
1,727

Interest cost
6,584

 
6,640

 
7,100

Amortization of prior service cost
321

 
304

 
297

Amortization of net actuarial loss
2,026

 
3,048

 
3,600

Curtailment
—

 
246

 
—

Net periodic benefit cost
$
9,898

 
$
11,643

 
$
12,724
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, are expected to be paid.
 
Pension Benefits
 
Nonpension Benefits
2020
$
131,577

 
$
16,129

2021
125,439

 
15,480

2022
124,142

 
14,756

2023
124,559

 
13,592

2024
121,767

 
12,500

Thereafter
600,327

 
53,101

 
$
1,227,811

 
$
125,558