Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2018

Reconciliation of Changes in Benefit Obligations and Fair Value of Plan Assets

The following table provides a reconciliation of the changes in the benefit obligations and fair value of plan assets over the two-year period ended December 31, 2018 and a statement of the funded status at December 31 for both years.



	Pension Benefits												Other Benefits
	2018						2017						2018			2017
	U.S.			Non-U.S.			U.S.			Non-U.S.
	(In thousands)
CHANGE IN BENEFIT OBLIGATION
Obligation at January 1	$	91,335		$	97,451		$	90,256		$	87,764		$	26,068		$	24,636
Service cost	886			2,105			976			1,975			668			610
Interest cost	2,634			1,389			2,677			1,283			810			818
Plan amendments	—			52			—			—						—
Benefits paid	(5,171		)	(2,791		)	(6,258		)	(1,942		)	(847		)	(738		)
Actuarial loss (gain)	(4,497		)	(3,378		)	3,684			(15		)	(3,930		)	592
Currency translation	—			(3,335		)	—			9,323			(176		)	150
Settlements	(12		)	(2,313		)	—			(2,452		)				—
Acquisition/Divestiture	—			—			—			(482		)				—
Other	—			609			—			1,997						—
Obligation at December 31	$	85,175		$	89,789		$	91,335		$	97,451		$	22,593		$	26,068
CHANGE IN PLAN ASSETS
Fair value of plan assets at January 1	$	76,041		$	36,316		$	73,688		$	32,586		$	—		$	—
Actual return on plan assets	2,070			496			5,046			1,792			—			—
Employer contributions	10,652			2,345			3,565			2,702			847			738
Benefits paid	(5,171		)	(2,791		)	(6,258		)	(1,942		)	(847		)	(738		)
Currency translation				(1,130		)	—			2,446			—			—
Settlements				(2,313		)	—			(2,452		)	—			—
Acquisition/Divestiture							—			—			—			—
Other	(12		)	609			—			1,184			—			—
Fair value of plan assets at December 31	$	83,580		$	33,532		$	76,041		$	36,316		$	—		$	—
Funded status at December 31	$	(1,595	)	$	(56,257	)	$	(15,294	)	$	(61,135	)	$	(22,593	)	$	(26,068	)
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS
Other noncurrent assets	$	3,058		$	—		$	—		$	—		$	—		$	—
Current liabilities	$	(556	)	$	(1,174	)	$	(658	)	$	(1,159	)	$	(1,116	)	$	(1,034	)
Other noncurrent liabilities	(4,097		)	(55,083		)	(14,636		)	(59,976		)	(21,477		)	(25,034		)
Net liability at December 31	$	(1,595	)	$	(56,257	)	$	(15,294	)	$	(61,135	)	$	(22,593	)	$	(26,068	)

Weighted Average Assumptions Used in Measurement of Benefit Obligation



	U.S. Plans						Non-U.S. Plans
	2018		2017		2016		2018		2017		2016
Discount rate	3.46	%	3.91	%	4.12	%	1.82	%	1.76	%	2.99	%
Expected return on plan assets	5.50	%	5.50	%	6.50	%	3.09	%	3.20	%	4.58	%
Rate of compensation increase	4.00	%	4.00	%	4.00	%	2.37	%	2.29	%	2.98	%



	Other Benefits
	2018		2017		2016
Discount rate	3.50	%	3.94	%	4.10	%
Expected return on plan assets	—	%	—	%	—	%
Rate of compensation increase	4.00	%	4.00	%	4.00	%

The weighted average assumptions used in the measurement of the Company’s benefit obligation at December 31, 2018 and 2017 were as follows:



	U.S. Plans				Non-U.S. Plans				Other Benefits
	2018		2017		2018		2017		2018		2017
Discount rate	4.10	%	3.46	%	2.07	%	1.82	%	4.11	%	3.50	%
Rate of compensation increase	4.00	%	4.00	%	2.13	%	2.37	%	4.00	%	4.00	%

Pretax Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

The pretax change recognized in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheet in 2018 is as follows:



	Pension Benefits					Other Benefits
	U.S.		Non-U.S.
	(In thousands)
Net gain (loss) in current year	$	2,624	$	2,754		$	3,930
Prior service cost	—		(52		)	—
Amortization of prior service cost (credit)	24		3			(366		)
Amortization of net loss (gain)	2,687		961			(371		)
Exchange rate effect on amounts in OCI	—		746			(39		)
Total	$	5,335	$	4,412		$	3,154

The pretax amounts recognized in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets as of December 31, 2018 and 2017 were as follows:



	Pension Benefits								Other Benefits
	2018				2017				2018			2017
	U.S.		Non-U.S.		U.S.		Non-U.S.
	(In thousands)
Prior service cost (credit)	$	62	$	64	$	86	$	18	$	(117	)	$	(483	)
Net loss	22,478		12,955		27,789		17,986		(6,386		)	(2,866		)
Total	$	22,540	$	13,019	$	27,875	$	18,004	$	(6,503	)	$	(3,349	)

Amounts in Accumulated Other Comprehensive Income (Loss) Expected to Be Recognized as Components of Net Periodic Benefit Cost During 2012

The amounts in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheet as of December 31, 2018 that are expected to be recognized as components of net periodic benefit cost during 2019 are as follows:



	U.S. Pension Benefit Plans		Non-U.S. Pension Benefit Plans		Other Benefit Plans			Total
	(In thousands)
Prior service cost (credit)	$	15	$	6	$	(70	)	$	(49	)
Net loss	1,931		1,131		(564		)	2,498
Total	$	1,946	$	1,137	$	(634	)	$	2,449

Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans

The components of, and the weighted average assumptions used to determine, the net periodic benefit cost for the plans in 2018, 2017 and 2016 are as follows:



	Pension Benefits
	2018						2017						2016
	U.S.			Non-U.S.			U.S.			Non-U.S.			U.S.			Non-U.S.
	(In thousands)
Service cost	$	886		$	2,105		$	976		$	1,975		$	1,016		$	1,627
Interest cost	2,634			1,389			2,677			1,283			3,043			1,429
Expected return on plan assets	(3,943		)	(1,120		)	(3,832		)	(1,088		)	(4,777		)	(993		)
Settlement loss recognized	(1		)	(307		)	—			234			3,339			215
Net amortization	2,712			1,271			2,566			1,809			3,226			1,008
Net periodic benefit cost	$	2,288		$	3,338		$	2,387		$	4,213		$	5,847		$	3,286



	Other Benefits
	2018			2017			2016
	(In thousands)
Service cost	$	668		$	610		$	601
Interest cost	810			818			811
Net amortization	(737		)	(795		)	(705		)
Net periodic benefit cost	$	741		$	633		$	707

Summary of Basis Used to Measure Defined Benefit Plans' Assets at Fair Value

The basis used to measure the defined benefit plans’ assets at fair value at December 31, 2018 and 2017 is summarized as follows:



	Basis of Fair Value Measurement
	Outstanding Balances		Level 1		Level 2		Level 3
As of December 31, 2018	(In thousands)
Equity
U.S. Large Cap	$	3,759	$	3,759	$	—	$	—
U.S. Small / Mid Cap	770		—		770		—
International	7,532		4,445		3,087		—
Fixed Income
U.S. Intermediate	581		—		581		—
U.S. Long Term	75,096		—		75,096		—
U.S. High Yield	1,098		—		1,098		—
International	8,604		244		8,360		—
Other Commingled Funds ⁽¹⁾	15,555		—		—		15,555
Cash and Equivalents	1,944		1,074		870		—
Other	2,173		—		2,173		—
	$	117,112	$	9,522	$	92,035	$	15,555


(1)	Other commingled funds represent pooled institutional investments in non-U.S. plans.



	Basis of Fair Value Measurement
	Outstanding Balances		Level 1		Level 2		Level 3
As of December 31, 2017	(In thousands)
Equity
U.S. Large Cap	$	16,402	$	16,402	$	—	$	—
U.S. Small / Mid Cap	7,966		7,051		915		—
International	16,844		13,205		3,639		—
Fixed Income
U.S. Intermediate	13,568		13,483		85		—
U.S. Short Duration	13,362		13,362		—		—
U.S. High Yield	9,529		8,462		1,067		—
International	13,311		3,767		9,544		—
Other Commingled Funds ⁽¹⁾	16,059		—		—		16,059
Cash and Equivalents	2,613		1,346		1,267		—
Other	2,851		—		2,851		—
	$	112,505	$	77,078	$	19,368	$	16,059


(1)	Other commingled funds represent pooled institutional investments in non-U.S. plans.

The Company’s pension plan weighted average asset allocations at December 31, 2018 and 2017, by asset category, were as follows:



	U.S. Plans				Non-U.S. Plans
	2018		2017		2018		2017
Equity securities	9	%	47	%	13	%	14	%
Fixed income securities	90	%	51	%	31	%	30	%
Cash/Commingled Funds/Other ⁽¹⁾	1	%	2	%	56	%	56	%
Total	100	%	100	%	100	%	100	%