Pension and Other Post-Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2017

Funded Status (in thousands):



	Pension Plans						Post-retirement Healthcare Plans
	2017			2016			2017			2016
Accumulated benefit obligation	$	740,783		$	791,182		$	4,056		$	4,231
Change in benefit obligation
Obligation as of January 1	$	791,182		$	777,320		$	4,231		$	4,999
Service cost	—			—			158			123
Interest cost	33,585			35,872			142			170
Curtailment gain	8,483			—			—			—
Plan transfers	2,643			1,226			—			—
Benefits paid	(33,779		)	(33,593		)	(412		)	(667		)
Curtailments and settlement	(106,742		)	—			—			(560		)
Actuarial (gain) loss	45,411			10,357			(63		)	166
Obligation as of December 31	$	740,783		$	791,182		$	4,056		$	4,231
Change in plan assets
Fair value as of January 1	$	715,885		$	672,153		$	—		$	—
Actual gain on plan assets	99,090			69,836			—			—
Plan transfers	2,643			1,226			—			—
Employer contributions	4,476			6,263			412			667
Benefits paid	(33,779		)	(33,593		)	(412		)	(667		)
Settlement payments	$	(106,742	)	$	—		$	—		$	—
Fair value as of December 31	$	681,573		$	715,885		$	—		$	—
Funded status
Underfunded plans
Current liabilities	$	(1,497	)	$	(1,357	)	$	(414	)	$	(458	)
Non-current liabilities	$	(57,713	)	$	(73,940	)	$	(3,642	)	$	(3,773	)

Schedule of Net Benefit Costs

ABX’s net periodic benefit costs for its defined benefit pension plans and post-retirement healthcare plans for the years ended December 31, 2017, 2016 and 2015, are as follows (in thousands):



	Pension Plans									Post-Retirement Healthcare Plan
	2017			2016			2015			2017			2016			2015
Service cost	$	—		$	—		$	—		$	158		$	123		177
Interest cost	33,585			35,872			34,584			142			170			192
Expected return on plan assets	(42,080		)	(41,056		)	(44,082		)	—			—			—
Curtailments and settlements	12,923			—			—			—			(1,997		)	—
Amortization of prior service cost	—			—			—			(51		)	(103		)	(542		)
Amortization of net (gain) loss	7,778			13,472			7,170			283			160			292
Net periodic benefit cost (income)	$	12,206		$	8,288		$	(2,328	)	$	532		$	(1,647	)	$	119

Schedule of Net Periodic Benefit Cost Not yet Recognized

The pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit expense at December 31 are as follows (in thousands):



	Pension Plans				Post-Retirement Healthcare Plans
	2017		2016		2017		2016
Unrecognized prior service cost	$	—	$	—	$	—	$	(51	)
Unrecognized net actuarial loss	88,689		112,506		1,547		1,893
Accumulated other comprehensive loss	$	88,689	$	112,506	$	1,547	$	1,842

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year

The amounts of unrecognized net actuarial loss recorded in accumulated other comprehensive loss that is expected to be recognized as components of net periodic benefit expense during 2018 is $3.5 million and $0.2 million for the pension plans and the post-retirement healthcare plans, respectively.

Schedule of Assumptions Used

Assumptions used in determining the funded status of ABX’s pension plans at December 31 were as follows:



	Pension Plans
	2017	2016	2015
Discount rate - crewmembers	4.00%	4.50%	4.70%
Discount rate - non-crewmembers	4.05%	4.60%	4.75%
Expected return on plan assets	6.25%	6.25%	6.25%

Schedule of Allocation of Plan Assets

The pension plan assets measured at fair value on a recurring basis were as follows (in thousands):



As of December 31, 2017	Fair Value Measurement Using				Total
	Level 1		Level 2		Total
Plan assets
Common trust funds	$	—	$	3,792	$	3,792
Corporate stock	17,361		—		17,361
Mutual funds	53,391		113,426		166,817
Fixed income investments	3,926		462,480		466,406
Benefit Plan Assets	$	74,678	$	579,698	$	654,376

Investments measured at net asset value ("NAV")					27,197
Total benefit plan assets					$	681,573



As of December 31, 2016	Fair Value Measurement Using				Total
	Level 1		Level 2		Total
Plan assets
Common trust funds	$	—	$	3,469	$	3,469
Corporate stock	20,818		—		20,818
Mutual funds	59,370		114,940		174,310
Fixed income investments	777		457,238		458,015
Benefit Plan Assets	$	80,965	$	575,647	$	656,612

Investments measured at net asset value ("NAV")					59,273
Total benefit plan assets					$	715,885

The weighted-average asset allocations by asset category are as shown below:



	Composition of Plan Assets as of December 31
Asset category	2017		2016
Cash	1	%	1	%
Equity securities	31	%	30	%
Fixed income securities	68	%	64	%
Real estate	—	%	5	%
	100	%	100	%

Schedule of Expected Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid out of the respective plans as follows (in thousands):



	Pension Benefits		Post-retirement Healthcare Benefits
2018	$	31,066	$	414
2019	36,615		483
2020	36,650		502
2021	39,032		530
2022	41,113		508
Years 2023 to 2027	225,994		2,177

Schedule of Level Three Defined Benefit Plan Assets Roll Forward

The following table presents investments measured at fair value based on NAV per share as a practical expedient:



	Fair Value		Redemption Frequency	Redemption Notice Period	Unfunded Commitments
As of December 31, 2017
Hedge Funds & Private Equity	$	27,197	(1) (2)	90 days	$	—
Real Estate	—		(3)	90 days	—
Total investments measured at NAV	$	27,197			$	—

As of December 31, 2016
Hedge Funds & Private Equity	$	25,831	(1) (2)	90 days	$	—
Real Estate	33,442		(3)	90 days	—
Total investments measured at NAV	$	59,273			$	—