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Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2017
Retirement Benefits [Abstract]  
Change in Benefit Obligation
The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets as well as a statement of the funded status and balance sheet reporting for these plans.
 
 
Pension Benefits
 
Other Benefits
Years Ended December 31,
2017
 
2016
 
2017
 
2016
 
 
 
(In thousands)
 
 
Change in benefit obligation:
 
 
 
 
 
 
 
Benefit obligation, beginning of year
$
(256,481
)
 
$
(275,205
)
 
$
(32,038
)
 
$
(32,313
)
Service cost
(4,978
)
 
(4,981
)
 
(49
)
 
(46
)
Interest cost
(7,671
)
 
(8,909
)
 
(1,139
)
 
(1,259
)
Participant contributions
(91
)
 
(106
)
 
(7
)
 
(7
)
Actuarial gain (loss)
(3,291
)
 
(16,250
)
 
3,370

 
578

Divestiture
794

 
—

 
—

 
—

Settlements
49

 
29,256

 
—

 
—

Curtailments
—

 
227

 
—

 
—

Foreign currency exchange rate changes
(14,299
)
 
10,723

 
(2,022
)
 
(580
)
Benefits paid
13,943

 
8,764

 
1,552

 
1,589

Benefit obligation, end of year
$
(272,025
)
 
$
(256,481
)
 
$
(30,333
)
 
$
(32,038
)
Change in Plan Assets
 
Pension Benefits
 
Other Benefits
Years Ended December 31,
2017
 
2016
 
2017
 
2016
 
 
 
(In thousands)
 
 
Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets, beginning of year
$
182,370

 
$
204,372

 
$
—

 
$
—

Actual return on plan assets
18,746

 
18,832

 
—

 
—

Employer contributions
4,425

 
5,698

 
1,545

 
1,582

Plan participant contributions
91

 
106

 
7

 
7

Settlements
—

 
(28,841
)
 
—

 
—

Foreign currency exchange rate changes
6,467

 
(9,033
)
 
—

 
—

Benefits paid
(13,943
)
 
(8,764
)
 
(1,552
)
 
(1,589
)
Fair value of plan assets, end of year
$
198,156

 
$
182,370

 
$
—

 
$
—
Amounts Recognized in Balance Sheets
Funded status, end of year
$
(73,869
)
 
$
(74,111
)
 
$
(30,333
)
 
$
(32,038
)
Amounts recognized in the balance sheets:
 
 
 
 
 
 
 
Prepaid benefit cost
$
3,174

 
$
3,148

 
$
—

 
$
—

Accrued benefit liability (current)
(3,736
)
 
(3,022
)
 
(1,555
)
 
(1,778
)
Liabilities held for sale
—

 
(447
)
 
—

 
—

Accrued benefit liability (noncurrent)
(73,307
)
 
(73,790
)
 
(28,778
)
 
(30,260
)
Net funded status
$
(73,869
)
 
$
(74,111
)
 
$
(30,333
)
 
$
(32,038
)
Components of Net Periodic Benefit Costs
The following table provides the components of net periodic benefit costs for the plans.
 
 
Pension Benefits
 
Other Benefits
Years Ended December 31,
2017
 
2016
 
2015
 
2017
 
2016
 
2015
 
 
 
 
 
(In thousands)
 
 
 
 
Components of net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
4,978

 
$
4,981

 
$
5,505

 
$
49

 
$
46

 
$
52

Interest cost
7,671

 
8,909

 
9,116

 
1,139

 
1,259

 
1,301

Expected return on plan assets
(10,644
)
 
(12,013
)
 
(12,518
)
 
—

 
—

 
—

Amortization of prior service credit
(41
)
 
(42
)
 
(44
)
 
—

 
(42
)
 
(87
)
Curtailment gain
—

 
(227
)
 
(128
)
 
—

 
—

 
—

Settlement loss (gain)
(8
)
 
7,630

 
128

 
—

 
—

 
—

Net loss recognition
2,597

 
2,670

 
5,082

 
—

 
86

 
328

Net periodic benefit cost
$
4,553

 
$
11,908

 
$
7,141

 
$
1,188

 
$
1,349

 
$
1,594
Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Cost Amounts
The following table presents the assumptions used in determining the benefit obligations and the net periodic benefit cost amounts.
 
 
Pension Benefits
 
Other Benefits
Years Ended December 31,
2017
 
2016
 
2017
 
2016
Weighted average assumptions for benefit obligations at year end:
 
 
 
 
 
 
 
Discount rate
2.8
%
 
3.0
%
 
3.3
%
 
3.7
%
Salary increase
3.6
%
 
3.3
%
 
N/A

 
N/A

Weighted average assumptions for net periodic cost for the year:
 
 
 
 
 
 
 
Discount rate
3.1
%
 
3.6
%
 
3.7
%
 
4.0
%
Salary increase
3.6
%
 
3.5
%
 
N/A

 
N/A

Expected return on assets
6.0
%
 
6.2
%
 
N/A

 
N/A

Assumed health care cost trend rates:
 
 
 
 
 
 
 
Health care cost trend rate assumed for next year
N/A

 
N/A

 
6.2
%
 
6.2
%
Rate that the cost trend rate gradually declines to
N/A

 
N/A

 
5.0
%
 
5.0
%
Year that the rate reaches the rate it is assumed to remain at
N/A

 
N/A

 
2024

 
2023
Effect of One Percentage - Point Change in Assumed Health Care Cost Trend Rates
A one percentage-point change in the assumed health care cost trend rates would have the following effects on 2017 expense and year-end liabilities.
 
 
1% Increase
 
1% Decrease
 
(In thousands)
Effect on total of service and interest cost components
$
127

 
$
(103
)
Effect on postretirement benefit obligation
2,306

 
(1,943
)
Fair Values of Pension Plan Assets by Asset Category
The following table presents the fair values of the pension plan assets by asset category.
 
 
December 31, 2017
 
December 31, 2016
 
Fair Market Value at December 31, 2017
 
Quoted  Prices
in Active
Markets for
Identical
Assets
(Level 1)
 
Significant
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Fair Market Value at December 31, 2016
 
Quoted  Prices
in Active
Markets for
Identical
Assets
(Level 1)
 
Significant
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
(In thousands)
 
(In thousands)
Asset Category:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities(a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Large-cap fund
$
75,165

 
$
—

 
$
—

 
$
—

 
$
65,495

 
$
—

 
$
—

 
$
—

Mid-cap fund
13,046

 
—

 
—

 
—

 
11,419

 
—

 
—

 
—

Small-cap fund
18,785

 
—

 
—

 
—

 
17,184

 
—

 
—

 
—

Debt securities(b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government bond fund
28,429

 
—

 
—

 
—

 
26,151

 
—

 
—

 
—

Corporate bond fund
24,421

 
—

 
—

 
—

 
20,971

 
—

 
—

 
—

Fixed income fund(c)
38,072

 
—

 
38,072

 
—

 
40,958

 
—

 
40,958

 
—

Cash & equivalents
238

 
238

 
—

 
—

 
192

 
192

 
—

 
—

Total
$
198,156

 
$
238

 
$
38,072

 
$
—

 
$
182,370

 
$
192

 
$
40,958

 
$
—

 
(a)
This category includes investments in actively managed and indexed investment funds that invest in a diversified pool of equity securities of companies located in the U.S., Canada, Western Europe and other developed countries throughout the world. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. Funds valued using the net asset value method are not included in the fair value hierarchy.
(b)
This category includes investments in investment funds that invest in U.S. treasuries; other national, state and local government bonds; and corporate bonds of highly rated companies from diversified industries. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. Funds valued using the net asset value method are not included in the fair value hierarchy.
(c)
This category includes guaranteed insurance contracts.
Benefits Expected to be Paid in Subsequent Years from Our Pension and Other Postretirement as Well as Medicare Subsidy Receipts
The following table reflects the benefits as of December 31, 2017 expected to be paid in each of the next five years and in the aggregate for the five years thereafter from our pension and other postretirement plans. Because our other postretirement plans are unfunded, the anticipated benefits with respect to these plans will come from our own assets. Because our pension plans are primarily funded plans, the anticipated benefits with respect to these plans will come primarily from the trusts established for these plans.
 
 
Pension
Plans
 
Other
Plans
 
(In thousands)
2018
$
16,562

 
$
1,580

2019
16,923

 
1,568

2020
17,937

 
1,562

2021
17,688

 
1,557

2022
15,787

 
1,553

2023-2027
83,382

 
7,753

Total
$
168,279

 
$
15,573
Summary of Accumulated Other Comprehensive Loss, Changes in these Amounts and Expected Amortization of these Amounts as Components of Net Periodic Benefit Cost
The pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 31, 2017, the changes in these amounts during the year ended December 31, 2017, and the expected amortization of these amounts as components of net periodic benefit cost for the year ended December 31, 2017, are as follows.
 
 
Pension
Benefits
 
Other
Benefits
 
(In thousands)
Components of accumulated other comprehensive loss:
 
 
 
Net actuarial loss (gain)
$
44,359

 
$
(1,545
)
Net prior service cost
11

 
—

 
$
44,370

 
$
(1,545
)

 
Pension
Benefits
 
Other
Benefits
 
(In thousands)
Changes in accumulated other comprehensive loss:
 
 
 
Net actuarial loss, beginning of year
$
49,260

 
$
1,842

Amortization of actuarial loss
(2,597
)
 
—

Actuarial loss (gain)
3,291

 
(3,370
)
Asset gain
(8,102
)
 
—

Curtailment gain recognized
—

 
—

Settlement gain recognized
8

 
—

Divestiture
(180
)
 
—

Currency impact
2,679

 
(17
)
Net actuarial loss (gain), end of year
$
44,359

 
$
(1,545
)
Prior service credit, beginning of year
$
(44
)
 
$
—

Amortization of prior service credit
41

 
—

Divestiture
(10
)
 
—

Currency impact
24

 
—

Prior service cost, end of year
$
11

 
$
—

 
Pension
Benefits
 
Other
Benefits
 
(In thousands)
Expected 2018 amortization:
 
 
 
Amortization of prior service credit
$
(41
)
 
$
—

Amortization of actuarial loss
2,758

 
—

 
$
2,717

 
$
—