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Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2019
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,
2019
 
2018
 
2019
 
2018
 
 
 
(In thousands)
 
 
Change in benefit obligation:
 
 
 
 
 
 
 
Benefit obligation, beginning of year
$
(412,880
)
 
$
(266,515
)
 
$
(26,143
)
 
$
(30,333
)
Service cost
(3,668
)
 
(4,579
)
 
(35
)
 
(47
)
Interest cost
(12,261
)
 
(11,480
)
 
(960
)
 
(945
)
Participant contributions
(86
)
 
(85
)
 
(4
)
 
(6
)
Actuarial gain (loss)
(39,329
)
 
14,968

 
(2,374
)
 
1,681

Acquisitions
—

 
(185,692
)
 
—

 
—

Settlements
49

 
7,054

 
—

 
—

Plan amendments
—

 
(2,822
)
 
—

 
—

Foreign currency exchange rate changes
(9,890
)
 
23,439

 
(1,260
)
 
2,020

Benefits paid
16,713

 
12,832

 
1,306

 
1,487

Benefit obligation, end of year
$
(461,352
)
 
$
(412,880
)
 
$
(29,470
)
 
$
(26,143
)
Change in Plan Assets
 
Pension Benefits
 
Other Benefits
Years Ended December 31,
2019
 
2018
 
2019
 
2018
 
 
 
(In thousands)
 
 
Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets, beginning of year
$
311,509

 
$
198,000

 
$
—

 
$
—

Actual return on plan assets
45,896

 
(8,366
)
 
—

 
—

Employer contributions
5,673

 
5,363

 
1,302

 
1,481

Plan participant contributions
86

 
85

 
4

 
6

Acquisitions
—

 
153,919

 
—

 
—

Settlements
—

 
(7,054
)
 
—

 
—

Foreign currency exchange rate changes
9,275

 
(17,606
)
 
—

 
—

Benefits paid
(16,713
)
 
(12,832
)
 
(1,306
)
 
(1,487
)
Fair value of plan assets, end of year
$
355,726

 
$
311,509

 
$
—

 
$
—
Amounts Recognized in Balance Sheets
Funded status, end of year
$
(105,626
)
 
$
(101,371
)
 
$
(29,470
)
 
$
(26,143
)
Amounts recognized in the balance sheets:
 
 
 
 
 
 
 
Prepaid benefit cost
$
5,542

 
$
4,801

 
$
—

 
$
—

Accrued benefit liability, current
(3,000
)
 
(3,162
)
 
(1,411
)
 
(1,405
)
Accrued benefit liability, noncurrent
(108,168
)
 
(103,010
)
 
(28,059
)
 
(24,738
)
Net funded status
$
(105,626
)
 
$
(101,371
)
 
$
(29,470
)
 
$
(26,143
)
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,
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
 
 
 
 
(In thousands)
 
 
 
 
Components of net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
3,668

 
$
4,579

 
$
4,767

 
$
35

 
$
47

 
$
49

Interest cost
12,261

 
11,480

 
7,551

 
960

 
945

 
1,139

Expected return on plan assets
(15,699
)
 
(16,389
)
 
(10,642
)
 
—

 


 
—

Amortization of prior service cost (credit)
169

 
(42
)
 
(41
)
 
—

 


 
—

Settlement loss (gain)
(7
)
 
1,342

 
(8
)
 
—

 


 
—

Net loss (gain) recognition
1,432

 
2,775

 
2,562

 
(133
)
 
(12
)
 
—

Net periodic benefit cost
$
1,824

 
$
3,745

 
$
4,189

 
$
862

 
$
980

 
$
1,188
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,
 
Years Ended December 31,
 
2019
 
2018
 
2019
 
2018
Weighted average assumptions for benefit obligations at year end:
 
 
 
 
 
 
 
Discount rate
2.2
%
 
3.1
%
 
2.9
%
 
3.7
%
Salary increase
3.5
%
 
3.6
%
 
N/A

 
N/A

Cash balance interest credit rate
4.0
%
 
4.7
%
 
N/A

 
N/A

Weighted average assumptions for net periodic cost for the year:
 
 
 
 
 
 
 
Discount rate
3.1
%
 
2.8
%
 
3.7
%
 
3.3
%
Salary increase
3.6
%
 
3.6
%
 
N/A

 
N/A

Cash balance interest credit rate
4.7
%
 
4.7
%
 
N/A

 
N/A

Expected return on assets
5.0
%
 
5.5
%
 
N/A

 
N/A

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

 
N/A

 
5.6
%
 
5.8
%
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

 
2023

 
2025
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, 2019
 
December 31, 2018
 
Fair Market Value at December 31, 2019
 
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, 2018
 
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)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. equities fund
$
131,563

 
$
2,793

 
$
—

 
$
—

 
$
96,417

 
$
1,465

 
$
—

 
$
—

Non-U.S. equities fund
54,496

 
5,949

 
—

 
—

 
47,274

 
5,755

 
—

 
—

Debt securities(b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government bond fund
74,219

 
—

 
745

 
—

 
66,439

 
—

 
1,253

 
—

Corporate bond fund
40,940

 
—

 
9,854

 
—

 
39,366

 
—

 
7,116

 
—

Fixed income fund(c)
35,895

 
—

 
33,701

 
—

 
41,167

 
—

 
39,340

 
—

Other investments(d)
9,462

 
—

 
—

 
—

 
17,274

 
—

 
—

 
—

Cash & equivalents
9,151

 
167

 
—

 
—

 
3,572

 
136

 
—

 
—

Total
$
355,726

 
$
8,909

 
$
44,300

 
$
—

 
$
311,509

 
$
7,356

 
$
47,709

 
$
—

 
(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. Equity securities held in separate accounts are valued based on observable quoted prices on active exchanges. Funds which are 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 and annuity policies.
(d)
This category includes investments in hedge funds that pursue multiple strategies in order to provide diversification and balance risk/return objectives, real estate funds, and private equity funds. Funds valued using the net asset method are not included in the fair value hierarchy.
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, 2019 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)
2020
$
22,952

 
$
1,431

2021
22,159

 
1,442

2022
22,595

 
1,450

2023
24,115

 
1,453

2024
22,397

 
1,461

2025-2029
109,442

 
7,447

Total
$
223,660

 
$
14,684
Summary of Accumulated Other Comprehensive Loss and Changes in these Amounts
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, 2019 and the changes in these amounts during the year ended December 31, 2019 are as follows. 
 
Pension
Benefits
 
Other
Benefits
 
(In thousands)
Components of accumulated other comprehensive loss:
 
 
 
Net actuarial loss (gain)
$
56,746

 
$
(600
)
Net prior service cost
2,661

 
—

 
$
59,407

 
$
(600
)

 
Pension
Benefits
 
Other
Benefits
 
(In thousands)
Changes in accumulated other comprehensive loss:
 
 
 
Net actuarial loss (gain), beginning of year
$
48,395

 
$
(3,047
)
Amortization of actuarial gain (loss)
(1,432
)
 
133

Actuarial loss
39,329

 
2,374

Asset gain
(30,197
)
 
—

Settlement gain recognized
7

 
—

Currency impact
644

 
(60
)
Net actuarial loss (gain), end of year
$
56,746

 
$
(600
)
Prior service cost, beginning of year
$
2,725

 
$
—

Amortization of prior service cost
(169
)
 
—

Currency impact
105

 
—

Prior service cost, end of year
$
2,661

 
$
—