Benefit Plans (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Defined Benefit Pension Plans |
|
| Defined Benefit Plan Disclosure |
|
| Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets |
The following tables summarize changes in the benefit obligation, plan assets and funded status of the Company’s significant defined benefit pension plans as well as the components of net periodic benefit cost, including key assumptions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
Foreign |
|
|
December 31, |
|
December 31, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Change in benefit obligation: |
|
|
|
|
|
|
|
|
Benefit obligation at beginning of period |
|
$ |
261,102 |
|
|
$ |
247,418 |
|
|
$ |
119,710 |
|
|
$ |
106,025 |
|
Service cost |
|
1,019 |
|
|
1,219 |
|
|
3,566 |
|
|
3,686 |
|
Interest cost |
|
9,599 |
|
|
10,115 |
|
|
3,340 |
|
|
3,271 |
|
Participant contributions |
|
— |
|
|
— |
|
|
570 |
|
|
493 |
|
Plan amendments |
|
— |
|
|
— |
|
|
179 |
|
|
— |
|
Plan curtailments |
|
(952 |
) |
|
— |
|
|
(340 |
) |
|
— |
|
Plan settlements |
|
— |
|
|
(2,264 |
) |
|
(1,071 |
) |
|
— |
|
Benefits paid |
|
(11,453 |
) |
|
(9,591 |
) |
|
(2,569 |
) |
|
(2,967 |
) |
Expenses paid |
|
— |
|
|
— |
|
|
(363 |
) |
|
(319 |
) |
Net transfer in |
|
— |
|
|
— |
|
|
1,535 |
|
|
— |
|
Actuarial (gains) losses |
|
(13,004 |
) |
|
14,205 |
|
|
(5,432 |
) |
|
(2,169 |
) |
Translation adjustment |
|
— |
|
|
— |
|
|
(7,022 |
) |
|
11,690 |
|
Benefit obligation at end of the period |
|
$ |
246,311 |
|
|
$ |
261,102 |
|
|
$ |
112,103 |
|
|
$ |
119,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in plan assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets at beginning of period |
|
$ |
218,374 |
|
|
$ |
198,915 |
|
|
$ |
96,518 |
|
|
$ |
86,145 |
|
Actual return on plan assets |
|
(12,854 |
) |
|
27,554 |
|
|
(540 |
) |
|
217 |
|
Employer contributions |
|
1,688 |
|
|
3,760 |
|
|
4,249 |
|
|
3,781 |
|
Employee contributions |
|
— |
|
|
— |
|
|
570 |
|
|
493 |
|
Plan settlements |
|
— |
|
|
(2,264 |
) |
|
(1,071 |
) |
|
— |
|
Benefits paid |
|
(11,453 |
) |
|
(9,591 |
) |
|
(2,569 |
) |
|
(2,967 |
) |
Expenses paid |
|
— |
|
|
— |
|
|
(363 |
) |
|
(319 |
) |
Acquisitions |
|
— |
|
|
— |
|
|
1,013 |
|
|
— |
|
Translation adjustment |
|
— |
|
|
— |
|
|
(6,020 |
) |
|
9,168 |
|
Fair value of plan assets at end of the period |
|
$ |
195,755 |
|
|
$ |
218,374 |
|
|
$ |
91,787 |
|
|
$ |
96,518 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded status of the plans (underfunded) |
|
$ |
(50,556 |
) |
|
$ |
(42,728 |
) |
|
$ |
(20,316 |
) |
|
$ |
(23,192 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Amounts Recognized in Balance Sheet |
Amounts recognized in the consolidated balance sheets consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
Foreign |
|
|
December 31, |
|
December 31, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Noncurrent asset |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,670 |
|
|
$ |
3,503 |
|
Current liability |
|
— |
|
|
— |
|
|
(748 |
) |
|
(673 |
) |
Noncurrent liability |
|
(50,556 |
) |
|
(42,728 |
) |
|
(24,238 |
) |
|
(26,022 |
) |
Accumulated other comprehensive income (loss) |
|
1,218 |
|
|
10,499 |
|
|
(1,829 |
) |
|
(2,871 |
) |
Net amount recognized |
|
$ |
(49,338 |
) |
|
$ |
(32,229 |
) |
|
$ |
(22,145 |
) |
|
$ |
(26,063 |
) |
|
|
|
|
|
|
|
|
|
|
| Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
Amounts recognized in accumulated other comprehensive income (loss) consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
Foreign |
|
|
December 31, |
|
December 31, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Prior service cost |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(170 |
) |
|
$ |
— |
|
Net gain (loss) |
|
1,618 |
|
|
13,943 |
|
|
(2,133 |
) |
|
(3,923 |
) |
Gross amount recognized |
|
1,618 |
|
|
13,943 |
|
|
(2,303 |
) |
|
(3,923 |
) |
Deferred income taxes |
|
(400 |
) |
|
(3,444 |
) |
|
474 |
|
|
1,052 |
|
Net amount recognized |
|
$ |
1,218 |
|
|
$ |
10,499 |
|
|
$ |
(1,829 |
) |
|
$ |
(2,871 |
) |
|
|
|
|
|
|
|
|
|
|
| Components of Net Periodic Expense |
Components of net periodic benefit cost consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
Foreign |
|
|
Years ended
December 31, |
|
Years ended
December 31, |
|
|
2018 |
|
2017 |
|
2016 |
|
2018 |
|
2017 |
|
2016 |
Service cost |
|
$ |
1,019 |
|
|
$ |
1,219 |
|
|
$ |
2,130 |
|
|
$ |
3,566 |
|
|
$ |
3,686 |
|
|
$ |
2,106 |
|
Interest cost |
|
9,599 |
|
|
10,115 |
|
|
7,680 |
|
|
3,340 |
|
|
3,271 |
|
|
2,224 |
|
Expected return on plan assets |
|
(12,851 |
) |
|
(12,277 |
) |
|
(9,293 |
) |
|
(3,311 |
) |
|
(3,208 |
) |
|
(2,038 |
) |
Amortization of net (gain) loss |
|
— |
|
|
— |
|
|
— |
|
|
49 |
|
|
(9 |
) |
|
(10 |
) |
Curtailment gain recognized |
|
(576 |
) |
|
— |
|
|
(1,311 |
) |
|
(340 |
) |
|
— |
|
|
(517 |
) |
Settlement (gain) loss recognized |
|
— |
|
|
(48 |
) |
|
152 |
|
|
(11 |
) |
|
— |
|
|
— |
|
Net periodic expense (benefit) |
|
$ |
(2,809 |
) |
|
$ |
(991 |
) |
|
$ |
(642 |
) |
|
$ |
3,293 |
|
|
$ |
3,740 |
|
|
$ |
1,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets |
The following table presents selected information about the Company’s pension plans with accumulated benefit obligations in excess of plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
Foreign |
|
|
December 31, |
|
December 31, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Projected benefit obligation |
|
$ |
246,311 |
|
|
$ |
261,102 |
|
|
$ |
82,656 |
|
|
67,750 |
|
Accumulated benefit obligation |
|
244,580 |
|
|
257,882 |
|
|
78,862 |
|
|
64,526 |
|
Fair value of plan assets |
|
195,755 |
|
|
218,374 |
|
|
57,670 |
|
|
42,632 |
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Assumptions Used |
Significant weighted average assumptions used in determining the pension obligations include the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
Foreign |
|
|
December 31, |
|
December 31, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Discount rate |
|
4.32 |
% |
|
3.74 |
% |
|
3.01 |
% |
|
2.91 |
% |
Rate of compensation increase(1)
|
|
3.00 |
% |
|
3.00 |
% |
|
2.44 |
% |
|
2.57 |
% |
|
|
|
|
|
|
|
|
|
Significant weighted average assumptions used in determining net periodic benefit cost include the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
Foreign |
|
|
Years ended
December 31, |
|
Years ended
December 31, |
|
|
2018 |
|
2017 |
|
2016 |
|
2018 |
|
2017 |
|
2016 |
Discount rate |
|
3.74 |
% |
|
4.24 |
% |
|
4.02 |
% |
|
2.91 |
% |
|
2.99 |
% |
|
5.16 |
% |
Rate of compensation increase(1)
|
|
3.00 |
% |
|
3.00 |
% |
|
3.10 |
% |
|
2.57 |
% |
|
2.97 |
% |
|
3.95 |
% |
Expected return on assets |
|
6.00 |
% |
|
6.37 |
% |
|
6.34 |
% |
|
3.52 |
% |
|
3.58 |
% |
|
5.62 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Allocation of Plan Assets |
The following tables set forth by level, within the fair value hierarchy, plan assets at fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018 |
|
|
Total |
|
Level 1 |
|
Level 2 |
|
Level 3 |
Cash and cash equivalents(1)
|
|
$ |
57,000 |
|
|
$ |
56,925 |
|
|
$ |
75 |
|
|
$ |
— |
|
Equity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. investment funds |
|
35,103 |
|
|
35,103 |
|
|
— |
|
|
— |
|
International investment funds |
|
44,508 |
|
|
24,040 |
|
|
20,468 |
|
|
— |
|
Fixed income securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Government securities |
|
10,121 |
|
|
— |
|
|
10,121 |
|
|
— |
|
Corporate bonds |
|
77,229 |
|
|
72,216 |
|
|
5,013 |
|
|
— |
|
Investment fund bonds |
|
25,152 |
|
|
7,665 |
|
|
17,487 |
|
|
— |
|
Other: |
|
|
|
|
|
|
|
|
|
|
|
|
Insurance contracts |
|
38,429 |
|
|
— |
|
|
33,408 |
|
|
5,021 |
|
Total |
|
$ |
287,542 |
|
|
$ |
195,949 |
|
|
$ |
86,572 |
|
|
$ |
5,021 |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
|
Total |
|
Level 1 |
|
Level 2 |
|
Level 3 |
Cash and cash equivalents |
|
$ |
1,072 |
|
|
$ |
934 |
|
|
$ |
138 |
|
|
$ |
— |
|
Equity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. investment funds |
|
56,309 |
|
|
43,625 |
|
|
12,684 |
|
|
— |
|
International investment funds |
|
70,308 |
|
|
28,827 |
|
|
41,481 |
|
|
— |
|
Fixed income securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Government securities |
|
11,433 |
|
|
— |
|
|
11,433 |
|
|
— |
|
Corporate bonds |
|
82,585 |
|
|
77,685 |
|
|
4,900 |
|
|
— |
|
Investment fund bonds |
|
54,263 |
|
|
7,719 |
|
|
46,544 |
|
|
— |
|
Other: |
|
|
|
|
|
|
|
|
Insurance contracts |
|
38,922 |
|
|
— |
|
|
34,772 |
|
|
4,150 |
|
Total |
|
$ |
314,892 |
|
|
$ |
158,790 |
|
|
$ |
151,952 |
|
|
$ |
4,150 |
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Level 1 balance includes $55,905 of cash and cash equivalents held by two of the Company’s U.S. defined benefit pension plans. The investments in equity securities and fixed income securities previously held by these plans were liquidated into cash and cash equivalents in December 2018 in preparation for a transfer of plan assets to a new custodian. This transfer was completed in January 2019.
|
|
| Defined Benefit Plan Level 3 Assets |
The changes in the Level 3 pension plan assets are as follows for the years ended December 31:
|
|
|
|
|
|
|
|
|
|
|
|
Insurance Contracts |
|
|
2018 |
|
2017 |
Beginning balance |
|
$ |
4,150 |
|
|
$ |
3,286 |
|
Actual return on plan assets |
|
10 |
|
|
(41 |
) |
Benefits paid |
|
(385 |
) |
|
(48 |
) |
Contributions |
|
461 |
|
|
466 |
|
Exchange rate changes and other |
|
785 |
|
|
487 |
|
Ending balance |
|
$ |
5,021 |
|
|
$ |
4,150 |
|
|
|
|
|
|
|
| Schedule of Expected Benefit Payments |
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
|
|
|
|
|
|
|
|
|
|
Year |
|
U.S. |
|
Foreign |
2019 |
|
$ |
15,369 |
|
|
$ |
3,115 |
|
2020 |
|
16,253 |
|
|
2,769 |
|
2021 |
|
16,966 |
|
|
2,952 |
|
2022 |
|
15,894 |
|
|
3,366 |
|
2023 |
|
15,823 |
|
|
3,630 |
|
Years 2024-2028 |
|
78,304 |
|
|
23,111 |
|
|
|
|
|
|
|
| Supplemental Retirement Plans |
|
| Defined Benefit Plan Disclosure |
|
| Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets |
The following tables summarize changes in the benefit obligation, plan assets and funded status of the Company’s defined benefit supplementary retirement plans, as well as the components of net periodic benefit cost, including key assumptions:
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2018 |
|
2017 |
Change in benefit obligation: |
|
|
|
|
Benefit obligation at beginning of period |
|
$ |
12,781 |
|
|
$ |
13,225 |
|
Interest cost |
|
450 |
|
|
489 |
|
Benefits paid |
|
(1,070 |
) |
|
(1,179 |
) |
Actuarial (gains) losses |
|
(293 |
) |
|
246 |
|
Benefit obligation at end of period |
|
$ |
11,868 |
|
|
$ |
12,781 |
|
|
|
|
|
|
|
|
Change in plan assets: |
|
|
|
|
|
|
Fair value of plan assets at beginning of period |
|
$ |
— |
|
|
$ |
— |
|
Employer contributions |
|
1,070 |
|
|
1,179 |
|
Benefits paid |
|
(1,070 |
) |
|
(1,179 |
) |
Fair value of plan assets at end of period |
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
Funded status of the plans (underfunded) |
|
$ |
(11,868 |
) |
|
$ |
(12,781 |
) |
|
|
|
|
|
|
| Schedule of Amounts Recognized in Balance Sheet |
Amounts recognized in the consolidated balance sheets consist of:
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2018 |
|
2017 |
Current liability |
|
$ |
(1,105 |
) |
|
$ |
(1,115 |
) |
Noncurrent liability |
|
(10,763 |
) |
|
(11,667 |
) |
Accumulated other comprehensive income |
|
795 |
|
|
573 |
|
Net amount recognized |
|
$ |
(11,073 |
) |
|
$ |
(12,209 |
) |
|
|
|
|
|
|
| Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
Amounts recognized in accumulated other comprehensive income consist of:
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2018 |
|
2017 |
Net gain |
|
$ |
1,055 |
|
|
$ |
761 |
|
Gross amount recognized |
|
1,055 |
|
|
761 |
|
Deferred income taxes |
|
(260 |
) |
|
(188 |
) |
Net amount recognized |
|
$ |
795 |
|
|
$ |
573 |
|
|
|
|
|
|
|
| Components of Net Periodic Expense |
Components of net periodic benefit cost consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended
December 31, |
|
|
2018 |
|
2017 |
|
2016 |
Interest cost |
|
$ |
450 |
|
|
$ |
489 |
|
|
$ |
328 |
|
Net periodic expense |
|
$ |
450 |
|
|
$ |
489 |
|
|
$ |
328 |
|
|
|
|
|
|
|
|
|
| Schedule of Expected Benefit Payments |
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
|
|
|
|
|
|
Year |
|
Amount |
2019 |
|
$ |
1,105 |
|
2020 |
|
1,076 |
|
2021 |
|
1,045 |
|
2022 |
|
1,009 |
|
2023 |
|
970 |
|
Years 2024-2028 |
|
4,276 |
|
|
|
|
|
| Other Postretirement Benefits Plans |
|
| Defined Benefit Plan Disclosure |
|
| Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets |
The following tables summarize changes in the benefit obligation, plan assets and funded status of the Company’s other postretirement benefit plans as well as the components of net periodic benefit cost, including key assumptions:
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2018 |
|
2017 |
Change in benefit obligation: |
|
|
|
|
Benefit obligation at beginning of period |
|
$ |
4,612 |
|
|
$ |
4,620 |
|
Service cost |
|
16 |
|
|
21 |
|
Interest cost |
|
150 |
|
|
174 |
|
Employee contributions |
|
251 |
|
|
251 |
|
Plan amendments |
|
(271 |
) |
|
— |
|
Benefits paid |
|
(1,061 |
) |
|
(923 |
) |
Medical subsidies received |
|
74 |
|
|
— |
|
Premiums paid |
|
(66 |
) |
|
(3 |
) |
Actuarial (gains) losses |
|
172 |
|
|
418 |
|
Translation adjustment |
|
(63 |
) |
|
54 |
|
Benefit obligation at end of period |
|
$ |
3,814 |
|
|
$ |
4,612 |
|
|
|
|
|
|
|
|
Change in plan assets: |
|
|
|
|
|
|
Fair value of plan assets at beginning of period |
|
— |
|
|
— |
|
Employer contributions |
|
802 |
|
|
675 |
|
Employee contributions |
|
251 |
|
|
251 |
|
Benefits paid |
|
(1,061 |
) |
|
(923 |
) |
Medical subsidies received |
|
74 |
|
|
— |
|
Premiums paid |
|
(66 |
) |
|
(3 |
) |
Fair value of plan assets at end of period |
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
Funded status of the plans (underfunded) |
|
$ |
(3,814 |
) |
|
$ |
(4,612 |
) |
|
|
|
|
|
|
| Schedule of Amounts Recognized in Balance Sheet |
Amounts recognized in the consolidated balance sheets consist of:
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2018 |
|
2017 |
Current liability |
|
$ |
(581 |
) |
|
$ |
(561 |
) |
Noncurrent liability |
|
(3,233 |
) |
|
(4,051 |
) |
Accumulated other comprehensive income |
|
830 |
|
|
885 |
|
Net amount recognized |
|
$ |
(2,984 |
) |
|
$ |
(3,727 |
) |
|
|
|
|
|
|
| Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
Amounts recognized in accumulated other comprehensive income consist of:
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2018 |
|
2017 |
Prior service credit |
|
$ |
525 |
|
|
$ |
366 |
|
Net gain |
|
500 |
|
|
719 |
|
Gross amount recognized |
|
1,025 |
|
|
1,085 |
|
Deferred income taxes |
|
(195 |
) |
|
(200 |
) |
Net amount recognized |
|
$ |
830 |
|
|
$ |
885 |
|
|
|
|
|
|
|
| Components of Net Periodic Expense |
Components of net periodic benefit cost consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended
December 31, |
|
|
2018 |
|
2017 |
|
2016 |
Service cost |
|
$ |
16 |
|
|
$ |
21 |
|
|
$ |
37 |
|
Interest cost |
|
150 |
|
|
174 |
|
|
151 |
|
Amortization of prior service credit |
|
(112 |
) |
|
(78 |
) |
|
— |
|
Amortization of net gain |
|
(26 |
) |
|
(45 |
) |
|
(17 |
) |
Net periodic expense |
|
$ |
28 |
|
|
$ |
72 |
|
|
$ |
171 |
|
|
|
|
|
|
|
|
|
| Schedule of Assumptions Used |
:
|
|
|
|
|
|
|
|
December 31, |
|
|
2018 |
|
2017 |
Immediate trend rate |
|
6.59% |
|
6.84% |
Ultimate trend rate |
|
4.50% |
|
4.50% |
Year that the rate reaches ultimate trend rate |
|
2035 |
|
2035 |
|
|
|
|
|
|
| Schedule of Expected Benefit Payments |
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
|
|
|
|
|
|
Year |
|
Amount |
2019 |
|
$ |
581 |
|
2020 |
|
514 |
|
2021 |
|
388 |
|
2022 |
|
313 |
|
2023 |
|
272 |
|
Years 2024-2028 |
|
915 |
|
|
|
|
|
| Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates |
A 1% change in the assumed health care cost trend would have increased (decreased) the accumulated postretirement benefit obligation as of December 31, 2018 and the periodic postretirement benefit cost for the year then ended as follows:
|
|
|
|
|
|
|
|
|
|
|
|
1% Increase |
|
1% Decrease |
Accumulated postretirement benefit obligation |
|
$ |
157 |
|
|
$ |
(138 |
) |
Periodic postretirement benefit cost |
|
6 |
|
|
(5 |
) |
|
|
|
|
|
|