Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2021


	U.S. Pension Plans									Non-U.S. Plans
(Dollars in thousands)	2021			2020			2019			2021			2020			2019
Service cost	$	1		$	10		$	10		$	1,389		$	1,555		$	1,410
Interest cost	7,521			9,479			11,787			1,387			1,788			2,264
Expected return on plan assets	(15,248)			(14,782)			(12,622)			(473)			(601)			(758)
Amortization of prior service cost	—			—			—			(72)			13			7
Mark-to-market actuarial net (gains) losses	(18,200)			10,938			1,228			(7,113)			2,977			11,033
Curtailment and settlement effects (gains) losses	—			—			—			53			66			292
Special termination benefits	—			114			—			1			26			—
Net periodic benefit cost (credit)	$	(25,926)		$	5,759		$	403		$	(4,828)		$	5,824		$	14,248
Weighted-average assumptions:
Discount rate	2.55		%	3.35		%	4.40		%	1.14		%	1.76		%	2.61		%
Rate of compensation increase	N/A			N/A			N/A			2.85		%	3.11		%	3.19		%
Expected return on plan assets	7.48		%	7.70		%	7.70		%	1.55		%	2.04		%	2.74		%


	U.S. Pension Plans				Non-U.S. Pension Plans
(Dollars in thousands)	2021		2020		2021		2020
Change in benefit obligation
Benefit obligation at beginning of year	$	306,310	$	296,181	$	130,132	$	116,698
Service cost	1		10		1,389		1,555
Interest cost	7,521		9,479		1,387		1,788
Curtailments	—		—		—		—
Amendments	—		—		(131)		(714)
Settlements	—		—		(132)		(835)
Special termination benefits	—		114		1		26
Plan participants' contributions	—		—		—		—
Benefits paid	(21,424)		(21,119)		(2,463)		(3,145)
Actuarial (gain) loss	(8,154)		21,645		(8,654)		4,907
Exchange rate effect	—		—		(8,938)		9,852
Benefit obligation at end of year	$	284,253	$	306,310	$	112,591	$	130,132
Accumulated benefit obligation at end of year	$	284,253	$	306,310	$	105,155	$	119,914
Change in plan assets:
Fair value of plan assets at beginning of year	$	229,245	$	223,227	$	37,587	$	33,898
Actual return on plan assets	25,294		25,489		(1,121)		2,465
Employer contributions	10,693		1,648		1,452		2,363
Plan participants' contributions	—		—		—		—
Benefits paid	(21,424)		(21,119)		(2,463)		(3,145)
Effect of settlements	—		—		(132)		(835)
Exchange rate effect	—		—		(2,544)		2,841
Fair value of plan assets at end of year	$	243,808	$	229,245	$	32,780	$	37,587
Amounts recognized in the balance sheet:
Other non-current assets	$	—	$	—	$	283	$	59
Accrued expenses and other current liabilities	(581)		(389)		(2,712)		(2,575)
Postretirement and pension liabilities	(39,864)		(76,676)		(77,382)		(90,029)
Funded status	$	(40,445)	$	(77,065)	$	(79,811)	$	(92,545)


	U.S. Pension Plans						Non-U.S. Pension Plans
(Dollars in thousands)	2021			2020			2021			2020
Weighted-average assumptions as of December 31:
Discount rate	2.85		%	2.55		%	1.43		%	1.29		%
Rate of compensation increase	N/A			N/A			2.86		%	2.98		%
Pension plans with benefit obligations in excess of plan assets:
Benefit obligations	$	284,253		$	306,310		$	81,952		$	94,567
Plan assets	243,808			229,245			1,858			1,963
Pension plans with accumulated benefit obligations in excess of plan assets:
Projected benefit obligations	$	284,253		$	306,310		$	80,897		$	94,057
Accumulated benefit obligations	284,253			306,310			73,540			83,923
Plan assets	243,808			229,245			803			1,518

Activity and balances in Accumulated other comprehensive loss related to defined benefit pension plans are summarized below:


	U.S. Pension Plans				Non-U.S. Pension Plans
(Dollars in thousands)	2021		2020		2021		2020
Prior service (cost):
Balance at beginning of year	$	—	$	—	$	(672)	$	(44)
Amounts recognized as net periodic benefit costs	—		—		72		(13)
Plan amendments	—		—		(131)		(604)
Exchange rate effects	—		—		33		(11)
Balance at end of year	$	—	$	—	$	(698)	$	(672)

The fair values of our pension plan assets at December 31, 2021, by asset category are as follows:


(Dollars in thousands)	Level 1		Level 2		Level 3		Total
U.S. plans:
Fixed income:
Guaranteed deposits	$	—	$	1,602	$	—	$	1,602
Mutual funds	79,837		—		—		79,837
Commingled funds	—		365		156		521
Equities:
U.S. common stocks	6,180		—		—		6,180
Mutual funds	138,692		—		—		138,692
Commingled funds	—		533		—		533
Total assets in the fair value hierarchy	224,709		2,500		156		227,365
Investments measured at net asset value	—		—		—		16,443
Investments at fair value	$	224,709	$	2,500	$	156	$	243,808
Non-U.S. plans
Fixed income:
Cash and cash equivalents	$	102	$	—	$	—	$	102
Guaranteed deposits	—		744		29,578		30,322
Mutual funds	1,417		661		—		2,078
Other	84		—		—		84
Equities:
Mutual funds	194		—		—		194
Total	$	1,797	$	1,405	$	29,578	$	32,780

The fair values of our pension plan assets at December 31, 2020, by asset category are as follows:


(Dollars in thousands)	Level 1		Level 2		Level 3		Total
U.S. plans:
Fixed income:
Guaranteed deposits	$	—	$	1,699	$	—	$	1,699
Mutual funds	72,424		—		—		72,424
Commingled funds	—		423		182		605
Equities:
U.S. common stocks	4,142		—		—		4,142
Mutual funds	135,791		—		—		135,791
Commingled funds	—		628		—		628
Total assets in the fair value hierarchy	212,357		2,750		182		215,289
Investments measured at net asset value	—		—		—		13,956
Investments at fair value	$	212,357	$	2,750	$	182	$	229,245
Non-U.S. plans
Fixed income:
Cash and cash equivalents	$	183	$	—	$	—	$	183
Guaranteed deposits	—		782		33,733		34,515
Mutual funds	1,519		1,093		—		2,612
Other	84		—		—		84
Equities:
Mutual funds	193		—		—		193
Total	$	1,979	$	1,875	$	33,733	$	37,587


(Dollars in thousands)	Guaranteed Deposits		Commingled Funds		Total
Balance at December 31, 2019	$	30,155	$	244	$	30,399
Sales	(616)		—		(616)
Gains (losses) included in earnings	4,194		(62)		4,132
Exchange rate effect	—		—		—
Balance at December 31, 2020	33,733		182		33,915
Sales	(669)		—		(669)
Gains (losses) included in earnings	(1,140)		(26)		(1,166)
Exchange rate effect	(2,346)		—		(2,346)
Balance at December 31, 2021	$	29,578	$	156	$	29,734

We estimate that future pension benefit payments, will be as follows:


(Dollars in thousands)	2021			2020			2019
Net periodic benefit cost:
Interest expense	$	272		$	529		$	702
Service cost	—			3			2
Amortization of prior service costs	(4)			(4,240)			—
Mark-to-market actuarial net loss (gain)	(606)			101			1,080
Total net periodic benefit cost (credit)	$	(338)		$	(3,607)		$	1,784
Weighted-average assumptions:
Discount rate	2.40		%	3.25		%	4.30		%
Current trend rate for health care costs	6.00		%	6.10		%	6.30		%
Ultimate trend rate for health care costs	4.50		%	4.50		%	4.50		%
Year that ultimate trend rate is reached	2036			2036			2036


(Dollars in thousands)	2021			2020
Change in benefit obligation:
Benefit obligation at beginning of year	$	11,854		$	17,149
Service cost	—			3
Interest cost	272			529
Plan amendments	(4)			(4,240)
Benefits paid	(1,529)			(1,688)
Actuarial loss (gain)	(606)			101
Benefit obligation at end of year	$	9,987		$	11,854
Change in plan assets:
Fair value of plan assets at beginning of year	$	—		$	—
Employer contributions	1,529			1,688
Benefits paid	(1,529)			(1,688)
Fair value of plan assets at end of year	$	—		$	—
Amounts recognized in the balance sheet:
Accrued expenses and other current liabilities	$	(892)		$	(1,047)
Postretirement and pension liabilities	(9,095)			(10,807)
Funded status	$	(9,987)		$	(11,854)
Weighted-average assumptions as of December 31:
Discount rate	2.80		%	2.40		%
Current trend rate for health care costs	5.40		%	6.00		%
Ultimate trend rate for health care costs	4.00		%	4.50		%
Year that ultimate trend rate is reached	2045			2036

We estimate that future postretirement health care and life insurance benefit payments will be as follows: