XML 56 R39.htm IDEA: XBRL DOCUMENT v3.22.0.1
RETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2021
Changes in Benefit Obligations and Plan Assets as Well as Funded Status of Retirement Plans The changes in benefit obligations and plan assets as well as the funded status of our retirement plans at December 31 were as follows:
 Pension BenefitsOther
Postretirement Benefits
 2021202020212020
 (Dollars in thousands)
Change in benefit obligation
Obligation at beginning of year$971,415 $855,509 $22,152 $21,718 
Service cost14,265 13,638 107 88 
Interest cost17,697 23,074 363 566 
Actuarial (gains) losses (23,537)100,839 (1,631)1,440 
Acquisition — 8,930 — — 
Benefits paid(43,512)(41,332)(1,573)(1,765)
Participants’ contributions— — 107 105 
Foreign currency exchange rate changes(11,199)10,757 — — 
Obligation at end of year925,129 971,415 19,525 22,152 
Change in plan assets
Fair value of plan assets at beginning of year956,345 869,070 — — 
Actual return on plan assets109,120 126,249 — — 
Employer contributions2,501 2,358 1,466 1,660 
Participants’ contributions— — 107 105 
Benefits paid(43,512)(41,332)(1,573)(1,765)
Fair value of plan assets at end of year1,024,454 956,345 — — 
Funded status$99,325 $(15,070)$(19,525)$(22,152)
 Pension BenefitsOther
Postretirement Benefits
 2021202020212020
 (Dollars in thousands)
Amounts recognized in the consolidated
balance sheets
Non-current assets$226,882 $125,740 $— $— 
Current liabilities(2,602)(2,674)(1,460)(1,665)
Non-current liabilities(124,955)(138,136)(18,065)(20,487)
Net amount recognized$99,325 $(15,070)$(19,525)$(22,152)
Amounts recognized in accumulated
other comprehensive loss
Net actuarial loss (gain)$161,837 $230,058 $(2,690)$(1,344)
Prior service cost (credit)731 974 (2,637)(4,467)
Net amount recognized$162,568 $231,032 $(5,327)$(5,811)
Benefits Expected to be Paid from Pension and Other Postretirement Benefit Plans, Which Reflect Future Years of Services and Medicare Subsidy Expected to be Received
The benefits expected to be paid from our pension and other postretirement benefit plans, which reflect future years of service, are as follows (dollars in thousands):
Pension
Benefits		Other
Postretirement
Benefits
2022$44,821 $1,462 
202345,979 1,409 
202446,895 1,380 
202547,929 1,324 
202648,997 1,309 
2027-2031249,809 5,993 
$484,430 $12,877 
Components of Net Periodic Benefit Cost
The components of the net periodic benefit credit for each of the years ended December 31 were as follows:
 Pension BenefitsOther Postretirement Benefits
 202120202019202120202019
 (Dollars in thousands)
Service cost$14,265 $13,638 $12,505 $107 $88 $80 
Interest cost17,697 23,074 28,316 363 566 759 
Expected return on plan assets(79,453)(72,122)(60,567)— — — 
Amortization of prior service cost
(credit)
243 205 115 (1,830)(1,937)(2,330)
Amortization of actuarial losses
(gains)
12,479 11,859 16,399 (311)(339)(488)
Net periodic benefit credit$(34,769)$(23,346)$(3,232)$(1,671)$(1,622)$(1,979)
Multiemployer Pension Plans Further information on these multiemployer plans for the years ended December 31, 2021, 2020 and 2019 is as follows:
Pension FundEIN/Pension Plan
Number		Pension
Protection
Act Zone
Status		FIP / RP
Status
Pending /
Implemented		ContributionsSurcharge
Imposed
20212020202120202019
     (Dollars in thousands) 
Central States, Southeast & Southwest Areas Pension Fund (1)
36-6044243/001Red
(2)
Red
(2)
Implemented$— $— $1,166 No
United Food & Commercial
Workers — Local One Pension Fund (3)
16-6144007/001Red
(2)
Red
(2)
Implemented282 240 245 No
IAM National Pension Fund (4)
51-6031295/002RedRedImplemented2,767 2,746 2,667 No
All Other 869 775 707 
Total Contributions$3,918 $3,761 $4,785 
______________________
(1)    In 2019, we withdrew completely from this pension fund. See Note 4 for further information.
(2)    Under the Multiemployer Pension Reform Act of 2014, the status of this pension fund was critical and declining, as defined under such Act.
(3)    The collective bargaining agreement related to this pension fund expires on December 31, 2023. A single company that was making over 80 percent of the contributions for this pension fund filed for Chapter 11 bankruptcy during 2018 and withdrew from this pension fund without paying its withdrawal liability. For 2020, the fund actuary for this pension fund projected insolvency for this pension fund in 2026.
(4)    The applicable collective bargaining agreements related to this pension fund expire at various times through April 30, 2025. Although this pension fund was formally certified in the yellow zone in 2019, the trustees of this pension plan elected voluntarily to place this pension plan in the red zone to take advantage of certain provisions of the Pension Protection Act even though this pension plan had a funded status of 89 percent, 87 percent and 85 percent at the end of 2018, 2019 and 2020, respectively.
Weighted Average Asset Allocation for Pension Plans and Target Allocation
The weighted average asset allocation for our pension plans at December 31, 2021 and 2020 and target allocation for 2021 was as follows:
 Target
Allocation		Actual Allocation
 20212020
Equity securities—U.S.49 %47 %47 %
Equity securities—International9 %10 %10 %
Debt securities42 %41 %42 %
Cash and cash equivalents— 2 %1 %
100 %100 %100 %
Fair Value of Plan Assets by Asset Category
The fair value of our plan assets by asset category consisted of the following at December 31:
20212020
 (Dollars in thousands)
Equity securities—U.S.$482,381 $453,135 
Equity securities—International100,705 94,919 
Debt securities422,570 397,529 
Cash and cash equivalents18,798 10,762 
$1,024,454 $956,345 
Benefit Obligation  
Weighted Average Actuarial Assumptions
Our principal domestic pension and other postretirement benefit plans used the following weighted average actuarial assumptions to determine the benefit obligations at December 31:
20212020
Discount rate2.9 %2.5 %
Expected return on plan assets8.5 %8.5 %
Rate of compensation increase2.4 %2.5 %
Health care cost trend rate:
Assumed for next year6.2 %6.2 %
Ultimate rate4.2 %4.2 %
Year that the ultimate rate is reached20362036
Benefit Costs  
Weighted Average Actuarial Assumptions
Our principal domestic pension and other postretirement benefit plans used the following weighted average actuarial assumptions to determine net periodic benefit credit for the years ended December 31:
 
202120202019
Discount rate2.5 %3.4 %4.5 %
Expected return on plan assets8.5 %8.5 %8.5 %
Rate of compensation increase2.5 %2.5 %2.6 %
Health care cost trend rate6.2 %6.3 %6.4 %