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Pension (Tables) - Defined Benefit Pension Plan
 12 Months Ended
Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]  
Components of Net Benefit Costs
The components of our net pension expense, including the SERP, are as follows:
Year ended December 31,
(dollars in thousands)
 
U.S. Plans
 
Non-U.S. Plans
 
Total
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Service cost (benefits earned during the period)
 
$
4,365

 
$
3,664

 
$
4,739

 
$
2,965

 
$
2,264

 
$
2,862

 
$
7,330

 
$
5,928

 
$
7,601

Interest cost on projected benefit obligation
 
14,715

 
15,378

 
14,093

 
4,332

 
5,566

 
4,981

 
19,047

 
20,944

 
19,074

Expected return on plan assets
 
(22,661
)
 
(22,387
)
 
(22,374
)
 
(2,447
)
 
(2,447
)
 
(1,995
)
 
(25,108
)
 
(24,834
)
 
(24,369
)
Amortization of unrecognized:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Prior service cost
 
417

 
1,059

 
1,172

 
(244
)
 
164

 
164

 
173

 
1,223

 
1,336

Actuarial loss
 
7,291

 
4,057

 
8,604

 
1,599

 
1,012

 
919

 
8,890

 
5,069

 
9,523

Transition obligations
 
—

 
—

 
—

 
—

 
60

 
84

 
—

 
60

 
84

Settlement charge
 
13

 
483

 
1,805

 
21,574

 
291

 
447

 
21,587

 
774

 
2,252

Curtailment charge (credit)
 
—

 
—

 
—

 
(14
)
 
—

 
—

 
(14
)
 
—

 
—

Pension expense
 
$
4,140

 
$
2,254

 
$
8,039

 
$
27,765

 
$
6,910

 
$
7,462

 
$
31,905

 
$
9,164

 
$
15,501
Schedule of Assumptions Used
The assumptions used to determine the benefit obligations were as follows:
 
 
U.S. Plans
 
Non-U.S. Plans
 
 
2015
 
2014
 
2015
 
2014
Discount rate
 
4.60%
to
4.73%
 
4.17%
to
4.29%
 
8.10%
 
2.30%
to
7.60%
Rate of compensation increase
 
—%
 
—%
 
4.30%
 
2.00%
to
4.30%

The assumptions used to determine net periodic pension costs were as follows:
 
U.S. Plans
 
Non-U.S. Plans
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Discount rate
4.17
%
to
4.29
%
 
4.83
%
to
5.12
%
 
3.98
%
to
4.97
%
 
2.30
%
to
7.60
%
 
3.70
%
to
8.50
%
 
3.70
%
to
7.00
%
Expected long-term rate of return on plan assets
7.25%
 
7.25%
 
7.50%
 
4.00%
 
4.10%
 
3.60%
Rate of compensation increase
—%
 
—%
 
—%
 
2.00
%
to
4.30
%
 
2.00
%
to
4.30
%
 
2.00
%
to
4.30
%
Schedule of Changes in Projected Benefit Obligation and Fair Value of Plan Assets
The changes in the projected benefit obligations and fair value of plan assets are as follows:
Year ended December 31,
(dollars in thousands)
 
U.S. Plans
 
Non-U.S. Plans
 
Total
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Change in projected benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
 
Projected benefit obligation, beginning of year
 
$
351,477

 
$
310,109

 
$
119,986

 
$
102,719

 
$
471,463

 
$
412,828

Service cost
 
4,365

 
3,664

 
2,965

 
2,264

 
7,330

 
5,928

Interest cost
 
14,715

 
15,378

 
4,332

 
5,566

 
19,047

 
20,944

Exchange rate fluctuations
 
—

 
—

 
(13,948
)
 
(14,668
)
 
(13,948
)
 
(14,668
)
Actuarial (gain) loss
 
(26,796
)
 
51,066

 
11,105

 
28,051

 
(15,691
)
 
79,117

Plan participants' contributions
 
—

 
—

 
1,359

 
1,249

 
1,359

 
1,249

Plan amendments
 
—

 
—

 
(4,354
)
 
(780
)
 
(4,354
)
 
(780
)
Curtailment effect
 
—

 
—

 
(7,414
)
 
—

 
(7,414
)
 
—

Settlements paid
 
(96
)
 
(12,825
)
 
(74,485
)
 
—

 
(74,581
)
 
(12,825
)
Benefits paid
 
(17,802
)
 
(15,915
)
 
(3,631
)
 
(4,415
)
 
(21,433
)
 
(20,330
)
Projected benefit obligation, end of year
 
$
325,863

 
$
351,477

 
$
35,915

 
$
119,986

 
$
361,778

 
$
471,463

Change in fair value of plan assets:
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets, beginning of year
 
$
340,082

 
$
332,827

 
$
74,279

 
$
70,422

 
$
414,361

 
$
403,249

Actual return on plan assets
 
(6,096
)
 
33,342

 
(213
)
 
12,643

 
(6,309
)
 
45,985

Exchange rate fluctuations
 
—

 
—

 
(7,761
)
 
(9,328
)
 
(7,761
)
 
(9,328
)
Employer contributions
 
96

 
2,653

 
10,452

 
3,708

 
10,548

 
6,361

Plan participants' contributions
 
—

 
—

 
1,359

 
1,249

 
1,359

 
1,249

Settlements paid
 
(96
)
 
(12,825
)
 
(74,485
)
 
—

 
(74,581
)
 
(12,825
)
Benefits paid
 
(17,802
)
 
(15,915
)
 
(3,631
)
 
(4,415
)
 
(21,433
)
 
(20,330
)
Fair value of plan assets, end of year
 
$
316,184

 
$
340,082

 
$
—

 
$
74,279

 
$
316,184

 
$
414,361

 
 
 
 
 
 
 
 
 
 
 
 
 
Funded ratio
 
97.0
%
 
96.8
%
 
—
%
 
61.9
%
 
87.4
%
 
87.9
%
Funded status and net accrued pension benefit asset (cost)
 
$
(9,679
)
 
$
(11,395
)
 
$
(35,915
)
 
$
(45,707
)
 
$
(45,594
)
 
$
(57,102
)
Net Accrued Benefit Liability
The current portion of the pension liability reflects the amount of expected benefit payments that are greater than the plan assets on a plan-by-plan basis. The net accrued pension benefit liability at December 31 of the respective year-ends were included in the Consolidated Balance Sheets as follows:
December 31,
(dollars in thousands)
 
2015
 
2014
Non-current asset
 
$
977

 
$
848

Current liability
 
(2,297
)
 
(1,488
)
Long-term liability
 
(44,274
)
 
(56,462
)
Net accrued pension liability
 
$
(45,594
)
 
$
(57,102
)
Amounts Recognized in Accumulated Other Comprehensive Loss
The pre-tax amounts recognized in accumulated other comprehensive loss as of December 31, 2015 and 2014, are as follows:
Year ended December 31,
(dollars in thousands)
 
U.S. Plans
 
Non-U.S. Plans
 
Total
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Net actuarial loss
 
$
96,983

 
$
102,328

 
$
16,988

 
$
38,843

 
$
113,971

 
$
141,171

Prior service cost (credit)
 
500

 
918

 
(3,472
)
 
16

 
(2,972
)
 
934

Total cost
 
$
97,483

 
$
103,246

 
$
13,516

 
$
38,859

 
$
110,999

 
$
142,105
Amounts in Accumulated Other Comprehensive Loss to be Recognized During 2016
The pre-tax amounts in accumulated other comprehensive loss as of December 31, 2015, that are expected to be recognized as components of net periodic benefit cost during 2016 are as follows:
(dollars in thousands)
 
U.S. Plans
 
Non-U.S. Plans
 
Total
Net actuarial loss
 
$
4,482

 
$
848

 
$
5,330

Prior service cost (credit)
 
263

 
(224
)
 
39

Total cost
 
$
4,745

 
$
624

 
$
5,369
Estimated Contributions to Defined Benefit Plan
Estimated contributions for 2016, as well as, contributions made in 2015 and 2014 to the pension plans are as follows:
(dollars in thousands)
 
U.S. Plans
 
Non-U.S. Plans
 
Total
Estimated contributions in 2016
 
$
125

 
$
2,388

 
$
2,513

Contributions made in 2015
 
$
96

 
$
10,452

 
$
10,548

Contributions made in 2014
 
$
2,653

 
$
3,708

 
$
6,361
Anticipated Benefit Payments
Pension benefit payment amounts are anticipated to be paid from the plans (including the SERP) as follows:
Year
(dollars in thousands)
 
U.S. Plans
 
Non-U.S. Plans
 
Total
2016
 
$
18,715

 
$
2,388

 
$
21,103

2017
 
$
19,165

 
$
1,929

 
$
21,094

2018
 
$
20,198

 
$
2,065

 
$
22,263

2019
 
$
20,357

 
$
2,526

 
$
22,883

2020
 
$
20,840

 
$
2,335

 
$
23,175

2021-2025
 
$
107,972

 
$
13,859

 
$
121,831
Accumulated Benefit Obligation in Excess of Fair Value of Plan Assets
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2015 and 2014 were as follows:
December 31,
(dollars in thousands)
 
U.S. Plans
 
Non-U.S. Plans
 
Total
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Projected benefit obligation
 
$
268,218

 
$
289,157

 
$
35,915

 
$
44,271

 
$
304,133

 
$
333,428

Accumulated benefit obligation
 
$
268,218

 
$
289,157

 
$
29,102

 
$
33,645

 
$
297,320

 
$
322,802

Fair value of plan assets
 
$
257,562

 
$
276,914

 
$
—

 
$
475

 
$
257,562

 
$
277,389
Plan Asset Allocation
The following table sets forth by level, within the fair value hierarchy established by FASB ASC Topic 820, our pension plan assets at fair value (see note 15 for further discussion of the fair value hierarchy) as of December 31, 2015 and 2014:
December 31, 2015
(dollars in thousands)
 
 
 
 
 
 
 
 
 
Level One
 
Level Two
 
Level Three
 
Total
Cash & cash equivalents
 
$
—

 
$
9,558

 
$
—

 
$
9,558

Real estate
 
—

 
17,376

 
—

 
17,376

Equity securities
 
—

 
138,497

 
—

 
138,497

Debt securities
 
—

 
101,895

 
—

 
101,895

Hedge funds
 
—

 
—

 
48,858

 
48,858

Total
 
$
—

 
$
267,326

 
$
48,858

 
$
316,184


December 31, 2014
(dollars in thousands)
 
 
 
 
 
 
 
 
 
Level One
 
Level Two
 
Level Three
 
Total
Cash & cash equivalents
 
$
—

 
$
10,327

 
$
—

 
$
10,327

Real estate
 
—

 
17,332

 
4,224

 
21,556

Equity securities
 
—

 
170,324

 
—

 
170,324

Debt securities
 
—

 
157,846

 
—

 
157,846

Hedge funds
 
—

 
—

 
54,308

 
54,308

Total
 
$
—

 
$
355,829

 
$
58,532

 
$
414,361

The asset allocation for our U.S. pension plans at the end of 2015 and 2014 and the target allocation for 2016, by asset category, are as follows:
 
 
Target Allocation
 
Percent of Plan Assets at Year End
U.S. Plans Asset Category
 
2016
 
2015
 
2014
Equity securities
 
45
%
 
44
%
 
44
%
Debt and fixed income securities
 
32
%
 
32
%
 
33
%
Real estate
 
5
%
 
6
%
 
5
%
Other
 
18
%
 
18
%
 
18
%
Total
 
100
%
 
100
%
 
100
%

In connection with the unwinding our defined benefit pension plan in the Netherlands in the fourth quarter of 2015, all related plan assets were transferred to PGB, an industry wide pension fund. The asset allocation for our Dutch pension plan at the end of 2014, by asset category, was as follows:
Non-U.S. Plan Asset Category
 
Percent of Plan Assets at Year End 2014
Equity securities
 
28
%
Debt securities
 
61
%
Real estate
 
6
%
Other
 
5
%
Total
 
100
%
Reconciliation of Level 3 Inputs on Changes in Pension Plan Assets
The following is a reconciliation for which Level 3 inputs were used in determining fair value:
Year ended December 31,
(dollars in thousands)
 
2015
 
2014
Assets classified as Level 3 at the beginning of the year
 
$
58,532

 
$
60,231

Change in unrealized appreciation (depreciation)
 
218

 
801

Net purchases (sales)
 
(9,892
)
 
(2,500
)
Assets classified as Level 3 at the end of the year
 
$
48,858

 
$
58,532