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Pension (Tables) - Defined Benefit Pension Plan
 12 Months Ended
Dec. 31, 2016
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
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Service cost (benefits earned during the period)
 
$
3,717

 
$
4,365

 
$
3,664

 
$
1,226

 
$
2,965

 
$
2,264

 
$
4,943

 
$
7,330

 
$
5,928

Interest cost on projected benefit obligation
 
14,963

 
14,715

 
15,378

 
2,594

 
4,332

 
5,566

 
17,557

 
19,047

 
20,944

Expected return on plan assets
 
(23,027
)
 
(22,661
)
 
(22,387
)
 
—

 
(2,447
)
 
(2,447
)
 
(23,027
)
 
(25,108
)
 
(24,834
)
Amortization of unrecognized:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Prior service cost
 
263

 
417

 
1,059

 
(207
)
 
(244
)
 
164

 
56

 
173

 
1,223

Actuarial loss
 
4,272

 
7,291

 
4,057

 
782

 
1,599

 
1,012

 
5,054

 
8,890

 
5,069

Transition obligations
 
—

 
—

 
—

 
—

 
—

 
60

 
—

 
—

 
60

Settlement charge
 
42

 
13

 
483

 
126

 
21,574

 
291

 
168

 
21,587

 
774

Curtailment charge (credit)
 
—

 
—

 
—

 
—

 
(14
)
 
—

 
—

 
(14
)
 
—

Pension expense
 
$
230

 
$
4,140

 
$
2,254

 
$
4,521

 
$
27,765

 
$
6,910

 
$
4,751

 
$
31,905

 
$
9,164
Schedule of Assumptions Used
The assumptions used to determine the benefit obligations were as follows:
 
 
U.S. Plans
 
Non-U.S. Plans
 
 
2016
 
2015
 
2016
 
2015
Discount rate
 
4.18%
to
4.23%
 
4.60%
to
4.73%
 
9.30%
 
8.10%
Rate of compensation increase
 
Not applicable
 
Not applicable
 
4.30%
 
4.30%

The assumptions used to determine net periodic pension costs were as follows:
 
U.S. Plans
 
Non-U.S. Plans
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Discount rate
4.66
%
to
4.73
%
 
4.17
%
to
4.29
%
 
4.83
%
to
5.12
%
 
8.10%
 
2.30
%
to
7.60
%
 
3.70
%
to
8.50
%
Expected long-term rate of return on plan assets
7.25%
 
7.25%
 
7.25%
 
—%
 
4.00%
 
4.10%
Rate of compensation increase
Not applicable
 
Not applicable
 
Not applicable
 
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
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
Change in projected benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
 
Projected benefit obligation, beginning of year
 
$
325,863

 
$
351,477

 
$
35,915

 
$
119,986

 
$
361,778

 
$
471,463

Service cost
 
3,717

 
4,365

 
1,226

 
2,965

 
4,943

 
7,330

Interest cost
 
14,963

 
14,715

 
2,594

 
4,332

 
17,557

 
19,047

Exchange rate fluctuations
 
—

 
—

 
(5,821
)
 
(13,948
)
 
(5,821
)
 
(13,948
)
Actuarial (gain) loss
 
11,108

 
(26,796
)
 
(2,477
)
 
11,105

 
8,631

 
(15,691
)
Plan participants' contributions
 
—

 
—

 
—

 
1,359

 
—

 
1,359

Plan amendments
 
—

 
—

 
—

 
(4,354
)
 
—

 
(4,354
)
Curtailment effect
 
—

 
—

 
—

 
(7,414
)
 
—

 
(7,414
)
Settlements paid
 
(259
)
 
(96
)
 
—

 
(74,485
)
 
(259
)
 
(74,581
)
Benefits paid
 
(18,744
)
 
(17,802
)
 
(3,276
)
 
(3,631
)
 
(22,020
)
 
(21,433
)
Projected benefit obligation, end of year
 
$
336,648

 
$
325,863

 
$
28,161

 
$
35,915

 
$
364,809

 
$
361,778

Change in fair value of plan assets:
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets, beginning of year
 
$
316,184

 
$
340,082

 
$
—

 
$
74,279

 
$
316,184

 
$
414,361

Actual return on plan assets
 
20,974

 
(6,096
)
 
—

 
(213
)
 
20,974

 
(6,309
)
Exchange rate fluctuations
 
—

 
—

 
—

 
(7,761
)
 
—

 
(7,761
)
Employer contributions
 
259

 
96

 
3,276

 
10,452

 
3,535

 
10,548

Plan participants' contributions
 
—

 
—

 
—

 
1,359

 
—

 
1,359

Settlements paid
 
(259
)
 
(96
)
 
—

 
(74,485
)
 
(259
)
 
(74,581
)
Benefits paid
 
(18,744
)
 
(17,802
)
 
(3,276
)
 
(3,631
)
 
(22,020
)
 
(21,433
)
Fair value of plan assets, end of year
 
$
318,414

 
$
316,184

 
$
—

 
$
—

 
$
318,414

 
$
316,184

 
 
 
 
 
 
 
 
 
 
 
 
 
Funded ratio
 
94.6
%
 
97.0
%
 
—
%
 
—
%
 
87.3
%
 
87.4
%
Funded status and net accrued pension benefit asset (cost)
 
$
(18,234
)
 
$
(9,679
)
 
$
(28,161
)
 
$
(35,915
)
 
$
(46,395
)
 
$
(45,594
)
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)
 
2016
 
2015
Non-current asset
 
$
—

 
$
977

Current liability
 
(2,461
)
 
(2,297
)
Long-term liability
 
(43,934
)
 
(44,274
)
Net accrued pension liability
 
$
(46,395
)
 
$
(45,594
)
Amounts Recognized in Accumulated Other Comprehensive Loss
The pretax amounts recognized in accumulated other comprehensive loss as of December 31, 2016 and 2015, are as follows:
Year ended December 31,
(dollars in thousands)
 
U.S. Plans
 
Non-U.S. Plans
 
Total
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
Net actuarial loss
 
$
105,830

 
$
96,983

 
$
11,077

 
$
16,988

 
$
116,907

 
$
113,971

Prior service cost (credit)
 
237

 
500

 
(2,704
)
 
(3,472
)
 
(2,467
)
 
(2,972
)
Total cost
 
$
106,067

 
$
97,483

 
$
8,373

 
$
13,516

 
$
114,440

 
$
110,999
Amounts in Accumulated Other Comprehensive Loss to be Recognized During 2017
The pretax amounts in accumulated other comprehensive loss as of December 31, 2016, that are expected to be recognized as components of net periodic benefit cost during 2017 are as follows:
(dollars in thousands)
 
U.S. Plans
 
Non-U.S. Plans
 
Total
Net actuarial loss
 
$
5,409

 
$
543

 
$
5,952

Prior service cost (credit)
 
236

 
(187
)
 
49

Total cost
 
$
5,645

 
$
356

 
$
6,001
Estimated Contributions to Defined Benefit Plan
Estimated contributions for 2017, as well as, contributions made in 2016 and 2015 to the pension plans are as follows:
(dollars in thousands)
 
U.S. Plans
 
Non-U.S. Plans
 
Total
Estimated contributions in 2017
 
$
286

 
$
2,278

 
$
2,564

Contributions made in 2016
 
$
259

 
$
3,276

 
$
3,535

Contributions made in 2015
 
$
96

 
$
10,452

 
$
10,548
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
2017
 
$
19,038

 
$
2,278

 
$
21,316

2018
 
$
19,957

 
$
1,668

 
$
21,625

2019
 
$
20,146

 
$
1,786

 
$
21,932

2020
 
$
20,164

 
$
1,903

 
$
22,067

2021
 
$
20,497

 
$
2,258

 
$
22,755

2022-2026
 
$
105,868

 
$
12,215

 
$
118,083
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, 2016 and 2015 were as follows:
December 31,
(dollars in thousands)
 
U.S. Plans
 
Non-U.S. Plans
 
Total
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
Projected benefit obligation
 
$
336,648

 
$
268,218

 
$
28,161

 
$
35,915

 
$
364,809

 
$
304,133

Accumulated benefit obligation
 
$
336,648

 
$
268,218

 
$
23,194

 
$
29,102

 
$
359,842

 
$
297,320

Fair value of plan assets
 
$
318,414

 
$
257,562

 
$
—

 
$
—

 
$
318,414

 
$
257,562
Plan Asset Fair Value Measurement
The fair value measurements table presented below of our U.S. pension plan assets has been recasted to conform to the current year presentation under ASU 2015-07. See note 2 for more information.
December 31,
(dollars in thousands)
 
Measured at NAV
 
Target Allocation
 
2016
 
2015
 
2017
Short-term investments
 
$
8,766

 
$
9,558

 
3
%
Real estate
 
15,812

 
17,376

 
5
%
Equity securities
 
148,302

 
138,497

 
45
%
Debt securities
 
96,658

 
101,895

 
32
%
Hedge funds
 
48,876

 
48,858

 
15
%
Total
 
$
318,414

 
$
316,184

 
100
%