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Pension (Tables) - Pension Plan
 12 Months Ended
Dec. 31, 2017
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
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Service cost (benefits earned during the period)
 
$
3,916

 
$
3,717

 
$
4,365

 
$
1,085

 
$
1,226

 
$
2,965

 
$
5,001

 
$
4,943

 
$
7,330

Interest cost on projected benefit obligation
 
13,787

 
14,963

 
14,715

 
2,749

 
2,594

 
4,332

 
16,536

 
17,557

 
19,047

Expected return on plan assets
 
(22,479
)
 
(23,027
)
 
(22,661
)
 
—

 
—

 
(2,447
)
 
(22,479
)
 
(23,027
)
 
(25,108
)
Amortization of unrecognized:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Prior service cost (credit)
 
236

 
263

 
417

 
(204
)
 
(207
)
 
(244
)
 
32

 
56

 
173

Actuarial loss
 
5,232

 
4,272

 
7,291

 
594

 
782

 
1,599

 
5,826

 
5,054

 
8,890

Settlement charge
 
245

 
42

 
13

 
—

 
126

 
21,574

 
245

 
168

 
21,587

Curtailment credit
 
—

 
—

 
—

 
—

 
—

 
(14
)
 
—

 
—

 
(14
)
Pension expense
 
$
937

 
$
230

 
$
4,140

 
$
4,224

 
$
4,521

 
$
27,765

 
$
5,161

 
$
4,751

 
$
31,905
Schedule of Assumptions Used
The assumptions used to determine the benefit obligations were as follows:
 
 
U.S. Plans
 
Non-U.S. Plans
 
 
2017
 
2016
 
2017
 
2016
Discount rate
 
3.64%
to
3.69%
 
4.18%
to
4.23%
 
9.40%
 
9.30%
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
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Discount rate
4.18
%
to
4.23
%
 
4.66
%
to
4.73
%
 
4.17
%
to
4.29
%
 
9.30%
 
8.10%
 
2.30
%
to
7.60
%
Expected long-term rate of return on plan assets
7.00%
 
7.25%
 
7.25%
 
Not applicable
 
Not applicable
 
4.00%
Rate of compensation increase
Not applicable
 
Not applicable
 
Not applicable
 
4.30%
 
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
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Change in projected benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
 
Projected benefit obligation, beginning of year
 
$
336,648

 
$
325,863

 
$
28,161

 
$
35,915

 
$
364,809

 
$
361,778

Service cost
 
3,916

 
3,717

 
1,085

 
1,226

 
5,001

 
4,943

Interest cost
 
13,787

 
14,963

 
2,749

 
2,594

 
16,536

 
17,557

Exchange rate fluctuations
 
—

 
—

 
1,214

 
(5,821
)
 
1,214

 
(5,821
)
Actuarial (gain) loss
 
22,991

 
11,108

 
1,409

 
(2,477
)
 
24,400

 
8,631

Settlements paid
 
(281
)
 
(259
)
 
—

 
—

 
(281
)
 
(259
)
Benefits paid
 
(23,008
)
 
(18,744
)
 
(2,651
)
 
(3,276
)
 
(25,659
)
 
(22,020
)
Projected benefit obligation, end of year
 
$
354,053

 
$
336,648

 
$
31,967

 
$
28,161

 
$
386,020

 
$
364,809

 
 
 
 
 
 
 
 
 
 
 
 
 
Change in fair value of plan assets:
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets, beginning of year
 
$
318,414

 
$
316,184

 
$
—

 
$
—

 
$
318,414

 
$
316,184

Actual return on plan assets
 
47,595

 
20,974

 
—

 
—

 
47,595

 
20,974

Employer contributions
 
499

 
259

 
2,651

 
3,276

 
3,150

 
3,535

Settlements paid
 
(281
)
 
(259
)
 
—

 
—

 
(281
)
 
(259
)
Benefits paid
 
(23,008
)
 
(18,744
)
 
(2,651
)
 
(3,276
)
 
(25,659
)
 
(22,020
)
Fair value of plan assets, end of year
 
$
343,219

 
$
318,414

 
$
—

 
$
—

 
$
343,219

 
$
318,414

 
 
 
 
 
 
 
 
 
 
 
 
 
Funded ratio
 
96.9
%
 
94.6
%
 
—
%
 
—
%
 
88.9
%
 
87.3
%
Funded status and net accrued pension benefit cost
 
$
(10,834
)
 
$
(18,234
)
 
$
(31,967
)
 
$
(28,161
)
 
$
(42,801
)
 
$
(46,395
)
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)
 
2017
 
2016
Pension asset
 
$
2,939

 
$
—

Pension liability (current portion)
 
(2,185
)
 
(2,461
)
Pension liability
 
(43,555
)
 
(43,934
)
Net accrued pension liability
 
$
(42,801
)
 
$
(46,395
)
Amounts Recognized in Accumulated Other Comprehensive Loss
The pretax amounts recognized in accumulated other comprehensive loss as of December 31, 2017 and 2016, are as follows:
Year ended December 31,
(dollars in thousands)
 
U.S. Plans
 
Non-U.S. Plans
 
Total
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Net actuarial loss
 
$
98,228

 
$
105,830

 
$
12,378

 
$
11,077

 
$
110,606

 
$
116,907

Prior service cost (credit)
 
1

 
237

 
(2,636
)
 
(2,704
)
 
(2,635
)
 
(2,467
)
Total cost
 
$
98,229

 
$
106,067

 
$
9,742

 
$
8,373

 
$
107,971

 
$
114,440
Amounts in Accumulated Other Comprehensive Loss to be Recognized During 2018
The pretax amounts in accumulated other comprehensive loss as of December 31, 2017, that are expected to be recognized as components of net periodic benefit cost during 2018 are as follows:
(dollars in thousands)
 
U.S. Plans
 
Non-U.S. Plans
 
Total
Net actuarial loss
 
$
6,546

 
$
605

 
$
7,151

Prior service cost (credit)
 
1

 
(195
)
 
(194
)
Total cost
 
$
6,547

 
$
410

 
$
6,957
Estimated Contributions to Defined Benefit Plan
Estimated contributions for 2018, as well as, contributions made in 2017 and 2016 to the pension plans are as follows:
(dollars in thousands)
 
U.S. Plans
 
Non-U.S. Plans
 
Total
Estimated contributions in 2018
 
$
131

 
$
2,148

 
$
2,279

Contributions made in 2017
 
$
499

 
$
2,651

 
$
3,150

Contributions made in 2016
 
$
259

 
$
3,276

 
$
3,535
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
2018
 
$
19,838

 
$
2,148

 
$
21,986

2019
 
$
19,765

 
$
2,007

 
$
21,772

2020
 
$
19,842

 
$
2,193

 
$
22,035

2021
 
$
20,304

 
$
2,558

 
$
22,862

2022
 
$
20,525

 
$
2,687

 
$
23,212

2023-2027
 
$
104,932

 
$
15,143

 
$
120,075
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, 2017 and 2016 were as follows:
December 31,
(dollars in thousands)
 
U.S. Plans
 
Non-U.S. Plans
 
Total
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Projected benefit obligation
 
$
268,887

 
$
336,648

 
$
31,967

 
$
28,161

 
$
300,854

 
$
364,809

Accumulated benefit obligation
 
$
268,887

 
$
336,648

 
$
27,055

 
$
23,194

 
$
295,942

 
$
359,842

Fair value of plan assets
 
$
255,115

 
$
318,414

 
$
—

 
$
—

 
$
255,115

 
$
318,414
Plan Asset Fair Value Measurement
All investments measured at NAV as a practical expedient for fair value have been excluded from the fair value hierarchy, in accordance with U.S. GAAP. The table below presents our U.S. pension plan assets at fair value.
December 31,
(dollars in thousands)
 
Measured at NAV as a practical expedient
 
Target Allocation
 
2017
 
2016
 
2018
Short-term investments
 
$
8,061

 
$
8,766

 
3
%
Real estate
 
16,390

 
15,812

 
5
%
Equity securities
 
156,434

 
148,302

 
45
%
Debt securities
 
125,671

 
96,658

 
37
%
Hedge funds
 
36,663

(1) 
48,876

 
10
%
Total
 
$
343,219

 
$
318,414

 
100
%

_________________________
(1) Includes $9.1 million of hedge funds valued daily at NAV which is considered to be a Level 2 investment in the fair value hierarchy. See note 14 for discussion of the fair value hierarchy.