Retirement Plans And Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits, Description [Abstract]

Components Of Consolidated Net Pension Costs Retirement Plans

The components of our consolidated net pension costs are set forth in the following table:

	For the Year Ended December 31,
	2019						2018						2017
	U.S.			Foreign			U.S.			Foreign			U.S.			Foreign
							(Dollars in thousands)
Service cost	$	1,297		$	624		$	1,315		$	674		$	1,305		$	710
Interest cost	5,070			275			4,709			253			5,352			199
Expected return on assets	(5,026		)	(424		)	(5,679		)	(330		)	(5,268		)	(299		)
Mark-to-market loss (gain)	205			3,302			2,473			503			(4,140		)	(53		)
Pension costs	$	1,546		$	3,777		$	2,818		$	1,100		$	(2,751	)	$	557

Reconciliation Of Pension Plans' Benefit Obligations, Fair Value Of Assets Retirement Plans

The reconciliation of the beginning and ending balances of our pension plans’ benefit obligations, fair value of assets, and funded status at December 31, 2019 and 2018 are:

	As of December 31, 2019						As of December 31, 2018
	U.S.			Foreign			U.S.			Foreign
	(Dollars in thousands)
Changes in Benefit Obligation:
Net benefit obligation at beginning of period	$	126,985		$	22,332		$	139,746		$	20,407
Service cost	1,297			624			1,315			674
Interest cost	5,070			275			4,709			253
Participant contributions	—			417			—			392
Foreign currency exchange changes	—			379			—			(339		)
Actuarial (gain) loss	12,868			3,319			(8,297		)	711
Benefits paid	(10,410		)	1,557			(10,488		)	234
Net benefit obligation at end of period	$	135,810		$	28,903		$	126,985		$	22,332
Changes in Plan Assets:
Fair value of plan assets at beginning of period	$	99,845		$	15,354		$	109,845		$	13,618
Actual return on plan assets	17,689			441			(5,091		)	538
Foreign currency exchange rate changes	—			377			—			(154		)
Employer contributions	708			834			5,579			726
Participant contributions	—			417			—			392
Benefits paid	(10,410		)	1,557			(10,488		)	234
Fair value of plan assets at end of period	$	107,832		$	18,980		$	99,845		$	15,354
Funded status (underfunded):	$	(27,978	)	$	(9,923	)	$	(27,140	)	$	(6,978	)
Amounts recognized in accumulated   other comprehensive loss:
Prior service credit	$	—		$	—		$	—		$	—
Amounts recognized in the statement   of financial position:
Non-current assets	$	—		$	37		$	—		$	147
Current liabilities	(427		)	(43		)	(430		)	(117		)
Non-current liabilities	(27,551		)	(9,917		)	(26,710		)	(7,008		)
Net amount recognized	$	(27,978	)	$	(9,923	)	$	(27,140	)	$	(6,978	)

Fair Asset Values Of Plan Assets

The fair value of other plan assets by category is summarized below (dollars in thousands):

	As of December 31, 2019
	Level 1		Level 2		Level 3		Total
U.S. Plan Assets
Cash and cash equivalents	$	1,524	$	—	$	—	$	1,524
International Plan Assets
Foreign government bonds	$	—	$	995	$	—	$	995
Fixed insurance contracts	—		—		17,985		17,985
Total assets in the fair value hierarchy	$	—	$	995	$	17,985	$	18,980
Investments measured at net asset value							$	106,308
Total	$	1,524	$	995	$	17,985	$	126,812
	As of December 31, 2018
	Level 1		Level 2		Level 3		Total
U.S. Plan Assets
Cash and cash equivalents	$	1,978	$	—	$	—	$	1,978
International Plan Assets
Foreign government bonds	$	—	$	958	$	—	$	958
Fixed insurance contracts	—		—		14,396		14,396
Total assets in the fair value hierarchy	$	—	$	958	$	14,396	$	15,354
Investments measured at net asset value							$	97,867
Total	$	1,978	$	958	$	14,396	$	115,199

Fair Value Hierarchy, Assets At Fair Value

The following table presents the changes for those financial instruments classified within Level 3 of the valuation hierarchy for international plan pension assets for the years ended December 31, 2018 and 2019 (dollars in thousands):

	Fixed Insurance Contracts
Balance at December 31, 2017	$	12,787
Gain / contributions / currency impact	1,619
Distributions	(10		)
Balance at December 31, 2018	14,396
Gain / contributions / currency impact	3,603
Distributions	(14		)
Balance at December 31, 2019	$	17,985

Assumptions Used To Determine Net Pension Costs And Projected Benefit Obligations

Assumptions used to determine net pension costs and projected benefit obligations are:

Pension Benefit Obligations Key Assumptions	As of December 31,
	2019		2018
Weighted average assumptions to determine benefit obligations:
Discount rate	2.59	%	3.71	%
Rate of compensation increase	1.50	%	1.74	%

 

Pension Cost Key Assumptions
Weighted average assumptions to determine net cost:
Discount rate	3.71	%	3.20	%
Expected return on plan assets	4.92	%	4.94	%
Rate of compensation increase	1.74	%	1.57	%

Assumptions used to determine net postretirement benefit costs and postretirement projected benefit obligation are set forth in the following table:

Postretirement Benefit Obligations
	2019		2018
Weighted average assumptions to determine benefit obligations:
Discount rate	4.65	%	5.57	%
Health care cost trend on covered charges:
Initial	6.14	%	6.53	%
Ultimate	5.84	%	6.05	%
Years to ultimate	6		8

Postretirement Benefit Costs
	2019		2018
Weighted average assumptions to determine net cost:
Discount rate	5.57	%	5.07	%
Health care cost trend on covered charges:
Initial	6.53	%	6.86	%
Ultimate	6.05	%	6.23	%
Years to ultimate	7		7

Retirement Plan Weighted Average Asset Allocations

The following table presents our retirement plan weighted average asset allocations at December 31, 2019, by asset category:

	Percentage of Plan Assets as of December 31, 2019
	US		Foreign
Equity securities and return seeking assets	20	%	—	%
Fixed income, debt securities, or cash	80	%	100	%
Total	100	%	100	%

Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets

Information for our pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2018 and 2019 follows:

	2019				2018
	U.S.		Foreign		U.S.		Foreign
	(Dollars in thousands)
Accumulated benefit obligation	$	135,810	$	26,829	$	126,985	$	20,601
Fair value of plan assets	107,832		17,985		99,845		14,396

Pension Plans With Projected Benefit Obligation In Excess Of Plan Assets

Information for our pension plans with a projected benefit obligation in excess of plan assets at December 31, 2018 and 2019 follows:

	2019				2018
	U.S.		Foreign		U.S.		Foreign
	(Dollars in thousands)
Projected benefit obligation	$	135,810	$	27,944	$	126,985	$	21,520
Fair value of plan assets	107,832		17,985		99,845		14,396

Projected Future Pension Plan Cash Flow By Year

Following is our projected future pension plan cash flow by year:

	U.S.		Foreign
	(Dollars in thousands)
Expected contributions in 2020:
Expected employer contributions	$	4,419	$	737
Expected employee contributions	—		—
Estimated future benefit payments reflecting expected future service for the years ending December 31:
2020	9,271		884
2021	9,240		870
2022	9,195		905
2023	9,145		1,038
2024	9,012		2,340
2025-2029	43,077		9,168

Recognized In Other Comprehensive Income Postretirement Benefit Plans

The components of our consolidated net postretirement costs are set forth in the following table:

	For the Year Ended December 31,
	2019				2018					2017
	U.S.		Foreign		U.S.			Foreign		U.S.			Foreign
	(Dollars in thousands)
Service cost	$	—	$	—	$	—		$	1	$	—		$	2
Interest cost	269		684		264			700		333			653
Mark-to-market loss (gain)	585		100		(1,028		)	47		(1,257		)	742
Post-employment benefits (benefit)    cost	$	854	$	784	$	(764	)	$	748	$	(924	)	$	1,397

Fair Value Of Assets Of, And The Funded Status Of, Postretirement Plans

The reconciliation of beginning and ending balances of benefit obligations under, fair value of assets of, and the funded status of, our postretirement plans is set forth in the following table:

Postretirement Benefits	As of December 31, 2019						As of December 31, 2018
	U.S.			Foreign			U.S.			Foreign
	(Dollars in thousands)
Changes in Benefit Obligation:
Net benefit obligation at beginning of period	$	7,165		$	10,661		$	8,461		$	12,172
Service cost	—			—			—			1
Interest cost	269			684			264			700
Foreign currency exchange rates				340			—			(1,333		)
Actuarial (gain) loss	585			100			(1,028		)	47
Gross benefits paid	(829		)	(831		)	(532		)	(926		)
Plan amendment	—			—			—			—
Net benefit obligation at end of period	$	7,190		$	10,954		$	7,165		$	10,661
Changes in Plan Assets:
Fair value of plan assets    at beginning of period	$	—		$	—		$	—		$	—
Employer contributions	829			831			532			926
Gross benefits paid	(829		)	(831		)	(532		)	(926		)
Fair value of plan assets at end of period	$	—		$	—		$	—		$	—
Funded status:	$	(7,190	)	$	(10,954	)	$	(7,165	)	$	(10,661	)
Amounts recognized in accumulated    other comprehensive loss:
Prior service credit	$	—		$	—		$	—		$	—
Amounts recognized in the statement of    financial position:
Current liabilities	$	(723	)	$	(893	)	$	(783	)	$	(851	)
Non-current liabilities	(6,467		)	(10,061		)	(6,382		)	(9,810		)
Net amount recognized	$	(7,190	)	$	(10,954	)	$	(7,165	)	$	(10,661	)

One-Percentage Point Change In Assumed Health Care Cost Trend Rates

A one-percentage point change in assumed health care cost trend rates would have the following effects at December 31, 2019:

	One Percentage Point Increase				One Percentage Point Decrease
	U.S.		Foreign		U.S.			Foreign
	(Dollars in thousands)
Effect on total service cost    and interest cost components	$	—	$	49	$	—		$	(42	)
Effect on benefit obligations	$	21	$	465	$	(20	)	$	(409	)

Projected Future Postretirement Cash Flow By Year

The following table represents projected future postretirement cash flow by year:

	U.S.		Foreign
	(Dollars in thousands)
Expected contributions in 2020:
Expected employer contributions	$	723	$	893
Expected employee contributions	—		—
Estimated future benefit payments reflecting expected    future service for the years ending December 31:
2020	723		893
2021	657		908
2022	596		904
2023	540		910
2024	492		924
2025-2029	1,984		4,689