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Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2018

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 Benefits								Other Postretirement Benefits
	2018				2017				2018				2017
	(Dollars in thousands)
Change in benefit obligation
Obligation at beginning of year	$	808,149			$	726,421			$	20,939			$	21,698
Service cost	14,238				13,372				99				104
Interest cost	25,316				25,501				640				692
Actuarial (gains) losses	(53,044		)		54,562				(2,031		)		630
Acquisition	—				19,225				—				—
Plan amendments	—				147				1,210				(2		)
Benefits paid	(38,335		)		(43,598		)		(1,764		)		(2,325		)
Participants’ contributions	—				—				93				142
Foreign currency exchange rate changes	(4,699		)		12,519				—				—
Obligation at end of year	751,625				808,149				19,186				20,939
Change in plan assets
Fair value of plan assets at beginning of year	825,806				759,551				—				—
Actual return on plan assets	(57,082		)		108,154				—				—
Employer contributions	2,113				1,699				1,671				2,183
Participants’ contributions	—				—				93				142
Benefits paid	(38,335		)		(43,598		)		(1,764		)		(2,325		)
Fair value of plan assets at end of year	732,502				825,806				—				—
Funded status	$	(19,123	)		$	17,657			$	(19,186	)		$	(20,939	)

Actuarial (gains) losses related to pension benefits were primarily the result of changes in discount rates used to calculate projected benefit obligations.

	Pension Benefits								Other Postretirement Benefits
	2018				2017				2018				2017
	(Dollars in thousands)
Amounts recognized in the consolidated balance sheets
Non-current assets	$	76,443			$	118,892			$	—			$	—
Current liabilities	(2,174		)		(2,227		)		(1,924		)		(2,083		)
Non-current liabilities	(93,392		)		(99,008		)		(17,262		)		(18,856		)
Net amount recognized	$	(19,123	)		$	17,657			$	(19,186	)		$	(20,939	)
Amounts recognized in accumulated other comprehensive loss (income)
Net actuarial loss (gain)	$	218,867			$	154,642			$	(7,087	)		$	(5,561	)
Prior service cost (credit)	765				938				(8,735		)		(11,337		)
Net amount recognized	$	219,632			$	155,580			$	(15,822	)		$	(16,898	)

Items to be Recognized in 2017 as Component of Net Periodic Cost

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
2019	$	41,211			$	1,924
2020	40,842				1,702
2021	42,339				1,545
2022	43,469				1,486
2023	44,516				1,463
2024-2028	233,796				6,468
	$	446,173			$	14,588

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 Benefits												Other Postretirement Benefits
	2018				2017				2016				2018				2017				2016
	(Dollars in thousands)
Service cost	$	14,238			$	13,372			$	12,895			$	99			$	104			$	222
Interest cost	25,316				25,501				25,781				640				692				891
Expected return on plan assets	(68,575		)		(63,010		)		(58,504		)		—				—				—
Amortization of prior service cost (credit)	173				313				561				(1,392		)		(3,418		)		(3,571		)
Amortization of actuarial losses (gains)	7,378				7,077				8,573				(506		)		(596		)		(599		)
Special termination benefits	—				—				2,837				—				—				—
Curtailment loss (gain)	—				—				183				—				—				(823		)
Net periodic benefit credit	$	(21,470	)		$	(16,747	)		$	(7,674	)		$	(1,159	)		$	(3,218	)		$	(3,880	)

Multiemployer Pension Plans

Further information on these multiemployer plans for the years ended December 31, 2018, 2017 and 2016 is as follows:

Pension Fund		EIN/Pension Plan Number		Pension Protection Act Zone Status						FIP / RP Status Pending / Implemented		Contributions												Surcharge Imposed
				2018			2017					2018				2017				2016
												(Dollars in thousands)
Central States, Southeast & Southwest Areas Pension Fund (1)		36-6044243/001		Red	(2)		Red	(2)		Implemented		$	1,797			$	1,873			$	1,979			No
United Food & Commercial Workers — Local 1 Pension Fund (3)		16-6144007/001		Red			Red			Implemented		237				232				199				No
All Other												3,258				4,318				4,304
Total Contributions												$	5,292			$	6,423			$	6,482

______________________

⁽¹⁾  The applicable collective bargaining agreements related to this pension fund expire at various times in 2019.

⁽²⁾  Under the Multiemployer Pension Reform Act of 2014, the status of this pension fund for each of 2018 and 2017 was critical and declining, as defined under such Act.

⁽³⁾  The collective bargaining agreement related to this pension fund expires on December 31, 2020.

Weighted Average Asset Allocation for Pension Plans and Target Allocation

The weighted average asset allocation for our pension plans at December 31, 2018 and 2017 and target allocation for 2018 was as follows:

	Target Allocation			Actual Allocation
				2018			2017
Equity securities—U.S.	49	%		47	%		47	%
Equity securities—International	9	%		10	%		10	%
Debt securities	42	%		42	%		42	%
Cash and cash equivalents	—			1	%		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:

	2018				2017
	(Dollars in thousands)
Equity securities—U.S.	$	350,728			$	391,527
Equity securities—International	73,415				82,571
Debt securities	304,128				347,612
Cash and cash equivalents	4,231				4,096
	$	732,502			$	825,806

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:

	2018			2017
Discount rate	4.5	%		3.8	%
Expected return on plan assets	8.5	%		8.5	%
Rate of compensation increase	2.6	%		2.6	%
Health care cost trend rate:
Assumed for next year	6.4	%		6.2	%
Ultimate rate	4.3	%		4.9	%
Year that the ultimate rate is reached	2035			2047

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:

	2018			2017			2016
Discount rate	3.8	%		4.4	%		4.7	%
Expected return on plan assets	8.5	%		8.5	%		8.5	%
Rate of compensation increase	2.6	%		2.8	%		3.1	%
Health care cost trend rate	6.2	%		6.4	%		6.6	%

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