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v3.19.3.a.u2

Retirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2019
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
| 2019 |  | 2018 |  | 2019 |  | 2018
| (Dollars in thousands)
Change in benefit obligation |  |  |  |  |  |  |
Obligation at beginning of year | $ | 751,625 |  |  | $ | 808,149 |  |  | $ | 19,186 |  |  | $ | 20,939 |
Service cost | 12,505 |  |  | 14,238 |  |  | 80 |  |  | 99 |
Interest cost | 28,316 |  |  | 25,316 |  |  | 759 |  |  | 640 |
Actuarial losses (gains) | 103,918 |  |  | (53,044 | ) |  | 3,477 |  |  | (2,031 | )
Plan amendments | 528 |  |  | — |  |  | — |  |  | 1,210 |
Benefits paid | (39,508 | ) |  | (38,335 | ) |  | (1,888 | ) |  | (1,764 | )
Participants’ contributions | — |  |  | — |  |  | 104 |  |  | 93 |
Foreign currency exchange rate changes | (1,875 | ) |  | (4,699 | ) |  | — |  |  | — |
Obligation at end of year | 855,509 |  |  | 751,625 |  |  | 21,718 |  |  | 19,186 |
Change in plan assets |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | 732,502 |  |  | 825,806 |  |  | — |  |  | — |
Actual return on plan assets | 174,014 |  |  | (57,082 | ) |  | — |  |  | — |
Employer contributions | 2,062 |  |  | 2,113 |  |  | 1,784 |  |  | 1,671 |
Participants’ contributions | — |  |  | — |  |  | 104 |  |  | 93 |
Benefits paid | (39,508 | ) |  | (38,335 | ) |  | (1,888 | ) |  | (1,764 | )
Fair value of plan assets at end of year | 869,070 |  |  | 732,502 |  |  | — |  |  | — |
Funded status | $ | 13,561 |  |  | $ | (19,123 | ) |  | $ | (21,718 | ) |  | $ | (19,186 | )
Actuarial losses (gains) related to pension benefits were primarily the result of changes in discount rates used to calculate projected benefit obligations.
| Pension Benefits |  | Other Postretirement Benefits
| 2019 |  | 2018 |  | 2019 |  | 2018
| (Dollars in thousands)
Amounts recognized in the consolidated balance sheets |  |  |  |  |  |  |
Non-current assets | $ | 122,552 |  |  | $ | 76,443 |  |  | $ | — |  |  | $ | — |
Current liabilities | (2,225 | ) |  | (2,174 | ) |  | (1,794 | ) |  | (1,924 | )
Non-current liabilities | (106,766 | ) |  | (93,392 | ) |  | (19,924 | ) |  | (17,262 | )
Net amount recognized | $ | 13,561 |  |  | $ | (19,123 | ) |  | $ | (21,718 | ) |  | $ | (19,186 | )
Amounts recognized in accumulated other comprehensive loss (income) |  |  |  |  |  |  |
Net actuarial loss (gain) | $ | 193,061 |  |  | $ | 218,867 |  |  | $ | (3,123 | ) |  | $ | (7,087 | )
Prior service cost (credit) | 1,179 |  |  | 765 |  |  | (6,405 | ) |  | (8,735 | )
Net amount recognized | $ | 194,240 |  |  | $ | 219,632 |  |  | $ | (9,528 | ) |  | $ | (15,822 | )
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
2020 | $ | 42,916 |  |  | $ | 1,798 |
2021 | 42,716 |  |  | 1,671 |
2022 | 43,807 |  |  | 1,527 |
2023 | 44,882 |  |  | 1,466 |
2024 | 45,793 |  |  | 1,416 |
2025-2029 | 237,935 |  |  | 6,463 |
| $ | 458,049 |  |  | $ | 14,341 |
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
| 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017
| (Dollars in thousands)
Service cost | $ | 12,505 |  |  | $ | 14,238 |  |  | $ | 13,372 |  |  | $ | 80 |  |  | $ | 99 |  |  | $ | 104 |
Interest cost | 28,316 |  |  | 25,316 |  |  | 25,501 |  |  | 759 |  |  | 640 |  |  | 692 |
Expected return on plan assets | (60,567 | ) |  | (68,575 | ) |  | (63,010 | ) |  | — |  |  | — |  |  | — |
Amortization of prior service cost (credit) | 115 |  |  | 173 |  |  | 313 |  |  | (2,330 | ) |  | (1,392 | ) |  | (3,418 | )
Amortization of actuarial losses (gains) | 16,399 |  |  | 7,378 |  |  | 7,077 |  |  | (488 | ) |  | (506 | ) |  | (596 | )
Net periodic benefit credit | $ | (3,232 | ) |  | $ | (21,470 | ) |  | $ | (16,747 | ) |  | $ | (1,979 | ) |  | $ | (1,159 | ) |  | $ | (3,218 | )
Multiemployer Pension Plans | Further information on these multiemployer plans for the years ended December 31, 2019, 2018 and 2017 is as follows:
Pension Fund |  | EIN/Pension Plan Number |  | Pension Protection Act Zone Status |  |  | FIP / RP Status Pending / Implemented |  | Contributions |  | Surcharge Imposed
2019 |  |  | 2018 |  |  | 2019 |  | 2018 |  | 2017 |
|  |  |  |  |  |  |  |  |  |  |  | (Dollars in thousands) |  |
Central States, Southeast & Southwest Areas Pension Fund (1) |  | 36-6044243/001 |  | Red | (2) |  | Red | (2) |  | Implemented |  | $ | 1,166 |  |  | $ | 1,797 |  |  | $ | 1,873 |  |  | No
United Food & Commercial Workers — Local 1 Pension Fund (3) |  | 16-6144007/001 |  | Red | (2) |  | Red |  |  | Implemented |  | 245 |  |  | 237 |  |  | 232 |  |  | No
IAM National Pension Fund (4) |  | 51-6031295/002 |  | Red |  |  | Green |  |  | Implemented |  | 2,667 |  |  | 2,587 |  |  | 2,722 |  |  | Yes
All Other |  |  |  |  |  |  |  |  |  |  |  | 707 |  |  | 671 |  |  | 1,596 |  |  |
Total Contributions |  |  |  |  |  |  |  |  |  |  |  | $ | 4,785 |  |  | $ | 5,292 |  |  | $ | 6,423 |  |  |
______________________
(1) | The applicable collective bargaining agreements related to this pension fund expired at various times in 2019. In 2019, we withdrew completely from this pension fund. See Note 4 for further information.
(2) | Under the Multiemployer Pension Reform Act of 2014, the status of this pension fund 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, 2019 and 2018 and target allocation for 2019 was as follows:
| Target Allocation |  | Actual Allocation
| 2019 |  | 2018
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:
| 2019 |  | 2018
| (Dollars in thousands)
Equity securities—U.S. | $ | 414,260 |  |  | $ | 350,728 |
Equity securities—International | 86,822 |  |  | 73,415 |
Debt securities | 362,020 |  |  | 304,128 |
Cash and cash equivalents | 5,968 |  |  | 4,231 |
| $ | 869,070 |  |  | $ | 732,502 |
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:
| 2019 |  | 2018
Discount rate | 3.4 | % |  | 4.5 | %
Expected return on plan assets | 8.5 | % |  | 8.5 | %
Rate of compensation increase | 2.5 | % |  | 2.6 | %
Health care cost trend rate: |  |  |
Assumed for next year | 6.3 | % |  | 6.4 | %
Ultimate rate | 4.3 | % |  | 4.3 | %
Year that the ultimate rate is reached | 2035 |  |  | 2035 |
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:
| 2019 |  | 2018 |  | 2017
Discount rate | 4.5 | % |  | 3.8 | % |  | 4.4 | %
Expected return on plan assets | 8.5 | % |  | 8.5 | % |  | 8.5 | %
Rate of compensation increase | 2.6 | % |  | 2.6 | % |  | 2.8 | %
Health care cost trend rate | 6.4 | % |  | 6.2 | % |  | 6.4 | %

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