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RETIREMENT BENEFITS (Tables) | 12 Months Ended
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Dec. 31, 2021
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
| 2021 |  | 2020 |  | 2021 |  | 2020
| (Dollars in thousands)
Change in benefit obligation |  |  |  |  |  |  |
Obligation at beginning of year | $ | 971,415 |  |  | $ | 855,509 |  |  | $ | 22,152 |  |  | $ | 21,718 |
Service cost | 14,265 |  |  | 13,638 |  |  | 107 |  |  | 88 |
Interest cost | 17,697 |  |  | 23,074 |  |  | 363 |  |  | 566 |
Actuarial (gains) losses | (23,537) |  |  | 100,839 |  |  | (1,631) |  |  | 1,440 |
Acquisition | — |  |  | 8,930 |  |  | — |  |  | — |
Benefits paid | (43,512) |  |  | (41,332) |  |  | (1,573) |  |  | (1,765) |
Participants’ contributions | — |  |  | — |  |  | 107 |  |  | 105 |
Foreign currency exchange rate changes | (11,199) |  |  | 10,757 |  |  | — |  |  | — |
Obligation at end of year | 925,129 |  |  | 971,415 |  |  | 19,525 |  |  | 22,152 |
Change in plan assets |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | 956,345 |  |  | 869,070 |  |  | — |  |  | — |
Actual return on plan assets | 109,120 |  |  | 126,249 |  |  | — |  |  | — |
Employer contributions | 2,501 |  |  | 2,358 |  |  | 1,466 |  |  | 1,660 |
Participants’ contributions | — |  |  | — |  |  | 107 |  |  | 105 |
Benefits paid | (43,512) |  |  | (41,332) |  |  | (1,573) |  |  | (1,765) |
Fair value of plan assets at end of year | 1,024,454 |  |  | 956,345 |  |  | — |  |  | — |
Funded status | $ | 99,325 |  |  | $ | (15,070) |  |  | $ | (19,525) |  |  | $ | (22,152) |
| Pension Benefits |  | Other Postretirement Benefits
| 2021 |  | 2020 |  | 2021 |  | 2020
| (Dollars in thousands)
Amounts recognized in the consolidated balance sheets |  |  |  |  |  |  |
Non-current assets | $ | 226,882 |  |  | $ | 125,740 |  |  | $ | — |  |  | $ | — |
Current liabilities | (2,602) |  |  | (2,674) |  |  | (1,460) |  |  | (1,665) |
Non-current liabilities | (124,955) |  |  | (138,136) |  |  | (18,065) |  |  | (20,487) |
Net amount recognized | $ | 99,325 |  |  | $ | (15,070) |  |  | $ | (19,525) |  |  | $ | (22,152) |
Amounts recognized in accumulated other comprehensive loss |  |  |  |  |  |  |
Net actuarial loss (gain) | $ | 161,837 |  |  | $ | 230,058 |  |  | $ | (2,690) |  |  | $ | (1,344) |
Prior service cost (credit) | 731 |  |  | 974 |  |  | (2,637) |  |  | (4,467) |
Net amount recognized | $ | 162,568 |  |  | $ | 231,032 |  |  | $ | (5,327) |  |  | $ | (5,811) |
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
2022 | $ | 44,821 |  |  | $ | 1,462 |
2023 | 45,979 |  |  | 1,409 |
2024 | 46,895 |  |  | 1,380 |
2025 | 47,929 |  |  | 1,324 |
2026 | 48,997 |  |  | 1,309 |
2027-2031 | 249,809 |  |  | 5,993 |
| $ | 484,430 |  |  | $ | 12,877 |
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
| 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
| (Dollars in thousands)
Service cost | $ | 14,265 |  |  | $ | 13,638 |  |  | $ | 12,505 |  |  | $ | 107 |  |  | $ | 88 |  |  | $ | 80 |
Interest cost | 17,697 |  |  | 23,074 |  |  | 28,316 |  |  | 363 |  |  | 566 |  |  | 759 |
Expected return on plan assets | (79,453) |  |  | (72,122) |  |  | (60,567) |  |  | — |  |  | — |  |  | — |
Amortization of prior service cost (credit) | 243 |  |  | 205 |  |  | 115 |  |  | (1,830) |  |  | (1,937) |  |  | (2,330) |
Amortization of actuarial losses (gains) | 12,479 |  |  | 11,859 |  |  | 16,399 |  |  | (311) |  |  | (339) |  |  | (488) |
Net periodic benefit credit | $ | (34,769) |  |  | $ | (23,346) |  |  | $ | (3,232) |  |  | $ | (1,671) |  |  | $ | (1,622) |  |  | $ | (1,979) |
Multiemployer Pension Plans | Further information on these multiemployer plans for the years ended December 31, 2021, 2020 and 2019 is as follows:
Pension Fund |  | EIN/Pension Plan Number |  | Pension Protection Act Zone Status |  |  | FIP / RP Status Pending / Implemented |  | Contributions |  | Surcharge Imposed
2021 |  |  | 2020 |  |  | 2021 |  | 2020 |  | 2019 |
|  |  |  |  |  |  |  |  |  |  |  | (Dollars in thousands) |  |
Central States, Southeast & Southwest Areas Pension Fund (1) |  | 36-6044243/001 |  | Red | (2) |  | Red | (2) |  | Implemented |  | $ | — |  |  | $ | — |  |  | $ | 1,166 |  |  | No
United Food & Commercial Workers — Local One Pension Fund (3) |  | 16-6144007/001 |  | Red | (2) |  | Red | (2) |  | Implemented |  | 282 |  |  | 240 |  |  | 245 |  |  | No
IAM National Pension Fund (4) |  | 51-6031295/002 |  | Red |  |  | Red |  |  | Implemented |  | 2,767 |  |  | 2,746 |  |  | 2,667 |  |  | No
All Other |  |  |  |  |  |  |  |  |  |  |  | 869 |  |  | 775 |  |  | 707 |  |  |
Total Contributions |  |  |  |  |  |  |  |  |  |  |  | $ | 3,918 |  |  | $ | 3,761 |  |  | $ | 4,785 |  |  |
______________________ (1) 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, 2023. A single company that was making over 80 percent of the contributions for this pension fund filed for Chapter 11 bankruptcy during 2018 and withdrew from this pension fund without paying its withdrawal liability. For 2020, the fund actuary for this pension fund projected insolvency for this pension fund in 2026. (4) The applicable collective bargaining agreements related to this pension fund expire at various times through April 30, 2025. Although this pension fund was formally certified in the yellow zone in 2019, the trustees of this pension plan elected voluntarily to place this pension plan in the red zone to take advantage of certain provisions of the Pension Protection Act even though this pension plan had a funded status of 89 percent, 87 percent and 85 percent at the end of 2018, 2019 and 2020, respectively.
Weighted Average Asset Allocation for Pension Plans and Target Allocation | The weighted average asset allocation for our pension plans at December 31, 2021 and 2020 and target allocation for 2021 was as follows:
| Target Allocation |  | Actual Allocation
| 2021 |  | 2020
Equity securities—U.S. | 49 | % |  | 47 | % |  | 47 | %
Equity securities—International | 9 | % |  | 10 | % |  | 10 | %
Debt securities | 42 | % |  | 41 | % |  | 42 | %
Cash and cash equivalents | — |  |  | 2 | % |  | 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:
| 2021 |  | 2020
| (Dollars in thousands)
Equity securities—U.S. | $ | 482,381 |  |  | $ | 453,135 |
Equity securities—International | 100,705 |  |  | 94,919 |
Debt securities | 422,570 |  |  | 397,529 |
Cash and cash equivalents | 18,798 |  |  | 10,762 |
| $ | 1,024,454 |  |  | $ | 956,345 |
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:
| 2021 |  | 2020
Discount rate | 2.9 | % |  | 2.5 | %
Expected return on plan assets | 8.5 | % |  | 8.5 | %
Rate of compensation increase | 2.4 | % |  | 2.5 | %
Health care cost trend rate: |  |  |
Assumed for next year | 6.2 | % |  | 6.2 | %
Ultimate rate | 4.2 | % |  | 4.2 | %
Year that the ultimate rate is reached | 2036 |  | 2036
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:
| 2021 |  | 2020 |  | 2019
Discount rate | 2.5 | % |  | 3.4 | % |  | 4.5 | %
Expected return on plan assets | 8.5 | % |  | 8.5 | % |  | 8.5 | %
Rate of compensation increase | 2.5 | % |  | 2.5 | % |  | 2.6 | %
Health care cost trend rate | 6.2 | % |  | 6.3 | % |  | 6.4 | %

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