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RETIREMENT BENEFITS (Tables) | 12 Months Ended
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Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items] |
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
| 2023 |  | 2022 |  | 2023 |  | 2022
| (Dollars in thousands)
Change in benefit obligation |  |  |  |  |  |  |
Obligation at beginning of year | $ | 674,104 |  |  | $ | 925,129 |  |  | $ | 14,447 |  |  | $ | 19,525 |
Service cost | 8,573 |  |  | 12,603 |  |  | 50 |  |  | 78 |
Interest cost | 34,725 |  |  | 20,579 |  |  | 745 |  |  | 413 |
Actuarial losses (gains) | 22,938 |  |  | (231,923) |  |  | 645 |  |  | (3,609) |
Special termination benefits | 577 |  |  | — |  |  | — |  |  | — |
Plan amendments | (76) |  |  | — |  |  | — |  |  | — |
Curtailment gain | — |  |  | — |  |  | (1,103) |  |  | — |
Benefits paid | (45,006) |  |  | (44,443) |  |  | (1,430) |  |  | (1,984) |
Participants’ contributions | — |  |  | — |  |  | 19 |  |  | 24 |
Foreign currency exchange rate changes | 2,891 |  |  | (7,841) |  |  | — |  |  | — |
Obligation at end of year | 698,726 |  |  | 674,104 |  |  | 13,373 |  |  | 14,447 |
Change in plan assets |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | 764,405 |  |  | 1,024,454 |  |  | — |  |  | — |
Actual return on plan assets | 84,849 |  |  | (218,002) |  |  | — |  |  | — |
Employer contributions | 2,768 |  |  | 2,396 |  |  | 1,411 |  |  | 1,960 |
Participants’ contributions | — |  |  | — |  |  | 19 |  |  | 24 |
Benefits paid | (45,006) |  |  | (44,443) |  |  | (1,430) |  |  | (1,984) |
Fair value of plan assets at end of year | 807,016 |  |  | 764,405 |  |  | — |  |  | — |
Funded status | $ | 108,290 |  |  | $ | 90,301 |  |  | $ | (13,373) |  |  | $ | (14,447) |
| Pension Benefits |  | Other Postretirement Benefits
| 2023 |  | 2022 |  | 2023 |  | 2022
| (Dollars in thousands)
Amounts recognized in the consolidated balance sheets |  |  |  |  |  |  |
Non-current assets | $ | 203,494 |  |  | $ | 169,940 |  |  | $ | — |  |  | $ | — |
Current liabilities | (3,055) |  |  | (2,766) |  |  | (1,389) |  |  | (1,421) |
Non-current liabilities | (92,149) |  |  | (76,873) |  |  | (11,984) |  |  | (13,026) |
Net amount recognized | $ | 108,290 |  |  | $ | 90,301 |  |  | $ | (13,373) |  |  | $ | (14,447) |
Amounts recognized in accumulated other comprehensive loss |  |  |  |  |  |  |
Net actuarial loss (gain) | $ | 176,877 |  |  | $ | 209,874 |  |  | $ | (4,740) |  |  | $ | (6,002) |
Prior service cost (credit) | 391 |  |  | 505 |  |  | (21) |  |  | (969) |
Net amount recognized | $ | 177,268 |  |  | $ | 210,379 |  |  | $ | (4,761) |  |  | $ | (6,971) |
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
2024 | $ | 48,661 |  |  | $ | 1,391 |
2025 | 49,636 |  |  | 1,317 |
2026 | 50,686 |  |  | 1,217 |
2027 | 51,838 |  |  | 1,159 |
2028 | 51,818 |  |  | 1,120 |
2029-2033 | 259,581 |  |  | 4,937 |
| $ | 512,220 |  |  | $ | 11,141 |
Components of Net Periodic Benefit Cost | The components of the net periodic benefit cost (credit) for each of the years ended December 31 were as follows:
| Pension Benefits |  | Other Postretirement Benefits
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
| (Dollars in thousands)
Service cost | $ | 8,573 |  |  | $ | 12,603 |  |  | $ | 14,265 |  |  | $ | 50 |  |  | $ | 78 |  |  | $ | 107 |
Interest cost | 34,725 |  |  | 20,579 |  |  | 17,697 |  |  | 745 |  |  | 413 |  |  | 363 |
Expected return on plan assets | (40,781) |  |  | (69,132) |  |  | (79,453) |  |  | — |  |  | — |  |  | — |
Amortization of prior service cost (credit) | 97 |  |  | 222 |  |  | 243 |  |  | (948) |  |  | (1,668) |  |  | (1,830) |
Amortization of actuarial losses (gains) | 11,638 |  |  | 4,635 |  |  | 12,479 |  |  | (617) |  |  | (298) |  |  | (311) |
Special termination benefits | 577 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Curtailment gain | — |  |  | — |  |  | — |  |  | (1,103) |  |  | — |  |  | — |
Net periodic benefit cost (credit) | $ | 14,829 |  |  | $ | (31,093) |  |  | $ | (34,769) |  |  | $ | (1,873) |  |  | $ | (1,475) |  |  | $ | (1,671) |
Multiemployer Pension Plans | Further information on the multiemployer plans we participated in during the years ended December 31, 2023, 2022 and 2021 is as follows:
Pension Fund |  | EIN/Pension Plan Number |  | Pension Protection Act Zone Status |  |  | FIP / RP Status Pending / Implemented |  | Contributions |  | Surcharge Imposed
2023 |  |  | 2022 |  |  | 2023 |  | 2022 |  | 2021 |
|  |  |  |  |  |  |  |  |  |  |  | (Dollars in thousands) |  |
United Food & Commercial Workers — Local One Pension Fund (1) |  | 16-6144007/001 |  | Red | (2) |  | Red | (2) |  | Implemented |  | — |  |  | 141 |  |  | 282 |  |  | No
IAM National Pension Fund (3) |  | 51-6031295/002 |  | Red |  |  | Red |  |  | Implemented |  | 2,626 |  |  | 2,511 |  |  | 2,767 |  |  | No
Western Conference of Teamsters Pension Plan (4) |  | 91-6145047/001 |  | Green |  |  | Green |  |  | N/A |  | 1,008 |  |  | 906 |  |  | 869 |  |  | No
Total Contributions |  |  |  |  |  |  |  |  |  |  |  | $ | 3,634 |  |  | $ | 3,558 |  |  | $ | 3,918 |  |  |
______________________ (1) In 2022, we completely withdrew from this pension fund. (2) Under the Multiemployer Pension Reform Act of 2014, the status of this pension fund was critical and declining, as defined under such Act. For 2022, the pension fund actuary had projected insolvency for this pension fund in 2026. In August 2023, this pension fund received $788 million in taxpayer assistance under the American Rescue Plan Act of 2021, and, therefore, insolvency for this pension fund should be delayed. (3) The applicable collective bargaining agreements related to this pension fund expire at various times through February 28, 2026. Although this pension fund was formally certified in the yellow zone in 2019, the trustees of this pension fund elected voluntarily to place this pension fund in the red zone to take advantage of certain provisions of the Pension Protection Act even though this pension fund had a funded status of 85 percent, 84 percent and 87 percent at the beginning of 2020, 2021 and 2022, respectively. (4) The applicable collective bargaining agreements related to this pension plan expire at various times through June 30, 2026.
Weighted Average Asset Allocation for Pension Plans and Target Allocation | The weighted average asset allocation for our pension plans at December 31, 2023 and 2022 and target allocation for 2023 were as follows:
| Target Allocation |  | Actual Allocation
| 2023 |  | 2022
Fixed income securities | 89 | % |  | 88 | % |  | 59 | %
Equity securities—US | 6 | % |  | 6 | % |  | 32 | %
Equity securities—International | 3 | % |  | 3 | % |  | 7 | %
Cash and cash equivalents | 2 | % |  | 3 | % |  | 2 | %
| 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:
| 2023 |  | 2022
| (Dollars in thousands)
Fixed income securities | $ | 708,088 |  |  | $ | 448,908 |
Equity securities—US | 48,237 |  |  | 248,858 |
Equity securities—International | 24,512 |  |  | 52,394 |
Cash and cash equivalents | 26,179 |  |  | 14,245 |
| $ | 807,016 |  |  | $ | 764,405 |
Benefit Obligation |
Defined Benefit Plan Disclosure [Line Items] |
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:
| 2023 |  | 2022
Discount rate | 5.3 | % |  | 5.6 | %
Expected return on plan assets | 5.5 | % |  | 6.9 | %
Rate of compensation increase | 2.4 | % |  | 2.4 | %
Health care cost trend rate: |  |  |
Assumed for next year | 5.0 | % |  | 4.7 | %
Ultimate rate | 4.0 | % |  | 3.9 | %
Year that the ultimate rate is reached | 2043 |  | 2043
Benefit Costs |
Defined Benefit Plan Disclosure [Line Items] |
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 cost (credit) for the years ended December 31:
| 2023 |  | 2022 |  | 2021
Discount rate | 5.6 | % |  | 2.9 | % |  | 2.5 | %
Expected return on plan assets | 5.5 | % |  | 6.9 | % |  | 8.5 | %
Rate of compensation increase | 2.4 | % |  | 2.4 | % |  | 2.5 | %
Health care cost trend rate | 5.0 | % |  | 4.7 | % |  | 6.2 | %

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