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Retirement Plans And Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2014

General Discussion of Pension and Other Postretirement Benefits [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,
	2012								2013								2014
	U.S.				Foreign				U.S.				Foreign				U.S.				Foreign
	(Dollars in thousands)
Service cost	$	610			$	1,095			$	870			$	1,177			$	750			$	1,107
Interest cost	6,114				2,532				5,438				2,542				5,983				2,669
Expected return on assets	(6,520		)		(2,299		)		(4,505		)		(2,339		)		(5,215		)		(2,516		)
Amortization of prior service cost	—				24				—				25				—				2
Curtailment gain	—				—				—				—				—				(28		)
Mark-to-market loss (gain)	6,572				1,662				(11,907		)		(393		)		18,431				(534		)
	$	6,776			$	3,014			$	(10,104	)		$	1,012			$	19,949			$	700

Amounts Recognized In Other Comprehensive Income Retirement Plans

The primary driver of the mark-to-market losses in 2012 and gains in 2013 were changes in the discount rate due to interest rate fluctuations. The mark-to-market loss in 2014 was caused by changes in discount rates and mortality tables.

Amounts recognized in other comprehensive income:

	For the Year Ended December 31,
	2012								2013								2014
	U.S.				Foreign				U.S.				Foreign				U.S.				Foreign
	(Dollars in thousands)
Amortization of prior service cost	$	—			$	(24	)		$	—			$	(25	)		$	—			$	(26	)
Addition to prior service cost	—				—				—				(246		)		—				—
Effect of exchange rates	—				3				—				11				—				8
Total recognized in other comprehensive loss	$	—			$	(21	)		$	—			$	(260	)		$	—			$	(18	)
Total recognized in pension costs and other comprehensive loss	$	6,776			$	2,993			$	(10,104	)		$	752			$	19,949			$	682

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, 2013 and 2014 are:

	At December 31,
	2013								2014
	U.S.				Foreign				U.S.				Foreign
	(Dollars in thousands)
Changes in Benefit Obligation:
Net benefit obligation at beginning of year	$	151,469			$	80,311			$	134,787			$	78,421
Service cost	870				1,177				750				1,107
Interest cost	5,438				2,542				5,983				2,669
Participant contributions	—				342				—				288
Plan amendments / curtailments	—				(246		)		—
Foreign currency exchange changes	—				1,549				—				(6,171		)
Actuarial loss (gain)	(14,433		)		(3,257		)		21,456				11,935
Benefits paid	(8,557		)		(3,997		)		(8,608		)		(5,646		)
Net benefit obligation at end of year	$	134,787			$	78,421			$	154,368			$	82,603
Changes in Plan Assets:
Fair value of plan assets at beginning of year	$	91,319			$	71,750			$	90,875			$	72,685
Actual return on plan assets	1,979				(517		)		8,240				14,971
Foreign currency exchange rate changes	—				1,404				—				(5,479		)
Employer contributions	6,134				3,703				8,947				909
Participant contributions	—				342				—				288
Actuarial loss	—				—				—				—
Benefits paid	(8,557		)		(3,997		)		(8,608		)		(5,646		)
Fair value of plan assets at end of year	$	90,875			$	72,685			$	99,454			$	77,728
Funded status (underfunded):	$	(43,912	)		$	(5,736	)		$	(54,914	)		$	(4,875	)
Amounts recognized in accumulated other comprehensive loss:
Prior service credit	$	—			$	(6	)		$	—			$	(25	)
Amounts recognized in the statement of financial position:
Non-current assets	$	—			$	—			$	—			$	1,365
Current liabilities	(440		)		(524		)		(439		)		(324		)
Non-current liabilities	(43,472		)		(5,214		)		(54,475		)		(5,916		)
Net amount recognized	$	(43,912	)		$	(5,738	)		$	(54,914	)		$	(4,875	)

Fair Asset Values Of Plan Assets

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

	December 31, 2013																December 31, 2014
	Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
U.S. Plan Assets
Cash and cash equivalents	$	2,597			—				—				$	2,597			$	906			—				—				$	906
Collective trusts	—				88,278				—				88,278				—				$	98,548			—				98,548
Total	$	2,597			88,278				—				$	90,875			$	906			$	98,548			—				$	99,454
International Plan Assets
Cash and cash equivalents	$	2,549			—				—				$	2,549			$	1,364			—				—				$	1,364
Foreign government bonds	—				$	1,142			—				1,142				—				$	1,038			—				1,038
Investment contracts	—				—				$	58,129			58,129				—				—				$	61,990			61,990
Fixed insurance contracts	—				—				10,865				10,865				—				—				13,336				13,336
Total	$	2,549			$	1,142			$	68,994			$	72,685			$	1,364			$	1,038			$	75,326			$	77,728

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, 2013 and 2014 (dollars in thousands):

	Investment Contracts				Fixed Insurance Contracts
Balance at January 1, 2013	$	60,344			$	10,051
Gain / contributions / currency impact	9,770				814
Distributions	(11,987		)		—
Balance at December 31, 2013	58,127				10,865
Gain / contributions / currency impact	5,585				2,471
Distributions	(1,722		)		—
Balance at December 31, 2014	$	61,990			$	13,336

Retirement Plan Weighted Average Asset Allocations

	Percentage of Plan Assets as of December 31, 2014
	US			Foreign
Equity securities	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, 2013 and 2014 follows:

	2013								2014
	U.S.				Foreign				U.S.				Foreign
	(Dollars in thousands)
Accumulated benefit obligation	$	134,787			$	76,915			$	154,368			$	18,756
Fair value of plan assets	90,875				72,683				99,454				14,374

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, 2013 and 2014 follows:

	2013								2014
	U.S.				Foreign				U.S.				Foreign
	(Dollars in thousands)
Projected benefit obligation	$	134,787			$	78,421			$	154,368			$	20,617
Fair value of plan assets	90,875				72,685				99,454				14,374

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 2015:
Expected employer contributions	$	9,084			$	974
Expected employee contributions	—				—
Estimated future benefit payments reflecting expected future service for the years ending December 31:
2015	8,941				3,826
2016	9,039				3,835
2017	9,166				3,918
2018	9,278				4,145
2019	9,340				3,904
2020-2024	47,554				22,523

Components Of Net Postretirement Costs

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

	For the Year Ended December 31,
	2012								2013								2014
	U.S.				Foreign				U.S.				Foreign				U.S.				Foreign
	(Dollars in thousands)
Service cost	$	—			$	183			$	—			$	105			—				$	71
Interest cost	497				1,024				371				994				396				976
Amortization of prior service credit	—				(199		)		—				(193		)		—				(180		)
Plan amendment / curtailment	—				1,170				—				—				—				(294		)
Mark-to-market (gain) loss	60				551				(1,284		)		(1,210		)		1,151				1,456
	$	557			$	2,729			$	(913	)		$	(304	)		$	1,547			$	2,029

Recognized In Other Comprehensive Income Postretirement Benefit Plans

Amounts recognized in other comprehensive income are:

	For the Year Ended December 31,
	2012								2013								2014
	U.S.				Foreign				U.S.				Foreign				U.S.				Foreign
	(Dollars in thousands)
Amortization of prior service cost	$	—			$	199			$	—			$	193			$	—			$	180
Effect of exchange rates	—				(53		)		—				133				—				148
Total recognized in other comprehensive income	$	—			$	146			$	—			$	326			$	—			$	328
Total recognized in net post retirement cost (benefit) and other comprehensive income	$	557			$	2,875			$	(913	)		$	22			$	1,547			$	2,357

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 at December 31,
	2013								2014
	U.S.				Foreign				U.S.				Foreign
	(Dollars in thousands)
Changes in Benefit Obligation:
Net benefit obligation at beginning of year	$	13,506			$	19,188			$	11,275			$	15,645
Service cost	—				105				—				71
Interest cost	371				994				396				976
Foreign currency exchange rates	—				(2,183		)		—				(1,437		)
Actuarial loss (gain)	(1,284		)		(1,365		)		1,151				1,511
Gross benefits paid	(1,318		)		(1,161		)		(1,236		)		(1,068		)
Plan amendment	—				67				—				(294		)
Net benefit obligation at end of year	$	11,275			$	15,645			$	11,586			$	15,404
Changes in Plan Assets:
Fair value of plan assets at beginning of year	$	—			$	—			$	—			$	—
Employer contributions	1,318				1,161				1,236				1,068
Gross benefits paid	(1,318		)		(1,161		)		(1,236		)		(1,068		)
Fair value of plan assets at end of year	$	—			$	—			$	—			$	—
Funded status:	$	(11,275	)		$	(15,645	)		$	(11,586	)		$	(15,404	)
Amounts recognized in accumulated other comprehensive loss:
Prior service credit	$	—			$	1,882			$	—			$	1,554
Amounts recognized in the statement of financial position:
Current liabilities	$	(1,279	)		$	(1,035	)		$	(1,204	)		$	(953	)
Non-current liabilities	(9,996		)		(14,610		)		(10,382		)		(14,451		)
Net amount recognized	$	(11,275	)		$	(15,645	)		$	(11,586	)		$	(15,404	)

Assumptions Used To Determine Net Pension Costs And Projected Benefit Obligations

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

	Postretirement Benefit Obligations At December 31,
	2013			2014
Weighted average assumptions to determine benefit obligations:
Discount rate	5.41	%		4.82	%
Health care cost trend on covered charges:
Initial	7.42	%		6.55	%
Ultimate	6.23	%		6.18	%
Years to ultimate	3			1

	Postretirement Benefit Costs At December 31,
	2013			2014
Weighted average assumptions to determine net cost:
Discount rate	4.44	%		5.29	%
Health care cost trend on covered charges:
Initial	7.52	%		7.39	%
Ultimate	5.94	%		6.18	%
Years to ultimate	3			2

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

	Pension Benefit Obligations At December 31,
	2013			2014
Weighted average assumptions to determine benefit obligations:
Discount rate	4.20	%		3.33	%
Rate of compensation increase	2.42	%		2.08	%

	Pension Benefit Obligations At December 31,
	2013			2014
Weighted average assumptions to determine net cost:
Discount rate	3.58	%		4.20	%
Expected return on plan assets	4.29	%		4.77	%
Rate of compensation increase	2.44	%		2.42	%

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, 2014:

	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	$	3			$	107			$	(3	)		$	(87	)
Effect on benefit obligations	$	116			$	1,019			$	(110	)		$	(847	)

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 2015:
Expected employer contributions	$	1,204			$	953
Expected employee contributions	—				—
Estimated future benefit payments reflecting expected future service for the years ending December 31:
2015	1,204				953
2016	1,172				985
2017	1,124				990
2018	1,062				999
2019	985				1,007
2020-2024	3,668				5,258

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