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Retirement Plans And Postretirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2018
Retirement Benefits, Description [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,
| 2018 |  | 2017 |  | 2016
| U.S. |  | Foreign |  | U.S. |  | Foreign |  | U.S. |  | Foreign
|  |  |  |  | (Dollars in thousands)
Service cost | $ | 1,315 |  |  | $ | 674 |  |  | $ | 1,305 |  |  | $ | 710 |  |  | $ | 1,325 |  |  | $ | 698 |
Interest cost | 4,709 |  |  | 253 |  |  | 5,352 |  |  | 199 |  |  | 5,744 |  |  | 243 |
Expected return on assets | (5,679 | ) |  | (330 | ) |  | (5,268 | ) |  | (299 | ) |  | (4,940 | ) |  | (298 | )
Mark-to-market loss (gain) | 2,473 |  |  | 503 |  |  | (4,140 | ) |  | (53 | ) |  | (2,322 | ) |  | (220 | )
Pension costs | $ | 2,818 |  |  | $ | 1,100 |  |  | $ | (2,751 | ) |  | $ | 557 |  |  | $ | (193 | ) |  | $ | 423 |
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, 2018 and 2017 are:
| As of December 31, 2018 |  | As of December 31, 2017
| U.S. |  | Foreign |  | U.S. |  | Foreign
| (Dollars in thousands)
Changes in Benefit Obligation: |  |  |  |  |  |  |
Net Benefit Obligation at beginning of period | $ | 139,746 |  |  | $ | 20,407 |  |  | $ | 140,230 |  |  | $ | 18,237 |
Service cost | 1,315 |  |  | 674 |  |  | 1,305 |  |  | 710 |
Interest cost | 4,709 |  |  | 253 |  |  | 5,352 |  |  | 199 |
Participant contributions | — |  |  | 392 |  |  | — |  |  | 252 |
Foreign currency exchange changes | — |  |  | (339 | ) |  | — |  |  | 1,069 |
Actuarial (gain) loss | (8,297 | ) |  | 711 |  |  | 3,212 |  |  | 63 |
Benefits paid | (10,488 | ) |  | 234 |  |  | (10,353 | ) |  | (123 | )
Net benefit obligation at end of period | $ | 126,985 |  |  | $ | 22,332 |  |  | $ | 139,746 |  |  | $ | 20,407 |
Changes in Plan Assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of period | $ | 109,845 |  |  | $ | 13,618 |  |  | $ | 100,905 |  |  | $ | 11,871 |
Actual return on plan assets | (5,091 | ) |  | 538 |  |  | 12,620 |  |  | 415 |
Foreign currency exchange rate changes |  |  |  | (154 | ) |  | — |  |  | 545 |
Employer contributions | 5,579 |  |  | 726 |  |  | 6,673 |  |  | 658 |
Participant contributions |  |  |  | 392 |  |  | — |  |  | 252 |
Benefits paid | (10,488 | ) |  | 234 |  |  | (10,353 | ) |  | (123 | )
Fair value of plan assets at end of period | $ | 99,845 |  |  | $ | 15,354 |  |  | $ | 109,845 |  |  | $ | 13,618 |
Funded status (underfunded): | $ | (27,140 | ) |  | $ | (6,978 | ) |  | $ | (29,901 | ) |  | $ | (6,789 | )
Amounts recognized in accumulated other comprehensive loss: |  |  |  |  |  |  |
Prior service credit | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Amounts recognized in the statement of financial position: |  |  |  |  |  |  |
Non-current assets |  |  |  | $ | 147 |  |  | $ | — |  |  | $ | — |
Current liabilities | (430 | ) |  | (117 | ) |  | (433 | ) | — |  | (146 | )
Non-current liabilities | (26,710 | ) |  | (7,008 | ) |  | (29,468 | ) | — |  | (6,643 | )
Net amount recognized | $ | (27,140 | ) |  | $ | (6,978 | ) |  | $ | (29,901 | ) |  | $ | (6,789 | )
Fair Asset Values Of Plan Assets | The fair value of other plan assets by category is summarized below (dollars in thousands):
| As of December 31, 2018
Level 1 |  | Level 2 |  | Level 3 |  | Total
U.S. Plan Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,978 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,978 |
International Plan Assets |  |  |  |  |  |  |
Foreign government bonds | $ | — |  |  | $ | 958 |  |  | $ | — |  |  | $ | 958 |
Fixed insurance contracts | — |  |  | — |  |  | 14,396 |  |  | 14,396 |
Total assets in the fair value hierarchy | $ | — |  |  | $ | 958 |  |  | $ | 14,396 |  |  | $ | 15,354 |
Investments measured at net asset value |  |  |  |  |  |  | $ | 97,867 |
Total | $ | 1,978 |  |  | $ | 958 |  |  | $ | 14,396 |  |  | $ | 115,199 |
| As of December 31, 2017
| Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
U.S. Plan Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 2,094 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,094 |
International Plan Assets |  |  |  |  |  |  |
Foreign government bonds | $ | — |  |  | $ | 831 |  |  | $ | — |  |  | $ | 831 |
Fixed insurance contracts | — |  |  | — |  |  | 12,787 |  |  | 12,787 |
Total assets in the fair value hierarchy | $ | — |  |  | $ | 831 |  |  | $ | 12,787 |  |  | $ | 13,618 |
Investments measured at net asset value |  |  |  |  |  |  | $ | 107,751 |
Total | $ | 2,094 |  |  | $ | 831 |  |  | $ | 12,787 |  |  | $ | 123,463 |
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, 2017 and 2018 (dollars in thousands):
| Fixed Insurance Contracts
Balance at December 31, 2016 | $ | 11,142 |
Gain / contributions / currency impact | 1,651 |
Distributions | (6 | )
Balance at December 31, 2017 | 12,787 |
Gain / contributions / currency impact | 1,619 |
Distributions | (10 | )
Balance at December 31, 2018 | $ | 14,396 |
Assumptions Used To Determine Net Pension Costs And Projected Benefit Obligations | Assumptions used to determine net pension costs and projected benefit obligations are:
Pension Benefit Obligations Key Assumptions | As of December 31,
| 2018 |  | 2017
Weighted average assumptions to determine benefit obligations: |  |  |
Discount rate | 3.71 | % |  | 3.20 | %
Rate of compensation increase | 1.74 | % |  | 1.57 | %
Pension Cost Key Assumptions |  |  |
Weighted average assumptions to determine net cost: |  |  |
Discount rate | 3.20 | % |  | 3.61 | %
Expected return on plan assets | 4.94 | % |  | 4.95 | %
Rate of compensation increase | 1.57 | % |  | 1.57 | %
Assumptions used to determine net postretirement benefit costs and postretirement projected benefit obligation are set forth in the following table:
Postretirement Benefit Obligations |
| 2018 |  | 2017
Weighted average assumptions to determine benefit obligations: |  |  |
Discount rate | 5.57 | % |  | 5.07 | %
Health care cost trend on covered charges: |  |  |
Initial | 6.53 | % |  | 6.86 | %
Ultimate | 6.05 | % |  | 6.23 | %
Years to ultimate | 8 |  |  | 8 |
Postretirement Benefit Costs |  |  |
| 2018 |  | 2017
Weighted average assumptions to determine net cost: |  |  |
Discount rate | 5.07 | % |  | 4.80 | %
Health care cost trend on covered charges: |  |  |
Initial | 6.86 | % |  | 6.80 | %
Ultimate | 6.23 | % |  | 5.96 | %
Years to ultimate | 7 |  |  | 7 |
Retirement Plan Weighted Average Asset Allocations | The following table presents our retirement plan weighted average asset allocations at December 31, 2018, by asset category:
| Percentage of Plan Assets as of December 31, 2018
| US |  | Foreign
Equity securities and return seeking assets | 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, 2017 and 2018 follows:
| 2018 |  | 2017
| U.S. |  | Foreign |  | U.S. |  | Foreign
| (Dollars in thousands)
Accumulated benefit obligation | $ | 126,985 |  |  | $ | 20,601 |  |  | $ | 139,746 |  |  | $ | 18,843 |
Fair value of plan assets | 99,845 |  |  | 14,396 |  |  | 109,845 |  |  | 13,618 |
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, 2017 and 2018 follows:
| 2018 |  | 2017
| U.S. |  | Foreign |  | U.S. |  | Foreign
| (Dollars in thousands)
Projected benefit obligation | $ | 126,985 |  |  | $ | 21,520 |  |  | $ | 139,746 |  |  | $ | 20,407 |
Fair value of plan assets | 99,845 |  |  | 14,396 |  |  | 109,845 |  |  | 13,618 |
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 2019: |  |  |
Expected employer contributions | $ | 684 |  |  | $ | 744 |
Expected employee contributions | — |  |  | — |
Estimated future benefit payments reflecting expected future service for the years ending December 31: |  |  |
2019 | 9,240 |  |  | 858 |
2020 | 9,221 |  |  | 755 |
2021 | 9,221 |  |  | 824 |
2022 | 9,182 |  |  | 824 |
2023 | 9,136 |  |  | 955 |
2024-2028 | 43,993 |  |  | 8,223 |
Recognized In Other Comprehensive Income Postretirement Benefit Plans | The components of our consolidated net postretirement costs are set forth in the following table:
| For the Year Ended December 31,
| 2018 |  | 2017 |  | 2016
| U.S. |  | Foreign |  | U.S. |  | Foreign |  | U.S. |  | Foreign
| (Dollars in thousands)
Service cost | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 4 |
Interest cost | 264 |  |  | 700 |  |  | 333 |  |  | 653 |  |  | 360 |  |  | 764 |
Plan amendment / curtailment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (993 | )
Mark-to-market (gain) loss | (1,028 | ) |  | 47 |  |  | (1,257 | ) |  | 742 |  |  | (191 | ) |  | (225 | )
Post-employment benefits (benefit) cost | $ | (764 | ) |  | $ | 748 |  |  | $ | (924 | ) |  | $ | 1,397 |  |  | $ | 169 |  |  | $ | (450 | )
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 | As of December 31, 2018 |  | As of December 31, 2017
| U.S. |  | Foreign |  | U.S. |  | Foreign
| (Dollars in thousands)
Changes in Benefit Obligation: |  |  |  |  |  |  |
Net benefit obligation at beginning of period | $ | 8,461 |  |  | $ | 12,172 |  |  | $ | 10,175 |  |  | $ | 10,700 |
Service cost | — |  |  | 1 |  |  | — |  |  | 2 |
Interest cost | 264 |  |  | 700 |  |  | 333 |  |  | 653 |
Foreign currency exchange rates | — |  |  | (1,333 | ) |  | — |  |  | 931 |
Actuarial (gain) loss | (1,028 | ) |  | 47 |  |  | (1,257 | ) |  | 742 |
Gross benefits paid | (532 | ) |  | (926 | ) |  | (790 | ) |  | (856 | )
Plan amendment | — |  |  | — |  |  | — |  |  | — |
Net benefit obligation at end of period | $ | 7,165 |  |  | $ | 10,661 |  |  | $ | 8,461 |  |  | $ | 12,172 |
Changes in Plan Assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of period | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Employer contributions | 532 |  |  | 926 |  |  | 790 |  |  | 856 |
Gross benefits paid | (532 | ) |  | (926 | ) |  | (790 | ) |  | (856 | )
Fair value of plan assets at end of period | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Funded status: | $ | (7,165 | ) |  | $ | (10,661 | ) |  | $ | (8,461 | ) |  | $ | (12,172 | )
Amounts recognized in accumulated other comprehensive loss: |  |  |  |  |  |  |
Prior service credit | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Amounts recognized in the statement of financial position: |  |  |  |  |  |  |
Current liabilities | $ | (783 | ) |  | $ | (851 | ) |  | $ | (855 | ) |  | $ | (912 | )
Non-current liabilities | (6,382 | ) |  | (9,810 | ) |  | (7,606 | ) |  | (11,260 | )
Net amount recognized | $ | (7,165 | ) |  | $ | (10,661 | ) |  | $ | (8,461 | ) |  | $ | (12,172 | )
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, 2018:
| 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 | $ | 1 |  |  | $ | 32 |  |  | $ | (1 | ) |  | $ | (66 | )
Effect on benefit obligations | $ | 14 |  |  | $ | 506 |  |  | $ | (14 | ) |  | $ | (442 | )
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 2019: |  |  |
Expected employer contributions | $ | 783 |  |  | $ | 851 |
Expected employee contributions | — |  |  | — |
Estimated future benefit payments reflecting expected future service for the years ending December 31: |  |  |
2019 | 783 |  |  | 851 |
2020 | 724 |  |  | 866 |
2021 | 663 |  |  | 891 |
2022 | 607 |  |  | 904 |
2023 | 554 |  |  | 899 |
2024-2025 | 2,174 |  |  | 4,769 |

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