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Retirement Plans And Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2020

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,
			2020												2019												2018
			U.S.						Foreign						U.S.						Foreign						U.S.						Foreign
			(Dollars in thousands)
Service cost			$	1,322					$	1,183					$	1,297					$	624					$	1,315					$	674
Interest cost			3,949						174						5,070						275						4,709						253
Expected return on assets			(4,730)						(401)						(5,026)						(424)						(5,679)						(330)
Mark- to- market loss			613						2,596						205						3,302						2,473						503
Pension costs			$	1,154					$	3,552					$	1,546					$	3,777					$	2,818					$	1,100

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, 2020 and 2019 are:

			As of December 31, 2020												As of December 31, 2019
			U.S.						Foreign						U.S.						Foreign
			(Dollars in thousands)
Changes in Benefit Obligation:
Net benefit obligation at beginning of period			$	135,810					$	28,903					$	126,985					$	22,332
Service cost			1,322						1,183						1,297						624
Interest cost			3,949						174						5,070						275
Participant contributions			—						470						—						417
Foreign currency exchange changes			—						2,869						—						379
Actuarial (gain) loss			9,583						2,683						12,868						3,319
Benefits paid*			(10,410)						2,434						(10,410)						1,557
Net benefit obligation at end of period			$	140,254					$	38,716					$	135,810					$	28,903
Changes in Plan Assets:
Fair value of plan assets at beginning of period			$	107,832					$	18,980					$	99,845					$	15,354
Actual return on plan assets			13,700						488						17,689						441
Foreign currency exchange rate changes			—						1,893						—						377
Employer contributions			4,446						817						708						834
Participant contributions			—						470						—						417
Benefits paid*			(10,410)						2,434						(10,410)						1,557
Fair value of plan assets at end of period			$	115,568					$	25,082					$	107,832					$	18,980
Funded status (underfunded):			$	(24,686)					$	(13,634)					$	(27,978)					$	(9,923)
Amounts recognized in the statement of financial position:
Non-current assets			$	—					$	13					$	—					$	37
Current liabilities			(423)						(50)						(427)						(43)
Non-current liabilities			(24,263)						(13,597)						(27,551)						(9,917)
Net amount recognized			$	(24,686)					$	(13,634)					$	(27,978)					$	(9,923)

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, 2020
			Level 1						Level 2						Level 3						Total
U.S. Plan Assets
Cash and cash equivalents			$	1,850					$	—					$	—					$	1,850
International Plan Assets
Foreign government bonds			—						995						—						995
Fixed insurance contracts			—						—						24,087						24,087
Total assets in the fair value hierarchy			$	—					$	995					$	24,087					$	25,082
U.S. Plan - Investments measured at net asset value																					$	113,718
Total			$	1,850					$	995					$	24,087					$	140,650
			As of December 31, 2019
			Level 1						Level 2						Level 3						Total
U.S. Plan Assets
Cash and cash equivalents			$	1,524					$	—					$	—					$	1,524
International Plan Assets
Foreign government bonds			$	—					$	995					$	—					$	995
Fixed insurance contracts			—						—						17,985						17,985
Total assets in the fair value hierarchy			$	—					$	995					$	17,985					$	18,980
U.S. Plan - Investments measured at net asset value																					$	106,308
Total			$	1,524					$	995					$	17,985					$	126,812

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, 2019 and 2020 (dollars in thousands):

			Fixed Insurance Contracts
Balance at December 31, 2018			$	14,396
Gain / contributions / currency impact			3,603
Distributions			(14)
Balance at December 31, 2019			17,985
Gain / contributions / currency impact			6,149
Distributions			(16)
Balance at December 31, 2020			$	24,118

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,
			2020						2019
Weighted average assumptions to determine benefit obligations:
Discount rate			1.78		%				2.59		%
Rate of compensation increase			1.46		%				1.50		%

Pension Cost Key Assumptions
Weighted average assumptions to determine net cost:
Discount rate			2.59		%				3.71		%
Expected return on plan assets			4.14		%				4.92		%
Rate of compensation increase			1.50		%				1.74		%

Retirement Plan Weighted Average Asset Allocations

The following table presents our retirement plan weighted average asset allocations at December 31, 2020, by asset category:

			Percentage of Plan Assets as of December 31, 2020
			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, 2019 and 2020 follows:

			2020												2019
			U.S.						Foreign						U.S.						Foreign
			(Dollars in thousands)
Accumulated benefit obligation			$	140,254					$	35,316					$	135,810					$	26,829
Fair value of plan assets			115,568						24,118						107,832						17,985

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, 2020 and 2019 follows:

			2020												2019
			U.S.						Foreign						U.S.						Foreign
			(Dollars in thousands)
Projected benefit obligation			$	140,254					$	37,734					$	135,810					$	27,944
Fair value of plan assets			115,568						24,118						107,832						17,985

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 2021:
Expected employer contributions			$	2,363					$	886
Expected employee contributions			—						—
Estimated future benefit payments reflecting expected future service for the years ending December 31:
2021			9,254						1,102
2022			9,211						1,087
2023			9,149						1,229
2024			9,022						2,763
2025			8,976						1,330
2026-2030			42,021						13,164

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