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Retirement Plans And Postretirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2021
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,
| 2021 |  | 2020 |  | 2019
| U.S. |  | Foreign |  | U.S. |  | Foreign |  | U.S. |  | Foreign
| (Dollars in thousands)
Service cost | $ | 1,328 |  |  | $ | 1,349 |  |  | $ | 1,322 |  |  | $ | 1,183 |  |  | $ | 1,297 |  |  | $ | 624 |
Interest cost | 2,962 |  |  | 111 |  |  | 3,949 |  |  | 174 |  |  | 5,070 |  |  | 275 |
Expected return on assets | (4,213) |  |  | (545) |  |  | (4,730) |  |  | (401) |  |  | (5,026) |  |  | (424) |
Mark-to-market (gain) loss | (2,428) |  |  | (1,327) |  |  | 613 |  |  | 2,596 |  |  | 205 |  |  | 3,302 |
Pension (benefits) costs | $ | (2,351) |  |  | $ | (412) |  |  | $ | 1,154 |  |  | $ | 3,552 |  |  | $ | 1,546 |  |  | $ | 3,777 |
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, 2021 and 2020 are:
| As of December 31, 2021 |  | As of December 31, 2020
| U.S. |  | Foreign |  | U.S. |  | Foreign
| (Dollars in thousands)
Changes in Benefit Obligation: |  |  |  |  |  |  |
Net benefit obligation at beginning of period | $ | 140,254 |  |  | $ | 38,716 |  |  | $ | 135,810 |  |  | $ | 28,903 |
Service cost | 1,328 |  |  | 1,349 |  |  | 1,322 |  |  | 1,183 |
Interest cost | 2,962 |  |  | 111 |  |  | 3,949 |  |  | 174 |
Participant contributions | — |  |  | 580 |  |  | — |  |  | 470 |
Foreign currency exchange changes | — |  |  | (1,318) |  |  | — |  |  | 2,869 |
Actuarial (gain) loss | (4,316) |  |  | (1,104) |  |  | 9,583 |  |  | 2,683 |
Benefits paid* | (10,322) |  |  | 237 |  |  | (10,410) |  |  | 2,434 |
Net benefit obligation at end of period | $ | 129,906 |  |  | $ | 38,571 |  |  | $ | 140,254 |  |  | $ | 38,716 |
Changes in Plan Assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of period | $ | 115,568 |  |  | $ | 25,082 |  |  | $ | 107,832 |  |  | $ | 18,980 |
Actual return on plan assets | 2,325 |  |  | 799 |  |  | 13,700 |  |  | 488 |
Foreign currency exchange rate changes | — |  |  | (746) |  |  | — |  |  | 1,893 |
Employer contributions | 2,390 |  |  | 961 |  |  | 4,446 |  |  | 817 |
Participant contributions | — |  |  | 580 |  |  | — |  |  | 470 |
Benefits paid* | (10,322) |  |  | 237 |  |  | (10,410) |  |  | 2,434 |
Fair value of plan assets at end of period | $ | 109,961 |  |  | $ | 26,913 |  |  | $ | 115,568 |  |  | $ | 25,082 |
Funded status (underfunded): | $ | (19,945) |  |  | $ | (11,658) |  |  | $ | (24,686) |  |  | $ | (13,634) |
Amounts recognized in the statement of financial position: |  |  |  |  |  |  |
Non-current assets | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13 |
Current liabilities | (420) |  |  | (44) |  |  | (423) |  |  | (50) |
Non-current liabilities | (19,525) |  |  | (11,614) |  |  | (24,263) |  |  | (13,597) |
Net amount recognized | $ | (19,945) |  |  | $ | (11,658) |  |  | $ | (24,686) |  |  | $ | (13,634) |
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,
| 2021 |  | 2020
Weighted average assumptions to determine benefit obligations: |  |  |
Discount rate | 2.14 | % |  | 1.78 | %
Rate of compensation increase | 1.46 | % |  | 1.46 | %
Pension Cost Key Assumptions |  |  |
Weighted average assumptions to determine net cost: |  |  |
Discount rate | 1.78 | % |  | 2.59 | %
Expected return on plan assets | 3.48 | % |  | 4.14 | %
Rate of compensation increase | 1.46 | % |  | 1.50 | %
Retirement Plan Weighted Average Asset Allocations | The following table presents our retirement plan weighted average asset allocations at December 31, 2021, by asset category:
| Percentage of Plan Assets as of December 31, 2021
| U.S. |  | 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, 2020 and 2021 follows:
| 2021 |  | 2020
| U.S. |  | Foreign |  | U.S. |  | Foreign
| (Dollars in thousands)
Accumulated benefit obligation | $ | 129,906 |  |  | $ | 35,247 |  |  | $ | 140,254 |  |  | $ | 35,316 |
Fair value of plan assets | 109,961 |  |  | 26,003 |  |  | 115,568 |  |  | 24,118 |
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, 2021 and 2020 follows:
| 2021 |  | 2020
| U.S. |  | Foreign |  | U.S. |  | Foreign
| (Dollars in thousands)
Projected benefit obligation | $ | 129,906 |  |  | $ | 37,412 |  |  | $ | 140,254 |  |  | $ | 37,734 |
Fair value of plan assets | 109,961 |  |  | 26,003 |  |  | 115,568 |  |  | 24,118 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | 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, 2020 and 2021 (dollars in thousands):
| Fixed Insurance Contracts
Balance at December 31, 2019 | $ | 17,985 |
Gain / contributions / currency impact | 6,149 |
Distributions | (16) |
Balance at December 31, 2020 | 24,118 |
Gain / contributions / currency impact | 1,900 |
Distributions | (15) |
Balance at December 31, 2021 | $ | 26,003 |
Schedule of Allocation of Plan Assets | The fair value of other plan assets by category is summarized below (dollars in thousands):
| As of December 31, 2021
Level 1 |  | Level 2 |  | Level 3 |  | Total
U.S. Plan Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 715 |  |  | $ | — |  |  | $ | — |  |  | $ | 715 |
International Plan Assets |  |  |  |  |  |  |
Foreign government bonds | — |  |  | 910 |  |  | — |  |  | 910 |
Fixed insurance contracts | — |  |  | — |  |  | 26,003 |  |  | 26,003 |
Total assets in the fair value hierarchy | $ | — |  |  | $ | 910 |  |  | $ | 26,003 |  |  | $ | 26,913 |
U.S. Plan - Investments measured at net asset value |  |  |  |  |  |  | $ | 109,246 |
Total | $ | 715 |  |  | $ | 910 |  |  | $ | 26,003 |  |  | $ | 136,874 |
| 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 |
Schedule of Expected Benefit Payments | Following is our projected future pension plan cash flow by year:
| U.S. |  | Foreign
| (Dollars in thousands)
Expected contributions in 2022: |  |  |
Expected employer contributions | $ | 420 |  |  | $ | 958 |
Expected employee contributions | — |  |  | — |
Estimated future benefit payments reflecting expected future service for the years ending December 31: |  |  |
2022 | 9,224 |  |  | 1,352 |
2023 | 9,186 |  |  | 1,503 |
2024 | 9,067 |  |  | 2,916 |
2025 | 9,015 |  |  | 1,581 |
2026 | 8,914 |  |  | 2,663 |
2027-2031 | 40,997 |  |  | 12,312 |

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