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Retirement Plans And Postretirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2022
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:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| U.S. |  | Foreign |  | U.S. |  | Foreign |  | U.S. |  | Foreign
| (Dollars in thousands)
Service cost | $ | 1,390 |  |  | $ | 1,220 |  |  | $ | 1,328 |  |  | $ | 1,349 |  |  | $ | 1,322 |  |  | $ | 1,183 |
Interest cost | 3,242 |  |  | 227 |  |  | 2,962 |  |  | 111 |  |  | 3,949 |  |  | 174 |
Expected return on assets | (3,960) |  |  | (640) |  |  | (4,213) |  |  | (545) |  |  | (4,730) |  |  | (401) |
Mark-to-market (gain) loss | (181) |  |  | (7,801) |  |  | (2,428) |  |  | (1,327) |  |  | 613 |  |  | 2,596 |
Net periodic benefit (credit) cost | $ | 491 |  |  | $ | (6,994) |  |  | $ | (2,351) |  |  | $ | (412) |  |  | $ | 1,154 |  |  | $ | 3,552 |
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, 2022 and 2021 are shown below.
| December 31, 2022 |  | December 31, 2021
| U.S. |  | Foreign |  | U.S. |  | Foreign
| (Dollars in thousands)
Changes in Benefit Obligation: |  |  |  |  |  |  |
Net benefit obligation at beginning of period | $ | 129,906 |  |  | $ | 38,571 |  |  | $ | 140,254 |  |  | $ | 38,716 |
Service cost | 1,390 |  |  | 1,220 |  |  | 1,328 |  |  | 1,349 |
Interest cost | 3,242 |  |  | 227 |  |  | 2,962 |  |  | 111 |
Participant contributions | — |  |  | 557 |  |  | — |  |  | 580 |
Foreign currency exchange changes | — |  |  | (660) |  |  | — |  |  | (1,318) |
Actuarial gain | (24,202) |  |  | (7,293) |  |  | (4,316) |  |  | (1,104) |
Benefits paid | (10,343) |  |  | (1,557) |  |  | (10,322) |  |  | 237 |
Net benefit obligation at end of period | $ | 99,993 |  |  | $ | 31,065 |  |  | $ | 129,906 |  |  | $ | 38,571 |
Changes in Plan Assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of period | $ | 109,961 |  |  | $ | 26,913 |  |  | $ | 115,568 |  |  | $ | 25,082 |
Actual return on plan assets | (20,061) |  |  | 1,148 |  |  | 2,325 |  |  | 799 |
Foreign currency exchange rate changes | — |  |  | (325) |  |  | — |  |  | (746) |
Employer contributions | 449 |  |  | 972 |  |  | 2,390 |  |  | 961 |
Participant contributions | — |  |  | 557 |  |  | — |  |  | 580 |
Benefits paid | (10,343) |  |  | (1,557) |  |  | (10,322) |  |  | 237 |
Fair value of plan assets at end of period | $ | 80,006 |  |  | $ | 27,708 |  |  | $ | 109,961 |  |  | $ | 26,913 |
Funded status (underfunded): | $ | (19,987) |  |  | $ | (3,357) |  |  | $ | (19,945) |  |  | $ | (11,658) |
Amounts recognized in the statement of financial position: |  |  |  |  |  |  |
Other accrued liabilities | $ | (409) |  |  | $ | (167) |  |  | $ | (420) |  |  | $ | (44) |
Other long-term obligations | (19,578) |  |  | (3,190) |  |  | (19,525) |  |  | (11,614) |
Net amount recognized | $ | (19,987) |  |  | $ | (3,357) |  |  | $ | (19,945) |  |  | $ | (11,658) |
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 | December 31,
| 2022 |  | 2021
Weighted average assumptions to determine benefit obligations: |  |  |
Discount rate | 4.43 | % |  | 2.14 | %
Rate of compensation increase | 1.71 | % |  | 1.46 | %
Pension Cost Key Assumptions |  |  |
Weighted average assumptions to determine net cost: |  |  |
Discount rate | 2.14 | % |  | 1.78 | %
Expected return on plan assets | 3.50 | % |  | 3.48 | %
Rate of compensation increase | 1.46 | % |  | 1.46 | %
Retirement Plan Weighted Average Asset Allocations | The following table presents our retirement plan weighted average asset allocations at December 31, 2022, by asset category:
| Percentage of Plan Assets December 31, 2022
| 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, 2022 and 2021 follows:
| 2022 |  | 2021
| U.S. |  | Foreign |  | U.S. |  | Foreign
| (Dollars in thousands)
Accumulated benefit obligation | $ | 99,993 |  |  | $ | 1,884 |  |  | $ | 129,906 |  |  | $ | 35,247 |
Fair value of plan assets | 80,006 |  |  | — |  |  | 109,961 |  |  | 26,003 |
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, 2022 and 2021 follows:
| 2022 |  | 2021
| U.S. |  | Foreign |  | U.S. |  | Foreign
| (Dollars in thousands)
Projected benefit obligation | $ | 99,993 |  |  | $ | 31,065 |  |  | $ | 129,906 |  |  | $ | 37,412 |
Fair value of plan assets | 80,006 |  |  | 27,708 |  |  | 109,961 |  |  | 26,003 |
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, 2022 and 2021 (dollars in thousands):
| Fixed Insurance Contracts
Balance at December 31, 2020 | $ | 24,118 |
Gain / contributions / currency impact | 1,900 |
Distributions | (15) |
Balance at December 31, 2021 | 26,003 |
Gain / contributions / currency impact | 864 |
Distributions | (182) |
Balance at December 31, 2022 | $ | 26,685 |
Schedule of Allocation of Plan Assets | The fair value of other plan assets by category is summarized below (dollars in thousands):
| December 31, 2022
Level 1 |  | Level 2 |  | Level 3 |  | Total
U.S. Plan Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 706 |  |  | $ | — |  |  | $ | — |  |  | $ | 706 |
International Plan Assets |  |  |  |  |  |  |
Foreign government bonds | — |  |  | 1,023 |  |  | — |  |  | 1,023 |
Fixed insurance contracts | — |  |  | — |  |  | 26,685 |  |  | 26,685 |
Total international plan assets | $ | — |  |  | $ | 1,023 |  |  | $ | 26,685 |  |  | $ | 27,708 |
U.S. Plan - Investments measured at net asset value |  |  |  |  |  |  | $ | 79,300 |
Total | $ | 706 |  |  | $ | 1,023 |  |  | $ | 26,685 |  |  | $ | 107,714 |
| 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 international plan assets | $ | — |  |  | $ | 910 |  |  | $ | 26,003 |  |  | $ | 26,913 |
U.S. Plan - Investments measured at net asset value |  |  |  |  |  |  | $ | 109,246 |
Total | $ | 715 |  |  | $ | 910 |  |  | $ | 26,003 |  |  | $ | 136,874 |
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 2023: |  |  |
Expected employer contributions | $ | 409 |  |  | $ | 986 |
Expected employee contributions | — |  |  | — |
Estimated future benefit payments reflecting expected future service for the years ending December 31: |  |  |
2023 | $ | 9,136 |  |  | $ | 1,430 |
2024 | 9,009 |  |  | 2,912 |
2025 | 8,936 |  |  | 1,519 |
2026 | 8,836 |  |  | 2,648 |
2027 | 8,608 |  |  | 1,842 |
Next five years | 38,940 |  |  | 12,201 |

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