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RETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2022
Changes in Benefit Obligations and Plan Assets as Well as Funded Status of Retirement Plans The changes in benefit obligations and plan assets as well as the funded status of our retirement plans at December 31 were as follows:
 Pension BenefitsOther
Postretirement Benefits
 2022202120222021
 (Dollars in thousands)
Change in benefit obligation
Obligation at beginning of year$925,129 $971,415 $19,525 $22,152 
Service cost12,603 14,265 78 107 
Interest cost20,579 17,697 413 363 
Actuarial gains(231,923)(23,537)(3,609)(1,631)
Benefits paid(44,443)(43,512)(1,984)(1,573)
Participants’ contributions— — 24 107 
Foreign currency exchange rate changes(7,841)(11,199)— — 
Obligation at end of year674,104 925,129 14,447 19,525 
Change in plan assets
Fair value of plan assets at beginning of year1,024,454 956,345 — — 
Actual return on plan assets(218,002)109,120 — — 
Employer contributions2,396 2,501 1,960 1,466 
Participants’ contributions— — 24 107 
Benefits paid(44,443)(43,512)(1,984)(1,573)
Fair value of plan assets at end of year764,405 1,024,454 — — 
Funded status$90,301 $99,325 $(14,447)$(19,525)
 Pension BenefitsOther
Postretirement Benefits
 2022202120222021
 (Dollars in thousands)
Amounts recognized in the consolidated
balance sheets
Non-current assets$169,940 $226,882 $— $— 
Current liabilities(2,766)(2,602)(1,421)(1,460)
Non-current liabilities(76,873)(124,955)(13,026)(18,065)
Net amount recognized$90,301 $99,325 $(14,447)$(19,525)
Amounts recognized in accumulated
other comprehensive loss
Net actuarial loss (gain)$209,874 $161,837 $(6,002)$(2,690)
Prior service cost (credit)505 731 (969)(2,637)
Net amount recognized$210,379 $162,568 $(6,971)$(5,327)
Benefits Expected to be Paid from Pension and Other Postretirement Benefit Plans, Which Reflect Future Years of Services and Medicare Subsidy Expected to be Received
The benefits expected to be paid from our pension and other postretirement benefit plans, which reflect future years of service, are as follows (dollars in thousands):
Pension
Benefits		Other
Postretirement
Benefits
2023$46,366 $1,422 
202447,186 1,399 
202548,050 1,288 
202649,031 1,239 
202749,481 1,211 
2028-2032249,996 5,537 
$490,110 $12,096 
Components of Net Periodic Benefit Cost
The components of the net periodic benefit credit for each of the years ended December 31 were as follows:
 Pension BenefitsOther Postretirement Benefits
 202220212020202220212020
 (Dollars in thousands)
Service cost$12,603 $14,265 $13,638 $78 $107 $88 
Interest cost20,579 17,697 23,074 413 363 566 
Expected return on plan assets(69,132)(79,453)(72,122)— — — 
Amortization of prior service cost
(credit)
222 243 205 (1,668)(1,830)(1,937)
Amortization of actuarial losses
(gains)
4,635 12,479 11,859 (298)(311)(339)
Net periodic benefit credit$(31,093)$(34,769)$(23,346)$(1,475)$(1,671)$(1,622)
Multiemployer Pension Plans
Further information on the multiemployer plans we participated in during the years ended December 31, 2022, 2021 and 2020 is as follows:
Pension FundEIN/Pension Plan
Number		Pension
Protection
Act Zone
Status		FIP / RP
Status
Pending /
Implemented		ContributionsSurcharge
Imposed
20222021202220212020
     (Dollars in thousands) 
United Food & Commercial
Workers — Local One Pension Fund (1)
16-6144007/001Red
(2)
Red
(2)
Implemented141 282 240 No
IAM National Pension Fund (3)
51-6031295/002RedRedImplemented2,511 2,767 2,746 No
Western Conference of Teamsters Pension Plan (4)
91-6145047GreenGreenN/A906 869 775 No
Total Contributions$3,558 $3,918 $3,761 
______________________
(1)    In 2022, we completely withdrew from this pension fund.
(2)    Under the Multiemployer Pension Reform Act of 2014, the status of this pension fund was critical and declining, as defined under such Act. For 2021, the pension fund actuary projected insolvency for this pension fund in 2026.
(3)    The applicable collective bargaining agreements related to this pension fund expire at various times through April 30, 2025. Although this pension fund was formally certified in the yellow zone in 2019, the trustees of this pension fund elected voluntarily to place this pension fund in the red zone to take advantage of certain provisions of the Pension Protection Act even though this pension fund had a funded status of 87 percent, 85 percent and 84 percent at the end of 2019, 2020 and 2021, respectively.
(4)    The applicable collective bargaining agreements related to this pension plan expire at various times through September 30, 2025.
Weighted Average Asset Allocation for Pension Plans and Target Allocation
The weighted average asset allocation for our pension plans at December 31, 2022 and 2021 and target allocation for 2022 was as follows:
 Target
Allocation		Actual Allocation
 20222021
Equity securities—U.S.33 %32 %47 %
Equity securities—International7 %7 %10 %
Debt securities60 %59 %41 %
Cash and cash equivalents— 2 %2 %
100 %100 %100 %
Fair Value of Plan Assets by Asset Category
The fair value of our plan assets by asset category consisted of the following at December 31:
20222021
 (Dollars in thousands)
Equity securities—U.S.$248,858 $482,381 
Equity securities—International52,394 100,705 
Debt securities448,908 422,570 
Cash and cash equivalents14,245 18,798 
$764,405 $1,024,454 
Benefit Obligation  
Weighted Average Actuarial Assumptions
Our principal domestic pension and other postretirement benefit plans used the following weighted average actuarial assumptions to determine the benefit obligations at December 31:
20222021
Discount rate5.6 %2.9 %
Expected return on plan assets6.9 %8.5 %
Rate of compensation increase2.4 %2.4 %
Health care cost trend rate:
Assumed for next year4.7 %6.2 %
Ultimate rate3.9 %4.2 %
Year that the ultimate rate is reached20432036
Benefit Costs  
Weighted Average Actuarial Assumptions
Our principal domestic pension and other postretirement benefit plans used the following weighted average actuarial assumptions to determine net periodic benefit credit for the years ended December 31:
 
202220212020
Discount rate2.9 %2.5 %3.4 %
Expected return on plan assets6.9 %8.5 %8.5 %
Rate of compensation increase2.4 %2.5 %2.5 %
Health care cost trend rate4.7 %6.2 %6.3 %