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RETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]  
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
 2023202220232022
 (Dollars in thousands)
Change in benefit obligation
Obligation at beginning of year$674,104 $925,129 $14,447 $19,525 
Service cost8,573 12,603 50 78 
Interest cost34,725 20,579 745 413 
Actuarial losses (gains)22,938 (231,923)645 (3,609)
Special termination benefits577 — — — 
Plan amendments(76)— — — 
Curtailment gain— — (1,103)— 
Benefits paid(45,006)(44,443)(1,430)(1,984)
Participants’ contributions— — 19 24 
Foreign currency exchange rate changes2,891 (7,841)— — 
Obligation at end of year698,726 674,104 13,373 14,447 
Change in plan assets
Fair value of plan assets at beginning of year764,405 1,024,454 — — 
Actual return on plan assets84,849 (218,002)— — 
Employer contributions2,768 2,396 1,411 1,960 
Participants’ contributions— — 19 24 
Benefits paid(45,006)(44,443)(1,430)(1,984)
Fair value of plan assets at end of year807,016 764,405 — — 
Funded status$108,290 $90,301 $(13,373)$(14,447)
 Pension BenefitsOther
Postretirement Benefits
 2023202220232022
 (Dollars in thousands)
Amounts recognized in the consolidated
balance sheets
Non-current assets$203,494 $169,940 $— $— 
Current liabilities(3,055)(2,766)(1,389)(1,421)
Non-current liabilities(92,149)(76,873)(11,984)(13,026)
Net amount recognized$108,290 $90,301 $(13,373)$(14,447)
Amounts recognized in accumulated
other comprehensive loss
Net actuarial loss (gain)$176,877 $209,874 $(4,740)$(6,002)
Prior service cost (credit)391 505 (21)(969)
Net amount recognized$177,268 $210,379 $(4,761)$(6,971)
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
2024$48,661 $1,391 
202549,636 1,317 
202650,686 1,217 
202751,838 1,159 
202851,818 1,120 
2029-2033259,581 4,937 
$512,220 $11,141 
Components of Net Periodic Benefit Cost
The components of the net periodic benefit cost (credit) for each of the years ended December 31 were as follows:
 Pension BenefitsOther Postretirement Benefits
 202320222021202320222021
 (Dollars in thousands)
Service cost$8,573 $12,603 $14,265 $50 $78 $107 
Interest cost34,725 20,579 17,697 745 413 363 
Expected return on plan assets(40,781)(69,132)(79,453)— — — 
Amortization of prior service cost
(credit)
97 222 243 (948)(1,668)(1,830)
Amortization of actuarial losses
(gains)
11,638 4,635 12,479 (617)(298)(311)
Special termination benefits577 — — — — — 
Curtailment gain— — — (1,103)— — 
Net periodic benefit cost (credit)$14,829 $(31,093)$(34,769)$(1,873)$(1,475)$(1,671)
Multiemployer Pension Plans
Further information on the multiemployer plans we participated in during the years ended December 31, 2023, 2022 and 2021 is as follows:
Pension FundEIN/Pension Plan
Number		Pension
Protection
Act Zone
Status		FIP / RP
Status
Pending /
Implemented		ContributionsSurcharge
Imposed
20232022202320222021
     (Dollars in thousands) 
United Food & Commercial
Workers — Local One Pension Fund (1)
16-6144007/001Red
(2)
Red
(2)
Implemented— 141 282 No
IAM National Pension Fund (3)
51-6031295/002RedRedImplemented2,626 2,511 2,767 No
Western Conference of Teamsters Pension Plan (4)
91-6145047/001GreenGreenN/A1,008 906 869 No
Total Contributions$3,634 $3,558 $3,918 
______________________
(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 2022, the pension fund actuary had projected insolvency for this pension fund in 2026. In August 2023, this pension fund received $788 million in taxpayer assistance under the American Rescue Plan Act of 2021, and, therefore, insolvency for this pension fund should be delayed.
(3)    The applicable collective bargaining agreements related to this pension fund expire at various times through February 28, 2026. 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 85 percent, 84 percent and 87 percent at the beginning of 2020, 2021 and 2022, respectively.
(4)    The applicable collective bargaining agreements related to this pension plan expire at various times through June 30, 2026.
Weighted Average Asset Allocation for Pension Plans and Target Allocation
The weighted average asset allocation for our pension plans at December 31, 2023 and 2022 and target allocation for 2023 were as follows:
 Target
Allocation		Actual Allocation
 20232022
Fixed income securities89 %88 %59 %
Equity securities—US6 %6 %32 %
Equity securities—International3 %3 %7 %
Cash and cash equivalents2 %3 %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:
20232022
 (Dollars in thousands)
Fixed income securities$708,088 $448,908 
Equity securities—US48,237 248,858 
Equity securities—International24,512 52,394 
Cash and cash equivalents26,179 14,245 
$807,016 $764,405 
Benefit Obligation  
Defined Benefit Plan Disclosure [Line Items]  
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:
20232022
Discount rate5.3 %5.6 %
Expected return on plan assets5.5 %6.9 %
Rate of compensation increase2.4 %2.4 %
Health care cost trend rate:
Assumed for next year5.0 %4.7 %
Ultimate rate4.0 %3.9 %
Year that the ultimate rate is reached20432043
Benefit Costs  
Defined Benefit Plan Disclosure [Line Items]  
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 cost (credit) for the years ended December 31:
 
202320222021
Discount rate5.6 %2.9 %2.5 %
Expected return on plan assets5.5 %6.9 %8.5 %
Rate of compensation increase2.4 %2.4 %2.5 %
Health care cost trend rate5.0 %4.7 %6.2 %