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PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of Defined Benefit Obligations, Plan Assets, and Funded Status | A summary of the changes in benefit obligations, plan assets and funded status of these plans is as follows:
|  | Pension Benefits |  | Other Benefits
December 31, |  | 2023 |  | 2022 |  | 2023 |  | 2022
Change in benefit obligation |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 830,285 |  |  | $ | 1,076,180 |  |  | $ | 164,889 |  |  | $ | 211,490 |
Service cost |  | 14,991 |  |  | 17,500 |  |  | 221 |  |  | 302 |
Interest cost |  | 41,205 |  |  | 30,491 |  |  | 7,171 |  |  | 4,603 |
Actuarial (gain) loss |  | 23,187 |  |  | (184,775) |  |  | 38,789 |  |  | (28,145) |
Curtailment |  | — |  |  | — |  |  | (740) |  |  | — |
Settlement |  | (66,132) |  |  | (82,907) |  |  | (88,689) |  |  | — |
Currency translation and other |  | 2,466 |  |  | (3,268) |  |  | (324) |  |  | (613) |
Benefits paid |  | (23,967) |  |  | (22,936) |  |  | (21,006) |  |  | (22,748) |
Projected benefit obligation at end of year |  | 822,035 |  |  | 830,285 |  |  | 100,311 |  |  | 164,889 |
Change in plan assets |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | 848,432 |  |  | 1,098,191 |  |  | — |  |  | — |
Actual return on plan assets |  | 70,096 |  |  | (196,969) |  |  | — |  |  | — |
Employer contributions |  | 6,576 |  |  | 55,799 |  |  | 21,006 |  |  | 22,748 |
Settlement |  | (66,132) |  |  | (82,907) |  |  | (88,689) |  |  | — |
Annuity purchase |  | — |  |  | — |  |  | 88,689 |  |  | — |
Currency translation and other |  | 1,838 |  |  | (2,746) |  |  | — |  |  | — |
Benefits paid |  | (23,967) |  |  | (22,936) |  |  | (21,006) |  |  | (22,748) |
Fair value of plan assets at end of year |  | 836,843 |  |  | 848,432 |  |  | — |  |  | — |
Funded status at end of year |  | $ | 14,808 |  |  | $ | 18,147 |  |  | $ | (100,311) |  |  | $ | (164,889) |
Amounts recognized in the Consolidated Balance Sheets: |  |  |  |  |  |  |  |
Other assets |  | $ | 48,506 |  |  | $ | 53,495 |  |  | $ | — |  |  | $ | — |
Accrued liabilities |  | (4,749) |  |  | (7,652) |  |  | (9,593) |  |  | (17,715) |
Other long-term liabilities |  | (28,949) |  |  | (27,696) |  |  | (90,718) |  |  | (147,174) |
Total |  | $ | 14,808 |  |  | $ | 18,147 |  |  | $ | (100,311) |  |  | $ | (164,889) |
Amounts recognized in Accumulated Other Comprehensive Income (Loss), net of tax: |  |  |  |  |  |  |  |
Actuarial net (loss) gain |  | $ | (129,184) |  |  | $ | (150,378) |  |  | $ | (7,704) |  |  | $ | 19,689 |
Net prior service credit |  | 8,561 |  |  | 12,435 |  |  | 527 |  |  | — |
Net amounts recognized in AOCI |  | $ | (120,623) |  |  | $ | (137,943) |  |  | $ | (7,177) |  |  | $ | 19,689 |
Schedule of Accumulated Benefit Obligations in Excess of Plan Assets | Plans with accumulated benefit obligations in excess of plan assets were as follows:
December 31, |  | 2023 |  | 2022
Projected benefit obligation |  | $ | 40,278 |  |  | $ | 36,669 |
Accumulated benefit obligation |  | 33,812 |  |  | 32,167 |
Fair value of plan assets |  | 6,695 |  |  | 3,606 |
Schedule of Accumulated Projected Benefit Obligations in Excess of Plan Assets | Plans with projected benefit obligations in excess of plan assets were as follows:
December 31, |  | 2023 |  | 2022
Projected benefit obligation |  | $ | 84,416 |  |  | $ | 79,932 |
Accumulated benefit obligation |  | 71,046 |  |  | 68,665 |
Fair value of plan assets |  | 50,718 |  |  | 44,584 |
Schedule of Components of Net Periodic Benefit Cost | The components of net periodic benefit cost were as follows:
|  | Pension Benefits |  | Other Benefits
For the years ended December 31, |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Amounts recognized in net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 14,991 |  |  | $ | 17,500 |  |  | $ | 21,361 |  |  | $ | 221 |  |  | $ | 302 |  |  | $ | 1,879 |
Interest cost |  | 41,205 |  |  | 30,491 |  |  | 18,320 |  |  | 7,171 |  |  | 4,603 |  |  | 3,857 |
Expected return on plan assets |  | (48,978) |  |  | (47,637) |  |  | (49,091) |  |  | — |  |  | — |  |  | — |
Amortization of prior service credit |  | (5,658) |  |  | (5,651) |  |  | (6,142) |  |  | (50) |  |  | — |  |  | — |
Amortization of net (gain) loss |  | 19,846 |  |  | 16,060 |  |  | 20,556 |  |  | (966) |  |  | (92) |  |  | 1,593 |
Curtailment credit |  | — |  |  | — |  |  | — |  |  | (740) |  |  | — |  |  | — |
Settlement loss |  | 15,254 |  |  | 20,692 |  |  | 16,085 |  |  | 926 |  |  | — |  |  | — |
Total net periodic benefit cost |  | $ | 36,660 |  |  | $ | 31,455 |  |  | $ | 21,089 |  |  | $ | 6,562 |  |  | $ | 4,813 |  |  | $ | 7,329 |
Change in plan assets and benefit obligations recognized in AOCI, pre-tax |  |  |  |  |  |  |  |  |  |  |  |
Actuarial net (gain) loss |  | $ | (32,720) |  |  | $ | 22,609 |  |  | $ | (80,047) |  |  | $ | 38,698 |  |  | $ | (26,212) |  |  | $ | (16,374) |
Prior service cost (credit) |  | 5,670 |  |  | 5,601 |  |  | 6,447 |  |  | (736) |  |  | — |  |  | — |
Total recognized in other comprehensive (income) loss, pre-tax |  | $ | (27,050) |  |  | $ | 28,210 |  |  | $ | (73,600) |  |  | $ | 37,962 |  |  | $ | (26,212) |  |  | $ | (16,374) |
Net amounts recognized in periodic benefit cost and AOCI |  | $ | 9,610 |  |  | $ | 59,665 |  |  | $ | (52,511) |  |  | $ | 44,524 |  |  | $ | (21,399) |  |  | $ | (9,045) |
Schedule of Weighted-Average Assumptions Used in Computing the Benefit Obligation | The weighted-average assumptions used in computing the year end benefit obligations were as follows:
|  | Pension Benefits |  | Other Benefits
December 31, |  | 2023 |  | 2022 |  | 2023 |  | 2022
Discount rate |  | 5.1 | % |  | 5.5 | % |  | 5.2 | % |  | 5.5 | %
Rate of increase in compensation levels |  | 3.6 | % |  | 3.4 | % |  | 4.0 | % |  | 4.0 | %
Interest crediting rate |  | 4.8 | % |  | 4.7 | % |  | N/A |  | N/A
The weighted-average assumptions used in computing net periodic benefit cost were as follows:
|  | Pension Benefits |  | Other Benefits
For the years ended December 31, |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Discount rate |  | 5.5 | % |  | 2.7 | % |  | 2.3 | % |  | 5.5 | % |  | 2.9 | % |  | 2.5 | %
Expected long-term return on plan assets |  | 6.2 | % |  | 4.9 | % |  | 4.8 | % |  | N/A |  | N/A |  | N/A
Rate of compensation increase |  | 3.4 | % |  | 3.5 | % |  | 3.5 | % |  | N/A |  | N/A |  | N/A
Schedule of Allocation of Plan Assets | Our target asset allocation for our major domestic pension plans as of December 31, 2023 was as follows:
Asset Class |  | Target Asset Allocation
Cash |  | 1%
Equity securities |  | 27%
Fixed income securities |  | 48%
Alternative investments, including real estate, listed infrastructure and other |  | 24%
The following table sets forth by level, within the fair value hierarchy (as defined in Note 6), pension plan assets at their fair values as of December 31, 2023:
|  | Quoted prices in active markets of identical assets (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant other unobservable inputs (Level 3) |  | Investments Using NAV as a Practical Expedient (1) |  | Total
Cash and cash equivalents |  | $ | 909 |  |  | $ | 42,202 |  |  | $ | — |  |  | $ | 600 |  |  | $ | 43,711 |
Equity securities: |  |  |  |  |  |  |  |  |  |
International all-cap |  | — |  |  | — |  |  | — |  |  | 395 |  |  | 395 |
Global all-cap (a) |  | — |  |  | — |  |  | — |  |  | 209,245 |  |  | 209,245 |
Fixed income securities: |  |  |  |  |  |  |  |  |  |
U.S. government/agency |  | — |  |  | — |  |  | — |  |  | 186,095 |  |  | 186,095 |
Corporate bonds (b) |  | — |  |  | — |  |  | — |  |  | 60,293 |  |  | 60,293 |
International government/corporate bonds (c) |  | — |  |  | — |  |  | — |  |  | 29,254 |  |  | 29,254 |
Diversified credit (d) |  | — |  |  | — |  |  | — |  |  | 123,081 |  |  | 123,081 |
Alternative investments: |  |  |  |  |  |  |  |  |  |
Global diversified assets (e) |  | — |  |  | — |  |  | — |  |  | 68,856 |  |  | 68,856 |
Real assets fund (f) |  | — |  |  | — |  |  | — |  |  | 115,913 |  |  | 115,913 |
Total pension plan assets |  | $ | 909 |  |  | $ | 42,202 |  |  | $ | — |  |  | $ | 793,732 |  |  | $ | 836,843 |
The following table sets forth by level, within the fair value hierarchy, pension plan assets at their fair values as of December 31, 2022:
|  | Quoted prices in active markets of identical assets (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant other unobservable inputs (Level 3) |  | Investments Using NAV as a Practical Expedient (1) |  |  |  | Total
Cash and cash equivalents |  | $ | 327 |  |  | $ | 29,595 |  |  | $ | — |  |  | $ | 566 |  |  |  |  | $ | 30,488 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Global all-cap (a) |  | — |  |  | — |  |  | — |  |  | 206,636 |  |  |  |  | 206,636 |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government/agency |  | — |  |  | — |  |  | — |  |  | 173,122 |  |  |  |  | 173,122 |
Corporate bonds (b) |  | — |  |  | — |  |  | — |  |  | 58,646 |  |  |  |  | 58,646 |
International government/corporate bonds (c) |  | — |  |  | — |  |  | — |  |  | 26,489 |  |  |  |  | 26,489 |
Diversified credit (d) |  | — |  |  | — |  |  | — |  |  | 109,926 |  |  |  |  | 109,926 |
Alternative investments: |  |  |  |  |  |  |  |  |  |  |  |
Global diversified assets (e) |  | — |  |  | — |  |  | — |  |  | 95,243 |  |  |  |  | 95,243 |
Real assets fund (f) |  | — |  |  | — |  |  | — |  |  | 147,882 |  |  |  |  | 147,882 |
Total pension plan assets |  | $ | 327 |  |  | $ | 29,595 |  |  | $ | — |  |  | $ | 818,510 |  |  |  |  | $ | 848,432 |
(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in our Obligations and Funded Status table.
(a) | This category comprises equity funds that primarily track the MSCI World Index or MSCI All Country World Index.
(b) | This category comprises fixed income funds primarily invested in investment grade and high yield bonds.
(c) | This category comprises fixed income funds primarily invested in Canadian and other international bonds.
(d) | This category comprises fixed income funds primarily invested in high yield bonds, loans, securitized debt and emerging market debt.
(e) | This category comprises diversified funds invested across alternative asset classes.
(f) | This category comprises funds primarily invested in publicly traded real estate securities, publicly listed infrastructure securities and real estate debt.
Schedule of Expected Benefit Payments | Total benefit payments expected to be paid to plan participants, including pension benefits funded from the plans and other benefits funded from Company assets, are as follows:
| Expected Benefit Payments
| 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029-2033
Pension Benefits | $ | 113,052 |  |  | $ | 89,810 |  |  | $ | 93,596 |  |  | $ | 75,694 |  |  | $ | 74,212 |  |  | $ | 312,386 |
Other Benefits | 9,589 |  |  | 9,107 |  |  | 8,619 |  |  | 8,050 |  |  | 7,461 |  |  | 32,107 |

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