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PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

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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