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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Table) | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits, Description [Abstract] |
Schedule of Net Benefit Costs [Table Text Block] | The net pension and net postretirement benefit costs consisted of the following:
|  | Pension Benefits
(In thousands) |  | 2022 |  | 2021 |  | 2020
Service cost |  | $ | 23,217 |  |  | $ | 26,735 |  |  | $ | 26,013 |
Interest cost |  | 20,923 |  |  | 17,419 |  |  | 23,847 |
Expected return on plan assets |  | (54,855) |  |  | (60,286) |  |  | (67,217) |
Amortization of prior service cost |  | (318) |  |  | (251) |  |  | (269) |
Recognized net actuarial loss |  | 17,198 |  |  | 28,905 |  |  | 23,062 |
Cost of settlements/curtailments |  | 4,499 |  |  | 3,310 |  |  | 2,395 |
Special termination benefits |  | — |  |  | 52 |  |  | — |
Net periodic benefit cost |  | $ | 10,664 |  |  | $ | 15,884 |  |  | $ | 7,831 |
ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock | The following table outlines the Corporation's consolidated disclosure of the pension benefits information described previously. The Corporation had no foreign postretirement plans. All plans were valued using a December 31, 2022 measurement date.
|  | Pension Benefits
(In thousands) |  | 2022 |  | 2021
Change in benefit obligation: |  |  |  |
Beginning of year |  | $ | 979,070 |  |  | $ | 1,044,035 |
Service cost |  | 23,217 |  |  | 26,735 |
Interest cost |  | 20,923 |  |  | 17,419 |
Plan participants’ contributions |  | 1,229 |  |  | 1,304 |
Actuarial (gain) loss |  | (201,592) |  |  | (37,825) |
Benefits paid |  | (75,770) |  |  | (68,965) |
Actual expenses |  | (1,681) |  |  | (1,491) |
Acquisitions |  | 496 |  |  | — |
Divestitures |  | (4,341) |  |  | — |
Amendments |  | — |  |  | (477) |
Special termination benefits |  | — |  |  | 52 |
Currency translation adjustments |  | (8,117) |  |  | (1,717) |
End of year |  | $ | 733,434 |  |  | $ | 979,070 |
Change in plan assets: |  |  |  |
Beginning of year |  | $ | 1,156,616 |  |  | $ | 1,050,509 |
Actual return on plan assets |  | (182,519) |  |  | 163,881 |
Employer contribution |  | 24,865 |  |  | 12,766 |
Plan participants’ contributions |  | 1,229 |  |  | 1,304 |
Benefits paid |  | (75,770) |  |  | (68,965) |
Actual expenses |  | (1,681) |  |  | (1,491) |
Currency translation adjustments |  | (10,038) |  |  | (1,388) |
End of year |  | $ | 912,702 |  |  | $ | 1,156,616 |
Funded status |  | $ | 179,268 |  |  | $ | 177,546 |
|  | Pension Benefits
(In thousands) |  | 2022 |  | 2021
Amounts recognized on the balance sheet |  |  |  |
Noncurrent assets |  | $ | 222,627 |  |  | $ | 256,422 |
Current liabilities |  | (3,272) |  |  | (6,257) |
Noncurrent liabilities(1) |  | (40,087) |  |  | (72,619) |
Total |  | $ | 179,268 |  |  | $ | 177,546 |
Amounts recognized in accumulated other comprehensive income (AOCI) |  |  |  |
Net actuarial loss (gain) |  | $ | 133,813 |  |  | $ | 120,676 |
Prior service cost |  | (239) |  |  | (544) |
Total |  | $ | 133,574 |  |  | $ | 120,132 |
Information for plans with an accumulated benefit obligation in excess of plan assets: |  |  |  |
Projected benefit obligation |  | $ | 64,669 |  |  | $ | 101,667 |
Accumulated benefit obligation |  | 61,368 |  |  | 95,755 |
Fair value of plan assets |  | 21,311 |  |  | 22,792 |
(1) As of December 31, 2021, this caption includes accrued pension and other postretirement benefit costs of $4.4 million, reflected in the "Liabilities held for sale" caption within the Consolidated Balance Sheet.
ScheduleOfAssumptionsUsedTableTextBlock | Plan Assumptions
|  | Pension Benefits
|  | 2022 |  | 2021
Weighted-average assumptions in determination of benefit obligation: |  |  |  |
Discount rate |  | 4.95 | % |  | 2.72 | %
Rate of compensation increase |  | 3.34 | % |  | 3.40 | %
Health care cost trends: |  |  |  |
Rate assumed for subsequent year |  | N/A |  | N/A
Ultimate rate reached in 2032 |  | N/A |  | N/A
Weighted-average assumptions in determination of net periodic benefit cost: |  |  |  |
Discount rate |  | 2.72 | % |  | 2.36 | %
Expected return on plan assets |  | 5.47 | % |  | 6.18 | %
Rate of compensation increase |  | 3.40 | % |  | 3.41 | %
Health care cost trends: |  |  |  |
Rate assumed for subsequent year |  | N/A |  | N/A
Ultimate rate reached in 2032 |  | N/A |  | N/A
ScheduleOfAllocationOfPlanAssetsTableTextBlock | Below are the Corporation’s actual and current target allocations for the CW Pension Plan, representing 91% of consolidated assets:
|  | As of December 31, |  | Target |  | Expected
|  | 2022 |  | 2021 |  | Exposure |  | Range
Asset class |  |  |  |  |  |  |  |
Domestic equities |  | 33% |  | 56% |  | 32% |  | 27%-37%
International equities |  | 11% |  | 15% |  | 13% |  | 9%-17%
Total equity |  | 44% |  | 71% |  | 45% |  | 35%-55%
Fixed income |  | 56% |  | 29% |  | 55% |  | 45%-65%
ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock | The following table presents consolidated plan assets (in thousands) using the fair value hierarchy as of December 31, 2022.
Asset Category |  | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Cash and cash equivalents |  | $ | 36,788 |  |  | $ | 3,632 |  |  | $ | 33,156 |  |  | $ | — |
Equity securities- Mutual funds (1) |  | 771,655 |  |  | 655,995 |  |  | 115,660 |  |  | — |
Bond funds (2) |  | 343,630 |  |  | 229,973 |  |  | 113,657 |  |  | — |
Other (3) |  | 4,543 |  |  | — |  |  | — |  |  | 4,543 |
December 31, 2021 |  | $ | 1,156,616 |  |  | $ | 889,600 |  |  | $ | 262,473 |  |  | $ | 4,543 |
Cash and cash equivalents |  | $ | 33,272 |  |  | $ | 730 |  |  | $ | 32,542 |  |  | $ | — |
Equity securities - Mutual funds (1) |  | 388,343 |  |  | 370,028 |  |  | 18,315 |  |  | — |
Bond funds (2) |  | 481,169 |  |  | 373,963 |  |  | 107,206 |  |  | — |
Other (3) |  | 9,918 |  |  | 4,167 |  |  | — |  |  | 5,751 |
December 31, 2022 |  | $ | 912,702 |  |  | $ | 748,888 |  |  | $ | 158,063 |  |  | $ | 5,751 |
(1)This category consists of domestic and international equity securities. It is comprised of U.S. securities benchmarked against the S&P 500 index and Russell Mid Cap and Russell 2000 indices, international mutual funds benchmarked against the MSCI EAFE and EM indices, global equity index mutual funds associated with our U.K. based pension plans, and balanced funds associated with the U.K. and Canadian based pension plans. (2)This category consists of This category consists of domestic and international bonds. The domestic fixed income securities consist of a portfolio of investment grade corporate debt, below investment-grade issues, fixed income exchange traded funds, and U.S. Treasury securities of intermediate and long-term duration for liability matching fixed income. International bonds consist of bond mutual funds for institutional investors associated with the Switzerland and U.K. based pension plans. (3)This category consists of a domestic real estate fund and real estate investment trusts in Switzerland.
ScheduleOfExpectedBenefitPaymentsTableTextBlock | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid from the plans:
(In thousands) |  | Pension Plans
2023 |  | $ | 49,927 |
2024 |  | 52,943 |
2025 |  | 54,251 |
2026 |  | 56,270 |
2027 |  | 55,995 |
2028 — 2032 |  | 281,544 |

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