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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Table) | 12 Months Ended
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Dec. 31, 2023
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) |  | 2023 |  | 2022 |  | 2021
Service cost |  | $ | 16,224 |  |  | $ | 23,217 |  |  | $ | 26,735 |
Interest cost |  | 34,085 |  |  | 20,923 |  |  | 17,419 |
Expected return on plan assets |  | (63,013) |  |  | (54,855) |  |  | (60,286) |
Amortization of prior service cost |  | (106) |  |  | (318) |  |  | (251) |
Recognized net actuarial loss |  | 139 |  |  | 17,198 |  |  | 28,905 |
Cost of settlements/curtailments |  | — |  |  | 4,499 |  |  | 3,310 |
Special termination benefits |  | — |  |  | — |  |  | 52 |
Net periodic benefit cost |  | $ | (12,671) |  |  | $ | 10,664 |  |  | $ | 15,884 |
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, 2023 measurement date.
|  | Pension Benefits
(In thousands) |  | 2023 |  | 2022
Change in benefit obligation: |  |  |  |
Beginning of year |  | $ | 733,434 |  |  | $ | 979,070 |
Service cost |  | 16,224 |  |  | 23,217 |
Interest cost |  | 34,085 |  |  | 20,923 |
Plan participants’ contributions |  | 1,200 |  |  | 1,229 |
Actuarial (gain) loss |  | 17,312 |  |  | (201,592) |
Benefits paid |  | (52,228) |  |  | (75,770) |
Actual expenses |  | (1,997) |  |  | (1,681) |
Acquisitions |  | — |  |  | 496 |
Divestitures |  | — |  |  | (4,341) |
Currency translation adjustments |  | 5,340 |  |  | (8,117) |
End of year |  | $ | 753,370 |  |  | $ | 733,434 |
Change in plan assets: |  |  |  |
Beginning of year |  | $ | 912,702 |  |  | $ | 1,156,616 |
Actual return on plan assets |  | 93,488 |  |  | (182,519) |
Employer contribution |  | 4,601 |  |  | 24,865 |
Plan participants’ contributions |  | 1,200 |  |  | 1,229 |
Benefits paid |  | (52,228) |  |  | (75,770) |
Actual expenses |  | (1,997) |  |  | (1,681) |
Currency translation adjustments |  | 5,598 |  |  | (10,038) |
End of year |  | $ | 963,364 |  |  | $ | 912,702 |
Funded status |  | $ | 209,994 |  |  | $ | 179,268 |
|  | Pension Benefits
(In thousands) |  | 2023 |  | 2022
Amounts recognized on the balance sheet |  |  |  |
Noncurrent assets |  | $ | 261,869 |  |  | $ | 222,627 |
Current liabilities |  | (3,280) |  |  | (3,272) |
Noncurrent liabilities |  | (48,595) |  |  | (40,087) |
Total |  | $ | 209,994 |  |  | $ | 179,268 |
Amounts recognized in accumulated other comprehensive income (AOCI) |  |  |  |
Net actuarial loss |  | $ | 121,557 |  |  | $ | 133,813 |
Prior service cost |  | (163) |  |  | (239) |
Total |  | $ | 121,394 |  |  | $ | 133,574 |
Information for plans with an accumulated benefit obligation in excess of plan assets: |  |  |  |
Projected benefit obligation |  | $ | 77,189 |  |  | $ | 64,669 |
Accumulated benefit obligation |  | 68,257 |  |  | 61,368 |
Fair value of plan assets |  | 25,314 |  |  | 21,311 |
ScheduleOfAssumptionsUsedTableTextBlock | Plan Assumptions
|  | Pension Benefits
|  | 2023 |  | 2022
Weighted-average assumptions in determination of benefit obligation: |  |  |  |
Discount rate |  | 4.71 | % |  | 4.95 | %
Rate of compensation increase |  | 3.33 | % |  | 3.34 | %
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 |  | 4.95 | % |  | 2.72 | %
Expected return on plan assets |  | 6.41 | % |  | 5.47 | %
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
ScheduleOfAllocationOfPlanAssetsTableTextBlock | Below are the Corporation’s actual and current target allocations for the CW Pension Plan, representing 90% of consolidated assets:
|  | As of December 31, |  | Target |  | Expected
|  | 2023 |  | 2022 |  | Exposure |  | Range
Asset class |  |  |  |  |  |  |  |
Domestic equities |  | 29% |  | 33% |  | 29% |  | 24%-34%
International equities |  | 10% |  | 11% |  | 11% |  | 7%-15%
Total equity |  | 39% |  | 44% |  | 40% |  | 30%-50%
Fixed income |  | 61% |  | 56% |  | 60% |  | 50%-70%
ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock | The following table presents consolidated plan assets (in thousands) using the fair value hierarchy as of December 31, 2023.
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 |  | $ | 33,272 |  |  | $ | 730 |  |  | $ | 32,542 |  |  | $ | — |
Equity securities (1) |  | 388,343 |  |  | 370,028 |  |  | 18,315 |  |  | — |
Fixed Income (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 |
Cash and cash equivalents |  | $ | 16,105 |  |  | $ | 16,105 |  |  | $ | — |  |  | $ | — |
Equity securities (1) |  | 358,082 |  |  | 341,575 |  |  | 16,507 |  |  | — |
Fixed Income (2) |  | 578,797 |  |  | 9,316 |  |  | 569,481 |  |  | — |
Other (3) |  | 10,380 |  |  | 3,672 |  |  | — |  |  | 6,708 |
December 31, 2023 |  | $ | 963,364 |  |  | $ | 370,668 |  |  | $ | 585,988 |  |  | $ | 6,708 |
(1)This category consists of domestic and international equity securities. It is comprised of individual U.S. securities and exchange-traded funds benchmarked against the S&P 500 index and Russell Mid Cap and Russell 2000 indices, international securities and exchange-traded funds benchmarked against the MSCI EAFE and EM indices, global equity index mutual funds associated with our U.K. based pension plans, and a balanced fund associated with the Canadian based pension plan. (2)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 exchange-traded 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
2024 |  | $ | 50,025 |
2025 |  | 52,823 |
2026 |  | 54,281 |
2027 |  | 55,157 |
2028 |  | 57,403 |
2029 - 2033 |  | 274,696 |

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