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RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Tables)
 12 Months Ended
Dec. 31, 2014
General Discussion of Pension and Other Postretirement Benefits [Abstract]  
Obligations and Funded Status
Obligations and Funded Status
 
 
December 31,
 
 
2014
 
2013
Change in benefit obligations
 
 
 
 
Benefit obligations at beginning of year
 
$
941,442

 
$
1,033,725

Service cost
 
19,062

 
23,188

Interest cost
 
42,485

 
37,225

Plan participants' contributions
 
215

 
221

Plan amendments
 
45

 
1,623

Actuarial loss (gain)
 
117,881

 
(91,851
)
Benefits paid
 
(60,582
)
 
(59,296
)
Settlements/curtailments
 
(7,172
)
 
(1,390
)
Currency translation
 
(7,905
)
 
(2,003
)
Benefit obligations at end of year
 
1,045,471

 
941,442

 
 
 
 
 
Change in plan assets
 
 
 
 
Fair value of plan assets at beginning of year
 
939,995

 
813,897

Actual return on plan assets
 
108,060

 
101,044

Employer contributions
 
27,550

 
85,456

Plan participants' contributions
 
215

 
221

Benefits paid
 
(59,196
)
 
(57,644
)
Settlement
 
—

 
(1,390
)
Currency translation
 
(5,687
)
 
(1,589
)
Fair value of plan assets at end of year
 
1,010,937

 
939,995

 
 
 
 
 
Funded status at end of year
 
(34,534
)
 
(1,447
)
Unrecognized actuarial net loss
 
316,296

 
258,781

Unrecognized prior service cost
 
(1,930
)
 
(2,547
)
Unrecognized transition assets, net
 
45

 
26

Net amount recognized
 
$
279,877

 
$
254,813
Amounts Recognized in Consolidated Balance Sheets
Amounts Recognized in Consolidated Balance Sheets
 
 
December 31,
 
 
2014
 
2013
Prepaid pensions
 
$
1,240

 
$
36,116

Accrued pension liability, current
 
(2,971
)
 
(10,564
)
Accrued pension liability, long-term
 
(32,803
)
 
(26,999
)
Accumulated other comprehensive loss, excluding tax effects
 
314,411

 
256,260

Net amount recognized in the balance sheets
 
$
279,877

 
$
254,813
Components of Pension Cost for Defined Benefit Plans
Components of Pension Cost for Defined Benefit Plans
 
 
Year Ended December 31,
 
 
2014
 
2013
 
2012
Service cost
 
$
19,062

 
$
23,188

 
$
21,538

Interest cost
 
42,485

 
37,225

 
41,584

Expected return on plan assets
 
(67,953
)
 
(61,244
)
 
(58,754
)
Amortization of prior service cost
 
(616
)
 
(613
)
 
(90
)
Amortization of net loss
 
17,644

 
30,929

 
31,085

Settlement/curtailment loss
 
1,773

 
423

 
895

Pension cost for defined benefit plans
 
$
12,395

 
$
29,908

 
$
36,258
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
 
 
December 31,
 
 
2014
 
2013
U.S. pension plans
 
 
 
 
Projected benefit obligation
 
$
34,066

 
$
37,355

Accumulated benefit obligation
 
30,202

 
33,416

Fair value of plan assets
 
11,638

 
10,028

Non-U.S. pension plans
 
 
 
 
Projected benefit obligation
 
$
5,573

 
$
7,587

Accumulated benefit obligation
 
3,372

 
3,804
Benefits expected to be paid for the U.S. Plans
Benefit Payments for Plans
Benefits expected to be paid for the U.S. plans are as follows:
Estimated Payments
 
2015
$
65,434

2016
72,631

2017
65,459

2018
63,777

2019
64,457

2020 through 2024
317,919
Weighted average assumptions used to measure the net periodic benefit cost for the Company's significant defined benefit plans
Assumptions
Weighted average assumptions used to measure the benefit obligation for the Company's significant defined benefit plans as of December 31, 2014 and 2013 were as follows:
 
 
December 31,
 
 
2014
 
2013
Discount Rate
 
4.1
%
 
4.7
%
Rate of increase in compensation
 
2.8
%
 
4.2
%

Weighted average assumptions used to measure the net periodic benefit cost for the Company's significant defined benefit plans for each of the three years ended December 31, 2014 were as follows:
 
 
December 31,
 
 
2014
 
2013
 
2012
Discount rate
 
4.7
%
 
3.8
%
 
4.2
%
Rate of increase in compensation
 
4.1
%
 
4.1
%
 
4.0
%
Expected return on plan assets
 
7.3
%
 
7.4
%
 
7.7
%
Pension plans' assets by level within the fair value hierarchy
The following table sets forth, by level within the fair value hierarchy, the pension plans' assets as of December 31, 2014:
 
 
Pension Plans' Assets at Fair Value as of December 31, 2014
 
 
Quoted Prices
in Active Markets
for Identical
Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Cash and cash equivalents
 
$
4,873

 
$
—

 
$
—

 
$
4,873

Fixed income securities (1)
 
 
 
 
 
 
 
 
U.S. government bonds
 
27,305

 
—

 
—

 
27,305

Corporate debt and other obligations
 
—

 
212,326

 
—

 
212,326

Common trusts and 103-12 investments (2)
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
—

 
7,499

 
—

 
7,499

Common trusts and 103-12 investments
 
—

 
720,919

 
—

 
720,919

Private equity funds (3)
 
—

 
—

 
38,015

 
38,015

Total assets at fair value
 
$
32,178

 
$
940,744

 
$
38,015

 
$
1,010,937

The following table sets forth, by level within the fair value hierarchy, the pension plans' assets as of December 31, 2013:
 
 
Pension Plans' Assets at Fair Value as of December 31, 2013
 
 
Quoted Prices
in Active Markets
for Identical
Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Common trusts and 103-12 investments (2)
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
—

 
$
4,686

 
$
—

 
$
4,686

Common trusts and 103-12 investments
 
—

 
902,746

 
—

 
902,746

Private equity funds (3)
 
—

 
—

 
32,563

 
32,563

Total assets at fair value
 
$
—

 
$
907,432

 
$
32,563

 
$
939,995

_______________________________________________________________________________
(1)
Fixed income securities are primarily comprised of governmental and corporate bonds directly held by the plans. Governmental and corporate bonds are valued using both market observable inputs for similar assets that are traded on an active market and the closing price on the active market on which the individual securities are traded.
(2)
Common trusts and 103-12 investments (collectively "Trusts") are comprised of a number of investment funds that invest in a diverse portfolio of assets including equity securities, corporate and governmental bonds, equity and credit indexes, and money markets. Trusts are valued at the net asset value ("NAV") as determined by their custodian. NAV represents the accumulation of the unadjusted quoted close prices on the reporting date for the underlying investments divided by the total shares outstanding at the reporting dates.
(3)
Private equity funds consist of four funds seeking capital appreciation by investing in private equity investment partnerships and venture capital companies. Funds are comprised of unrestricted and restricted publicly traded securities and privately held securities. Unrestricted securities are valued at the closing market price on the reporting date. Restricted securities may be valued at a discount from such closing public market price, depending on facts and circumstances. Privately held securities are valued at fair value as determined by the fund directors and general partners.
Summary of changes in the fair value of the Level 3 pension plans' assets
The table below sets forth a summary of changes in the fair value of the Level 3 pension plans' assets for the year ended December 31, 2014:
 
 
Private
Equity
Funds
Balance at the beginning of year
 
$
32,563

Purchases, sales, issuances and settlements
 
(283
)
Realized and unrealized gains
 
5,735

Balance at the end of year
 
$
38,015

The amount of total gains during the period attributable to the change in unrealized gains relating to Level 3 net assets still held at the reporting date
 
$
4,887