RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2016

General Discussion of Pension and Other Postretirement Benefits [Abstract]



	December 31,
	2016			2015
Change in benefit obligations
Benefit obligations at beginning of year	$	558,169		$	1,045,471
Service cost	17,689			19,933
Interest cost	23,578			36,002
Plan participants' contributions	148			185
Acquisitions	—			6,170
Actuarial loss (gain)	28,004			(42,640		)
Benefits paid	(31,308		)	(32,217		)
Settlements/curtailments	(24,068		)	(463,943		)
Currency translation	(7,482		)	(10,792		)
Benefit obligations at end of year	564,730			558,169

Change in plan assets
Fair value of plan assets at beginning of year	576,101			1,010,937
Actual return on plan assets	38,264			9,298
Employer contributions	21,373			50,468
Plan participants' contributions	148			185
Acquisitions	—			5,995
Benefits paid	(30,146		)	(30,358		)
Settlement	—			(462,601		)
Currency translation	(6,655		)	(7,823		)
Fair value of plan assets at end of year	599,085			576,101

Funded status at end of year	34,355			17,932
Unrecognized actuarial net loss	146,585			156,019
Unrecognized prior service cost	(18		)	(1,304		)
Unrecognized transition assets, net	37			41
Net amount recognized	$	180,959		$	172,688

Amounts Recognized in Consolidated Balance Sheets



	December 31,
	2016			2015
Prepaid pensions ⁽¹⁾	$	64,397		$	38,201
Accrued pension liability, current ⁽²⁾	(5,347		)	(5,026		)
Accrued pension liability, long-term ⁽³⁾	(24,695		)	(15,243		)
Accumulated other comprehensive loss, excluding tax effects	146,604			154,756
Net amount recognized in the balance sheets	$	180,959		$	172,688

(1) Included in Other current assets.

(2) Included in Other current liabilities.

(3) Included in Other liabilities.

Components of Pension Cost for Defined Benefit Plans



	Year Ended December 31,
	2016			2015			2014
Service cost	$	17,689		$	19,933		$	19,062
Interest cost	23,578			36,002			42,485
Expected return on plan assets	(35,716		)	(54,638		)	(67,953		)
Amortization of prior service cost	(394		)	(626		)	(616		)
Amortization of net loss ⁽¹⁾	9,893			19,406			17,644
Settlement/curtailment (gain) loss	(1,062		)	142,738			1,773
Pension cost for defined benefit plans	$	13,988		$	162,815		$	12,395

(1) The amortization of net loss includes a $959 charge resulting from the deconsolidation of the Venezuelan subsidiary during the year ended December 31, 2016.

Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets



	December 31,
	2016		2015
U.S. pension plans
Projected benefit obligation	$	25,731	$	16,822
Accumulated benefit obligation	25,460		15,223
Fair value of plan assets	5,548		—
Non-U.S. pension plans
Projected benefit obligation	$	47,776	$	3,393
Accumulated benefit obligation	45,128		2,831
Fair value of plan assets	38,200		—

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
2017	$	39,820
2018	29,803
2019	29,375
2020	27,869
2021	28,236
2022 through 2026	150,813

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, 2016 and 2015 were as follows:



	December 31,
	2016		2015
Discount Rate	4.1	%	4.5	%
Rate of increase in compensation	2.6	%	2.7	%

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, 2016 were as follows:



	December 31,
	2016		2015		2014
Discount rate	4.5	%	4.0	%	4.7	%
Rate of increase in compensation	2.7	%	2.7	%	4.1	%
Expected return on plan assets	6.1	%	6.3	%	7.3	%

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, 2016:



	Pension Plans' Assets at Fair Value as of December 31, 2016
	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	$	3,652	$	—	$	—	$	3,652
Equity securities ⁽¹⁾	4,071		—		—		4,071
Fixed income securities ⁽²⁾
U.S. government bonds	20,036		—		—		20,036
Corporate debt and other obligations	—		134,051		—		134,051
Investments measured at NAV ⁽³⁾
Common trusts and 103-12 investments ⁽⁴⁾							397,924
Private equity funds ⁽⁵⁾							39,351
Total investments at fair value	$	27,759	$	134,051	$	—	$	599,085

The following table sets forth, by level within the fair value hierarchy, the pension plans' assets as of December 31, 2015:



	Pension Plans' Assets at Fair Value as of December 31, 2015
	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	$	5,740	$	—	$	—	$	5,740
Equity securities ⁽¹⁾	3,569		—		—		3,569
Fixed income securities ⁽²⁾
U.S. government bonds	11,603		—		—		11,603
Corporate debt and other obligations	—		120,470		—		120,470
Investments measured at NAV ⁽³⁾
Common trusts and 103-12 investments ⁽⁴⁾							394,318
Private equity funds ⁽⁵⁾							40,401
Total investments at fair value	$	20,912	$	120,470	$	—	$	576,101


(1)	Equity securities are primarily comprised of corporate stock and mutual funds directly held by the plans. Equity securities are valued using the closing price reported on the active market on which the individual securities are traded.


(2)	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.


(3)	Certain assets that are measured at fair value using the net asset value ("NAV") practical expedient have not been classified in the fair value hierarchy.

(4)

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 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.

(5)

Private equity funds consist of four funds seeking capital appreciation by investing in private equity investment partnerships and venture capital companies. Private equity fund valuations are based on the NAV of the underlying assets. 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.