RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2017

General Discussion of Pension and Other Postretirement Benefits [Abstract]



	December 31,
	2017						2016
	U.S. pension plans			Non-U.S. pension plans			U.S. pension plans			Non-U.S. pension plans
Change in benefit obligations
Benefit obligations at beginning of year	$	484,758		$	79,972		$	481,345		$	76,824
Service cost	608			2,678			15,474			2,215
Interest cost	19,497			3,253			20,676			2,902
Plan participants' contributions	—			176			—			148
Acquisitions ⁽¹⁾	—			100,551			—			—
Actuarial loss (gain)	46,144			4,926			20,333			7,671
Benefits paid	(6,409		)	(4,909		)	(29,002		)	(2,306		)
Settlements/curtailments ⁽²⁾	(37,523		)	(700		)	(24,068		)	—
Currency translation	—			7,576			—			(7,482		)
Benefit obligations at end of year	507,075			193,523			484,758			79,972

Change in plan assets
Fair value of plan assets at beginning of year	528,744			70,341			502,184			73,917
Actual return on plan assets	82,732			5,770			34,779			3,485
Employer contributions	55			1,684			20,087			1,286
Plan participants' contributions	—			176			—			148
Acquisitions ⁽¹⁾	—			32,599			—			—
Benefits paid	(5,620		)	(3,196		)	(28,306		)	(1,840		)
Settlements ⁽²⁾	(37,523		)	(22		)	—			—
Currency translation	—			5,992			—			(6,655		)
Fair value of plan assets at end of year	568,388			113,344			528,744			70,341

Funded status at end of year	61,313			(80,179		)	43,986			(9,631		)
Unrecognized actuarial net loss	90,679			25,987			122,109			24,476
Unrecognized prior service cost	—			(11		)	—			(18		)
Unrecognized transition assets, net	—			35			—			37
Net amount recognized	$	151,992		$	(54,168	)	$	166,095		$	14,864

Amounts Recognized in Consolidated Balance Sheets



				December 31,
	2017						2016
	U.S. pension plans			Non-U.S. pension plans			U.S. pension plans			Non-U.S. pension plans
Prepaid pensions ⁽¹⁾	$	81,485		$	368		$	64,169		$	228
Accrued pension liability, current ⁽²⁾	(5,332		)	(3,483		)	(5,064		)	(283		)
Accrued pension liability, long-term ⁽³⁾	(14,840		)	(77,064		)	(15,119		)	(9,576		)
Accumulated other comprehensive loss, excluding tax effects	90,679			26,011			122,109			24,495
Net amount recognized in the balance sheets	$	151,992		$	(54,168	)	$	166,095		$	14,864

(1) Included in Other assets.

(2) Included in Other current liabilities.

(3) Included in Other liabilities.

Components of Pension Cost for Defined Benefit Plans



	Year Ended December 31,
	2017			2016			2015
Service cost	$	3,286		$	17,689		$	19,933
Interest cost	22,750			23,578			36,002
Expected return on plan assets	(35,800		)	(35,716		)	(54,638		)
Amortization of prior service cost	15			(394		)	(626		)
Amortization of net loss ⁽¹⁾	4,014			9,893			19,406
Settlement/curtailment loss (gain) ⁽²⁾	8,252			(1,062		)	142,738
Pension cost for defined benefit plans ⁽³⁾	$	2,517		$	13,988		$	162,815

(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,
	2017				2016
	U.S. pension plans		Non-U.S. pension plans		U.S. pension plans		Non-U.S. pension plans
Projected benefit obligation	$	26,149	$	182,512	$	25,731	$	47,776
Accumulated benefit obligation	25,870		174,667		25,460		45,128
Fair value of plan assets	5,977		102,107		5,548		38,200

Benefits expected to be paid for the U.S. Plans

Benefit Payments for Plans

Benefits expected to be paid for the plans are as follows:



	U.S. pension plans		Non-U.S. pension plans
Estimated Payments
2018	$	38,031	$	8,129
2019	29,782		8,633
2020	32,547		8,833
2021	28,542		9,133
2022	28,724		8,756
2023 through 2027	149,468		44,284

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, 2017 and 2016 were as follows:



	December 31,
	2017				2016
	U.S. pension plans		Non-U.S. pension plans		U.S. pension plans		Non-U.S. pension plans
Discount Rate	3.7	%	2.0	%	4.2	%	3.3	%
Rate of increase in compensation	2.5	%	2.7	%	2.5	%	3.7	%

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 were as follows:



	December 31,
	2017				2016				2015
	U.S. pension plans		Non-U.S. pension plans		U.S. pension plans		Non-U.S. pension plans		U.S. pension plans		Non-U.S. pension plans
Discount rate	4.2	%	2.2	%	4.5	%	3.9	%	4.0	%	4.0	%
Rate of increase in compensation	2.5	%	2.5	%	2.6	%	3.7	%	2.5	%	3.9	%
Expected return on plan assets	6.0	%	4.5	%	6.2	%	5.7	%	6.4	%	5.4	%

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, 2017:



	Pension Plans' Assets at Fair Value as of December 31, 2017
	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	$	8,922	$	—	$	—	$	8,922
Equity securities ⁽¹⁾	4,566		—		—		4,566
Fixed income securities ⁽²⁾
U.S. government bonds	33,205		—		—		33,205
Corporate debt and other obligations	—		398,578		—		398,578
Investments measured at NAV ⁽³⁾
Common trusts and 103-12 investments ⁽⁴⁾							199,066
Private equity funds ⁽⁵⁾							37,395
Total investments at fair value	$	46,693	$	398,578	$	—	$	681,732

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


(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.