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RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2020
RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS |
Obligations and Funded Status | Obligations and Funded Status ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31,
​ | ​ | 2020 | ​ | 2019
​ | ​ | U.S. pension | ​ | Non-U.S. | ​ | U.S. pension | ​ | Non-U.S.
​ |  | plans |  | pension plans |  | plans |  | pension plans
Change in benefit obligations |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Benefit obligations at beginning of year | ​ | $ | 492,511 | ​ | $ | 176,858 | ​ | $ | 438,945 | ​ | $ | 168,811
Service cost | ​ |  | 156 | ​ |  | 3,140 | ​ |  | 140 | ​ |  | 2,908
Interest cost | ​ |  | 14,670 | ​ |  | 2,755 | ​ |  | 18,610 | ​ |  | 3,739
Plan participants' contributions | ​ |  | — | ​ |  | 142 | ​ |  | — | ​ |  | 153
Acquisitions & other adjustments | ​ |  | — | ​ |  | 11 | ​ |  | — | ​ |  | (1,864)
Actuarial (gain) loss (1) | ​ |  | 100,346 | ​ |  | 7,161 | ​ |  | 58,842 | ​ |  | 10,653
Benefits paid | ​ |  | (10,105) | ​ |  | (7,064) | ​ |  | (24,026) | ​ |  | (8,961)
Settlements/curtailments (2) | ​ |  | (39,632) | ​ |  | (2,701) | ​ |  | — | ​ |  | (1,256)
Currency translation | ​ |  | — | ​ |  | 9,839 | ​ |  | — | ​ |  | 2,675
Benefit obligations at end of year | ​ |  | 557,946 | ​ |  | 190,141 | ​ |  | 492,511 | ​ |  | 176,858
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in plan assets | ​ |  | ​ | ​ |  | ​ | ​ |  |  | ​ |  |
Fair value of plan assets at beginning of year | ​ |  | 589,551 | ​ |  | 105,673 | ​ |  | 512,078 | ​ |  | 100,187
Actual return on plan assets | ​ |  | 72,596 | ​ |  | 8,403 | ​ |  | 100,744 | ​ |  | 9,743
Employer contributions | ​ |  | — | ​ |  | 2,818 | ​ |  | — | ​ |  | 2,210
Plan participants' contributions | ​ |  | — | ​ |  | 142 | ​ |  | — | ​ |  | 153
Acquisitions & other adjustments | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (2,651)
Benefits paid | ​ |  | (8,875) | ​ |  | (4,403) | ​ |  | (23,271) | ​ |  | (6,120)
Settlements (2) | ​ |  | (35,248) | ​ |  | (633) | ​ |  | — | ​ |  | (920)
Currency translation | ​ |  | — | ​ |  | 5,058 | ​ |  | — | ​ |  | 3,071
Fair value of plan assets at end of year | ​ |  | 618,024 | ​ |  | 117,058 | ​ |  | 589,551 | ​ |  | 105,673
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Funded status at end of year | ​ |  | 60,078 | ​ |  | (73,083) | ​ |  | 97,040 | ​ |  | (71,185)
Unrecognized actuarial net loss | ​ |  | 108,873 | ​ |  | 28,637 | ​ |  | 67,050 | ​ |  | 28,543
Unrecognized prior service cost | ​ |  | — | ​ |  | 389 | ​ |  | — | ​ |  | 457
Unrecognized transition assets, net | ​ |  | — | ​ |  | 27 | ​ |  | — | ​ |  | 30
Net amount recognized | ​ | $ | 168,951 | ​ | $ | (44,030) | ​ | $ | 164,090 | ​ | $ | (42,155)
​
(1) | Actuarial losses in 2020 were primarily the result of a decrease in the Company’s U.S. pension plan discount rate from 3.4% in 2019 to 2.2% in 2020.
(2) | Settlements in 2020 resulting from lump sum pension payments.
Amounts Recognized in Consolidated Balance Sheets | Amounts Recognized in Consolidated Balance Sheets ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31,
​ | ​ | 2020 | ​ | 2019
​ | ​ | U.S. pension | ​ | Non-U.S. | ​ | U.S. pension | ​ | Non-U.S.
​ |  | plans |  | Pension plans |  | plans |  | pension plans
Prepaid pensions (1) | ​ | $ | 71,402 | ​ | $ | — | ​ | $ | 111,879 | ​ | $ | —
Accrued pension liability, current (2) | ​ |  | (726) | ​ | ​ | (3,050) | ​ |  | (739) | ​ |  | (2,847)
Accrued pension liability, long-term (3) | ​ |  | (10,598) | ​ | ​ | (70,033) | ​ |  | (14,100) | ​ |  | (68,338)
Accumulated other comprehensive loss, excluding tax effects | ​ |  | 108,873 | ​ | ​ | 29,053 | ​ |  | 67,050 | ​ |  | 29,030
Net amount recognized in the balance sheets | ​ | $ | 168,951 | ​ | $ | (44,030) | ​ | $ | 164,090 | ​ | $ | (42,155)
​
(1) | Included in Other assets.
(2) | Included in Other current liabilities.
(3) | Included in Other liabilities.
Components of Pension Cost for Defined Benefit Plans | Components of Pension Cost for Defined Benefit Plans ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2020 | ​ | 2019 | ​ | 2018
​ | ​ | U.S. pension | ​ | Non-U.S. | ​ | U.S. pension | ​ | Non-U.S. | ​ | U.S. pension | ​ | Non-U.S.
​ |  | plans |  | pension plans |  | plans |  | pension plans |  | plans |  | pension plans
Service cost | ​ | $ | 156 | ​ | $ | 3,140 | ​ | $ | 140 | ​ | $ | 2,908 | ​ | $ | 139 | ​ | $ | 3,252
Interest cost | ​ |  | 14,670 | ​ |  | 2,755 | ​ |  | 18,610 | ​ |  | 3,739 | ​ |  | 18,084 | ​ |  | 3,703
Expected return on plan assets | ​ |  | (23,377) | ​ |  | (4,217) | ​ |  | (24,980) | ​ |  | (4,430) | ​ |  | (27,052) | ​ |  | (5,057)
Amortization of prior service cost | ​ |  | — | ​ |  | 57 | ​ |  | — | ​ |  | 58 | ​ |  | — | ​ |  | 1
Amortization of net loss | ​ |  | 1,346 | ​ |  | 1,986 | ​ |  | 1,654 | ​ |  | 2,296 | ​ |  | 1,498 | ​ |  | 2,211
Settlement charges (1) | ​ |  | 8,118 | ​ |  | 237 | ​ |  | — | ​ |  | 266 | ​ |  | 6,686 | ​ |  | (397)
Defined benefit plans | ​ | $ | 913 | ​ | $ | 3,958 | ​ | $ | (4,576) | ​ | $ | 4,837 | ​ | $ | (645) | ​ | $ | 3,713
​
(1) | Pension settlement charges resulting from lump sum pension payments.
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ | ​ | 2020 | ​ | 2019
​ | ​ | U.S. pension | ​ | Non-U.S. | ​ | U.S. pension | ​ | Non-U.S.
​ |  | plans |  | pension plans |  | plans |  | pension plans
Projected benefit obligation | ​ | $ | 11,278 | ​ | $ | 144,576 | ​ | $ | 14,794 | ​ | $ | 169,455
Accumulated benefit obligation | ​ |  | 10,887 | ​ |  | 140,169 | ​ |  | 14,521 | ​ |  | 164,203
Fair value of plan assets | ​ |  | — | ​ |  | 71,285 | ​ |  | — | ​ |  | 98,434
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 | ​ | Non-U.S.
​ |  | Plans |  | pension plans
Estimated Payments | ​ | ​ | ​ | ​ | ​ | ​
2021 | ​ | $ | 559,078 | ​ | $ | 8,968
2022 | ​ |  | 733 | ​ |  | 8,213
2023 | ​ |  | 2,413 | ​ |  | 7,846
2024 | ​ |  | 788 | ​ |  | 8,988
2025 | ​ |  | 1,054 | ​ |  | 9,167
2026 through 2030 | ​ |  | 5,321 | ​ |  | 40,379
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, 2020 and 2019 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, |
​ | ​ | 2020 | ​ | 2019 |
​ | ​ | U.S. pension | ​ | Non-U.S. | ​ | U.S. pension | ​ | Non-U.S. |
​ |  | plans |  | pension plans |  | plans |  | pension plans |
Discount Rate |  | 2.2 | % | 1.3 | % | 3.4 | % | 1.7 | %
Rate of increase in compensation |  | 2.5 | % | 2.7 | % | 2.5 | % | 2.6 | %
​ 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, |
​ | ​ | 2020 | ​ | 2019 | ​ | 2018 |
​ | ​ | U.S. pension | ​ | Non-U.S. | ​ | U.S. pension | ​ | Non-U.S. | ​ | U.S. pension | ​ | Non-U.S. |
​ |  | plans |  | pension plans |  | plans |  | pension plans |  | plans |  | pension plans |
Discount rate |  | 3.4 | % | 1.7 | % | 4.4 | % | 2.3 | % | 3.7 | % | 2.0 | %
Rate of increase in compensation |  | 2.5 | % | 2.6 | % | 2.5 | % | 2.8 | % | 2.5 | % | 2.7 | %
Expected return on plan assets |  | 4.0 | % | 4.1 | % | 5.0 | % | 4.5 | % | 5.0 | % | 4.6 | %
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, 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Pension Plans' Assets at Fair Value as of December 31, 2020
​ | ​ | Quoted Prices in | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Active Markets | ​ | ​ | ​ | ​ | Significant | ​ | ​ | ​
​ | ​ | for Identical | ​ | Significant Other | ​ | Unobservable | ​ | ​ | ​
​ | ​ | Assets | ​ | Observable Inputs | ​ | Inputs | ​ | ​ | ​
​ |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | Total
Cash and cash equivalents | ​ | $ | 9,162 | ​ | $ | — | ​ | $ | — | ​ | $ | 9,162
Fixed income securities (1) | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
U.S. government bonds | ​ |  | 24,257 | ​ |  | — | ​ |  | — | ​ |  | 24,257
Corporate debt and other obligations | ​ |  | — | ​ |  | 213,227 | ​ |  | — | ​ |  | 213,227
Investments measured at NAV (2) | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Common trusts and 103-12 investments (3) | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | 460,474
Private equity funds (4) | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | 27,962
Total investments at fair value | ​ | $ | 33,419 | ​ | $ | 213,227 | ​ | $ | — | ​ | $ | 735,082
​ The following table sets forth, by level within the fair value hierarchy, the pension plans’ assets as of December 31, 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Pension Plans' Assets at Fair Value as of December 31, 2019
​ | ​ | Quoted Prices | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | in Active Markets | ​ | ​ | ​ | ​ | Significant | ​ | ​ | ​
​ | ​ | for Identical | ​ | Significant Other | ​ | Unobservable | ​ | ​ | ​
​ | ​ | Assets | ​ | Observable Inputs | ​ | Inputs | ​ | ​ | ​
​ |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | Total
Cash and cash equivalents | ​ | $ | 11,263 | ​ | $ | — | ​ | $ | — | ​ | $ | 11,263
Fixed income securities (1) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. government bonds | ​ |  | 46,048 | ​ |  | — | ​ |  | — | ​ |  | 46,048
Corporate debt and other obligations | ​ |  | — | ​ |  | 482,203 | ​ |  | — | ​ |  | 482,203
Investments measured at NAV (2) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Common trusts and 103-12 investments (3) | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  | 124,389
Private equity funds (4) | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  | 31,321
Total investments at fair value | ​ | $ | 57,311 | ​ | $ | 482,203 | ​ | $ | — | ​ | $ | 695,224
​
(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) | 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.
(3) | 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.
(4) | 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.

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