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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2020
Retirement Benefits [Abstract] |
Schedule of Pension Expense from Continuing Operations | Pension expense from continuing operations was as follows:
|  | Years ended December 31,
|  | 2020 |  | 2019 |  | 2018
|  | (In thousands)
Company-administered plans: |  |  |  |  |  |
Service cost |  | $ | 11,915 |  |  | $ | 11,007 |  |  | $ | 12,108 |
Interest cost |  | 67,781 |  |  | 84,960 |  |  | 78,234 |
Expected return on plan assets |  | (97,526) |  |  | (91,034) |  |  | (101,980) |
Pension settlement expense |  | — |  |  | 34,974 |  |  | 3,061 |
Curtailment loss |  | 9,329 |  |  | — |  |  | — |
Amortization of: |  |  |  |  |  |
Net actuarial loss |  | 31,134 |  |  | 30,708 |  |  | 28,593 |
Prior service cost |  | 653 |  |  | 711 |  |  | 550 |
|  | 23,286 |  |  | 71,326 |  |  | 20,566 |
Multi-employer plans |  | 10,977 |  |  | 10,582 |  |  | 9,326 |
Net pension expense |  | $ | 34,263 |  |  | $ | 81,908 |  |  | $ | 29,892 |
Company-administered plans: |  |  |  |  |  |
U.S. |  | $ | 32,503 |  |  | $ | 75,936 |  |  | $ | 28,043 |
Foreign |  | (9,217) |  |  | (4,610) |  |  | (7,477) |
|  | 23,286 |  |  | 71,326 |  |  | 20,566 |
Multi-employer plans |  | 10,977 |  |  | 10,582 |  |  | 9,326 |
|  | $ | 34,263 |  |  | $ | 81,908 |  |  | $ | 29,892 |
Schedule of Weighted-Average Actuarial Assumptions | The following table sets forth the weighted-average actuarial assumptions used in determining our annual pension expense:
|  | U.S. Plans Years ended December 31, |  | Foreign Plans Years ended December 31,
|  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Discount rate |  | 3.18% |  | 4.35% |  | 3.70% |  | 2.28% |  | 3.04% |  | 2.70%
Rate of increase in compensation levels |  | 3.00% |  | 3.00% |  | 3.00% |  | 3.11% |  | 3.08% |  | 3.08%
Expected long-term rate of return on plan assets |  | 5.05% |  | 5.40% |  | 5.40% |  | 4.99% |  | 5.36% |  | 5.50%
Gain and loss amortization period (years) |  | 21 |  | 22 |  | 21 |  | 24 |  | 24 |  | 26
The following table sets forth the weighted-average actuarial assumptions used in determining funded status:
|  | U.S. Plans December 31, |  | Foreign Plans December 31,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Discount rate |  | 2.60% |  | 3.30% |  | 1.53% |  | 2.30%
Rate of increase in compensation levels |  | 3.00% |  | 3.00% |  | 3.11% |  | 3.11%
Schedule of Benefit Obligations, Assets and Funded Status | The following table sets forth the benefit obligations, assets and funded status associated with our pension plans:
|  | 2020 |  | 2019 |  |
|  | (In thousands) |  |
Change in benefit obligations: |  |  |  |  |  |
Benefit obligations at January 1 |  | $ | 2,324,080 |  |  | $ | 2,135,143 |  |  |
Service cost |  | 11,915 |  |  | 11,007 |  |  |
Interest cost |  | 67,781 |  |  | 84,960 |  |  |
Actuarial (gain) loss |  | 212,099 |  |  | 274,456 |  |  |
Pension curtailment and settlement |  | (19,052) |  |  | (102,905) |  |  |
Benefits paid |  | (104,977) |  |  | (96,290) |  |  |
Foreign currency exchange rate changes |  | 17,247 |  |  | 17,709 |  |  |
Benefit obligations at December 31 |  | 2,509,093 |  |  | 2,324,080 |  |  |
Change in plan assets: |  |  |  |  |  |
Fair value of plan assets at January 1 |  | 1,978,708 |  |  | 1,725,543 |  |  |
Actual return on plan assets |  | 275,372 |  |  | 348,354 |  |  |
Employer contribution |  | 136,029 |  |  | 72,202 |  |  |
Benefits paid |  | (104,977) |  |  | (96,290) |  |  |
Pension settlement |  | — |  |  | (93,049) |  |  |
Foreign currency exchange rate changes |  | 18,864 |  |  | 21,948 |  |  |
Fair value of plan assets at December 31 |  | 2,303,996 |  |  | 1,978,708 |  |  |
Funded status |  | $ | (205,097) |  |  | $ | (345,372) |  |  |
Funded percent |  | 92 | % |  | 85 | % |  |
Schedule of Amounts Recognized in the Consolidated Balance Sheets | The funded status of our pension plans was presented in the Consolidated Balance Sheets as follows:
|  | December 31,
|  | 2020 |  | 2019
|  | (In thousands)
Noncurrent asset |  | $ | 63,857 |  |  | $ | 72,320 |
Current liability |  | (3,776) |  |  | (3,863) |
Noncurrent liability |  | (265,178) |  |  | (413,829) |
Net amount recognized |  | $ | (205,097) |  |  | $ | (345,372) |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss | Amounts recognized in accumulated other comprehensive loss (pre-tax) consisted of:
|  | December 31,
|  | 2020 |  | 2019
|  | (In thousands)
Prior service cost |  | $ | 3,816 |  |  | $ | 13,798 |
Net actuarial loss |  | 855,300 |  |  | 869,907 |
Net amount recognized |  | $ | 859,116 |  |  | $ | 883,705 |
Schedule of Pension Obligations Greater than Fair Value of Related Plan Assets | As of December 31, 2020 and 2019, our total accumulated benefit obligations, as well as our pension plan obligations (projected benefit obligations (PBO) and accumulated benefit obligations (ABO)) in excess of the fair value of the related plan assets, for our U.S. and foreign plans were as follows:
|  | U.S. Plans December 31, |  | Foreign Plans December 31, |  | Total December 31,
|  | 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
|  | (In thousands)
Total accumulated benefit obligations |  | $ | 1,940,549 |  |  | $ | 1,812,813 |  |  | $ | 566,177 |  |  | $ | 489,135 |  |  | $ | 2,506,726 |  |  | $ | 2,301,948 |
Plans with pension obligations in excess of plan assets: |  |  |  |  |  |  |  |  |  |  |  |
PBO |  | 1,940,704 |  |  | 1,832,786 |  |  | 9,848 |  |  | 8,693 |  |  | 1,950,552 |  |  | 1,841,479 |
ABO |  | 1,940,549 |  |  | 1,812,813 |  |  | 7,995 |  |  | 7,025 |  |  | 1,948,544 |  |  | 1,819,838 |
Fair value of plan assets |  | 1,681,598 |  |  | 1,423,787 |  |  | — |  |  | — |  |  | 1,681,598 |  |  | 1,423,787 |
Schedule of Fair Value of Each Major Category of Pension Plan Assets and the Level of Inputs used to Measure Fair Value | The following table presents the fair value of each major category of pension plan assets and the level of inputs used to measure fair value as of December 31, 2020 and 2019:
|  | Fair Value Measurements at December 31, 2020
Asset Category |  | Total |  | Level 1 |  | Level 2 |  | Level 3
|  | (In thousands)
Equity securities: |  |  |  |  |  |  |  |
U.S. common collective trusts |  | $ | 371,893 |  |  | $ | — |  |  | $ | 371,893 |  |  | $ | — |
Foreign common collective trusts |  | 263,023 |  |  | — |  |  | 263,023 |  |  | — |
Fixed income securities: |  |  |  |  |  |  |  |
Corporate bonds |  | 98,715 |  |  | — |  |  | 98,715 |  |  | — |
Common collective trusts |  | 1,447,225 |  |  | — |  |  | 1,447,225 |  |  | — |
Private equity and hedge funds |  | 123,140 |  |  | — |  |  | — |  |  | 123,140 |
Total |  | $ | 2,303,996 |  |  | $ | — |  |  | $ | 2,180,856 |  |  | $ | 123,140 |
|  | Fair Value Measurements at December 31, 2019
Asset Category |  | Total |  | Level 1 |  | Level 2 |  | Level 3
|  | (In thousands)
Equity securities: |  |  |  |  |  |  |  |
U.S. common collective trusts |  | $ | 384,739 |  |  | $ | — |  |  | $ | 384,739 |  |  | $ | — |
Foreign common collective trusts |  | 379,717 |  |  | — |  |  | 379,717 |  |  | — |
Fixed income securities: |  |  |  |  |  |  |  |
Corporate bonds |  | 84,519 |  |  | — |  |  | 84,519 |  |  | — |
Common collective trusts |  | 1,011,515 |  |  | — |  |  | 1,011,515 |  |  | — |
Private equity and hedge funds |  | 118,218 |  |  | — |  |  | — |  |  | 118,218 |
Total |  | $ | 1,978,708 |  |  | $ | — |  |  | $ | 1,860,490 |  |  | $ | 118,218 |
Schedule of Changes in Fair Value of the Pension Plans Level 3 Assets | The following table presents a summary of changes in the fair value of the pension plans’ Level 3 assets for 2020 and 2019:
|  | 2020 |  | 2019
|  | (In thousands)
Beginning balance at January 1 |  | $ | 118,218 |  |  | $ | 121,836 |
Return on plan assets: |  |  |  |
Relating to assets still held at the reporting date |  | 8,969 |  |  | 5,752 |
Relating to assets sold during the period |  | — |  |  | (44) |
Purchases, sales, settlements and expenses |  | (4,047) |  |  | (9,326) |
Ending balance at December 31 |  | $ | 123,140 |  |  | $ | 118,218 |
Schedule of Pension Benefits Expected to be Paid | The following table details pension benefits expected to be paid in each of the next five fiscal years and in aggregate for the five fiscal years thereafter:
| (In thousands)
2021 | $ | 108,724 |
2022 | 111,015 |
2023 | 114,655 |
2024 | 118,086 |
2025 | 120,260 |
2026-2030 | 623,627 |
Schedule of Asset Classes | The following table presents the asset classes as of December 31, 2020 and 2019:
|  | December 31,
|  | 2020 |  | 2019
|  | (In thousands)
Cash and cash equivalents |  | $ | 24,573 |  |  | $ | 18,460 |
U.S. equity mutual funds |  | 39,066 |  |  | 34,035 |
Foreign equity mutual funds |  | 8,389 |  |  | 8,658 |
Fixed income mutual funds |  | 10,269 |  |  | 9,800 |
Total Investments held in Rabbi Trusts |  | $ | 82,297 |  |  | $ | 70,953 |

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