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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Schedule of Pension Expense from Continuing Operations

Components of net pension expense for defined benefit pension plans were as follows:

						Years ended December 31,
						2021						2020						2019
						(In thousands)
Company-administered plans:
Service cost						$	1,093					$	11,915					$	11,007
Interest cost						57,973						67,781						84,960
Expected return on plan assets						(86,775)						(97,526)						(91,034)
Pension settlement expense						—						—						34,974
Curtailment loss						—						9,329						—
Amortization of net actuarial loss and prior service cost						28,221						31,787						31,419
Net pension expense						$	512					$	23,286					$	71,326
Company-administered plans:
U.S.						$	8,906					$	32,503					$	75,936
Non-U.S.						(8,394)						(9,217)						(4,610)
Net pension expense						$	512					$	23,286					$	71,326

Schedule of Weighted-Average Actuarial Assumptions

The following table sets forth the weighted-average actuarial assumptions used in determining our annual net pension expense:

						U.S. Plans Years ended December 31,																		Non-U.S. Plans Years ended December 31,
						2021						2020						2019						2021						2020						2019
Discount rate						2.60%						3.18%						4.35%						1.53%						2.28%						3.04%
Rate of increase in compensation levels						3.00%						3.00%						3.00%						3.11%						3.11%						3.08%
Expected long-term rate of return on plan assets						3.90%						5.05%						5.40%						3.89%						4.99%						5.36%
Gain and loss amortization period (years)						21						21						22						24						24						24

The following table sets forth the weighted-average actuarial assumptions used in determining funded status:

						U.S. Plans December 31,												Non-U.S. Plans December 31,
						2021						2020						2021						2020
Discount rate						2.95%						2.60%						2.14%						1.53%
Rate of increase in compensation levels						—%						3.00%						3.14%						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:

						2021						2020
						(In thousands)
Change in benefit obligations:
Benefit obligations at January 1						$	2,509,093					$	2,324,080
Service cost						1,093						11,915
Interest cost						57,973						67,781
Actuarial (gain) loss						(113,663)						212,099
Pension curtailment and settlement						—						(19,052)
Benefits paid						(105,887)						(104,977)
Foreign currency exchange rate changes						(4,384)						17,247
Benefit obligations at December 31						2,344,225						2,509,093
Change in plan assets:
Fair value of plan assets at January 1						2,303,996						1,978,708
Actual return on plan assets						94,931						275,372
Employer contribution						6,992						136,029
Benefits paid						(105,887)						(104,977)
Foreign currency exchange rate changes						(5,930)						18,864
Fair value of plan assets at December 31						2,294,102						2,303,996
Funded status						$	(50,123)					$	(205,097)
Funded percent						98%						92%

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,
						2021						2020
						(In thousands)
Noncurrent asset						$	124,984					$	63,857
Current liability						(3,848)						(3,776)
Noncurrent liability						(171,259)						(265,178)
Net amount recognized						$	(50,123)					$	(205,097)

Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss

Amounts recognized in accumulated other comprehensive loss (pre-tax) consisted of:

						December 31,
						2021						2020
						(In thousands)
Prior service cost						$	3,622					$	3,816
Net actuarial loss						706,375						855,300
Net amount recognized						$	709,997					$	859,116

Schedule of Pension Obligations Greater than Fair Value of Related Plan Assets

As of December 31, 2021 and 2020, 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,												Non-U.S. Plans December 31,												Total December 31,
						2021						2020						2021						2020						2021						2020
						(In thousands)
Total accumulated benefit obligations						$	1,825,811					$	1,940,549					$	515,974					$	566,177					$	2,341,785					$	2,506,726
Plans with pension obligations in excess of plan assets:
PBO						1,825,811						1,940,704						10,420						9,848						1,836,231						1,950,552
ABO						1,825,811						1,940,549						8,193						7,995						1,834,004						1,948,544
Fair value of plan assets						1,661,122						1,681,598						—						—						1,661,122						1,681,598

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, 2021 and 2020:

						Fair Value Measurements at December 31, 2021
Asset Category						Total						Level 1						Level 2						Level 3
						(In thousands)
Equity securities:
U.S. common collective trusts						$	191,323					$	—					$	191,323					$	—
Non-U.S. common collective trusts						154,625						—						154,625						—
Fixed income securities:
Corporate bonds						72,106						—						72,106						—
Common collective trusts						1,754,158						—						1,754,158						—
Private equity and hedge funds						121,890						—						—						121,890
Total						$	2,294,102					$	—					$	2,172,212					$	121,890

 

						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					$	—
Non-U.S. 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

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 2021 and 2020: 

						2021						2020
						(In thousands)
Beginning balance at January 1						$	123,140					$	118,218
Return on plan assets:
Relating to assets still held at the reporting date						24,842						8,969
Relating to assets sold during the period						—						—
Purchases, sales, settlements and expenses						(26,092)						(4,047)
Ending balance at December 31						$	121,890					$	123,140

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 the aggregate for the five fiscal years thereafter:

			(In thousands)
2022			$	114,235
2023			115,699
2024			118,280
2025			121,222
2026			123,523
2027-2031			630,876

Schedule of Asset Classes

The following table presents the asset classes as of December 31, 2021 and 2020:

						December 31,
						2021						2020
						(In thousands)
Cash and cash equivalents						$	21,457					$	24,573
U.S. equity mutual funds						53,449						39,066
Foreign equity mutual funds						11,452						8,389
Fixed income mutual funds						9,648						10,269
Total investments held in Rabbi Trusts						$	96,006					$	82,297

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