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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Table)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits, Description [Abstract]  
Schedule of Net Benefit Costs [Table Text Block]
The net pension and net postretirement benefit costs consisted of the following:
Pension Benefits
(In thousands)202320222021
Service cost$16,224 $23,217 $26,735 
Interest cost34,085 20,923 17,419 
Expected return on plan assets(63,013)(54,855)(60,286)
Amortization of prior service cost(106)(318)(251)
Recognized net actuarial loss139 17,198 28,905 
Cost of settlements/curtailments— 4,499 3,310 
Special termination benefits— — 52 
Net periodic benefit cost$(12,671)$10,664 $15,884 
ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock
The following table outlines the Corporation's consolidated disclosure of the pension benefits information described previously. The Corporation had no foreign postretirement plans. All plans were valued using a December 31, 2023 measurement date.
Pension Benefits
(In thousands)20232022
Change in benefit obligation:
Beginning of year$733,434 $979,070 
Service cost16,224 23,217 
Interest cost34,085 20,923 
Plan participants’ contributions1,200 1,229 
Actuarial (gain) loss17,312 (201,592)
Benefits paid(52,228)(75,770)
Actual expenses(1,997)(1,681)
Acquisitions— 496 
Divestitures— (4,341)
Currency translation adjustments5,340 (8,117)
End of year$753,370 $733,434 
Change in plan assets:
Beginning of year$912,702 $1,156,616 
Actual return on plan assets93,488 (182,519)
Employer contribution4,601 24,865 
Plan participants’ contributions1,200 1,229 
Benefits paid(52,228)(75,770)
Actual expenses(1,997)(1,681)
Currency translation adjustments5,598 (10,038)
End of year$963,364 $912,702 
Funded status$209,994 $179,268 
Pension Benefits
(In thousands)20232022
Amounts recognized on the balance sheet
Noncurrent assets$261,869 $222,627 
Current liabilities(3,280)(3,272)
Noncurrent liabilities(48,595)(40,087)
Total$209,994 $179,268 
Amounts recognized in accumulated other comprehensive income (AOCI)
Net actuarial loss $121,557 $133,813 
Prior service cost(163)(239)
Total$121,394 $133,574 
Information for plans with an accumulated benefit obligation in excess of plan assets:
Projected benefit obligation$77,189 $64,669 
Accumulated benefit obligation68,257 61,368 
Fair value of plan assets25,314 21,311 
ScheduleOfAssumptionsUsedTableTextBlock
Plan Assumptions
Pension Benefits
20232022
Weighted-average assumptions in determination of benefit obligation:
Discount rate4.71 %4.95 %
Rate of compensation increase3.33 %3.34 %
Health care cost trends:
Rate assumed for subsequent yearN/AN/A
Ultimate rate reached in 2032
N/AN/A
Weighted-average assumptions in determination of net periodic benefit cost:
Discount rate4.95 %2.72 %
Expected return on plan assets6.41 %5.47 %
Rate of compensation increase3.34 %3.40 %
Health care cost trends:
Rate assumed for subsequent yearN/AN/A
Ultimate rate reached in 2032
N/AN/A
ScheduleOfAllocationOfPlanAssetsTableTextBlock Below are the Corporation’s actual and current target allocations for the CW Pension Plan, representing 90% of consolidated assets:
As of December 31,TargetExpected
20232022ExposureRange
Asset class
Domestic equities29%33%29%
24%-34%
International equities10%11%11%
7%-15%
Total equity39%44%40%
30%-50%
Fixed income61%56%60%
50%-70%
ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
The following table presents consolidated plan assets (in thousands) using the fair value hierarchy as of December 31, 2023.
Asset CategoryTotalQuoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Cash and cash equivalents$33,272 $730 $32,542 $— 
Equity securities (1)
388,343 370,028 18,315 — 
Fixed Income (2)
481,169 373,963 107,206 — 
Other (3)
9,918 4,167 — 5,751 
December 31, 2022$912,702 $748,888 $158,063 $5,751 
Cash and cash equivalents$16,105 $16,105 $— $— 
Equity securities (1)
358,082 341,575 16,507 — 
Fixed Income (2)
578,797 9,316 569,481 — 
Other (3)
10,380 3,672 — 6,708 
December 31, 2023$963,364 $370,668 $585,988 $6,708 

(1)This category consists of domestic and international equity securities. It is comprised of individual U.S. securities and exchange-traded funds benchmarked against the S&P 500 index and Russell Mid Cap and Russell 2000 indices, international securities and exchange-traded funds benchmarked against the MSCI EAFE and EM indices, global equity index mutual funds associated with our U.K. based pension plans, and a balanced fund associated with the Canadian based pension plan.

(2)This category consists of domestic and international bonds. The domestic fixed income securities consist of a portfolio of investment grade corporate debt, below investment-grade issues, fixed income exchange traded funds, and U.S. Treasury securities of intermediate and long-term duration for liability matching fixed income. International bonds consist of bond mutual funds for institutional investors associated with the Switzerland and U.K. based pension plans.

(3)This category consists of a domestic real estate exchange-traded fund and real estate investment trusts in Switzerland.
ScheduleOfExpectedBenefitPaymentsTableTextBlock
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid from the plans:
(In thousands)Pension
Plans
2024$50,025 
202552,823 
202654,281 
202755,157 
202857,403 
2029 - 2033274,696