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PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]  
Schedule of Defined Benefit Plans
A summary of the changes in benefit obligations, plan assets and funded status of these plans is as follows:
 
 
Pension Benefits 
 
Other Benefits 
December 31,
 
2016
 
2015
 
2016
 
2015
Change in benefit obligation
 
 
 
 
 
 
 
 
Projected benefit obligation at beginning of year
 
$
1,169,424

 
$
1,260,895

 
$
255,617

 
$
294,064

Service cost
 
23,075

 
28,300

 
299

 
542

Interest cost
 
41,875

 
44,179

 
9,731

 
10,187

Plan amendments
 
(43,065
)
 
67

 
—

 
—

Actuarial (gain) loss
 
15,804

 
(51,064
)
 
(2,998
)
 
(26,887
)
Curtailment
 
—

 
(2,693
)
 
—

 
292

Settlement
 
(59,784
)
 
(57,193
)
 
—

 
—

Divestiture
 
—

 
(4,047
)
 
—

 
—

Currency translation and other
 
1,416

 
(11,456
)
 
314

 
(2,206
)
Benefits paid
 
(30,427
)
 
(37,564
)
 
(20,117
)
 
(20,375
)
Projected benefit obligation at end of year
 
1,118,318

 
1,169,424

 
242,846

 
255,617

Change in plan assets
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
 
1,041,902

 
1,136,943

 
—

 
—

Actual return on plan assets
 
49,012

 
(19,804
)
 
—

 
—

Employer contributions
 
21,580

 
32,898

 
20,117

 
20,375

Settlement
 
(59,784
)
 
(57,193
)
 
—

 
—

Divestiture
 
—

 
(2,485
)
 
—

 
—

Currency translation and other
 
1,393

 
(10,893
)
 
—

 
—

Benefits paid
 
(30,427
)
 
(37,564
)
 
(20,117
)
 
(20,375
)
Fair value of plan assets at end of year
 
1,023,676

 
1,041,902

 
—

 
—

Funded status at end of year
 
$
(94,642
)
 
$
(127,522
)
 
$
(242,846
)
 
$
(255,617
)
 
 
 
 
 
 
 
 
 
Amounts recognized in the Consolidated Balance Sheets:
 
 
 
 
 
 
 
 
Other assets
 
$
39

 
$
—

 
$
—

 
$
—

Accrued liabilities
 
(28,994
)
 
(4,841
)
 
(22,576
)
 
(24,205
)
Other long-term liabilities
 
(65,687
)
 
(122,681
)
 
(220,270
)
 
(231,412
)
Total
 
$
(94,642
)
 
$
(127,522
)
 
$
(242,846
)
 
$
(255,617
)
 
 
 
 
 
 
 
 
 
Amounts recognized in Accumulated Other Comprehensive Income (Loss), net of tax:
 
 
 
 
 
 
 
 
Actuarial net (loss) gain
 
$
(243,228
)
 
$
(264,570
)
 
$
9,264

 
$
7,574

Net prior service credit (cost)
 
28,360

 
4,267

 
(1,565
)
 
(1,919
)
Net amounts recognized in AOCI
 
$
(214,868
)
 
$
(260,303
)
 
$
7,699

 
$
5,655
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
Plans with accumulated benefit obligations in excess of plan assets were as follows:  
December 31,
 
2016
 
2015
Projected benefit obligation
 
$
1,118,294

 
$
1,110,232

Accumulated benefit obligation
 
1,081,254

 
1,081,002

Fair value of plan assets
 
1,023,613

 
985,111
Summary of Components of Net Periodic Benefit Cost
The components of net periodic benefit cost were as follows:  
 
 
Pension Benefits
 
Other Benefits
For the years ended December 31,
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Amounts recognized in net periodic benefit cost
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
 
$
23,075

 
$
28,300

 
$
26,935

 
$
299

 
$
542

 
$
706

Interest cost
 
41,875

 
44,179

 
48,886

 
9,731

 
10,187

 
11,696

Expected return on plan assets
 
(58,820
)
 
(68,830
)
 
(74,080
)
 
—

 
—

 
—

Amortization of prior service (credit) cost
 
(1,555
)
 
(1,178
)
 
(667
)
 
575

 
611

 
616

Amortization of net loss (gain)
 
34,940

 
30,510

 
23,360

 
(13
)
 
(57
)
 
(141
)
Curtailment credit
 
—

 
(688
)
 
—

 
—

 
204

 
—

Settlement loss
 
22,657

 
23,067

 
—

 
—

 
—

 
—

Total net periodic benefit cost
 
$
62,172

 
$
55,360

 
$
24,434

 
$
10,592

 
$
11,487

 
$
12,877

 
 
 
 
 
 
 
 
 
 
 
 
 
Change in plan assets and benefit obligations recognized in AOCI, pre-tax
 
 
 
 
 
 
 
 
 
 
 
 
Actuarial net (gain) loss
 
$
(31,772
)
 
$
(21,554
)
 
$
99,136

 
$
(3,047
)
 
$
(26,270
)
 
$
36,021

Prior service (credit) cost
 
(41,517
)
 
1,748

 
833

 
(572
)
 
(834
)
 
(629
)
Total recognized in other comprehensive (income) loss, pre-tax
 
$
(73,289
)
 
$
(19,806
)
 
$
99,969

 
$
(3,619
)
 
$
(27,104
)
 
$
35,392

Net amounts recognized in periodic benefit cost and AOCI
 
$
(11,117
)
 
$
35,554

 
$
124,403

 
$
6,973

 
$
(15,617
)
 
$
48,269
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year
Amounts expected to be amortized from AOCI into net periodic benefit cost during 2017 are as follows:  
 
Pension Plans 
 
Post-Retirement
Benefit Plans 
Amortization of net actuarial loss (gain)
$
33,567

 
$
(1
)
Amortization of prior service (credit) cost
$
(5,822
)
 
$
747
Summary of Weighted-Average Assumptions Used in Computing the Benefit Obligation
The weighted-average assumptions used in computing the benefit obligations were as follows:
 
 
Pension Benefits 
 
Other Benefits
December 31,
 
2016
 
2015
 
2016
 
2015
Discount rate
 
3.8
%
 
4.0
%
 
3.8
%
 
4.0
%
Rate of increase in compensation levels
 
3.8
%
 
3.8
%
 
N/A

 
N/A

The weighted-average assumptions used in computing net periodic benefit cost were as follows:  
 
 
Pension Benefits
 
Other Benefits
For the years ended December 31,
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Discount rate
 
4.0
%
 
3.7
%
 
4.5
%
 
4.0
%
 
3.7
%
 
4.5
%
Expected long-term return on plan assets
 
6.1
%
 
6.3
%
 
7.0
%
 
N/A

 
N/A

 
N/A

Rate of compensation increase
 
3.8
%
 
4.1
%
 
4.0
%
 
N/A

 
N/A

 
N/A
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
A one-percentage point change in assumed health care cost trend rates would have the following effects:
Impact of assumed health care cost trend rates
 
One-Percentage
Point Increase 
 
One-Percentage
Point Decrease
Effect on total service and interest cost components
 
$
151

 
$
(132
)
Effect on accumulated post-retirement benefit obligation
 
3,858

 
(3,373
)
Schedule of Allocation of Plan Assets
The following table sets forth by level, within the fair value hierarchy (as defined in Note 6), pension plan assets at their fair values as of December 31, 2016:
 
Quoted prices in active markets of identical assets
(Level 1)
 
Significant other observable inputs
(Level 2)
 
Significant other unobservable inputs (Level 3)
 
Total
Cash and cash equivalents
$
576

 
$
9,540

 
$
—

 
$
10,116

Equity securities:
 
 
 
 
 
 
 
Global all-cap (a)
20,216

 
242,214

 
—

 
262,430

Fixed income securities:
 
 
 
 
 
 
 
U.S. government/agency
—

 
228,648

 
—

 
228,648

Corporate bonds (b)
—

 
199,634

 
—

 
199,634

Collateralized obligations (c)
—

 
50,532

 
—

 
50,532

International government/corporate bonds (d)
—

 
30,928

 
—

 
30,928

Alternative investments:
 
 
 
 
 
 
 
Global diversified assets (e)
—

 
146,975

 
—

 
146,975

Global real estate investment trusts (f)
—

 
48,000

 
—

 
48,000

Global infrastructure (g)
—

 
46,413

 
—

 
46,413

Total pension plan assets
$
20,792

 
$
1,002,884

 
$
—

 
$
1,023,676


The following table sets forth by level, within the fair value hierarchy, pension plan assets at their fair values as of December 31, 2015:
 
Quoted prices in active markets of identical assets 
(Level 1)
 
Significant other observable inputs(Level 2)
 
Significant other unobservable inputs (Level 3)
 
Total
Cash and cash equivalents
$
1,763

 
$
30,389

 
$
—

 
$
32,152

Equity securities:
 
 
 
 
 
 
 
U.S. all-cap (h)
—

 
138,367

 
—

 
138,367

International all-cap (i)
108,862

 
3,118

 
—

 
111,980

Global all-cap (a)
73,157

 
196,063

 
—

 
269,220

Fixed income securities:
 
 
 
 
 
 
 
U.S. government/agency
117,378

 
120,136

 
—

 
237,514

Corporate bonds (b)
101,476

 
37,748

 
—

 
139,224

Collateralized obligations (c)
32,532

 
8,157

 
—

 
40,689

International government/corporate bonds (d)
31,917

 
40,839

 
—

 
72,756

Total pension plan assets
$
467,085

 
$
574,817

 
$
—

 
$
1,041,902


(a)
This category comprises equity funds that primarily track the MSCI World Index or MSCI All Country World Index.
(b)
This category comprises fixed income funds primarily invested in investment grade and high yield bonds.
(c)
This category comprises fixed income funds primarily invested in high quality mortgage-backed securities and other asset-backed obligations.
(d)
This category comprises fixed income funds primarily invested in Canadian and other international bonds.
(e)
This category comprises diversified funds invested across alternative asset classes.
(f)
This category comprises equity funds primarily invested in publicly traded real estate securities.
(g)
This category comprises equity funds primarily invested in publicly traded listed infrastructure securities.
(h)
This category comprises equity funds that track the Russell 3000 index.
(i)
This category comprises equity funds that track the MSCI World Ex-US index.
Our target asset allocation for our major domestic pension plans as of December 31, 2016 was as follows:
Asset Class
 
Target Asset Allocation 
Cash
 
1%
Equity securities
 
25%
Fixed income securities
 
49%
Alternative investments, including real estate, listed infrastructure and other
 
25%
Schedule of Expected Benefit Payments
Total benefit payments expected to be paid to plan participants, including pension benefits funded from the plans and other benefits funded from Company assets, are as follows:
 
Expected Benefit Payments 
 
2017
 
2018
 
2019
 
2020
 
2021
 
2022-2026
Pension Benefits
$
96,972

 
$
69,299

 
$
73,438

 
$
78,863

 
$
79,714

 
$
423,587

Other Benefits
22,593

 
20,546

 
18,813

 
17,642

 
16,698

 
71,616