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PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Obligations, Plan Assets, and Funded Status
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,
 
2019
 
2018
 
2019
 
2018
Change in benefit obligation
 
 
 
 
 
 
 
 
Projected benefit obligation at beginning of year
 
$
1,031,206

 
$
1,117,564

 
$
214,719

 
$
236,112

Service cost
 
20,878

 
21,223

 
151

 
230

Interest cost
 
35,756

 
31,943

 
7,837

 
6,923

Actuarial loss (gain)
 
89,092

 
(50,432
)
 
23,635

 
(10,842
)
Curtailment
 
—

 
(16
)
 
—

 
—

Settlement
 
(21,445
)
 
(61,268
)
 
—

 
—

Currency translation and other
 
2,956

 
(4,674
)
 
589

 
(1,073
)
Benefits paid
 
(53,237
)
 
(23,134
)
 
(16,474
)
 
(16,631
)
Projected benefit obligation at end of year
 
1,105,206

 
1,031,206

 
230,457

 
214,719

Change in plan assets
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
 
963,861

 
1,086,226

 
—

 
—

Actual return on plan assets
 
157,931

 
(43,118
)
 
—

 
—

Employer contributions
 
3,660

 
9,233

 
16,474

 
16,631

Settlement
 
(21,445
)
 
(61,268
)
 
—

 
—

Currency translation and other
 
2,668

 
(4,078
)
 
—

 
—

Benefits paid
 
(53,237
)
 
(23,134
)
 
(16,474
)
 
(16,631
)
Fair value of plan assets at end of year
 
1,053,438

 
963,861

 
—

 
—

Funded status at end of year
 
$
(51,768
)
 
$
(67,345
)
 
$
(230,457
)
 
$
(214,719
)
 
 
 
 
 
 
 
 
 
Amounts recognized in the Consolidated Balance Sheets:
 
 
 
 
 
 
 
 
Other assets
 
$
10,481

 
$
332

 
$
—

 
$
—

Accrued liabilities
 
(3,476
)
 
(1,298
)
 
(19,251
)
 
(19,553
)
Other long-term liabilities
 
(58,773
)
 
(66,379
)
 
(211,206
)
 
(195,166
)
Total
 
$
(51,768
)
 
$
(67,345
)
 
$
(230,457
)
 
$
(214,719
)
 
 
 
 
 
 
 
 
 
Amounts recognized in Accumulated Other Comprehensive Income (Loss), net of tax:
 
 
 
 
 
 
 
 
Actuarial net (loss) gain
 
$
(216,443
)
 
$
(254,735
)
 
$
444

 
$
17,967

Net prior service credit (cost)
 
27,031

 
32,350

 
(219
)
 
(812
)
Net amounts recognized in AOCI
 
$
(189,412
)
 
$
(222,385
)
 
$
225

 
$
17,155
Schedule of Accumulated Benefit Obligations in Excess of Plan Assets
Plans with accumulated benefit obligations in excess of plan assets were as follows:  
December 31,
 
2019
 
2018
Projected benefit obligation
 
$
709,651

 
$
1,030,382

Accumulated benefit obligation
 
674,017

 
993,892

Fair value of plan assets
 
647,402

 
962,705
Schedule 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,
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Amounts recognized in net periodic benefit cost
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
 
$
20,878

 
$
21,223

 
$
20,657

 
$
151

 
$
230

 
$
263

Interest cost
 
35,756

 
31,943

 
40,996

 
7,837

 
6,923

 
8,837

Expected return on plan assets
 
(54,520
)
 
(58,612
)
 
(57,370
)
 
—

 
—

 
—

Amortization of prior service (credit) cost
 
(7,230
)
 
(7,202
)
 
(5,822
)
 
811

 
836

 
748

Amortization of net loss (gain)
 
32,647

 
26,875

 
33,648

 
(385
)
 
—

 
(1
)
Curtailment credit
 
—

 
(299
)
 
—

 
—

 
—

 
—

Settlement loss
 
5,498

 
20,211

 
17,732

 
—

 
—

 
—

Total net periodic benefit cost
 
$
33,029

 
$
34,139

 
$
49,841

 
$
8,414

 
$
7,989

 
$
9,847

 
 
 
 
 
 
 
 
 
 
 
 
 
Change in plan assets and benefit obligations recognized in AOCI, pre-tax
 
 
 
 
 
 
 
 
 
 
 
 
Actuarial net (gain) loss
 
$
(52,028
)
 
$
3,715

 
$
(73,768
)
 
$
23,956

 
$
(10,771
)
 
$
2,139

Prior service cost (credit)
 
7,232

 
7,198

 
(2,650
)
 
(810
)
 
(838
)
 
(744
)
Total recognized in other comprehensive (income) loss, pre-tax
 
$
(44,796
)
 
$
10,913

 
$
(76,418
)
 
$
23,146

 
$
(11,609
)
 
$
1,395

Net amounts recognized in periodic benefit cost and AOCI
 
$
(11,767
)
 
$
45,052

 
$
(26,577
)
 
$
31,560

 
$
(3,620
)
 
$
11,242
Schedule of Weighted-Average Assumptions Used in Computing the Benefit Obligation
The weighted-average assumptions used in computing the year end benefit obligations were as follows:
 
 
Pension Benefits 
 
Other Benefits
December 31,
 
2019
 
2018
 
2019
 
2018
Discount rate
 
3.1
%
 
4.1
%
 
3.2
%
 
4.2
%
Rate of increase in compensation levels
 
3.6
%
 
3.6
%
 
N/A

 
N/A

Interest crediting rate
 
4.7
%
 
4.7
%
 
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,
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Discount rate
 
4.1
%
 
3.4
%
 
3.8
%
 
4.2
%
 
3.5
%
 
3.8
%
Expected long-term return on plan assets
 
5.9
%
 
5.8
%
 
5.8
%
 
N/A

 
N/A

 
N/A

Rate of compensation increase
 
3.6
%
 
3.8
%
 
3.8
%
 
N/A

 
N/A

 
N/A
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, 2019:
 
Quoted prices in active markets of identical assets
(Level 1)
 
Significant other observable inputs
(Level 2)
 
Significant other unobservable inputs (Level 3)
 
Investments Using NAV as a Practical Expedient (1)
 
Total
Cash and cash equivalents
$
365

 
$
13,194

 
$
—

 
$
629

 
$
14,188

Equity securities:
 
 
 
 
 
 
 
 
 
Global all-cap (a)
—

 
—

 
—

 
248,222

 
248,222

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

 
—

 
—

 
264,066

 
264,066

Corporate bonds (b)
—

 
—

 
—

 
136,896

 
136,896

International government/corporate bonds (c)
—

 
—

 
—

 
32,407

 
32,407

Diversified credit (d)
—

 
—

 
—

 
103,793

 
103,793

Alternative investments:
 
 
 
 
 
 
 
 
 
Global diversified assets (e)
—

 
—

 
—

 
146,681

 
146,681

Global real estate investment trusts (f)
—

 
—

 
—

 
53,159

 
53,159

Global infrastructure (g)
—

 
—

 
—

 
54,026

 
54,026

Total pension plan assets
$
365

 
$
13,194

 
$
—

 
$
1,039,879

 
$
1,053,438


The following table sets forth by level, within the fair value hierarchy, pension plan assets at their fair values as of December 31, 2018:
 
Quoted prices in active markets of identical assets 
(Level 1)
 
Significant other observable inputs
(Level 2)
 
Significant other unobservable inputs (Level 3)
 
Investments Using NAV as a Practical Expedient (1)
 
Total
Cash and cash equivalents
$
1,040

 
$
17,857

 
$
—

 
$
664

 
$
19,561

Equity securities:
 
 
 
 
 
 
 
 
 
Global all-cap (a)
—

 
—

 
—

 
210,850

 
210,850

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

 
—

 
—

 
242,618

 
242,618

Corporate bonds (b)
—

 
—

 
—

 
117,656

 
117,656

International government/corporate bonds (c)
—

 
—

 
—

 
29,115

 
29,115

Diversified credit (d)
—

 
—

 
—

 
94,008

 
94,008

Alternative investments:
 
 
 
 
 
 
 
 
 
Global diversified assets (e)
—

 
—

 
—

 
147,661

 
147,661

Global real estate investment trusts (f)
—

 
—

 
—

 
57,854

 
57,854

Global infrastructure (g)
—

 
—

 
—

 
44,538

 
44,538

Total pension plan assets
$
1,040

 
$
17,857

 
$
—

 
$
944,964

 
$
963,861


(1)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in our Obligations and Funded Status table.
(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 Canadian and other international bonds.
(d)
This category comprises fixed income funds primarily invested in high yield bonds, loans, securitized debt, and emerging market debt.
(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.

Our target asset allocation for our major domestic pension plans as of December 31, 2019 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 
 
2020
 
2021
 
2022
 
2023
 
2024
 
2025-2029
Pension Benefits
$
105,287

 
$
93,240

 
$
115,785

 
$
89,634

 
$
90,039

 
$
372,692

Other Benefits
19,247

 
18,239

 
17,021

 
16,239

 
15,583

 
66,581