PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2020

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,	2020		2019		2020		2019
Change in benefit obligation
Projected benefit obligation at beginning of year	$	1,105,206	$	1,031,206	$	230,457	$	214,719
Service cost	21,734		20,878		159		151
Interest cost	26,112		35,756		6,029		7,837

Actuarial loss	90,140		89,092		15,218		23,635

Settlement	(52,938)		(21,445)		—		—
Currency translation and other	1,822		2,956		254		589
Benefits paid	(23,238)		(53,237)		(8,809)		(16,474)
Projected benefit obligation at end of year	1,168,838		1,105,206		243,308		230,457
Change in plan assets
Fair value of plan assets at beginning of year	1,053,438		963,861		—		—
Actual return on plan assets	118,812		157,931		—		—
Employer contributions	2,862		3,660		8,809		16,474
Settlement	(52,938)		(21,445)		—		—
Currency translation and other	1,309		2,668		—		—
Benefits paid	(23,238)		(53,237)		(8,809)		(16,474)
Fair value of plan assets at end of year	1,100,245		1,053,438		—		—
Funded status at end of year	$	(68,593)	$	(51,768)	$	(243,308)	$	(230,457)

Amounts recognized in the Consolidated Balance Sheets:
Other assets	$	8,308	$	10,481	$	—	$	—
Accrued liabilities	(6,174)		(3,476)		(19,801)		(19,251)
Other long-term liabilities	(70,727)		(58,773)		(223,507)		(211,206)
Total	$	(68,593)	$	(51,768)	$	(243,308)	$	(230,457)

Amounts recognized in Accumulated Other Comprehensive Income (Loss), net of tax:
Actuarial net (loss) gain	$	(205,193)	$	(216,443)	$	(10,718)	$	444
Net prior service credit (cost)	21,706		27,031		—		(219)
Net amounts recognized in AOCI	$	(183,487)	$	(189,412)	$	(10,718)	$	225

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,	2020		2019
Projected benefit obligation	$	759,200	$	709,651
Accumulated benefit obligation	718,335		674,017
Fair value of plan assets	682,299		647,402

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,	2020		2019		2018		2020		2019		2018
Amounts recognized in net periodic benefit cost
Service cost	$	21,734	$	20,878	$	21,223	$	159	$	151	$	230
Interest cost	26,112		35,756		31,943		6,029		7,837		6,923
Expected return on plan assets	(52,907)		(54,520)		(58,612)		—		—		—
Amortization of prior service (credit) cost	(7,308)		(7,230)		(7,202)		300		811		836
Amortization of net loss (gain)	26,952		32,647		26,875		(39)		(385)		—
Curtailment credit	—		—		(299)		—		—		—
Settlement loss	13,421		5,498		20,211		—		—		—
Total net periodic benefit cost	$	28,004	$	33,029	$	34,139	$	6,449	$	8,414	$	7,989

Change in plan assets and benefit obligations recognized in AOCI, pre-tax
Actuarial net (gain) loss	$	(15,606)	$	(52,028)	$	3,715	$	15,266	$	23,956	$	(10,771)
Prior service cost (credit)	7,310		7,232		7,198		(300)		(810)		(838)
Total recognized in other comprehensive (income) loss, pre-tax	$	(8,296)	$	(44,796)	$	10,913	$	14,966	$	23,146	$	(11,609)
Net amounts recognized in periodic benefit cost and AOCI	$	19,708	$	(11,767)	$	45,052	$	21,415	$	31,560	$	(3,620)

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,	2020		2019		2020		2019
Discount rate	2.3	%	3.1	%	2.5	%	3.2	%
Rate of increase in compensation levels	3.5	%	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,	2020		2019		2018		2020		2019		2018
Discount rate	3.1	%	4.1	%	3.4	%	3.2	%	4.2	%	3.5	%
Expected long-term return on plan assets	5.3	%	5.9	%	5.8	%	N/A		N/A		N/A
Rate of compensation increase	3.6	%	3.6	%	3.8	%	N/A		N/A		N/A

Schedule of Allocation of Plan Assets

Our target asset allocation for our major domestic pension plans as of December 31, 2020 was as follows:


Asset Class						Target Asset Allocation
Cash						1%
Equity securities						24%
Fixed income securities						51%
Alternative investments, including real estate, listed infrastructure and other						24%

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, 2020:


	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	$	613	$	21,287	$	—	$	576	$	22,476
Equity securities:
Global all-cap (a)	—		—		—		264,909		264,909
Fixed income securities:
U.S. government/agency	—		—		—		215,573		215,573
Corporate bonds (b)	—		—		—		155,648		155,648
International government/corporate bonds (c)	—		—		—		32,586		32,586
Diversified credit (d)	—		—		—		160,829		160,829
Alternative investments:
Global diversified assets (e)	—		—		—		117,290		117,290
Global real estate investment trusts (f)	—		—		—		60,083		60,083
Global infrastructure (g)	—		—		—		70,851		70,851
Total pension plan assets	$	613	$	21,287	$	—	$	1,078,345	$	1,100,245

The following table sets forth by level, within the fair value hierarchy, 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

(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.

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
	2021		2022		2023		2024		2025		2026-2030
Pension Benefits	$	116,050	$	101,245	$	98,348	$	94,155	$	90,546	$	369,540
Other Benefits	19,769		18,174		17,167		16,244		15,227		64,235