RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits, Description [Abstract]



	December 31,
	2019						2018
	U.S. pension plans			Non-U.S. pension plans			U.S. pension plans			Non-U.S. pension plans
Change in benefit obligations
Benefit obligations at beginning of year	$	438,945		$	168,811		$	507,075		$	193,523
Service cost	140			2,908			139			3,252
Interest cost	18,610			3,739			18,084			3,703
Plan participants' contributions	—			153			—			196
Acquisitions & other adjustments	—			(1,864		)	—			(5,322		)
Actuarial (gain) loss	58,842			10,653			(46,924		)	(5,674		)
Benefits paid	(24,026		)	(8,961		)	(7,973		)	(9,723		)
Settlements/curtailments ⁽¹⁾	—			(1,256		)	(31,456		)	(1,886		)
Currency translation	—			2,675			—			(9,258		)
Benefit obligations at end of year	492,511			176,858			438,945			168,811

Change in plan assets
Fair value of plan assets at beginning of year	512,078			100,187			568,388			113,344
Actual return on plan assets	100,744			9,743			(23,012		)	(2,855		)
Employer contributions	—			2,210			690			2,087
Plan participants' contributions	—			153			—			196
Acquisitions & other adjustments	—			(2,651		)	—			586
Benefits paid	(23,271		)	(6,120		)	(7,047		)	(5,904		)
Settlements ⁽¹⁾	—			(920		)	(26,941		)	(1,455		)
Currency translation	—			3,071			—			(5,812		)
Fair value of plan assets at end of year	589,551			105,673			512,078			100,187

Funded status at end of year	97,040			(71,185		)	73,133			(68,624		)
Unrecognized actuarial net loss	67,050			28,543			85,624			25,581
Unrecognized prior service cost	—			457			—			534
Unrecognized transition assets, net	—			30			—			32
Net amount recognized	$	164,090		$	(42,155	)	$	158,757		$	(42,477	)

Amounts Recognized in Consolidated Balance Sheets



				December 31,
	2019						2018
	U.S. pension plans			Non-U.S. pension plans			U.S. pension plans			Non-U.S. pension plans
Prepaid pensions ⁽¹⁾	$	111,879		$	—		$	87,786		$	77
Accrued pension liability, current ⁽²⁾	(739		)	(2,847		)	(786		)	(2,996		)
Accrued pension liability, long-term ⁽³⁾	(14,100		)	(68,338		)	(13,867		)	(65,705		)
Accumulated other comprehensive loss, excluding tax effects	67,050			29,030			85,624			26,147
Net amount recognized in the balance sheets	$	164,090		$	(42,155	)	$	158,757		$	(42,477	)

(1) Included in Other assets.

(2) Included in Other current liabilities.

(3) Included in Other liabilities.

Components of Pension Cost for Defined Benefit Plans



	Year Ended December 31,
	2019						2018						2017
	U.S. pension plans			Non-U.S. pension plans			U.S. pension plans			Non-U.S. pension plans			U.S. pension plans			Non-U.S. pension plans
Service cost	$	140		$	2,908		$	139		$	3,252		$	608		$	2,678
Interest cost	18,610			3,739			18,084			3,703			19,497			3,253
Expected return on plan assets	(24,980		)	(4,430		)	(27,052		)	(5,057		)	(31,530		)	(4,270		)
Amortization of prior service cost	—			58			—			1			—			15
Amortization of net loss	1,654			2,296			1,498			2,211			2,133			1,881
Settlement/curtailment loss (gain) ⁽¹⁾	—			266			6,686			(397		)	8,150			102
Pension cost for defined benefit plans	$	(4,576	)	$	4,837		$	(645	)	$	3,713		$	(1,142	)	$	3,659

Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets



	December 31,
	2019				2018
	U.S. pension plans		Non-U.S. pension plans		U.S. pension plans		Non-U.S. pension plans
Projected benefit obligation	$	14,794	$	169,455	$	14,653	$	158,746
Accumulated benefit obligation	14,521		164,203		14,406		152,724
Fair value of plan assets	—		98,434		—		90,076

Benefits expected to be paid for the U.S. Plans

Benefit Payments for Plans

Benefits expected to be paid for the plans are as follows:



	U.S. pension plans		Non-U.S. pension plans
Estimated Payments
2020	$	36,785	$	8,282
2021	31,465		8,348
2022	32,045		7,793
2023	34,763		7,589
2024	33,550		8,550
2025 through 2029	140,878		39,551

Weighted average assumptions used to measure the net periodic benefit cost for the Company's significant defined benefit plans

Assumptions

Weighted average assumptions used to measure the benefit obligation for the Company's significant defined benefit plans as of December 31, 2019 and 2018 were as follows:



	December 31,
	2019				2018
	U.S. pension plans		Non-U.S. pension plans		U.S. pension plans		Non-U.S. pension plans
Discount Rate	3.4	%	1.7	%	4.4	%	2.3	%
Rate of increase in compensation	2.5	%	2.6	%	2.5	%	2.6	%

Weighted average assumptions used to measure the net periodic benefit cost for the Company's significant defined benefit plans for each of the three years ended December 31 were as follows:



	December 31,
	2019				2018				2017
	U.S. pension plans		Non-U.S. pension plans		U.S. pension plans		Non-U.S. pension plans		U.S. pension plans		Non-U.S. pension plans
Discount rate	4.4	%	2.3	%	3.7	%	2.0	%	4.2	%	2.2	%
Rate of increase in compensation	2.5	%	2.8	%	2.5	%	2.7	%	2.5	%	2.5	%
Expected return on plan assets	5.0	%	4.5	%	5.0	%	4.6	%	6.0	%	4.5	%

Pension plans' assets by level within the fair value hierarchy

The following table sets forth, by level within the fair value hierarchy, the pension plans' assets as of December 31, 2019:



	Pension Plans' Assets at Fair Value as of December 31, 2019
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Cash and cash equivalents	$	11,263	$	—	$	—	$	11,263
Fixed income securities ⁽¹⁾
U.S. government bonds	46,048		—		—		46,048
Corporate debt and other obligations	—		482,203		—		482,203
Investments measured at NAV ⁽²⁾
Common trusts and 103-12 investments ⁽³⁾							124,389
Private equity funds ⁽⁴⁾							31,321
Total investments at fair value	$	57,311	$	482,203	$	—	$	695,224

The following table sets forth, by level within the fair value hierarchy, the pension plans' assets as of December 31, 2018:



	Pension Plans' Assets at Fair Value as of December 31, 2018
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Cash and cash equivalents	$	13,029	$	—	$	—	$	13,029
Equity securities ⁽⁵⁾	3,851		—		—		3,851
Fixed income securities ⁽¹⁾
U.S. government bonds	16,743		—		—		16,743
Corporate debt and other obligations	—		392,090		—		392,090
Investments measured at NAV ⁽²⁾
Common trusts and 103-12 investments ⁽³⁾							151,153
Private equity funds ⁽⁴⁾							35,399
Total investments at fair value	$	33,623	$	392,090	$	—	$	612,265


(1)	Fixed income securities are primarily comprised of governmental and corporate bonds directly held by the plans. Governmental and corporate bonds are valued using both market observable inputs for similar assets that are traded on an active market and the closing price on the active market on which the individual securities are traded.


(2)	Certain assets that are measured at fair value using the net asset value ("NAV") practical expedient have not been classified in the fair value hierarchy.

(3)

Common trusts and 103-12 investments (collectively "Trusts") are comprised of a number of investment funds that invest in a diverse portfolio of assets including equity securities, corporate and governmental bonds, equity and credit indexes and money markets. Trusts are valued at the NAV as determined by their custodian. NAV represents the accumulation of the unadjusted quoted close prices on the reporting date for the underlying investments divided by the total shares outstanding at the reporting dates.

(4)

Private equity funds consist of four funds seeking capital appreciation by investing in private equity investment partnerships and venture capital companies. Private equity fund valuations are based on the NAV of the underlying assets. Funds are comprised of unrestricted and restricted publicly traded securities and privately held securities. Unrestricted securities are valued at the closing market price on the reporting date. Restricted securities may be valued at a discount from such closing public market price, depending on facts and circumstances. Privately held securities are valued at fair value as determined by the fund directors and general partners.

(5)

Equity securities are primarily comprised of corporate stock and mutual funds directly held by the plans. Equity securities are valued using the closing price reported on the active market on which the individual securities are traded.