RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2018

Retirement Benefits, Description [Abstract]



	December 31,
	2018						2017
	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	$	507,075		$	193,523		$	484,758		$	79,972
Service cost	139			3,252			608			2,678
Interest cost	18,084			3,703			19,497			3,253
Plan participants' contributions	—			196			—			176
Acquisitions & other adjustments ⁽¹⁾	—			(5,322		)	—			100,551
Actuarial (gain) loss	(46,924		)	(5,674		)	46,144			4,926
Benefits paid	(7,973		)	(9,723		)	(6,409		)	(4,909		)
Settlements/curtailments ⁽²⁾	(31,456		)	(1,886		)	(37,523		)	(700		)
Currency translation	—			(9,258		)	—			7,576
Benefit obligations at end of year	438,945			168,811			507,075			193,523

Change in plan assets
Fair value of plan assets at beginning of year	568,388			113,344			528,744			70,341
Actual return on plan assets	(23,012		)	(2,855		)	82,732			5,770
Employer contributions	690			2,087			55			1,684
Plan participants' contributions	—			196			—			176
Acquisitions ⁽¹⁾	—			586			—			32,599
Benefits paid	(7,047		)	(5,904		)	(5,620		)	(3,196		)
Settlements ⁽²⁾	(26,941		)	(1,455		)	(37,523		)	(22		)
Currency translation	—			(5,812		)	—			5,992
Fair value of plan assets at end of year	512,078			100,187			568,388			113,344

Funded status at end of year	73,133			(68,624		)	61,313			(80,179		)
Unrecognized actuarial net loss	85,624			25,581			90,679			25,987
Unrecognized prior service cost	—			534			—			(11		)
Unrecognized transition assets, net	—			32			—			35
Net amount recognized	$	158,757		$	(42,477	)	$	151,992		$	(54,168	)

Amounts Recognized in Consolidated Balance Sheets



				December 31,
	2018						2017
	U.S. pension plans			Non-U.S. pension plans			U.S. pension plans			Non-U.S. pension plans
Prepaid pensions ⁽¹⁾	$	87,786		$	77		$	81,485		$	368
Accrued pension liability, current ⁽²⁾	(786		)	(2,996		)	(5,332		)	(3,483		)
Accrued pension liability, long-term ⁽³⁾	(13,867		)	(65,705		)	(14,840		)	(77,064		)
Accumulated other comprehensive loss, excluding tax effects	85,624			26,147			90,679			26,011
Net amount recognized in the balance sheets	$	158,757		$	(42,477	)	$	151,992		$	(54,168	)

(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,
	2018						2017						2016
	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	$	139		$	3,252		$	608		$	2,678		$	15,474		$	2,215
Interest cost	18,084			3,703			19,497			3,253			20,676			2,902
Expected return on plan assets	(27,052		)	(5,057		)	(31,530		)	(4,270		)	(31,682		)	(4,034		)
Amortization of prior service cost	—			1			—			15			(412		)	18
Amortization of net loss ⁽¹⁾	1,498			2,211			2,133			1,881			7,717			2,176
Settlement/curtailment loss (gain) ⁽²⁾	6,686			(397		)	8,150			102			(1,062		)	—
Pension cost for defined benefit plans ⁽³⁾	$	(645	)	$	3,713		$	(1,142	)	$	3,659		$	10,711		$	3,277

(1) The amortization of net loss includes a $959 charge resulting from the deconsolidation of the Venezuelan subsidiary during the year ended December 31, 2016.

Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets



	December 31,
	2018				2017
	U.S. pension plans		Non-U.S. pension plans		U.S. pension plans		Non-U.S. pension plans
Projected benefit obligation	$	14,653	$	158,746	$	26,149	$	182,512
Accumulated benefit obligation	14,406		152,724		25,870		174,667
Fair value of plan assets	—		90,076		5,977		102,107

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
2019	$	28,101	$	8,278
2020	31,581		8,243
2021	26,998		8,513
2022	28,754		8,055
2023	30,593		7,966
2024 through 2028	137,369		42,925

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, 2018 and 2017 were as follows:



	December 31,
	2018				2017
	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	%
Rate of increase in compensation	2.5	%	2.6	%	2.5	%	2.7	%

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,
	2018				2017				2016
	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	3.7	%	2.0	%	4.2	%	2.2	%	4.5	%	3.9	%
Rate of increase in compensation	2.5	%	2.7	%	2.5	%	2.5	%	2.6	%	3.7	%
Expected return on plan assets	5.0	%	4.6	%	6.0	%	4.5	%	6.2	%	5.7	%

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, 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 ⁽¹⁾	3,851		—		—		3,851
Fixed income securities ⁽²⁾
U.S. government bonds	16,743		—		—		16,743
Corporate debt and other obligations	—		392,090		—		392,090
Investments measured at NAV ⁽³⁾
Common trusts and 103-12 investments ⁽⁴⁾							151,153
Private equity funds ⁽⁵⁾							35,399
Total investments at fair value	$	33,623	$	392,090	$	—	$	612,265

The following table sets forth, by level within the fair value hierarchy, the pension plans' assets as of December 31, 2017:



	Pension Plans' Assets at Fair Value as of December 31, 2017
	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	$	8,922	$	—	$	—	$	8,922
Equity securities ⁽¹⁾	4,566		—		—		4,566
Fixed income securities ⁽²⁾
U.S. government bonds	33,205		—		—		33,205
Corporate debt and other obligations	—		398,578		—		398,578
Investments measured at NAV ⁽³⁾
Common trusts and 103-12 investments ⁽⁴⁾							199,066
Private equity funds ⁽⁵⁾							37,395
Total investments at fair value	$	46,693	$	398,578	$	—	$	681,732


(1)	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.


(2)	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.


(3)	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.

(4)

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.

(5)

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.