EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Schedule of Pension Expense from Continuing Operations

Pension expense from continuing operations was as follows:

	Years ended December 31,
	2020		2019		2018
	(In thousands)
Company-administered plans:
Service cost	$	11,915	$	11,007	$	12,108
Interest cost	67,781		84,960		78,234
Expected return on plan assets	(97,526)		(91,034)		(101,980)
Pension settlement expense	—		34,974		3,061
Curtailment loss	9,329		—		—
Amortization of:
Net actuarial loss	31,134		30,708		28,593
Prior service cost	653		711		550
	23,286		71,326		20,566
Multi-employer plans	10,977		10,582		9,326
Net pension expense	$	34,263	$	81,908	$	29,892
Company-administered plans:
U.S.	$	32,503	$	75,936	$	28,043
Foreign	(9,217)		(4,610)		(7,477)
	23,286		71,326		20,566
Multi-employer plans	10,977		10,582		9,326
	$	34,263	$	81,908	$	29,892

Schedule of Weighted-Average Actuarial Assumptions

The following table sets forth the weighted-average actuarial assumptions used in determining our annual pension expense:

	U.S. Plans Years ended December 31,			Foreign Plans Years ended December 31,
	2020	2019	2018	2020	2019	2018
Discount rate	3.18%	4.35%	3.70%	2.28%	3.04%	2.70%
Rate of increase in compensation levels	3.00%	3.00%	3.00%	3.11%	3.08%	3.08%
Expected long-term rate of return on plan assets	5.05%	5.40%	5.40%	4.99%	5.36%	5.50%
Gain and loss amortization period (years)	21	22	21	24	24	26

The following table sets forth the weighted-average actuarial assumptions used in determining funded status:

	U.S. Plans December 31,		Foreign Plans December 31,
	2020	2019	2020	2019
Discount rate	2.60%	3.30%	1.53%	2.30%
Rate of increase in compensation levels	3.00%	3.00%	3.11%	3.11%

Schedule of Benefit Obligations, Assets and Funded Status

The following table sets forth the benefit obligations, assets and funded status associated with our pension plans:

	2020			2019
	(In thousands)
Change in benefit obligations:
Benefit obligations at January 1	$	2,324,080		$	2,135,143
Service cost	11,915			11,007
Interest cost	67,781			84,960
Actuarial (gain) loss	212,099			274,456
Pension curtailment and settlement	(19,052)			(102,905)
Benefits paid	(104,977)			(96,290)
Foreign currency exchange rate changes	17,247			17,709
Benefit obligations at December 31	2,509,093			2,324,080
Change in plan assets:
Fair value of plan assets at January 1	1,978,708			1,725,543
Actual return on plan assets	275,372			348,354
Employer contribution	136,029			72,202
Benefits paid	(104,977)			(96,290)
Pension settlement	—			(93,049)
Foreign currency exchange rate changes	18,864			21,948
Fair value of plan assets at December 31	2,303,996			1,978,708
Funded status	$	(205,097)		$	(345,372)
Funded percent	92		%	85		%

Schedule of Amounts Recognized in the Consolidated Balance Sheets

The funded status of our pension plans was presented in the Consolidated Balance Sheets as follows:

	December 31,
	2020		2019
	(In thousands)
Noncurrent asset	$	63,857	$	72,320
Current liability	(3,776)		(3,863)
Noncurrent liability	(265,178)		(413,829)
Net amount recognized	$	(205,097)	$	(345,372)

Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss

Amounts recognized in accumulated other comprehensive loss (pre-tax) consisted of:

	December 31,
	2020		2019
	(In thousands)
Prior service cost	$	3,816	$	13,798
Net actuarial loss	855,300		869,907
Net amount recognized	$	859,116	$	883,705

Schedule of Pension Obligations Greater than Fair Value of Related Plan Assets

As of December 31, 2020 and 2019, our total accumulated benefit obligations, as well as our pension plan obligations (projected benefit obligations (PBO) and accumulated benefit obligations (ABO)) in excess of the fair value of the related plan assets, for our U.S. and foreign plans were as follows: 

	U.S. Plans December 31,				Foreign Plans December 31,				Total December 31,
	2020		2019		2020		2019		2020		2019
	(In thousands)
Total accumulated benefit obligations	$	1,940,549	$	1,812,813	$	566,177	$	489,135	$	2,506,726	$	2,301,948
Plans with pension obligations in excess of plan assets:
PBO	1,940,704		1,832,786		9,848		8,693		1,950,552		1,841,479
ABO	1,940,549		1,812,813		7,995		7,025		1,948,544		1,819,838
Fair value of plan assets	1,681,598		1,423,787		—		—		1,681,598		1,423,787

Schedule of Fair Value of Each Major Category of Pension Plan Assets and the Level of Inputs used to Measure Fair Value

The following table presents the fair value of each major category of pension plan assets and the level of inputs used to measure fair value as of December 31, 2020 and 2019:

	Fair Value Measurements at December 31, 2020
Asset Category	Total		Level 1		Level 2		Level 3
	(In thousands)
Equity securities:
U.S. common collective trusts	$	371,893	$	—	$	371,893	$	—
Foreign common collective trusts	263,023		—		263,023		—
Fixed income securities:
Corporate bonds	98,715		—		98,715		—
Common collective trusts	1,447,225		—		1,447,225		—
Private equity and hedge funds	123,140		—		—		123,140
Total	$	2,303,996	$	—	$	2,180,856	$	123,140

	Fair Value Measurements at December 31, 2019
Asset Category	Total		Level 1		Level 2		Level 3
	(In thousands)
Equity securities:
U.S. common collective trusts	$	384,739	$	—	$	384,739	$	—
Foreign common collective trusts	379,717		—		379,717		—
Fixed income securities:
Corporate bonds	84,519		—		84,519		—
Common collective trusts	1,011,515		—		1,011,515		—
Private equity and hedge funds	118,218		—		—		118,218
Total	$	1,978,708	$	—	$	1,860,490	$	118,218

Schedule of Changes in Fair Value of the Pension Plans Level 3 Assets

The following table presents a summary of changes in the fair value of the pension plans’ Level 3 assets for 2020 and 2019: 

	2020		2019
	(In thousands)
Beginning balance at January 1	$	118,218	$	121,836
Return on plan assets:
Relating to assets still held at the reporting date	8,969		5,752
Relating to assets sold during the period	—		(44)
Purchases, sales, settlements and expenses	(4,047)		(9,326)
Ending balance at December 31	$	123,140	$	118,218

Schedule of Pension Benefits Expected to be Paid

The following table details pension benefits expected to be paid in each of the next five fiscal years and in aggregate for the five fiscal years thereafter:

	(In thousands)
2021	$	108,724
2022	111,015
2023	114,655
2024	118,086
2025	120,260
2026-2030	623,627

Schedule of Asset Classes

The following table presents the asset classes as of December 31, 2020 and 2019:

	December 31,
	2020		2019
	(In thousands)
Cash and cash equivalents	$	24,573	$	18,460
U.S. equity mutual funds	39,066		34,035
Foreign equity mutual funds	8,389		8,658
Fixed income mutual funds	10,269		9,800
Total Investments held in Rabbi Trusts	$	82,297	$	70,953