PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Table)
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12 Months Ended |
Dec. 31, 2024 |
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| Retirement Benefits, Description [Abstract] |
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| Schedule of Net Benefit Costs [Table Text Block] |
The net pension and net postretirement benefit costs consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | Pension Benefits | | (In thousands) | | 2024 | | 2023 | | 2022 | | Service cost | | $ | 16,460 | | | $ | 16,224 | | | $ | 23,217 | | | Interest cost | | 33,344 | | | 34,085 | | | 20,923 | | | Expected return on plan assets | | (65,932) | | | (63,013) | | | (54,855) | | | Amortization of prior service cost | | (5) | | | (106) | | | (318) | | | Recognized net actuarial loss | | 848 | | | 139 | | | 17,198 | | | Cost of settlements/curtailments | | 787 | | | — | | | 4,499 | | | Net periodic benefit cost | | $ | (14,498) | | | $ | (12,671) | | | $ | 10,664 | |
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| ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock |
The following table outlines the Corporation's consolidated disclosure of the pension benefits information described previously. The Corporation had no foreign postretirement plans. All plans were valued using a December 31, 2024 measurement date. | | | | | | | | | | | | | | | | | Pension Benefits | | (In thousands) | | 2024 | | 2023 | | Change in benefit obligation: | | | | | | Beginning of year | | $ | 753,370 | | | $ | 733,434 | | | Service cost | | 16,460 | | | 16,224 | | | Interest cost | | 33,344 | | | 34,085 | | | Plan participants’ contributions | | 1,228 | | | 1,200 | | | Actuarial (gain) loss | | (40,169) | | | 17,312 | | | Settlements | | (3,463) | | | — | | | Benefits paid | | (42,155) | | | (52,228) | | | Actual expenses | | (1,834) | | | (1,997) | | | Currency translation adjustments | | (3,816) | | | 5,340 | | | End of year | | $ | 712,965 | | | $ | 753,370 | |
| | | | | | | | | | | | | | | | Change in plan assets: | | | | | | Beginning of year | | $ | 963,364 | | | $ | 912,702 | | | Actual return on plan assets | | 40,255 | | | 93,488 | | | Employer contribution | | 2,896 | | | 4,601 | | | Plan participants’ contributions | | 1,228 | | | 1,200 | | | Benefits paid | | (42,155) | | | (52,228) | | | Actual expenses | | (1,834) | | | (1,997) | | | Settlements | | (3,463) | | | — | | | Currency translation adjustments | | (3,407) | | | 5,598 | | | End of year | | $ | 956,884 | | | $ | 963,364 | | | | | | | | Funded status | | $ | 243,919 | | | $ | 209,994 | |
| | | | | | | | | | | | | | | | | Pension Benefits | | (In thousands) | | 2024 | | 2023 | | Amounts recognized on the balance sheet | | | | | | Noncurrent assets | | $ | 299,130 | | | $ | 261,869 | | | Current liabilities | | (3,839) | | | (3,280) | | | Noncurrent liabilities | | (51,372) | | | (48,595) | | | Total | | $ | 243,919 | | | $ | 209,994 | | | Amounts recognized in accumulated other comprehensive income (AOCI) | | | | | | Net actuarial loss | | $ | 104,770 | | | $ | 121,557 | | | Prior service cost | | (148) | | | (163) | | | Total | | $ | 104,622 | | | $ | 121,394 | | | Information for plans with an accumulated benefit obligation in excess of plan assets: | | | | | | Projected benefit obligation | | $ | 78,067 | | | $ | 77,189 | | | Accumulated benefit obligation | | 67,462 | | | 68,257 | | | Fair value of plan assets | | 22,855 | | | 25,314 | |
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| ScheduleOfAssumptionsUsedTableTextBlock |
Plan Assumptions | | | | | | | | | | | | | | | | | Pension Benefits | | | 2024 | | 2023 | | Weighted-average assumptions in determination of benefit obligation: | | | | | | Discount rate | | 5.38 | % | | 4.71 | % | | Rate of compensation increase | | 3.32 | % | | 3.33 | % | | Weighted-average assumptions in determination of net periodic benefit cost: | | | | | | Discount rate | | 4.71 | % | | 4.95 | % | | Expected return on plan assets | | 6.58 | % | | 6.41 | % | | Rate of compensation increase | | 3.33 | % | | 3.34 | % |
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| ScheduleOfAllocationOfPlanAssetsTableTextBlock |
Below are the Corporation’s actual and current target allocations for the CW Pension Plan, representing 91% of consolidated assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, | | Target | | Expected | | | 2024 | | 2023 | | Exposure | | Range | | Asset class | | | | | | | | | | Domestic equities | | 22% | | 29% | | 22% | | 17%-27% | | International equities | | 7% | | 10% | | 8% | | 4%-11% | | Total equity | | 29% | | 39% | | 30% | | 20%-40% | | Fixed income | | 71% | | 61% | | 70% | | 60%-80% |
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| ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock |
The following table presents consolidated plan assets (in thousands) using the fair value hierarchy as of December 31, 2024 and December 31, 2023. | | | | | | | | | | | | | | | | | | | | | | | | | | | | Asset Category | | Total | | Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1) | | Significant
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Cash and cash equivalents | | $ | 16,105 | | | $ | 16,105 | | | $ | — | | | $ | — | | Equity securities (1) | | 358,082 | | | 341,575 | | | 16,507 | | | — | | Fixed Income (2) | | 578,797 | | | 9,316 | | | 569,481 | | | — | | Other (3) | | 10,380 | | | 3,672 | | | — | | | 6,708 | | | December 31, 2023 | | $ | 963,364 | | | $ | 370,668 | | | $ | 585,988 | | | $ | 6,708 | | | Cash and cash equivalents | | $ | 22,742 | | | $ | 22,742 | | | $ | — | | | $ | — | | Equity securities (1) | | 275,109 | | | 258,246 | | | 16,863 | | | — | | Fixed Income (2) | | 650,832 | | | 8,245 | | | 642,587 | | | — | | Other (3) | | 8,201 | | | 2,588 | | | — | | | 5,613 | | | December 31, 2024 | | $ | 956,884 | | | $ | 291,821 | | | $ | 659,450 | | | $ | 5,613 | |
(1)This category consists of domestic and international equity securities. It is comprised of individual U.S. securities and exchange-traded funds benchmarked against the S&P 500 index and Russell Mid Cap and Russell 2000 indices, international securities and exchange-traded funds benchmarked against the MSCI EAFE and EM indices, global equity index mutual funds associated with our U.K. based pension plans, and a balanced fund associated with the Canadian based pension plan.
(2)This category consists of domestic and international bonds. The domestic fixed income securities consist of a portfolio of investment grade corporate debt, below investment-grade issues, fixed income exchange traded funds, and U.S. Treasury securities of intermediate and long-term duration for liability matching fixed income. International bonds consist of bond mutual funds for institutional investors associated with the Switzerland and U.K. based pension plans.
(3)This category consists of a domestic real estate exchange-traded fund and real estate investment trusts in Switzerland.
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| ScheduleOfExpectedBenefitPaymentsTableTextBlock |
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid from the plans: | | | | | | | | | | (In thousands) | | Pension
Plans | | 2025 | | $ | 52,816 | | | 2026 | | 55,702 | | | 2027 | | 56,746 | | | 2028 | | 59,353 | | | 2029 | | 59,750 | | | 2030 - 2034 | | 280,785 | |
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