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EMPLOYEE BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2015
EMPLOYEE BENEFITS [Abstract]  
Schedule of Net Benefit Costs
The net periodic benefits costs charged to operating expenses, which were valued with a measurement date of January 1 for each year, consisted of the following components (in thousands of dollars):
 
For the Years Ended December 31,
 
2015

2014

2013
Service cost
$
10,128

 
$
9,005

 
$
10,589

Interest cost
9,649

 
10,549

 
8,938

Expected return on assets
(10,375
)
 
(8,237
)
 
(7,076
)
Amortization of prior service credit
(6,801
)
 
(7,254
)
 
(7,412
)
Amortization of transition asset
—

 
(143
)
 
(143
)
Amortization of unrecognized losses
1,512

 
779

 
3,724

Net periodic benefits costs
$
4,113

 
$
4,699

 
$
8,620
Schedule of Accumulated and Projected Benefit Obligations
Reconciliations of the beginning and ending balances of the postretirement benefit obligation, which is calculated using a December 31 measurement date, the fair value of plan assets and the funded status of the benefit obligation follow (in thousands of dollars):
 
2015

2014
Benefit obligation at beginning of year
$
282,917

 
$
223,488

Service cost
10,128

 
9,005

Interest cost
9,649

 
10,549

Plan participants' contributions
2,754

 
2,487

Actuarial (gains) losses
(58,251
)
 
42,300

Benefits paid
(8,739
)
 
(5,609
)
Prescription Drug Rebates
890

 
702

Medicare Part D Subsidy received
—

 
(5
)
Benefit obligation at end of year
239,348

 
282,917

 


 


Plan assets available for benefits at beginning of year
156,015

 
144,514

Actual returns on plan assets
1,635

 
13,730

Employer's contributions
2,747

 
191

Plan participants' contributions
2,754

 
2,487

Prescription Drug Rebates
890

 
702

Benefits paid
(8,430
)
 
(5,609
)
Plan assets available for benefits at end of year
155,611

 
156,015

 


 


Noncurrent postretirement benefit obligation
$
83,737

 
$
126,902
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The amounts recognized in AOCE consisted of the following components (in thousands of dollars):
 
As of December 31,
 
2015

2014
Prior service credit
$
60,502

 
$
67,303

Unrecognized losses
(3,015
)
 
(54,034
)
Deferred tax (liability)
(22,134
)
 
(5,121
)
Net gains
$
35,353

 
$
8,148
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year
The components of AOCE related to the postretirement benefit costs that will be amortized into net periodic postretirement benefit costs in 2016 are estimated as follows (in thousands of dollars):

 
2016
Amortization of prior service credit
$
(6,688
)
Amortization of unrecognized losses
207

Estimated amount to be amortized from AOCE into net periodic postretirement benefit costs
$
(6,481
)
Schedule of Assumptions Used
The following assumptions were used to determine net periodic benefit costs at January 1:
 
For the Years Ended December 31,
 
2015

2014

2013
Discount rate
3.89
%
 
4.90
%
 
4.00
%
Expected long-term rate of return on plan assets, net of tax
6.65
%
 
5.70
%
 
6.00
%
Initial healthcare cost trend rate
7.25
%
 
7.50
%
 
8.00
%
Ultimate healthcare cost trend rate
4.50
%
 
4.50
%
 
5.00
%
Year ultimate healthcare cost trend rate reached
2026

 
2026

 
2019


The following assumptions were used to determine benefit obligations at December 31:
 
2015

2014

2013
Discount rate
4.20
%
 
3.89
%
 
4.90
%
Expected long-term rate of return on plan assets, net of tax
6.65
%
 
6.65
%
 
5.70
%
Initial healthcare cost trend rate
7.00
%
 
7.25
%
 
7.50
%
Ultimate healthcare cost trend rate
4.50
%
 
4.50
%
 
4.50
%
Year ultimate healthcare cost trend rate reached
2026

 
2026

 
2026
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
A 1 percentage point change in assumed healthcare cost trend rates would have the following effects on 2015 results (in thousands of dollars):
 
1 Percentage Point
 
Increase
 
 (Decrease)
Effect on total service and interest cost
$
2,071

 
$
(1,667
)
Effect on postretirement benefit obligation
28,450

 
(23,280
)
Schedule of Allocation of Plan Assets
The plan's assets are stated at fair value, which represents the net asset value of shares held by the plan in the registered investment companies at the quoted market prices (Level 1 input) as of December 31 (in thousands of dollars):

 
2015

2014
  Registered investment companies
 
 
 
    Fidelity Spartan U.S. Equity Index Fund
70,973

 
73,071

    Vanguard 500 Index Fund
78,254

 
77,202

    Vanguard Total International Stock
22,976

 
23,994

Total Assets
$
172,203

 
$
174,267
Schedule of Expected Benefit Payments
The Company forecasts the following benefit payments (which include a projection for expected future employee service) for the next ten years (in thousands of dollars):

Year
 
Estimated Gross Benefit Payments
2016
 
$
6,405

2017
 
7,269

2018
 
8,259

2019
 
9,330

2020
 
10,502

2021-2025
 
69,724