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EMPLOYEE BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2016
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,
 
2016

2015

2014
Service cost
$
8,238

 
$
10,128

 
$
9,005

Interest cost
9,855

 
9,649

 
10,549

Expected return on assets
(10,113
)
 
(10,375
)
 
(8,237
)
Amortization of prior service credit
(6,688
)
 
(6,801
)
 
(7,254
)
Amortization of transition asset
—

 
—

 
(143
)
Amortization of unrecognized losses
129

 
1,512

 
779

Net periodic benefits costs
$
1,421

 
$
4,113

 
$
4,699
Schedule of Accumulated and Projected Benefit Obligations
Reconciliations of the beginning and ending balances of the postretirement benefit obligation, which is calculated as of December 31 measurement date, the fair value of plan assets available for benefits and the funded status of the benefit obligation follow (in thousands of dollars):
 
2016

2015
Benefit obligation at beginning of year
$
239,348

 
$
282,917

Service cost
8,238

 
10,128

Interest cost
9,855

 
9,649

Plan participants' contributions
2,943

 
2,754

Actuarial losses (gains)
13,218

 
(58,251
)
Benefits paid
(9,439
)
 
(8,739
)
Prescription drug rebates
865

 
890

Benefit obligation at end of year
265,028

 
239,348

 


 


Plan assets available for benefits at beginning of year
155,611

 
156,015

Actual returns on plan assets
13,557

 
1,635

Employer's contributions
—

 
2,747

Plan participants' contributions
2,774

 
2,754

Benefits paid
(9,262
)
 
(8,430
)
Prescription drug rebates
865

 
890

Plan assets available for benefits at end of year
163,545

 
155,611

 


 


Noncurrent postretirement benefit obligation
$
101,483

 
$
83,737
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The amounts recognized in AOCE consisted of the following (in thousands of dollars):
 
As of December 31,
 
2016

2015
Prior service credit
$
53,814

 
$
60,502

Unrecognized losses
(12,656
)
 
(3,015
)
Deferred tax (liability)
(15,861
)
 
(22,134
)
Net accumulated gains
$
25,297

 
$
35,353
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 2017 are estimated as follows (in thousands of dollars):

 
2017
Amortization of prior service credit
$
(6,492
)
Amortization of unrecognized losses
937

Estimated amount to be amortized from AOCE into net periodic postretirement benefit costs
$
(5,555
)
Schedule of Assumptions Used
The following assumptions were used to determine net periodic benefit costs at January 1:
 
For the Years Ended December 31,
 
2016

2015

2014
Discount rate
4.20
%
 
3.89
%
 
4.90
%
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


The following assumptions were used to determine benefit obligations at December 31:
 
2016

2015

2014
Discount rate
4.00
%
 
4.20
%
 
3.89
%
Expected long-term rate of return on plan assets, net of tax
7.13
%
 
6.65
%
 
6.65
%
Initial healthcare cost trend rate
6.81
%
 
7.00
%
 
7.25
%
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 2016 results (in thousands of dollars):
 
1 Percentage Point
 
Increase
 
 (Decrease)
Effect on total service and interest cost
$
1,411

 
$
(1,162
)
Effect on postretirement benefit obligation
27,542

 
(22,748
)
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). The plan assets available for benefits are net of Trust liabilities, primarily related to deferred income taxes and taxes payable at December 31 (in thousands of dollars):

 
2016

2015
  Registered investment companies:
 
 
 
    Fidelity Spartan U.S. Equity Index Fund
$
70,950

 
$
70,973

    Vanguard 500 Index Fund
87,587

 
78,254

    Vanguard Total International Stock
24,056

 
22,976

Plan Assets
182,593

 
172,203

Trust liabilities
(19,048
)
 
(16,592
)
Plan assets available for benefits
$
163,545

 
$
155,611
Schedule of Expected Benefit Payments
The Company forecasts the following benefit payments related to postretirement (which include a projection for expected future employee service) for the next ten years (in thousands of dollars):

Year
 
Estimated Gross Benefit Payments
2017
 
$
8,211

2018
 
9,236

2019
 
10,212

2020
 
11,428

2021
 
12,692

2022-2026
 
78,216