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EMPLOYEE BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2017
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 and August 31, 2017 remeasurement date, consisted of the following components (in thousands of dollars):
 
For the Years Ended December 31,
 
2017

2016

2015
Service cost
$
7,423

 
$
8,238

 
$
10,128

Interest cost
8,103

 
9,855

 
9,649

Expected return on assets
(11,826
)
 
(10,113
)
 
(10,375
)
Amortization of prior service credit
(7,570
)
 
(6,688
)
 
(6,801
)
Amortization of unrecognized (gains) losses
(2,437
)
 
129

 
1,512

Net periodic (benefits) costs
$
(6,307
)
 
$
1,421

 
$
4,113
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):
 
2017

2016
Benefit obligation at beginning of year
$
265,028

 
$
239,348

Service cost
7,423

 
8,238

Interest cost
8,103

 
9,855

Plan participants' contributions
3,346

 
2,943

Actuarial (gains) losses
(34,236
)
 
13,218

Plan amendment
(34,182
)
 
—

Benefits paid
(8,631
)
 
(9,439
)
Prescription drug rebates
1,499

 
865

Benefit obligation at end of year
208,350

 
265,028

 


 


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

 
155,611

Actual returns on plan assets
29,477

 
13,557

Plan participants' contributions
3,266

 
2,774

Benefits paid
(8,295
)
 
(9,262
)
Prescription drug rebates
1,499

 
865

Plan assets available for benefits at end of year
189,492

 
163,545

Noncurrent postretirement benefit obligation
$
18,858

 
$
101,483
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The amounts recognized in Accumulated other comprehensive earnings (AOCE) consisted of the following (in thousands of dollars):
 
As of December 31,
 
2017

2016
Prior service credit
$
80,426

 
$
53,814

Unrecognized gains (losses)
36,794

 
(12,656
)
Deferred tax (liability)
(43,793
)
 
(15,861
)
Net accumulated gains
$
73,427

 
$
25,297
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year
The components of AOCE related to unrecognized gains that will be amortized into net periodic postretirement benefit costs in 2018 are estimated as follows (in thousands of dollars):
 
2018
Amortization of prior service credit
$
(9,696
)
Amortization of unrecognized gains
(2,787
)
Estimated amount to be amortized from AOCE into net periodic postretirement benefit costs
$
(12,483
)
Schedule of Assumptions Used
The following assumptions were used to determine net periodic benefit costs at January 1 of each year (excluding the August 31, 2017 remeasurement date):
 
For the Years Ended December 31,
 
2017

2016

2015
Discount rate
4.00
%
 
4.20
%
 
3.89
%
Long-term rate of return on plan assets, net of tax
7.13
%
 
6.65
%
 
6.65
%
Initial healthcare cost trend rate - pre age 65
6.81
%
 
7.00
%
 
7.25
%
Initial healthcare cost trend rate - post age 65
9.36
%
 
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


The following assumptions were used to determine benefit obligations at December 31:
 
2017

2016

2015
Discount rate
3.44
%
 
4.00
%
 
4.20
%
Expected long-term rate of return on plan assets, net of tax
7.13
%
 
7.13
%
 
6.65
%
Initial healthcare cost trend rate - pre age 65
6.56
%
 
6.81
%
 
7.00
%
Initial healthcare cost trend rate - post age 65
N/A

 
9.36
%
 
7.00
%
Catastrophic drug benefit
12.50
%
 
N/A

 
N/A

Ultimate healthcare cost trend rate
4.50
%
 
4.50
%
 
4.50
%
Year ultimate healthcare cost trend rate reached
2026

 
2026

 
2026

HRA credit inflation index for grandfathered retirees
2.50
%
 
N/A

 
N/A
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
1 percentage point change in assumed healthcare cost trend rates would have the following effects on 2017 results (in thousands of dollars):
 
1 Percentage Point
 
Increase
 
 (Decrease)
Effect on total service and interest cost
$
1,269

 
$
(1,053
)
Effect on postretirement benefit obligation
5,516

 
(5,095
)
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):
 
2017

2016
  Registered investment companies:
 
 
 
    Fidelity Spartan U.S. Equity Index Fund
$
83,238

 
$
70,950

    Vanguard 500 Index Fund
103,706

 
87,587

    Vanguard Total International Stock
30,684

 
24,056

Plan Assets
217,628

 
182,593

Trust liabilities
(28,136
)
 
(19,048
)
Plan assets available for benefits
$
189,492

 
$
163,545
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
2018
 
$
7,365

2019
 
8,956

2020
 
10,029

2021
 
11,025

2022
 
12,077

2023-2027
 
67,760