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CLASS ACTION SETTLEMENT
 6 Months Ended
Jun. 30, 2016
CLASS ACTION SETTLEMENT [Abstract]  
CLASS ACTION SETTLEMENT
14. CLASS ACTION SETTLEMENT

On February 22, 2016, the Company entered into a Settlement Term Sheet (the "Agreement") in potential settlement of the previously reported putative securities class action consolidated lawsuit. The litigation was brought against the Company and certain of the Company's officers (collectively, the "Defendants") on behalf of a class consisting of persons or entities that publicly traded the Company's common stock during the period from May 4, 2011 through January 17, 2014 and were allegedly damaged thereby. In May 2016, the court issued preliminary approval of the settlement.
 
The terms of the Agreement provide for, among other things, a settlement payment by, or on behalf of, the Company of $47 million, which the Company recorded as a short-term liability in its consolidated balance sheet. As expected, the Company's insurers fully funded the settlement payment in an escrow account in June 2016, and the Company maintained the corresponding amount as a short-term receivable, which it had recorded during the first quarter of 2016. There was no net impact on the Company's consolidated statement of income.
 
The settlement remains subject to court approval and may be cancelled by the Defendants at their sole election in certain limited circumstances. A hearing for final court approval of the settlement is scheduled in October 2016 but could be delayed by circumstances beyond the Company's control. Subsequent to final approval of the settlement by the court, the litigation will be dismissed, with prejudice.