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EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]  
Schedule of changes in benefit obligations, fair value of plan assets, and funded status of plan
The changes in the benefit obligation, the changes in fair value of plan assets, and the funded status of the Company’s Pension and Post-Retirement Medical Plans as of and for the years ended December 31, 2015 and 2014 were as follows:
 
 
Pension Plans
 
Post-Retirement
Medical Plan
 
 
2015
 
2014
 
2015
 
2014
Change in benefit obligation:
 
 
 
 
 
 
 
 
Benefit obligation at beginning of year
 
$
81,098

 
$
53,350

 
$
14,740

 
$
8,225

Service cost
 
24,298

 
19,407

 
967

 
1,099

Interest cost
 
2,974

 
2,404

 
558

 
520

Plan amendments
 

 
529

 
1,533

 
3,911

Benefit payments
 
(2,231
)
 
(2,634
)
 
(381
)
 
(215
)
Actuarial loss (gain)
 
(6,128
)
 
8,042

 
312

 
1,200

Projected benefit obligation at end of year
 
$
100,011

 
$
81,098

 
$
17,729

 
$
14,740

Change in plan assets:
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
 
$
40,956

 
$
25,050

 
$

 
$

Actual return on plan assets
 
(13
)
 
1,822

 

 

Benefits paid
 
(2,231
)
 
(2,634
)
 
(381
)
 
(215
)
Employer contributions
 
18,790

 
16,718

 
381

 
215

Fair value of plan assets at end of year
 
$
57,502

 
$
40,956

 
$

 
$

Reconciliation of funded status:
 
 
 
 
 
 
 
 
Fair value of plan assets at end of year
 
$
57,502

 
$
40,956

 
$

 
$

Less: benefit obligations at end of year
 
100,011

 
81,098

 
17,729

 
14,740

Funded status at end of year
 
$
(42,509
)
 
$
(40,142
)
 
$
(17,729
)
 
$
(14,740
)
Schedule of expected benefit payments
Benefit payments, which reflect expected future services, that the Company expects to pay are as follows for the years ended December 31:
 
 
 
Pension Benefits
 
Post-Retirement
Medical Plan
2016
 
$
11,125

 
$
843

2017
 
8,271

 
1,141

2018
 
9,403

 
1,296

2019
 
10,694

 
1,580

2020
 
13,429

 
1,788

Years 2021-2025
 
88,044

 
8,835

Schedule of net periodic benefit cost
The components of net periodic benefit cost were as follows for the years ended December 31, 2015, 2014 and 2013:
 
 
Pension Benefits
 
Post-Retirement
Medical Plan
 
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Components of net period benefit cost:
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
 
$
24,298

 
$
19,407

 
$
14,794

 
$
967

 
$
1,099

 
$
726

Interest cost
 
2,974

 
2,404

 
992

 
558

 
520

 
334

Expected return on plan assets
 
(3,422
)
 
(2,156
)
 
(550
)
 

 

 

Amortization of prior service cost
 
53

 
39

 
11

 
326

 
258

 

Amortization of actuarial loss (gain)
 
1,228

 
1,033

 
421

 

 
(4
)
 

Net periodic benefit cost
 
$
25,131

 
$
20,727

 
$
15,668

 
$
1,851

 
$
1,873

 
$
1,060

Schedule of pre-tax amounts recognized in other comprehensive income (loss)
The pre-tax amounts recognized in other comprehensive income (loss) for the years ended December 31, 2015, 2014 and 2013 were as follows:
 
 
Pension Benefits
 
Post-Retirement
Medical Plan
 
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Prior service costs (credits)
 
$

 
$
529

 
$

 
$
1,533

 
$
3,911

 
$
(860
)
Net actuarial loss (gain)
 
(2,220
)
 
8,151

 
8,235

 
312

 
1,201

 
(1,654
)
Amortization of losses and prior service cost
 
(1,281
)
 
(1,072
)
 
(432
)
 
(326
)
 
(255
)
 

Total changes in other comprehensive loss (income)
 
$
(3,501
)
 
$
7,608

 
$
7,803

 
$
1,519

 
$
4,857

 
$
(2,514
)
Schedule of pre-tax amounts in accumulated other comprehensive loss not yet recognized as components of net periodic costs
The pre-tax amounts in accumulated other comprehensive loss as of December 31, 2015 and 2014 that have not yet been recognized as components of net periodic costs were as follows:
 
 
 
Pension Benefits
 
Post-Retirement
Medical Plan
 
 
2015
 
2014
 
2015
 
2014
Prior service (costs) credits
 
$
(529
)
 
$
(582
)
 
$
(3,999
)
 
$
(2,793
)
Net actuarial (loss) gain
 
(19,841
)
 
(23,762
)
 
(391
)
 
(78
)
Total
 
$
(20,370
)
 
$
(24,344
)
 
$
(4,390
)
 
$
(2,871
)
Schedule of pre-tax amounts in accumulated other comprehensive loss to be recognized over next fiscal year
The following pre-tax amounts included in accumulated other comprehensive loss as of December 31, 2015 are expected to be recognized as components of net period benefit cost during the year ended December 31, 2016:
 
 
Pension Benefits
 
Post-Retirement
Medical Plan
Amortization of prior service costs (credits)
 
$
(53
)
 
$
(436
)
Amortization of net actuarial loss (gain)
 
(775
)
 

Total
 
$
(828
)
 
$
(436
)
Schedule of assumptions used
The weighted average assumptions used to determine the net periodic benefit costs for the years ended December 31, 2015, 2014 and 2013 were as follows:
 
 
 
Qualified Plan
 
Supplemental Plan
 
Post-Retirement Medical Plan
 
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Discount rate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service Cost
 
4.25
%
 
4.55
%
 
3.45
%
 
4.30
%
 
4.55
%
 
3.45
%
 
4.32
%
 
4.55
%
 
3.45
%
Effective rate for interest cost
 
3.31
%
 
4.55
%
 
3.45
%
 
3.16
%
 
4.55
%
 
3.45
%
 
3.09
%
 
4.55
%
 
3.45
%
Effective rate for interest on service cost
 
3.51
%
 
4.55
%
 
3.45
%
 
3.37
%
 
4.55
%
 
3.45
%
 
4.04
%
 
4.55
%
 
3.45
%
Expected long-term rate of return on plan assets
 
7.00
%
 
6.70
%
 
3.50
%
 
%
 
%
 
%
 
%
 
%
 
%
Rate of compensation increase
 
4.81
%
 
4.64
%
 
4.00
%
 
5.50
%
 
4.64
%
 
4.00
%
 
%
 
%
 
%
The weighted average assumptions used to determine the benefit obligations as of December 31, 2015 and 2014 were as follows:
 
 
Qualified Plan
 
Supplemental Plan
 
Post-Retirement Medical Plan
 
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Discount rate - Benefit obligations
 
4.17
%
 
3.70
%
 
4.22
%
 
3.70
%
 
3.76
%
 
3.70
%
Rate of compensation increase
 
4.81
%
 
4.96
%
 
5.50
%
 
4.96
%
 
%
 
%
Schedule of assumed health care cost trend rates
The assumed health care cost trend rates as of December 31, 2015 and 2014 were as follows:
 
 
Post-Retirement
Medical Plan
 
 
2015
 
2014
Health care cost trend rate assumed for next year
 
6.1
%
 
6.7
%
Rate to which the cost trend rate was assumed to decline (the ultimate trend rate)
 
4.5
%
 
4.5
%
Year that the rate reached the ultimate trend rate
 
2038

 
2027

Schedule of effect of one-percentage-point change in assumed health care cost trend rates
Assumed health care costs trend rates have a significant effect on the amounts reported for retiree health care plans. A one percentage-point change in assumed health care costs trend rates would have the following effects on the medical post-retirement benefits:
 
 
1%
Increase
 
1%
Decrease
Effect on total of service and interest cost components
 
$
21

 
$
(20
)
Effect on accumulated post-retirement benefit obligation
 
413

 
(388
)
Schedule of fair value of assets of the Company's Qualified Plan
The tables below present the fair values of the assets of the Company’s Qualified Plan as of December 31, 2015 and 2014 by level of fair value hierarchy. Assets categorized in Level 1 of the hierarchy are measured at fair value using a market approach based on published net asset values of mutual funds. As noted above, the Company’s post retirement medical plan is funded on a pay-as-you-go basis and has no assets.
 
 
Fair Value Measurements Using
Quoted Prices in Active Markets
(Level 1)
 
 
December 31,
 
 
2015
 
2014
Equities:
 
 
 
 
Domestic equities
 
$
17,660

 
$
12,682

Developed international equities
 
8,320

 
5,600

Emerging market equities
 
4,017

 
2,629

Global low volatility equities
 
4,930

 
3,478

Fixed-income
 
22,495

 
16,517

Cash and cash equivalents
 
80

 
50

Total
 
$
57,502

 
$
40,956