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PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]  
Schedule of Defined Benefit Plans
A summary of the changes in benefit obligations and plan assets is as follows:
 
 
Pension Benefits 
 
Other Benefits 
December 31,
 
2013
 
2012
 
2013
 
2012
In thousands of dollars
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Change in benefit obligation
 
 
 
 
 
 
 
 
Projected benefits obligation at beginning of year
 
$
1,237,778

 
$
1,156,756

 
$
318,415

 
$
318,536

Service cost
 
31,339

 
30,823

 
1,094

 
1,172

Interest cost
 
43,962

 
49,909

 
10,747

 
13,258

Plan amendments
 
55

 
2

 
—

 
—

Actuarial (gain) loss
 
(100,872
)
 
112,700

 
(33,412
)
 
7,916

Curtailment
 
(8,833
)
 
—

 
—

 
—

Settlement
 
(319
)
 
(49,876
)
 
—

 
—

Currency translation and other
 
(5,976
)
 
1,903

 
(1,030
)
 
370

Benefits paid
 
(76,642
)
 
(64,439
)
 
(24,877
)
 
(22,837
)
 
 
 
 
 
 
 
 
 
Projected benefits obligation at end of year
 
1,120,492

 
1,237,778

 
270,937

 
318,415

 
 
 
 
 
 
 
 
 
Change in plan assets
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
 
988,167

 
961,421

 
—

 
—

Actual return on plan assets
 
152,976

 
118,073

 
—

 
—

Employer contribution
 
32,336

 
21,371

 
24,877

 
22,837

Settlement
 
(319
)
 
(49,876
)
 
—

 
—

Currency translation and other
 
(4,533
)
 
1,617

 
—

 
—

Benefits paid
 
(76,642
)
 
(64,439
)
 
(24,877
)
 
(22,837
)
 
 
 
 
 
 
 
 
 
Fair value of plan assets at end of year
 
1,091,985

 
988,167

 
—

 
—

 
 
 
 
 
 
 
 
 
Funded status at end of year
 
$
(28,507
)
 
$
(249,611
)
 
$
(270,937
)
 
$
(318,415
)
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the Consolidated Balance Sheets consisted of the following:
 
 
Pension Benefits
 
Other Benefits
December 31,
 
2013
 
2012
 
2013
 
2012
In thousands of dollars
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other assets
 
$
32,533

 
$
—

 
$
—

 
$
—

Accrued liabilities
 
(10,198
)
 
(9,396
)
 
(25,477
)
 
(26,181
)
Other long-term liabilities
 
(50,842
)
 
(240,215
)
 
(245,460
)
 
(292,234
)
 
 
 
 
 
 
 
 
 
Total
 
$
(28,507
)
 
$
(249,611
)
 
$
(270,937
)
 
$
(318,415
)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Amounts recognized in accumulated other comprehensive loss, net of tax, consisted of the following:  
 
 
Pension Benefits
 
Other Benefits
December 31,
 
2013
 
2012
 
2013
 
2012
In thousands of dollars
 
 
 
 
 
 
 
 
 
Actuarial net (loss) gain
 
$
(215,702
)
 
$
(362,039
)
 
$
13,107

 
$
(6,320
)
Net prior service credit (cost)
 
5,698

 
5,539

 
(2,737
)
 
(3,217
)
 
 
 
 
 
 
 
 
 
Total
 
$
(210,004
)
 
$
(356,500
)
 
$
10,370

 
$
(9,537
)
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
Plans with accumulated benefit obligations in excess of plan assets were as follows:  
December 31,
 
2013
 
2012
In thousands of dollars
 
 
 
 
 
 
Projected benefit obligation
 
$
76,801

 
$
1,237,238

Accumulated benefit obligation
 
64,340

 
1,185,214

Fair value of plan assets
 
15,760

 
987,643
Schedule of Net Periodic Benefit Cost Not yet Recognized
Net periodic benefit cost for our pension and other post-retirement plans consisted of the following:  
 
 
Pension Benefits
 
Other Benefits
For the years ended December 31,
 
2013
 
2012
 
2011
 
2013
 
2012
 
2011
In thousands of dollars
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
 
$
31,339

 
$
30,823

 
$
30,059

 
$
1,094

 
$
1,172

 
$
1,333

Interest cost
 
43,962

 
49,909

 
52,960

 
10,747

 
13,258

 
14,967

Expected return on plan assets
 
(73,128
)
 
(72,949
)
 
(78,161
)
 
—

 
—

 
—

Amortization of prior service cost (credit)
 
422

 
731

 
1,002

 
618

 
619

 
(255
)
Amortization of net loss (gain)
 
40,397

 
39,723

 
28,004

 
(73
)
 
(101
)
 
(71
)
Administrative expenses
 
692

 
545

 
653

 
75

 
120

 
244

 
 
 
 
 
 
 
 
 
 
 
 
 
Net periodic benefit cost
 
43,684

 
48,782

 
34,517

 
12,461

 
15,068

 
16,218

Curtailment (credit) loss
 
(364
)
 
—

 
1,826

 
—

 
—

 
(174
)
Settlement loss
 
18

 
19,676

 
46

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
Total amount reflected in earnings
 
$
43,338

 
$
68,458

 
$
36,389

 
$
12,461

 
$
15,068

 
$
16,044
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
Amounts recognized in other comprehensive loss (income) and net periodic benefit cost before tax for our pension and other post-retirement plans consisted of the following:
 
 
Pension Benefits
 
Other Benefits 
For the years ended December 31,
 
2013
 
2012
 
2011
 
2013
 
2012
 
2011
In thousands of dollars
 
 
 
 
 
 
 
 
 
 
 
 
Actuarial net (gain) loss
 
$
(230,605
)
 
$
8,536

 
$
120,401

 
$
(33,165
)
 
$
7,952

 
$
11,216

Prior service (credit) cost
 
(613
)
 
(716
)
 
(1,313
)
 
(632
)
 
(613
)
 
7,614

 
 
 
 
 
 
 
 
 
 
 
 
 
Total recognized in other comprehensive (income) loss
 
$
(231,218
)
 
$
7,820

 
$
119,088

 
$
(33,797
)
 
$
7,339

 
$
18,830

 
 
 
 
 
 
 
 
 
 
 
 
 
Total recognized in net periodic benefit cost and other comprehensive (income) loss
 
$
(187,534
)
 
$
56,602

 
$
153,605

 
$
(21,336
)
 
$
22,407

 
$
35,048
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year
The estimated amounts for the defined benefit pension plans and the post-retirement benefit plans that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost over the next fiscal year are as follows (in thousands):  
 
Pension Plans 
 
Post-Retirement
Benefit Plans 
Amortization of net actuarial loss (gain)
$
22,952

 
$
(109
)
 
 
 
 
Amortization of prior service (credit) cost
$
(668
)
 
$
618
Schedule of Assumptions Used
Certain weighted-average assumptions used in computing the benefit obligations as of December 31, 2013 and 2012 were as follows:
 
 
Pension Benefits 
 
Other Benefits
 
 
2013
 
2012
 
2013
 
2012
Discount rate
 
4.5
%
 
3.7
%
 
4.5
%
 
3.7
%
Rate of increase in compensation levels
 
4.0
%
 
4.0
%
 
N/A

 
N/A

For measurement purposes as of December 31, 2013, we assumed an 8.5% annual rate of increase in the per capita cost of covered health care benefits for 2014, grading down to 5.0% by 2019.
For measurement purposes as of December 31, 2012, we assumed a 9.1% annual rate of increase in the per capita cost of covered health care benefits for 2013, grading down to 5.0% by 2019.
Certain weighted-average assumptions used in computing net periodic benefit cost were as follows:  
 
 
Pension Benefits
 
Other Benefits
For the years ended December 31,
 
2013
 
2012
 
2011
 
2013
 
2012
 
2011
 
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
 
3.7
%
 
4.5
%
 
5.2
%
 
3.7
%
 
4.5
%
 
5.2
%
Expected long-term return on plan assets
 
7.75
%
 
8.0
%
 
8.0
%
 
N/A

 
N/A

 
N/A

Rate of compensation increase
 
4.0
%
 
4.1
%
 
4.1
%
 
N/A

 
N/A

 
N/A
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
A one-percentage point change in assumed health care cost trend rates would have the following effects:
Impact of assumed health care cost trend rates
 
One-Percentage
Point Increase 
 
One-Percentage
Point (Decrease)
In thousands of dollars
 
 
 
 
 
 
 
 
 
Effect on total service and interest cost components
 
$
172

 
$
(152
)
Effect on post-retirement benefit obligation
 
4,132

 
(3,697
)
Schedule of Allocation of Plan Assets
The ranges for the domestic pension plans were as follows:
Asset Class
 
Target Allocation 2013
Equity securities
 
55
%
-
75%
Debt securities
 
25
%
-
45%
Cash and certain other investments
 
0
%
-
5%
As of December 31, 2013, actual allocations were within the specified ranges. We expect the level of volatility in pension plan asset returns to be in line with the overall volatility of the markets within each asset class.
The following table sets forth by level, within the fair value hierarchy, pension plan assets at their fair value as of December 31, 2013:
In thousands of dollars
Quoted prices in active markets of identical assets
(Level 1)
 
Significant other observable inputs
(Level 2)
 
Significant other unobservable
inputs (Level 3)
 
Total assets measured at fair value as of
December 31, 2013
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
657

 
$
22,998

 
$
—

 
$
23,655

Equity securities:
 
 
 
 
 
 
 
U.S. all-cap (a)
64,949

 
137,385

 
—

 
202,334

U.S. large-cap (b)
144,254

 
—

 
—

 
144,254

U.S. small/mid-cap
33,145

 
—

 
—

 
33,145

International all-cap (c)
136,892

 
3,062

 
—

 
139,954

Global all-cap (d)
181,702

 
—

 
—

 
181,702

Fixed income securities:
 
 
 
 
 
 
 
U.S. government/agency
109,995

 
34,907

 
—

 
144,902

Corporate bonds (e)
57,735

 
34,616

 
—

 
92,351

Collateralized obligations (f)
56,016

 
22,350

 
—

 
78,366

International government/ corporate bonds (g)
14,018

 
37,304

 
—

 
51,322

 
 
 
 
 
 
 
 
Total Investments
$
799,363

 
$
292,622

 
$
—

 
$
1,091,985


The following table sets forth by level, within the fair value hierarchy, pension plan assets at their fair value as of December 31, 2012:
In thousands of dollars
Quoted prices in active markets of identical assets 
(Level 1)
 
Significant other observable inputs(Level 2)
 
Significant other unobservable 
inputs (Level 3)
 
Total assets measured at fair value as of 
December 31, 2012
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
933

 
$
34,027

 
$
—

 
$
34,960

Equity securities:
 
 
 
 
 
 
 
U.S. all-cap (a)
50,596

 
104,102

 
—

 
154,698

U.S. large-cap (b)
107,934

 
—

 
—

 
107,934

U.S. small/mid-cap
24,816

 
—

 
—

 
24,816

International all-cap (c)
111,834

 
2,938

 
—

 
114,772

Global all-cap (d)
229,044

 
—

 
—

 
229,044

Domestic real estate
24,892

 
—

 
—

 
24,892

Fixed income securities:
 
 
 
 
 
 
 
U.S. government/agency
76,009

 
27,984

 
—

 
103,993

Corporate bonds (e)
38,001

 
19,691

 
—

 
57,692

Collateralized obligations (f)
61,853

 
27,012

 
—

 
88,865

International government/corporate bonds (g)
13,432

 
33,069

 
—

 
46,501

 
 
 
 
 
 
 
 
Total Investments
$
739,344

 
$
248,823

 
$
—

 
$
988,167


(a)
This category comprises equity funds that track the Russell 3000 index.
(b)
This category comprises equity funds that track the S&P 500 and/or Russell 1000 indices.
(c)
This category comprises equity funds that track the MSCI World Ex-US index.
(d)
This category comprises equity funds that track the MSCI World index.
(e)
This category comprises fixed income funds primarily invested in investment grade bonds.
(f)
This category comprises fixed income funds primarily invested in high quality mortgage-backed securities and other asset-backed obligations.
(g)
This category comprises fixed income funds invested in Canadian and other international bonds.
Schedule of Expected Benefit Payments
Information about the expected cash flows for our pension and other post-retirement benefit plans is as follows:
 
Expected Benefit Payments 
 
2014
 
2015
 
2016
 
2017
 
2018
 
2019-2023
In thousands of dollars
 
 
 
 
 
 
 
 
 
 
 
 
Pension Benefits
$
67,617

 
$
64,641

 
$
69,085

 
$
101,765

 
$
83,559

 
$
544,322

Other Benefits
25,491

 
24,690

 
23,796

 
22,411

 
20,843

 
85,699