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ACCUMULATED OTHER COMPREHENSIVE LOSS
 12 Months Ended
Dec. 31, 2017
Accumulated Other Comprehensive Loss [Abstract]  
Accumulated Other Comprehensive Loss
ACCUMULATED OTHER COMPREHENSIVE LOSS
 
The components of accumulated other comprehensive loss, net of related taxes, in the consolidated balance sheets follow: 
 
 
Years Ended December 31,
 
 
2017
 
2016
Unrealized losses on derivative instruments
 
$
(112
)
 
$
(1,019
)
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans)
 
(6,350
)
 
(7,141
)
 
 
$
(6,462
)
 
$
(8,160
)
 
The following tables present the changes in the balances of each component of accumulated other comprehensive loss, net of related taxes, for the three years ended December 31, 2017.   
 
 
Unrealized losses
on cash flow
hedges
 
Items not yet
recognized as a
component of net
periodic benefit cost
(pension and other
postretirement
plans)
 
Total
Balance as of December 31, 2016
 
$
(1,019
)
 
$
(7,141
)
 
$
(8,160
)
Current period change, excluding amounts reclassified from accumulated other comprehensive loss
 
—

 
438

 
438

Amounts reclassified from accumulated other comprehensive loss
 
907

 
353

 
1,260

Total change in accumulated other comprehensive loss
 
907


791


1,698

Balance as of December 31, 2017
 
$
(112
)

$
(6,350
)

$
(6,462
)
 
 
 
 
 
 
 
Balance as of December 31, 2015
 
$
(54,620
)
 
$
(18,841
)
 
$
(73,461
)
Current period change, excluding amounts reclassified from accumulated other comprehensive loss
 
(5,982
)
 
(4,055
)
 
(10,037
)
Amounts reclassified from accumulated other comprehensive loss
 
16,293

 
700

 
16,993

Distribution of International Seaways, Inc.
 
43,290

 
15,055

 
58,345

Total change in accumulated other comprehensive loss
 
53,601

 
11,700

 
65,301

Balance as of December 31, 2016
 
$
(1,019
)

$
(7,141
)

$
(8,160
)
 
 
 
 
 
 
 
Balance as of December 31, 2014
 
$
(61,547
)
 
$
(21,833
)
 
$
(83,380
)
Current period change, excluding amounts reclassified from accumulated other comprehensive loss
 
(11,177
)
 
2,581

 
(8,596
)
Amounts reclassified from accumulated other comprehensive loss
 
18,104

 
411

 
18,515

Total change in accumulated other comprehensive loss
 
6,927

 
2,992

 
9,919

Balance as of December 31, 2015
 
$
(54,620
)

$
(18,841
)

$
(73,461
)


The following table presents information with respect to amounts reclassified out of accumulated other comprehensive loss for the three years ended December 31, 2017. 
 
Years Ended December 31,
 
 
Accumulated Other Comprehensive Loss Component
2017
 
2016
 
2015
 
Statement of Operations
Line Item
Unrealized losses on cash flow hedges:
 

 
 

 
 

 
 
Interest rate swaps entered into by the Company's equity method joint venture investees
—

 
(15,664
)
 
(18,101
)
 
Net (loss)/income from  discontinued operations
 
 
 
 
 
 
 
 
Interest rate caps entered into by the Company's  subsidiaries
(1,421
)
 
(339
)
 
(1
)
 
Interest expense
 
 
 
 
 
 
 
 
Interest rate caps entered into by the Company's  subsidiaries
—

 
(408
)
 
(2
)
 
Net (loss)/income from  discontinued operations
 
 
 
 
 
 
 
 
Items not yet recognized as a component of net periodic  benefit cost (pension and other postretirement plans):
 
 
 
 
 
 
 
Net periodic benefit costs associated with  pension and postretirement benefit plans for  shore-based employees
(666
)
 
(645
)
 
(232
)
 
General and  administrative expenses
 
 
 
 
 
 
 
 
Net periodic benefit costs associated with  pension and postretirement benefit plans for  shore-based employees
—

 
(365
)
 
(482
)
 
Net (loss)/income from  discontinued operations
 
 
 
 
 
 
 
 
Net periodic benefit costs associated with  pension and postretirement benefit plans for seagoing employees
150

 
131

 
80

 
Vessel expenses
 
(1,937
)

(17,290
)

(18,738
)
 
Total before tax
 
677

 
297

 
223

 
Tax provision
 
$
(1,260
)

$
(16,993
)

$
(18,515
)
 
Total net of tax

 
The following amounts are included in accumulated other comprehensive loss at December 31, 2017, which have not yet been recognized in net periodic cost: unrecognized prior service credits of $2,075 ($1,940 net of tax) and unrecognized actuarial losses $11,912 ($8,290 net of tax). The prior service credit and actuarial loss included in accumulated other comprehensive loss and expected to be recognized in net periodic cost during 2018 are a gain of $229 ($181 net of tax) and a loss of $568 ($449 net of tax), respectively.
 
At December 31, 2017, the amount of estimated unrealized losses that the Company expects to be reclassified from accumulated other comprehensive loss to earnings associated with the Company's Interest Rate Cap in the next twelve months is not significant.
 
See Note 10, “Fair Value of Financial Instruments, Derivatives and Fair Value,” for additional disclosures relating to derivative instruments.

The income tax (expense)/benefit allocated to each component of other comprehensive loss follows:  
 
 
Unrealized
(losses)/gains on cash
flow hedges
 
Items not yet recognized
as a component of net
periodic benefit cost
For the year ended December 31, 2017:
 
 

 
 

Current period change excluding amounts reclassified from accumulated other comprehensive loss
 
$
—

 
$
(203
)
Amounts reclassified from accumulated other  comprehensive loss
 
(513
)
 
(164
)
Total change in accumulated other comprehensive loss
 
$
(513
)

$
(367
)
 
 
 
 
 
For the year ended December 31, 2016:
 
 
 
 
Current period change excluding amounts reclassified from accumulated other comprehensive loss
 
$
30

 
$
(388
)
Amounts reclassified from accumulated other  comprehensive loss
 
(118
)
 
(179
)
Total change in accumulated other comprehensive loss
 
$
(88
)

$
(567
)
 
 
 
 
 
For the year ended December 31, 2015:
 
 
 
 
Current period change excluding amounts reclassified from accumulated other comprehensive loss
 
$
553

 
$
(353
)
Amounts reclassified from accumulated other  comprehensive loss
 
—

 
(223
)
Total change in accumulated other comprehensive loss
 
$
553


$
(576
)