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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2017
Compensation and Retirement Disclosure [Abstract]  
Schedule of Multiemployer Plans
Plan level information is available in the public domain for each of the multiemployer pension plans the Company participates in. The table below provides additional information about the Company’s participation in the above multi-employer pension plans: 
 
 
 
 
Pension Protection Act
Zone Status
 
 
 
Contributions made
by the Company
Pension Plan
 
EIN / Pension
Plan Number
 
2017
 
2016
 
Rehabilitation
Plan Status
 
2017
 
2016
 
2015
AMO Pension Plan
 
13-1936709
 
Yellow (1)
 
Yellow (1)
 
Implemented
 
$
984

 
$
1,015

 
$
1,001

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MEBA Pension Plan
 
51-6029896
 
Green (1)
 
Green (1)
 
None
 
1,411

 
1,406

 
1,286

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Seafarers Pension Plan
 
13-6100329
 
Green (1)
 
Green (1)
 
None
 
400

 
434

 
427

 
 
 
 
 
 
 
 
Total contributions
 
$
2,795


$
2,855


$
2,714

 
(1)
A "Yellow" Zone Status plan is a plan that has a funding ratio between 65% and 80%. A "Green" Zone Status plan is a plan that is 80% funded or more.
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
Information with respect to the domestic pension and postretirement benefit plans for which the Company uses a December 31 measurement date, follow: 
 
 
Pension Benefits
 
Other Benefits
At December 31,
 
2017
 
2016
 
2017
 
2016
Change in benefit obligation:
 
 

 
 

 
 

 
 

Benefit obligation at beginning of year
 
$
47,468

 
$
49,622

 
$
4,094

 
$
4,623

Cost of benefits earned (service cost)
 
—

 
—

 
113

 
138

Interest cost on benefit obligation
 
1,830

 
1,893

 
165

 
189

Curtailment gain
 
—

 
—

 
—

 
(451
)
Actuarial (gains)/losses
 
1,788

 
(1,520
)
 
389

 
(192
)
Benefits paid
 
(2,586
)
 
(2,527
)
 
(213
)
 
(213
)
Benefit obligation at year end
 
48,500


47,468


4,548


4,094

Change in plan assets:
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
 
32,013

 
33,127

 
—

 
—

Actual return on plan assets
 
5,082

 
1,413

 
—

 
—

Employer contributions
 
1,082

 
—

 
213

 
213

Benefits paid
 
(2,586
)
 
(2,527
)
 
(213
)
 
(213
)
Fair value of plan assets at year end
 
35,591

 
32,013

 
—

 
—

Unfunded status at December 31
 
$
(12,909
)
 
$
(15,455
)
 
$
(4,548
)
 
$
(4,094
)
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
Information for defined benefit pension plans with accumulated benefit obligations in excess of plan assets follows:

At December 31,
 
2017
 
2016
Projected benefit obligation
 
$
48,500

 
$
47,468

Accumulated benefit obligation
 
48,500

 
47,468

Fair value of plan assets
 
35,591

 
32,013
Schedule of Net Benefit Costs
Information for defined benefit pension plans and other postretirement benefit plans net periodic cost/(benefit) follows: 

 
 
Pension Benefits
 
Other Benefits
For the year ended December 31,
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Components of expense:
 
 

 
 

 
 

 
 

 
 

 
 

Cost of benefits earned
 
$
—

 
$
—

 
$
—

 
$
113

 
$
138

 
$
137

Interest cost on benefit obligation
 
1,830

 
1,893

 
1,928

 
165

 
189

 
191

Expected return on plan assets
 
(2,258
)
 
(2,309
)
 
(2,412
)
 
—

 
—

 
—

Amortization of prior-service costs
 
—

 
—

 
—

 
(229
)
 
(271
)
 
(316
)
Recognized net actuarial loss
 
688

 
688

 
792

 
56

 
97

 
157

Curtailment
 
—

 
97

 
157

 
—

 
(149
)
 
—

Net periodic benefit cost
 
$
260


$
369


$
465


$
105


$
4


$
169
Schedule of Assumptions Used
The weighted-average assumptions used to determine benefit obligations follow:

 
 
Pension Benefits
 
Other Benefits
At December 31,
 
2017
 
2016
 
2017
 
2016
Discount rate
 
3.55
%
 
3.95
%
 
3.70
%
 
4.15
%
Rate of future compensation increases
 
—

 
—

 
—

 
—

 
The selection of a single discount rate for the Maritrans Plan was derived from bond yield curves, which the Company believed as of such dates to be appropriate for ongoing plans with a long duration, such as the Maritrans Plan, and that generally mirror the type of high yield bond portfolio the Company could acquire to offset its obligations under the Maritrans Plan.
 
The weighted-average assumptions used to determine net periodic benefit cost follow: 

 
 
Pension Benefits
 
Other Benefits
For the year ended December 31,
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Discount rate
 
3.95
%
 
4.00
%
 
3.75
%
 
4.15
%
 
4.25
%
 
4.00
%
Expected (long-term) return on plan assets
 
7.25
%
 
7.25
%
 
7.00
%
 
—

 
—

 
—

Rate of future compensation increases
 
—

 
—

 
—

 
—

 
—

 
—
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
A 1% change in assumed health care cost trend rates would have the following effects:

 
 
1% increase
 
1% decrease
Effect on total of service and interest cost components in 2017
 
$
50

 
$
(37
)
Effect on postretirement benefit obligation as of December 31, 2017
 
$
637

 
$
(444
)
Schedule of Expected Benefit Payments
Expected benefit payments are as follows: 

 
 
Pension Benefits
 
Other Benefits
2018
 
$
2,753

 
$
215

2019
 
2,848

 
192

2020
 
2,999

 
194

2021
 
3,010

 
198

2022
 
3,040

 
200

Years 2023-2027
 
15,817

 
1,074

Total
 
$
30,467

 
$
2,073
Schedule of Changes in Fair Value of Plan Assets
The fair values of the Company’s pension plan assets at December 31, 2017, by asset category are as follows: 

Description
 
Fair Value
 
Level 1
Cash and cash equivalents
 
$
655

 
$
655

Equity securities:
 
 
 
 
Large cap exchange traded fund
 
14,396

 
14,396

Small company - mid value
 
2,165

 
2,165

Small company - mid growth
 
2,284

 
2,284

International value
 
2,726

 
2,726

International growth
 
2,799

 
2,799

Fixed income and preferred stock:
 
 
 
 
Intermediate term bond fund
 
10,553

 
10,553

Small company - mid value - preferred stock
 
13

 
13

Total
 
$
35,591

 
$
35,591