PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2013

Compensation and Retirement Disclosure [Abstract]

Changes in benefit obligations and plan assets and funded status and weighted-average assumptions used to determine the benefit obligation

The following table presents the changes in benefit obligations and plan assets for the years ended December 31 and the funded status and weighted-average assumptions used to determine the benefit obligation at each year end (dollars in thousands):

	2013									2012
	Pension benefits			Other benefits			Total			Pension benefits			Other benefits			Total
Projected benefit obligations:
Balance, January 1	$	733,355		$	76,639		$	809,994		$	690,351		$	87,059		$	777,410
Interest cost	29,984			3,006			32,990			30,613			3,501			34,114
Service cost	12,309			1,445			13,754			10,742			1,660			12,402
Actuarial (gain) loss	(58,907		)	(10,788		)	(69,695		)	53,273			(11,771		)	41,502
Plan amendments	3,585			—			3,585			(963		)	—			(963		)
Plan settlements	—			—			—			(19,047		)	—			(19,047		)
Benefits paid	(40,446		)	(3,470		)	(43,916		)	(31,614		)	(3,810		)	(35,424		)
Balance, December 31	679,880			66,832			746,712			733,355			76,639			809,994
Plan assets:
Fair value, January 1	494,432			—			494,432			448,406			—			448,406
Actual return	69,603			—			69,603			54,632			—			54,632
Employer contributions	18,860			—			18,860			42,055			—			42,055
Plan settlements	—			—			—			(19,047		)	—			(19,047		)
Benefits paid	(40,446		)	—			(40,446		)	(31,614		)	—			(31,614		)
Fair value, December 31	542,449			—			542,449			494,432			—			494,432
Net benefit liabilities	$	(137,431	)	$	(66,832	)	$	(204,263	)	$	(238,923	)	$	(76,639	)	$	(315,562	)
Amounts recognized in Consolidated Balance Sheet:
Accrued liabilities	$	(45,599	)	$	(4,060	)	$	(49,659	)	$	(19,042	)	$	(4,350	)	$	(23,392	)
Other liabilities (long-term)	(91,832		)	(62,772		)	(154,604		)	(219,881		)	(72,289		)	(292,170		)
Net benefit liabilities	$	(137,431	)	$	(66,832	)	$	(204,263	)	$	(238,923	)	$	(76,639	)	$	(315,562	)
Accumulated contributions in excess of (less than) net periodic benefit cost	$	90,708		$	(75,825	)	$	14,883		$	99,554		$	(74,990	)	$	24,564
Amounts not yet reflected in net periodic benefit cost:
Actuarial (loss) gain	(252,794		)	8,961			(243,833		)	(371,452		)	(1,827		)	(373,279		)
Prior service credit	24,655			32			24,687			32,975			178			33,153
Total accumulated other comprehensive loss	(228,139		)	8,993			(219,146		)	(338,477		)	(1,649		)	(340,126		)
Net benefit liabilities	$	(137,431	)	$	(66,832	)	$	(204,263	)	$	(238,923	)	$	(76,639	)	$	(315,562	)
Weighted-average assumptions:
Discount rate	4.58		%	4.74		%				4.17		%	3.89		%
Rate of compensation increase	4.15		%							4.15		%

Accumulated benefit obligations

The accumulated benefit obligations, which are presented below for all plans in the aggregate at December 31, are based on services rendered to date, but exclude the effect of future salary increases (in thousands):

	2013		2012
Accumulated benefit obligation	$	676,320	$	732,657

Amounts amortized from accumulated other comprehensive to net periodic benefits cost

The Company estimates the following amounts, which are classified in accumulated other comprehensive loss, a component of shareholders’ equity, will be recognized as net periodic benefit cost in 2014 (in thousands):

	Pension benefits			Other retirement benefits		Total
Actuarial (loss) gain	$	(19,637	)	$	159	$	(19,478	)
Prior service credit	4,499			32		4,531
Total amortization	$	(15,138	)	$	191	$	(14,947	)

Components of net periodic pension cost and weighted-average assumptions used to determine net cost

The components of net periodic pension cost and the weighted-average assumptions used to determine net cost were as follows (dollars in thousands):

	2013			2012			2011
Service cost	$	12,309		$	10,742		$	11,882
Interest cost	29,984			30,613			31,359
Expected return on plan assets	(38,305		)	(36,958		)	(34,008		)
Recognized actuarial loss	28,454			25,504			21,515
Amortization of prior service cost	(4,736		)	(4,647		)	(6,001		)
Curtailment gain recognized	—			—			(12,014		)
Settlement loss recognized	—			8,742			—
Special termination benefit recognized	—			—			104
Net periodic pension cost	$	27,706		$	33,996		$	12,837
Less: Discontinued operations	—			(402		)	6,598
Continuing operations	$	27,706		$	33,594		$	19,435
Discount rate	4.16		%	4.58		%	5.36		%
Expected return on plan assets	8.00		%	8.00		%	8.00		%
Rate of compensation increase	4.15		%	4.15		%	4.15		%

The components of net periodic cost of other postretirement benefits and the weighted average discount rate used to determine net cost were as follows (dollars in thousands):

	2013			2012			2011
Service cost	$	1,445		$	1,660		$	2,011
Interest cost	3,006			3,501			4,122
Recognized actuarial loss	—			—			233
Amortization of transition obligation	—			475			600
Amortization of prior service cost	(147		)	(147		)	(185		)
Special termination benefit recognized	—			—			396
Curtailment loss recognized	—			—			102
Net periodic cost of other postretirement benefits	$	4,304		$	5,489		$	7,279
Less: Discontinued operations	—			—			(1,618		)
Continuing operations	$	4,304		$	5,489		$	5,661
Discount rate	3.89		%	4.46		%	5.14		%

Effect of one-percentage-point change in assumed health care cost trend rates

A one-percentage-point change in the assumed health care cost trend rates would change the reported amounts as follows (in thousands):

	One-percentage-point change
	Increase		Decrease
Effect on total service and interest cost components for the year	$	345	$	(289	)
Effect on postretirement benefit obligation at year-end	3,092		(2,726		)

Target allocations among asset categories and fair values of each category of plan assets, classified by level within fair value hierarchy

Target allocations among asset categories and the fair values of each category of plan assets as of December 31, 2013 and 2012, classified by level within the US GAAP fair value hierarchy is presented below.  The plans will periodically reallocate assets in accordance with the allocation targets, after giving consideration to the expected level of cash required to pay current benefits and plan expenses (dollars in thousands):

	Target range	Total		Quoted prices in active markets for identical assets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)
December 31, 2013:
Equities:	53% to 69%
U.S. large cap	22% to 28%	$	125,061	$	—	$	125,061	$	—
U.S. small cap	4% to 10%	36,330		—		36,330		—
International all cap	21% to 29%	118,530		—		118,530		—
International small cap	2% to 8%	31,270		—		31,270		—
Real estate equities	0% to 13%	40,055		—		40,055		—
Fixed income:	25% to 35%	—
Cash and equivalents	0% to 10%	59,301		—		59,301		—
Aggregate	9% to 19%	66,074		—		66,074		—
Core plus	9% to 19%	65,828		65,828		—		—
Total		$	542,449	$	65,828	$	476,621	$	—
December 31, 2012:
Equities:	45% to 59%
U.S. large cap	18% to 24%	$	108,306	$	108,306	$	—	$	—
U.S. small cap	4% to 10%	24,844		24,844		—		—
International all cap	17% to 25%	103,064		—		103,064		—
International small cap	2% to 8%	23,984		—		23,984		—
Real estate equities	0% to 13%	37,899		—		37,899		—
Fixed income:	25% to 35%
Cash and equivalents	0% to 10%	14,719		1		14,718		—
Aggregate	10% to 20%	67,460		—		67,460		—
Core plus	10% to 20%	66,482		66,482		—		—
Other	0% to 26%	47,674		—		—		47,674
Total		$	494,432	$	199,633	$	247,125	$	47,674

Summary of the changes in level 3 plan assets

Set forth below is a summary of the changes in Level 3 plan assets (in thousands):

	2013			2012
Balance at January 1	$	47,674		$	—
Purchases	—			46,000
Sales	(51,311		)	—
Investment returns	3,637			1,674
Balance at December 31	$	—		$	47,674

Estimated future annual payments for pension and other postretirement benefits

Estimated future annual benefit payments from plan assets are presented below.  Such amounts are based on existing benefit formulas and include the effect of future service (in thousands):

	Pension benefits		Other postretirement benefits
Year ended December 31,
2014	$	35,540	$	4,390
2015	37,560		4,710
2016	38,940		5,010
2017	39,680		5,250
2018	41,090		5,570
2019 through 2023	227,370		26,690