PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2014

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):

	2014									2013
	Pension benefits			Other benefits			Total			Pension benefits			Other benefits			Total
Projected benefit obligations:
Balance, January 1	$	679,880		$	66,832		$	746,712		$	733,355		$	76,639		$	809,994
Interest cost	32,680			3,025			35,705			29,984			3,006			32,990
Service cost	14,573			1,067			15,640			12,309			1,445			13,754
Actuarial (gain) loss	114,030			6,779			120,809			(58,907		)	(10,788		)	(69,695		)
Plan amendments	259			—			259			3,585			—			3,585
Plan settlements	—			—			—			—			—			—
Exchange rate changes	(1,215		)	—			(1,215		)	—			—			—
Benefits paid	(32,254		)	(4,125		)	(36,379		)	(40,446		)	(3,470		)	(43,916		)
Balance, December 31	807,953			73,578			881,531			679,880			66,832			746,712
Plan assets:
Fair value, January 1	542,449			—			542,449			494,432			—			494,432
Actual return	27,596			—			27,596			69,603			—			69,603
Employer contributions	54,834			—			54,834			18,860			—			18,860
Plan settlements	—			—			—			—			—			—
Exchange rate changes	(665		)	—			(665		)	—			—			—
Benefits paid	(32,254		)	—			(32,254		)	(40,446		)	—			(40,446		)
Fair value, December 31	591,960			—			591,960			542,449			—			542,449
Net benefit liabilities	$	(215,993	)	$	(73,578	)	$	(289,571	)	$	(137,431	)	$	(66,832	)	$	(204,263	)
Amounts recognized in Consolidated Balance Sheet:
Accrued liabilities	$	(21,839	)	$	(4,380	)	$	(26,219	)	$	(45,599	)	$	(4,060	)	$	(49,659	)
Other liabilities (long-term)	(194,154		)	(69,198		)	(263,352		)	(91,832		)	(62,772		)	(154,604		)
Net benefit liabilities	$	(215,993	)	$	(73,578	)	$	(289,571	)	$	(137,431	)	$	(66,832	)	$	(204,263	)
Accumulated contributions in excess of (less than) net periodic benefit cost	$	124,248		$	(75,522	)	$	48,726		$	90,708		$	(75,825	)	$	14,883
Amounts not yet reflected in net periodic benefit cost:
Actuarial (loss) gain	(360,753		)	1,944			(358,809		)	(252,794		)	8,961			(243,833		)
Prior service credit	20,512			—			20,512			24,655			32			24,687
Total accumulated other comprehensive loss	(340,241		)	1,944			(338,297		)	(228,139		)	8,993			(219,146		)
Net benefit liabilities	$	(215,993	)	$	(73,578	)	$	(289,571	)	$	(137,431	)	$	(66,832	)	$	(204,263	)
Weighted-average assumptions:
Discount rate	4.12		%	3.95		%				4.58		%	4.74		%
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):

	2014		2013
Accumulated benefit obligation	$	801,749	$	676,320

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 2015 (in thousands):

	Pension benefits			Other retirement benefits		Total
Actuarial (loss) gain	$	(25,587	)	$	—	$	(25,587	)
Prior service credit	4,519			—		4,519
Total amortization	$	(21,068	)	$	—	$	(21,068	)

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):

	2014			2013			2012
Service cost	$	14,573		$	12,309		$	10,742
Interest cost	32,680			29,984			30,613
Expected return on plan assets	(41,592		)	(38,305		)	(36,958		)
Recognized actuarial loss	19,861			28,454			25,504
Amortization of prior service cost	(4,507		)	(4,736		)	(4,647		)
Settlement loss recognized	—			—			8,742
Net periodic pension cost	$	21,015		$	27,706		$	33,996
Less: Discontinued operations	—			—			(402		)
Continuing operations	$	21,015		$	27,706		$	33,594
Discount rate	4.83		%	4.16		%	4.58		%
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):

	2014			2013			2012
Service cost	$	1,067		$	1,445		$	1,660
Interest cost	3,025			3,006			3,501
Amortization of transition obligation	—			—			475
Amortization of prior service cost	(32		)	(147		)	(147		)
Amortization of net (gain) loss	(237		)	—			—
Net periodic cost of other postretirement benefits	$	3,823		$	4,304		$	5,489
Discount rate	4.74		%	3.89		%	4.46		%

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	$	269	$	(229	)
Effect on postretirement benefit obligation at year-end	3,570		(3,097		)

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, 2014 and 2013, 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, 2014:
Equities:	53% to 69%
U.S. large cap	22% to 28%	$	159,541	$	—	$	159,541	$	—
U.S. small cap	4% to 10%	38,106		—		38,106		—
International all cap	21% to 29%	135,947		—		135,947		—
International small cap	2% to 8%	29,736		—		29,736		—
Real estate equities	0% to 13%	45,758		—		45,758		—
Fixed income:	25% to 35%
Cash and equivalents	0% to 10%	8,416		1		8,415		—
Aggregate	9% to 19%	85,412		—		85,412		—
Core plus	9% to 19%	86,325		86,325		—		—
Group annuity contracts		2,719		—		2,719		—
Total		$	591,960	$	86,326	$	505,634	$	—
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	$	—

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,
2015	$	66,000	$	4,690
2016	40,420		4,940
2017	40,950		5,130
2018	42,520		5,370
2019	43,730		5,640
2020 through 2023	236,460		25,220