PENSION AND OTHER POST-EMPLOYMENT BENEFITS (Tables)

6 Months Ended

Jun. 30, 2018

Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]

Schedule of components of the net periodic benefit cost

The following tables set forth the components of the net periodic benefit income for the Company’s pension and other post-employment benefit plans (in thousands):

	Pension Benefits						Other Benefits
	Three Months Ended June 30,						Three Months Ended June 30,
	2018			2017			2018			2017
Interest cost	$	2,504		$	2,390		$	30		$	43
Expected return on plan assets	(4,606		)	(4,615		)	—			—
Amortization of prior service credit	—			—			(182		)	(371		)
Recognized actuarial loss (gain)	366			154			(18		)	1
Pension settlement charge(1)	4,608			—			—			—
Net periodic pension cost	$	2,872		$	(2,071	)	$	(170	)	$	(327	)

(1) The pension settlement charge was related to the purchase of annuities for certain pension plan retirees as well as cash payments from lump sum elections.

	Pension Benefits						Other Benefits
	Six Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Interest cost	$	5,008		$	4,780		$	60		$	86
Expected return on plan assets	(9,212		)	(9,230		)	—			—
Amortization of prior service credit	—			—			(364		)	(742		)
Recognized actuarial loss (gain)	732			308			(36		)	2
Pension settlement charge(1)	4,608			—			—			—
Net periodic pension cost	$	1,136		$	(4,142	)	$	(340	)	$	(654	)

(1) The pension settlement charge was related to the purchase of annuities for certain pension plan retirees as well as cash payments from lump sum elections.

During the six months ended June 30, 2018, in connection with the pension settlement, the Company remeasured its pension plans and recorded a $5.8 million reduction to the pension liability. This reduction was primarily driven by a change in the weighted average discount rates used to measure the liabilities. There was no change to the weighted average expected long-term rate of return on plan assets.