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EMPLOYEE BENEFITS (Tables)
12 Months Ended
Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]  
Actual and Target Allocation of Plan Assets
The following is a summary of the pension plan’s actual and target asset allocations at December 31, 2013 and 2012, by asset category:
Pension Plan Assets
 
 
 
 
 
 
 
 
Target
 
2013
 
% of Total
 
2012
 
% of Total
 
Allocation
Fixed maturity securities - corporate bonds
$
4,489

 
4.9
%
 
$
4,830

 
6.4
%
 
0
%
-
25
%
Redeemable preferred stock
1,381

 
1.5

 
1,113

 
1.5

 
0
%
-
20
%
Equity securities
39,481

 
42.8

 
41,091

 
54.6

 
50
%
-
70
%
Pooled separate accounts
 
 
 
 
 
 
 
 
 
 
 
Bond and mortgage separate account fund
5,657

 
6.1

 

 

 
0
%
 
40
%
U.S. property separate account fund
8,763

 
9.5

 

 

 
0
%
 
25
%
Arbitrage fund
5,516

 
6.0

 
5,363

 
7.1

 
0
%
-
15
%
United Life annuity
8,101

 
8.8

 
7,900

 
10.5

 
5
%
-
15
%
Cash and cash equivalents(1)
18,831

 
20.4

 
14,979

 
19.9

 
0
%
-
10
%
Total plan assets
$
92,219

 
100.0
%
 
$
75,276

 
100.0
%
 
 
 
 
Fair Value Measurement
The following tables present the categorization of the pension plan’s assets measured at fair value on a recurring basis at December 31, 2013 and 2012:
 
 
 
Fair Value Measurements
Description
December 31, 2013
 
Level 1
 
Level 2
 
Level 3
Fixed maturity securities - corporate bonds
$
4,489

 
$

 
$
4,489

 
$

Redeemable preferred stock
1,381

 
1,381

 

 

Equity securities
39,481

 
39,481

 

 

Pooled separate accounts
 
 
 
 
 
 
 
Bond and mortgage separate account fund
5,657

 

 
5,657

 

U.S. property separate account fund
8,763

 

 

 
8,763

Arbitrage fund
5,516

 

 
5,516

 

Money market funds
17,323

 
17,323

 

 

Total assets measured at fair value
$
82,610

 
$
58,185

 
$
15,662

 
$
8,763


 
 
 
Fair Value Measurements
Description
December 31, 2012
 
Level 1
 
Level 2
 
Level 3
Fixed maturity securities - corporate bonds
$
4,830

 
$

 
$
4,830

 
$

Redeemable preferred stock
1,113

 
1,113

 

 

Equity securities
41,091

 
41,091

 

 

Arbitrage fund
5,363

 

 
5,363

 

Money market funds
12,856

 
12,856

 

 

Total assets measured at fair value
$
65,253

 
$
55,060

 
$
10,193

 
$

Schedule of Changes in Fair Value of Pension Plan Assets
The following table provides a summary of the changes in fair value of the pension plan’s Level 3 securities for 2013:
 
U.S. property separate account fund
Balance at January 1, 2013
$

Unrealized gains
763

Purchases
8,000

Balance at December 31, 2013
$
8,763

Schedule of Assumptions Used
The following actuarial assumptions were used at January 1 to determine our reported net periodic benefit costs for the year ended December 31:
Weighted-average assumptions as of
Pension Benefits
 
Postretirement Benefits
January 1,
2013
 
2012
 
2011
 
2013
 
2012
 
2011
Discount rate
4.00
%
 
4.50
%
 
5.50
%
 
4.00
%
 
4.50
%
 
5.50
%
Expected long-term rate of return on plan assets
7.50

 
8.00

 
8.25

 
N/A

 
N/A

 
N/A

Rate of compensation increase
3.50

 
3.75

 
4.00

 
N/A

 
N/A

 
N/A

The following actuarial assumptions were used to determine the reported plan benefit obligations at December 31:
Weighted-average assumptions as of
Pension Benefits
 
Postretirement Benefits
December 31,
2013
 
2012
 
2013
 
2012
Discount rate
4.84
%
 
4.00
%
 
4.84
%
 
4.00
%
Rate of compensation increase
3.50

 
3.50

 
N/A

 
N/A

Schedule of Health Care Cost Trend Rates
Assumed Health Care Cost Trend Rates
 
Health Care Benefits
 
Dental Claims
Years Ended December 31,
2013
 
2012
 
2013
 
2012
Health care cost trend rates assumed for next year
7.00
%
 
10.00
%
 
4.00
%
 
5.25
%
Rate to which the health care trend rate is assumed to decline (ultimate trend rate)
4.50
%
 
5.25
%
 
N/A

 
N/A

Year that the rate reaches the ultimate trend rate
2019

 
2018

 
N/A

 
N/A

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
A 1.0 percent change in assumed health care cost trend rates would have the following effects:
 
 
1% Increase
 
1% Decrease
Effect on the net periodic postretirement health care benefit cost
 
$
1,287

 
$
(1,023
)
Effect on the accumulated postretirement benefit obligation
 
8,328

 
(6,782
)
Reconciliation of Benefit Obligations, Plan Assets, and Funded Status
The following table provides a reconciliation of benefit obligations, plan assets and funded status of our plans:
 
Pension Benefits
 
Postretirement Benefits
Years Ended December 31,
2013
 
2012
 
2013
 
2012
Reconciliation of benefit obligation
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
131,382

 
$
111,340

 
$
44,395

 
$
36,334

Service cost
6,300

 
5,129

 
3,875

 
3,010

Interest cost
5,175

 
5,049

 
1,759

 
1,695

Actuarial (gain) loss
(15,161
)
 
12,841

 
(1,449
)
 
3,380

Benefit payments and adjustments
(4,344
)
 
(2,977
)
 
374

 
(24
)
Benefit obligation at end of year (1)
$
123,352

 
$
131,382

 
$
48,954

 
$
44,395

Reconciliation of fair value of plan assets
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
75,276

 
$
65,267

 
$

 
$

Actual return on plan assets
14,287

 
6,236

 

 

Employer contributions
7,000

 
6,750

 
374

 
24

Benefit payments and adjustments
(4,344
)
 
(2,977
)
 
(374
)
 
(24
)
Fair value of plan assets at end of year
$
92,219

 
$
75,276

 
$

 
$

Funded status at end of year
$
(31,133
)
 
$
(56,106
)
 
$
(48,954
)
 
$
(44,395
)
(1)
For the pension plan, the benefit obligation is the projected benefit obligation. For the postretirement benefit plan, the benefit obligation is the accumulated postretirement benefit obligation.
Schedule of Amounts Recognized in AOCI
The following table displays the effect that the unrecognized prior service cost and unrecognized actuarial loss of our plans had on AOCI, as reported in the accompanying Consolidated Balance Sheets:
 
 
Pension Benefits
 
Postretirement Benefits
Years Ended December 31
 
2013
 
2012
 
2013
 
2012
Amounts recognized in AOCI
 
 
 
 
 
 
 
 
Unrecognized prior service cost
 
$

 
$

 
$

 
$

Unrecognized actuarial loss
 
32,162

 
60,647

 
13,147

 
14,596

Total amounts recognized in AOCI
 
$
32,162

 
$
60,647

 
$
13,147

 
$
14,596

Net Periodic Benefit Cost
The components of the net periodic benefit cost for our pension and postretirement benefit plans are as follows:
 
Pension Plan
 
Postretirement Benefit Plan
Years Ended December 31,
2013
 
2012
 
2011
 
2013
 
2012
 
2011
 
 
 
 
 
 
 
 
 
 
 
 
Net periodic benefit cost
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
6,300

 
$
5,129

 
$
3,166

 
$
3,875

 
$
3,010

 
$
1,985

Interest cost
5,175

 
5,049

 
4,761

 
1,759

 
1,695

 
1,590

Expected return on plan assets
(5,772
)
 
(5,345
)
 
(5,288
)
 

 

 

Amortization of prior service cost

 
8

 
10

 

 
(6
)
 
(32
)
Amortization of net loss
4,989

 
4,415

 
2,368

 
879

 
554

 
224

Net periodic benefit cost
$
10,692

 
$
9,256

 
$
5,017

 
$
6,513

 
$
5,253

 
$
3,767


Projected Benefit Payments
The following table summarizes the expected benefits to be paid from our plans over the next 10 years:
 
 
2014
 
2015
 
2016
 
2017
 
2018
 
2019 - 2023
Pension benefits
 
$
3,990

 
$
4,270

 
$
4,580

 
$
4,920

 
$
5,350

 
$
35,640

Postretirement benefits
 
$
1,130

 
$
1,250

 
$
1,380

 
$
1,540

 
$
1,750

 
$
13,360