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EMPLOYEE BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2014
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, 2014 and 2013 by asset category:
 
 
 
 
 
 
 
 
 
Target
Pension Plan Assets
2014
 
% of Total
 
2013
 
% of Total
 
Allocation
Fixed maturity securities - corporate bonds
$
9,035

 
8.8
%
 
$
4,489

 
4.9
%
 
0
%
-
15
%
Redeemable preferred stock
2,254

 
2.2

 
1,381

 
1.5

 
0
%
-
10
%
Equity securities(1)
58,223

 
56.6

 
39,481

 
42.8

 
50
%
-
70
%
Pooled separate accounts
 
 
 
 
 
 
 
 
 
 
 
Bond and mortgage separate account fund
6,417

 
6.3

 
5,657

 
6.1

 
0
%
-
40
%
U.S. property separate account fund
9,895

 
9.6

 
8,763

 
9.5

 
0
%
-
25
%
Arbitrage fund
7,637

 
7.4

 
5,516

 
6.0

 
0
%
-
10
%
United Life annuity
8,506

 
8.3

 
8,101

 
8.8

 
5
%
-
10
%
Cash and cash equivalents(1)
833

 
0.8

 
18,831

 
20.4

 
0
%
-
10
%
Total plan assets
$
102,800

 
100.0
%
 
$
92,219

 
100.0
%
 
 
 
 

(1) Cash and cash equivalents balance as a percent of total plan assets exceeded the target allocation in 2013 as we were in the process of reducing the number of external investment managers and moving funds between managers in early 2014.
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, 2014 and 2013:
 
 
 
Fair Value Measurements
Description
December 31, 2014
 
Level 1
 
Level 2
 
Level 3
Fixed maturity securities - corporate bonds
$
9,035

 
$
—

 
$
9,035

 
$
—

Redeemable preferred stock
2,254

 
2,254

 
—

 
—

Equity securities
58,223

 
58,223

 
—

 
—

Pooled separate accounts
 
 
 
 
 
 
 
Bond and mortgage separate account fund
6,417

 
—

 
6,417

 
—

U.S. property separate account fund
9,895

 
—

 
—

 
9,895

Arbitrage fund
7,637

 
—

 
7,637

 
—

Money market funds
826

 
826

 
—

 
—

Total assets measured at fair value
$
94,287

 
$
61,303

 
$
23,089

 
$
9,895


 
 
 
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
Schedule of Changes in Fair Value of Pension Plan Assets
The following tables provide a summary of the changes in fair value of the pension plan's Level 3 securities:
 
U.S. property separate account fund
Balance at January 1, 2014
$
8,763

Unrealized gains
1,132

Balance at December 31, 2014
$
9,895



 
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,
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Discount rate
4.84
%
 
4.00
%
 
4.50
%
 
4.84
%
 
4.00
%
 
4.50
%
Expected long-term rate of return on plan assets
7.50

 
7.50

 
8.00

 
N/A

 
N/A

 
N/A

Rate of compensation increase
3.50

 
3.50

 
3.75

 
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,
2014
 
2013
 
2014
 
2013
Discount rate
3.86
%
 
4.84
%
 
3.86
%
 
4.84
%
Rate of compensation increase
3.00

 
3.50

 
N/A

 
N/A
Schedule of Health Care Cost Trend Rates
 
Health Care Benefits
 
Dental Claims
Years Ended December 31,
2014
 
2013
 
2014
 
2013
Health care cost trend rates assumed for next year
7.00
%
 
7.00
%
 
4.00
%
 
4.00
%
Rate to which the health care trend rate is assumed to decline (ultimate trend rate)
4.50
%
 
4.50
%
 
N/A

 
N/A

Year that the rate reaches the ultimate trend rate
2023

 
2019

 
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
 
$
1,983

 
$
(1,533
)
Effect on the accumulated postretirement benefit obligation
 
14,637

 
(11,650
)
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,
2014
 
2013
 
2014
 
2013
Reconciliation of benefit obligation
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
123,352

 
$
131,382

 
$
48,954

 
$
44,395

Service cost
5,210

 
6,300

 
3,696

 
3,875

Interest cost
5,874

 
5,175

 
2,342

 
1,759

Actuarial (gain) loss
26,590

 
(15,161
)
 
19,832

 
(1,449
)
Benefit payments and adjustments
(3,426
)
 
(4,344
)
 
(272
)
 
374

Benefit obligation at end of year (1)
$
157,600

 
$
123,352

 
$
74,552

 
$
48,954

Reconciliation of fair value of plan assets
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
92,219

 
$
75,276

 
$
—

 
$
—

Actual return on plan assets
6,591

 
14,287

 
—

 
—

Employer contributions
7,416

 
7,000

 
(272
)
 
374

Benefit payments and adjustments
(3,426
)
 
(4,344
)
 
272

 
(374
)
Fair value of plan assets at end of year
$
102,800

 
$
92,219

 
$
—

 
$
—

Funded status at end of year
$
(54,800
)
 
$
(31,133
)
 
$
(74,552
)
 
$
(48,954
)
(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 accumulated other comprehensive income ("AOCI"), as reported in the accompanying Consolidated Balance Sheets:
 
 
Pension Benefits
 
Postretirement Benefits
Years Ended December 31
 
2014
 
2013
 
2014
 
2013
Amounts recognized in AOCI
 
 
 
 
 
 
 
 
Unrecognized prior service cost
 
$
—

 
$
—

 
$
—

 
$
—

Unrecognized actuarial loss
 
56,943

 
32,162

 
32,979

 
13,147

Total amounts recognized in AOCI
 
$
56,943

 
$
32,162

 
$
32,979

 
$
13,147
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,
2014
 
2013
 
2012
 
2014
 
2013
 
2012
 
 
 
 
 
 
 
 
 
 
 
 
Net periodic benefit cost
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
5,210

 
$
6,300

 
$
5,129

 
$
3,696

 
$
3,875

 
$
3,010

Interest cost
5,874

 
5,175

 
5,049

 
2,342

 
1,759

 
1,695

Expected return on plan assets
(6,956
)
 
(5,772
)
 
(5,345
)
 
—

 
—

 
—

Amortization of prior service cost
—

 
—

 
8

 
—

 
—

 
(6
)
Amortization of net loss
2,174

 
4,989

 
4,415

 
898

 
879

 
554

Net periodic benefit cost
$
6,302

 
$
10,692

 
$
9,256

 
$
6,936

 
$
6,513

 
$
5,253
Projected Benefit Payments
The following table summarizes the expected benefits to be paid from our plans over the next 10 years:
 
 
2015
 
2016
 
2017
 
2018
 
2019
 
2020 - 2024
Pension benefits
 
$
4,310

 
$
4,690

 
$
4,970

 
$
5,380

 
$
5,840

 
$
39,220

Postretirement benefits
 
$
1,140

 
$
1,340

 
$
1,550

 
$
1,800

 
$
2,080

 
$
15,370