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EMPLOYEE BENEFITS (Tables)
12 Months Ended
Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]  
Summary of Actual and Target Asset Allocation of Plan Assets
The following is a summary of the pension plan's actual and target asset allocations at December 31, 2015 and 2014 by asset category:
 
 
 
 
 
 
 
 
 
Target
Pension Plan Assets
2015
 
% of Total
 
2014
 
% of Total
 
Allocation
Fixed maturity securities - corporate bonds
$
6,894

 
6.5
%
 
$
9,035

 
8.8
%
 
0
%
-
15
%
Redeemable preferred stock
3,744

 
3.5

 
2,254

 
2.2

 
0
%
-
10
%
Equity securities
58,613

 
55.0

 
58,223

 
56.6

 
50
%
-
70
%
Pooled separate accounts
 
 
 
 
 
 
 
 
 
 
 
Core Plus Bond separate account fund
6,605

 
6.2

 
6,417

 
6.3

 
0
%
-
40
%
U.S. property separate account fund
11,252

 
10.5

 
9,895

 
9.6

 
0
%
-
25
%
Arbitrage fund
7,856

 
7.4

 
7,637

 
7.4

 
0
%
-
10
%
United Life annuity
8,931

 
8.4

 
8,506

 
8.3

 
5
%
-
10
%
Cash and cash equivalents
2,705

 
2.5

 
833

 
0.8

 
0
%
-
10
%
Total plan assets
$
106,600

 
100.0
%
 
$
102,800

 
100.0
%
 
 
 
 


Categories of Pension Plan Assets at Fair Value on Recurring Basis
The following tables present the categorization of the pension plan's assets measured at fair value on a recurring basis at December 31, 2015 and 2014:
 
 
 
Fair Value Measurements
Description
December 31, 2015
 
Level 1
 
Level 2
 
Level 3
Fixed maturity securities - corporate bonds
$
6,894

 
$

 
$
6,894

 
$

Redeemable preferred stock
3,744

 
3,744

 

 

Equity securities
58,613

 
58,613

 

 

Pooled separate accounts
 
 
 
 
 
 
 
Core plus bond separate account fund
6,605

 

 
6,605

 

U.S. property separate account fund
11,252

 

 

 
11,252

Arbitrage fund
7,856

 

 
7,856

 

Money market funds
2,619

 
2,619

 

 

Total assets measured at fair value
$
97,583

 
$
64,976

 
$
21,355

 
$
11,252


 
 
 
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
 
 
 
 
 
 
 
Core plus bond 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

Summary of Changes in Fair Value of Pension Plan Securities
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, 2015
$
9,895

Unrealized gains
1,357

Balance at December 31, 2015
$
11,252



 
U.S. property separate account fund
Balance at January 1, 2014
$
8,763

Unrealized gains
1,132

Balance at December 31, 2014
$
9,895

Schedule of Actuarial Assumptions Used
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,
2015
 
2014
 
2015
 
2014
Discount rate
4.21
%
 
3.86
%
 
4.21
%
 
3.86
%
Rate of compensation increase
3.00

 
3.00

 
N/A

 
N/A

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,
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Discount rate
3.86
%
 
4.84
%
 
4.00
%
 
3.86
%
 
4.84
%
 
4.00
%
Expected long-term rate of return on plan assets
7.50

 
7.50

 
7.50

 
N/A

 
N/A

 
N/A

Rate of compensation increase
3.00

 
3.50

 
3.50

 
N/A

 
N/A

 
N/A

Schedule of Health Care Cost Trend Rates
 
Health Care Benefits
 
Dental Claims
Years Ended December 31,
2015
 
2014
 
2015
 
2014
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
2024

 
2023

 
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
 
$
1,595

 
$
(1,239
)
Effect on the accumulated postretirement benefit obligation
 
14,178

 
(11,270
)
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,
2015
 
2014
 
2015
 
2014
Reconciliation of benefit obligation
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
157,600

 
$
123,352

 
$
74,552

 
$
48,954

Service cost
6,675

 
5,210

 
5,220

 
3,696

Interest cost
5,999

 
5,874

 
2,856

 
2,342

Actuarial (gain) loss
(5,678
)
 
26,590

 
(9,253
)
 
20,730

Benefit payments and adjustments
(4,206
)
 
(3,426
)
 
(1,200
)
 
(1,170
)
Benefit obligation at end of year (1)
$
160,390

 
$
157,600

 
$
72,175

 
$
74,552

Reconciliation of fair value of plan assets
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
102,800

 
$
92,219

 
$

 
$

Actual return on plan assets
1,654

 
6,591

 

 

Employer contributions
6,352

 
7,416

 
(1,200
)
 
(1,170
)
Benefit payments and adjustments
(4,206
)
 
(3,426
)
 
1,200

 
1,170

Fair value of plan assets at end of year
$
106,600

 
$
102,800

 
$

 
$

Funded status at end of year
$
(53,790
)
 
$
(54,800
)
 
$
(72,175
)
 
$
(74,552
)
(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
 
2015
 
2014
 
2015
 
2014
Amounts recognized in AOCI
 
 
 
 
 
 
 
 
Unrecognized prior service cost
 
$

 
$

 
$

 
$

Unrecognized actuarial loss
 
52,936

 
56,943

 
20,806

 
32,979

Total amounts recognized in AOCI
 
$
52,936

 
$
56,943

 
$
20,806

 
$
32,979

Components of 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,
2015
 
2014
 
2013
 
2015
 
2014
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
Net periodic benefit cost
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
6,675

 
$
5,210

 
$
6,300

 
$
5,220

 
$
3,696

 
$
3,875

Interest cost
5,999

 
5,874

 
5,175

 
2,856

 
2,342

 
1,759

Expected return on plan assets
(7,800
)
 
(6,956
)
 
(5,772
)
 

 

 

Amortization of net loss
4,546

 
2,174

 
4,989

 
2,920

 
898

 
879

Net periodic benefit cost
$
9,420

 
$
6,302

 
$
10,692

 
$
10,996

 
$
6,936

 
$
6,513

Summary of Expected Benefit Payments
The following table summarizes the expected benefits to be paid from our plans over the next 10 years:
 
 
2016
 
2017
 
2018
 
2019
 
2020
 
2021 - 2025
Pension benefits
 
$
4,680

 
$
5,060

 
$
5,420

 
$
5,930

 
$
6,500

 
$
43,200

Postretirement benefits
 
$
1,140

 
$
1,340

 
$
1,560

 
$
1,810

 
$
2,080

 
$
15,170