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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2014
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]  
Pension and postretirement benefit plans obligations and fair value of plan assets
Obligations and Funded Status - The following tables set forth our pension and postretirement benefit plans benefit obligations and fair value of plan assets for our continuing operations for the periods indicated:
 
 
Pension Benefits
 
Postretirement Benefits
 
 
December 31,
 
December 31,
 
 
2014
 
2013
 
2014
 
2013
Change in Benefit Obligation
 
(Thousands of dollars)
Benefit obligation, beginning of period
 
$
361,578

 
$
383,979

 
$
50,232

 
$
56,843

Service cost
 
7,238

 
6,127

 
710

 
458

Interest cost
 
18,324

 
15,626

 
2,433

 
1,164

Plan participants’ contributions
 
—

 
—

 
1,537

 
730

Actuarial loss (gain)
 
42,891

 
(32,120
)
 
6,822

 
(5,833
)
Benefits paid
 
(12,101
)
 
(12,034
)
 
(4,815
)
 
(3,130
)
Other adjustments
 
(3,749
)
 
—

 
(256
)
 
—

Benefit obligation, end of period
 
414,181

 
361,578

 
56,663

 
50,232

 
 
 
 
 
 
 
 
 
Change in Plan Assets
 
 

 
 

 
 

 
 

Fair value of plan assets, beginning of period
 
274,936

 
243,525

 
28,626

 
24,147

Actual return on plan assets
 
17,619

 
43,445

 
1,765

 
4,481

Employer contributions
 
—

 
—

 
2,000

 
147

Plan participants’ contributions
 
—

 
—

 
1,233

 
—

Benefits paid
 
(12,101
)
 
(12,034
)
 
(3,968
)
 
(149
)
Other adjustments
 
(2,886
)
 
—

 
(227
)
 
—

Fair value of assets, end of period
 
277,568

 
274,936

 
29,429

 
28,626

Balance at December 31
 
$
(136,613
)
 
$
(86,642
)
 
$
(27,234
)
 
$
(21,606
)
 
 
 
 
 
 
 
 
 
Current liabilities
 
$
(4,634
)
 
$
(4,645
)
 
$
—

 
$
—

Noncurrent liabilities
 
(131,979
)
 
(81,997
)
 
(27,234
)
 
(21,606
)
Balance at December 31
 
$
(136,613
)
 
$
(86,642
)
 
$
(27,234
)
 
$
(21,606
)
Components of net periodic benefit cost for pension and postretirement benefit plans
Components of Net Periodic Benefit Cost - The following tables set forth the components of net periodic benefit cost for our pension and postretirement benefit plans for our continuing operations for the periods indicated:
 
 
Pension Benefits
 
 
Years Ended December 31,
 
 
2014
 
2013
 
2012
 
 
(Thousands of dollars)
Components of net periodic benefit cost
 
 
 
 
 
 
Service cost
 
$
7,238

 
$
6,127

 
$
5,633

Interest cost
 
18,324

 
15,626

 
17,205

Expected return on assets
 
(19,526
)
 
(19,874
)
 
(20,595
)
Amortization of prior service cost
 
193

 
239

 
252

Amortization of net loss
 
15,078

 
19,016

 
14,403

Net periodic benefit cost
 
$
21,307

 
$
21,134

 
$
16,898

 
 
Postretirement Benefits
 
 
Years Ended December 31,
 
 
2014
 
2013
 
2012
 
 
(Thousands of dollars)
Components of net periodic benefit cost
 
 
 
 
 
 
Service cost
 
$
710

 
$
458

 
$
414

Interest cost
 
2,433

 
1,164

 
1,158

Expected return on assets
 
(2,163
)
 
(1,218
)
 
(891
)
Amortization of unrecognized net asset at adoption
 
—

 
49

 
169

Amortization of prior service cost
 
(1,662
)
 
(1,799
)
 
(2,493
)
Amortization of net loss
 
836

 
2,391

 
2,975

Net periodic benefit cost
 
$
154

 
$
1,045

 
$
1,332
Amounts recognized in other comprehensive income (loss)
Other Comprehensive Income (Loss) - The following tables set forth the amounts recognized in other comprehensive income (loss) related to our pension benefits and postretirement benefits for our continuing operations for the periods indicated:
 
 
Pension Benefits
 
 
Years Ended December 31,
 
 
2014
 
2013
 
2012
 
 
(Thousands of dollars)
Net gain (loss) arising during the period
 
$
(49,293
)
 
$
51,874

 
$
(29,625
)
Amortization of prior service credit
 
193

 
239

 
252

Amortization of net loss
 
15,078

 
19,016

 
14,403

Deferred income taxes
 
13,609

 
(28,452
)
 
5,988

Total recognized in other comprehensive income (loss)
 
$
(20,413
)
 
$
42,677

 
$
(8,982
)
 
 
Postretirement Benefits
 
 
Years Ended December 31,
 
 
2014
 
2013
 
2012
 
 
(Thousands of dollars)
Net gain (loss) arising during the period
 
$
(7,220
)
 
$
9,096

 
$
(2,423
)
Amortization of transition obligation
 
—

 
49

 
169

Amortization of prior service cost
 
(1,662
)
 
(1,799
)
 
(2,493
)
Amortization of net loss
 
836

 
2,391

 
2,975

Deferred income taxes
 
3,218

 
(3,895
)
 
709

Total recognized in other comprehensive income (loss)
 
$
(4,828
)
 
$
5,842


$
(1,063
)
Amounts in accumulated other comprehensive income (loss)
The table below sets forth the amounts in accumulated other comprehensive income (loss) that had not yet been recognized as components of net periodic benefit expense for our continuing operations for the periods indicated:
 
 
Pension Benefits
 
Postretirement Benefits
 
 
December 31,
 
December 31,
 
 
2014
 
2013
 
2014
 
2013
 
 
(Thousands of dollars)
Prior service credit (cost)
 
$
(94
)
 
$
(287
)
 
$
6,873

 
$
8,535

Accumulated loss
 
(156,985
)
 
(122,770
)
 
(16,396
)
 
(10,012
)
Accumulated other comprehensive loss
 
(157,079
)
 
(123,057
)
 
(9,523
)
 
(1,477
)
Deferred income taxes
 
62,832

 
49,223

 
3,811

 
591

Accumulated other comprehensive loss, net of tax
 
$
(94,247
)

$
(73,834
)

$
(5,712
)

$
(886
)
Amounts in either accumulated comprehensive income (loss) or regulatory assets expected to be recognized as components of net periodic benefit expense
The following table sets forth the amounts recognized in accumulated comprehensive income (loss) expected to be recognized as components of net periodic benefit expense for our continuing operations in the next fiscal year.
 
 
Pension
Benefits
 
Postretirement
Benefits
Amounts to be recognized in 2015
 
(Thousands of dollars)
Prior service (credit) cost
 
$
94

 
$
(1,662
)
Net loss
 
$
15,981

 
$
1,743
Weighted-average assumptions used to determine benefit obligations and net periodic benefit costs
Actuarial Assumptions - The following table sets forth the weighted-average assumptions used to determine benefit obligations for pension and postretirement benefits for the periods indicated:
 
 
Pension Benefits
 
Postretirement Benefits
 
 
December 31,
 
December 31,
 
 
2014
 
2013
 
2014
 
2013
Discount rate
 
4.50%
 
5.25%
 
4.25%
 
5.00%
Compensation increase rate
 
3.15%
 
3.20%
 
3.15%
 
3.20%

The following table sets forth the weighted-average assumptions used to determine net periodic benefit costs for the periods indicated:
 
 
Years Ended December 31,
 
 
2014
 
2013
 
2012
Discount rate - pension plans
 
5.25%
 
4.25%
 
5.00%
Discount rate - postretirement plans
 
5.00%
 
4.00%
 
5.00%
Expected long-term return on plan assets
 
7.75%
 
8.25%
 
8.25%
Compensation increase rate
 
3.20%
 
3.50%
 
3.80%
Assumed health care cost trend rates
Health Care Cost Trend Rates - The following table sets forth the assumed health care cost-trend rates for the periods indicated:
 
 
2014
 
2013
Health care cost-trend rate assumed for next year
 
4.0% - 7.75%
 
4.0% - 8.25%
Rate to which the cost-trend rate is assumed to decline
(the ultimate trend rate)
 
4.0% - 5.0%
 
5.0%
Year that the rate reaches the ultimate trend rate
 
2022
 
2022
Effects of a one percentage point change in assumed health care costs trend rates
Assumed health care cost-trend rates have an impact on the amounts reported for our health care plans.  A one percentage point change in assumed health care cost-trend rates would have the following effects on our continuing operations:
 
 
One Percentage
Point Increase
 
One Percentage
Point Decrease
 
 
(Thousands of dollars)
Effect on total of service and interest cost
 
$
74

 
$
(67
)
Effect on postretirement benefit obligation
 
$
1,131

 
$
(1,025
)
Schedule of allocation of plan assets
Plan Assets - Our investment strategy is to invest plan assets in accordance with sound investment practices that emphasize long-term fundamentals.  The goal of this strategy is to maximize investment returns while managing risk in order to meet the plan’s current and projected financial obligations. The investment policy follows a glide path approach toward liability-driven investing that shifts a higher portfolio weighting to fixed income as the plan's funded status increases.  The purpose of liability-driven investing is to structure the asset portfolio to more closely resemble the pension liability and thereby more effectively hedge against changes in the liability. The plan’s current investments include a diverse blend of various domestic and international equities, investments in various classes of debt securities, insurance contracts and venture capital.  The target allocation for the assets of our pension plan as of December 31, 2014, is as follows:
U.S. large-cap equities
 
37
%
Aggregate bonds
 
24
%
Developed foreign large-cap equities
 
10
%
Alternative investments
 
8
%
Mid-cap equities
 
6
%
Emerging markets equities
 
5
%
Small-cap equities
 
4
%
High-yield bonds
 
3
%
Developed foreign bonds
 
2
%
Emerging market bonds
 
1
%
Total
 
100
%

As part of our risk management for the plans, minimums and maximums have been set for each of the asset classes listed above. All investment managers for the plan are subject to certain restrictions on the securities they purchase and, with the exception of indexing purposes, are prohibited from owning our stock.

The following tables set forth our pension benefits and postretirement benefits plan assets by fair value category for our continuing operations as of the measurement date:
 
 
Pension Benefits
 
 
December 31, 2014
Asset Category
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
(Thousands of dollars)
Investments:
 
 
 
 
 
 
 
 
Equity securities (a)
 
$
160,421

 
$
15,315

 
$
—

 
$
175,736

Government obligations
 
—

 
21,044

 
—

 
21,044

Corporate obligations (b)
 
—

 
55,948

 
—

 
55,948

Cash and money market funds (c)
 
4,610

 
—

 
—

 
4,610

Other investments (d)
 
—

 
—

 
20,230

 
20,230

Total assets
 
$
165,031

 
$
92,307

 
$
20,230

 
$
277,568

(a) - This category represents securities of the respective market sector from diverse industries.
(b) - This category represents bonds from diverse industries.
(c) - This category is primarily money market funds.
(d) - This category represents alternative investments.
 
 
Pension Benefits
 
 
December 31, 2013
Asset Category
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
(Thousands of dollars)
Investments:
 
 
 
 
 
 
 
 
Equity securities (a)
 
$
178,329

 
$
15,809

 
$
—

 
$
194,138

Government obligations
 
—

 
29,160

 
—

 
29,160

Corporate obligations (b)
 
—

 
25,005

 
—

 
25,005

Cash and money market funds (c)
 
7,258

 
—

 
—

 
7,258

Other investments (d)
 
—

 
—

 
19,375

 
19,375

Total assets
 
$
185,587

 
$
69,974

 
$
19,375

 
$
274,936

(a) - This category represents securities of the respective market sector from diverse industries.
(b) - This category represents bonds from diverse industries.
(c) - This category is primarily money market funds.
(d) - This category represents alternative investments.
 
 
Postretirement Benefits
 
 
December 31, 2014
Asset Category
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
(Thousands of dollars)
Investments:
 
 
 
 
 
 
 
 
Equity securities (a)
 
$
1,599

 
$
—

 
$
—

 
$
1,599

Cash and money market funds
 
1,644

 
—

 
—

 
1,644

Insurance and group annuity contracts
 
—

 
26,186

 
—

 
26,186

Total assets
 
$
3,243

 
$
26,186

 
$
—

 
$
29,429

(a) - This category represents securities of the respective market sector from diverse industries.
 
 
Postretirement Benefits
 
 
December 31, 2013
Asset Category
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
(Thousands of dollars)
Investments:
 
 
 
 
 
 
 
 
Equity securities (a)
 
$
1,464

 
$
—

 
$
—

 
$
1,464

Cash and money market funds (b)
 
1,300

 
—

 
—

 
1,300

Insurance and group annuity contracts
 
—

 
25,862

 
—

 
25,862

Total assets
 
$
2,764

 
$
25,862

 
$
—

 
$
28,626

(a) - This category represents securities of the respective market sector from diverse industries.
(b) - This category represents money market funds.
Reconciliation of Level 3 fair value measurements of pension plan
The following tables set forth the reconciliation of Level 3 fair value measurements of our pension plan for our continuing operations for the periods indicated:
 
 
Pension Benefits
 
 
Years Ended December 31,
 
 
2014
 
2013
 
 
(Thousands of dollars)
Fair value of plan assets at beginning of period
 
$
19,375

 
$
17,842

Net realized and unrealized gains (losses)
 
855

 
1,533

Fair value of plan assets at end of period
 
$
20,230

 
$
19,375
Pension benefits and postretirement benefit payments expected to be paid
The following table sets forth the pension benefits and postretirement benefits payments expected to be paid in 2015-2024 for our continuing operations:
 
 
Pension
Benefits
 
Postretirement
Benefits
Benefits to be paid in:
 
(Thousands of dollars)
2015
 
$
13,928

 
$
2,865

2016
 
$
14,914

 
$
3,011

2017
 
$
15,887

 
$
3,260

2018
 
$
16,979

 
$
3,442

2019
 
$
18,025

 
$
3,601

2020 through 2024
 
$
104,652

 
$
19,023