PENSION AND POSTRETIREMENT BENEFITS (Tables)

12 Months Ended

Dec. 31, 2015

Compensation And Retirement Disclosure [Abstract]

	Domestic Plans						TCN Plan
	Year Ended December 31,						Year Ended December 31,
	2015			2014			2015			2014
	(In thousands)
Change in benefit obligation:
Benefit obligation at beginning of year	$	556,632		$	583,421		$	43,985		$	40,396
Interest cost		21,613			26,972			1,626			1,900
Actuarial loss (gain)		(21,754	)		36,885			(4,095	)		4,438
Terminated Vested Employees Lump-Sum Settlement		-			(54,551	)		-			-
Benefits paid		(37,292	)		(36,095	)		(3,251	)		(2,749	)
Benefit obligation at end of year		519,199			556,632			38,265			43,985

Change in plan assets:
Fair value of plan assets at beginning of year		551,821			567,801			42,106			43,483
Actual return on plan assets		(21,889	)		73,114			(598	)		1,372
Company contributions		1,506			1,552			-			-
Terminated Vested Employees Lump-Sum Settlement		-			(54,551	)		-			-
Benefits paid		(37,292	)		(36,095	)		(3,251	)		(2,749	)
Fair value of plan assets at end of year		494,146			551,821			38,257			42,106
Funded status	$	(25,053	)	$	(4,811	)	$	(8	)	$	(1,879	)

Amounts recognized in balance sheet consist of:
Other Assets	$	-		$	12,685		$	-		$	-
Accrued pension liability—current		(1,409	)		(1,519	)		-			-
Pension liability		(23,644	)		(15,977	)		(8	)		(1,879	)
Accrued benefit liability		(25,053	)		(17,496	)		(8	)		(1,879	)
Net (Liability)/ Asset	$	(25,053	)	$	(4,811	)	$	(8	)	$	(1,879	)

(1)

During 2014 we offered our former employees with vested pension benefits under the McDermott Plan a one-time voluntary opportunity, for a six-week period, to receive the value of their pension benefit as a lump-sum payment. This program resulted in approximately $55 million release of pension liability and a corresponding decrease in plan assets.

	Domestic Plans				TCN Plan
	Year Ended December 31,				Year Ended December 31,
	2015		2014		2015		2014
	(In thousands)
Supplemental information:
Plans with accumulated benefit obligation in excess of plan assets
Projected benefit obligation	$	519,199	$	556,632	$	38,265	$	43,985
Accumulated benefit obligation		519,199		556,632		38,265		43,985
Fair value of plan assets		494,146		551,821		38,257		42,106

Weighted Average Assumptions used Determine Net Periodic Benefit Obligations

Assumptions


	Domestic Plans						TCN Plan
	2015			2014			2015			2014
Weighted average assumptions used to determine net periodic benefit obligations at December 31:
Discount rate		4.2	%		4.0	%		4.00	%		3.80	%
Rate of compensation increase	N/A			N/A			N/A			N/A

Net Periodic Benefit Cost

	Domestic Plans									TCN Plan
	Year Ended December 31,									Year Ended December 31,
	2015			2014			2013			2015			2014			2013
	(In thousands)
Supplemental information:
Components of periodic benefit cost:
Interest cost	$	21,613		$	26,972		$	23,996		$	1,626		$	1,900		$	1,867
Expected return on plan assets		(26,707	)		(27,501	)		(38,306	)		(2,840	)		(2,961	)		(2,602	)
Actuarial loss (gain)		26,842			(8,728	)		22,002			(657	)		6,027			(10,822	)
Net periodic benefit cost (gain)	$	21,748		$	(9,257	)	$	7,692		$	(1,871	)	$	4,966		$	(11,557	)

Weighted average assumptions used to determine net periodic benefit cost:
Discount rate		4.00	%		4.80	%		4.00	%		4.00	%		4.80	%		4.00	%
Expected return on plan assets		5.00	%		5.00	%		6.50	%		6.90	%		6.90	%		6.90	%
Rate of compensation increase	N/A			N/A			N/A			N/A			N/A			N/A

Asset Allocations, by Asset Class

The following is a summary of the asset allocations at December 31, 2015 and 2014 by asset category.

	Domestic Plans						TCN Plan
	2015			2014			2015			2014
Asset Category:
Fixed Income		85	%		85	%		49	%		28	%
Equity Securities		15	%		15	%		51	%		72	%
Total		100	%		100	%		100	%		100	%

Total Investments Plans Measured at Fair Value

The following is a summary of total investments for our plans, measured at fair value at:

	December 31, 2015
	Level 1		Level 2		Level 3		Total
Pension Benefits:	(In thousands)
Fixed Income	$	60,128	$	356,107	$	5,752	$	421,987
Equities		85,065		12		-		85,077
Cash and Accrued Items		25,335		4		-		25,339
Total Investments	$	170,528	$	356,123	$	5,752	$	532,403

	December 31, 2014
	Level 1		Level 2		Level 3		Total
Pension Benefits:	(In thousands)
Fixed Income	$	64,575	$	402,116	$	5,013	$	471,704
Equities		109,781		486		-		110,267
Cash and Accrued Items		11,956		-		-		11,956
Total Investments	$	186,312	$	402,602	$	5,013	$	593,927

Changes in Level 3 Fixed Income Instrument Measured on Recurring Basis

The following is a summary of the changes in our Level 3 fixed income instruments measured on a recurring basis:

	December 31,
	2015			2014
	(In thousands)
Balance at beginning of period	$	5,013		$	3,769
Purchases, net		1,269			1,347
Total unrealized loss		(530	)		(103	)
Balance at end of period	$	5,752		$	5,013

Expected Employer Contributions and Expected Benefit Payments

Cash Flows
	Domestic Plans		TCN Plan
	(In thousands)
Expected employer contributions to trusts of defined benefit plans:
2016	$	-	$	-
Expected benefit payments:
2016	$	37,190	$	8,993
2017		36,939		2,341
2018		36,715		2,394
2019		36,373		3,580
2020		36,019		2,674
2021-2025		173,293		11,113