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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Expected Benefit Payments
Expected payments to be made for the pension and SERP plans are shown in the table below:
Year Ending December 31,PensionSERPTotal
2024$20,301 $2,834 $23,135 
202521,959 3,104 25,063 
202623,695 3,381 27,076 
202725,487 3,712 29,199 
202827,340 4,024 31,364 
2029-2033165,184 24,590 189,774 
Total payments$283,966 $41,645 $325,611 
Schedule of Defined Benefit Plans Disclosures
The expected benefit payments, net of retiree premiums and Medicare Part D subsidies, are shown in the table below.
Year Ending December 31,    
Expected Benefit Payments Before Medicare Part D Subsidy		Effect of Medicare Part D Subsidy on Expected Benefit PaymentsExpected Benefit Payments Net of Medicare Part D Subsidy
2024$4,712 $(248)$4,464 
20255,011 (275)4,736 
20265,353 (302)5,051 
20275,782 (329)5,453 
20286,234 (358)5,876 
2029-203338,176 (2,209)35,967 
Total payments$65,268 $(3,721)$61,547 
Summary of target asset allocation percentages for major categories of the pension plan
The Company's target asset allocation percentages for major categories of the plan assets are reflected in the table below:
Minimum
Exposure		TargetMaximum
Exposure
Fixed Income35 %40 %45 %
Total Domestic Equity:35 %40 %45 %
Small/Mid Cap Stocks
5 %12 %25 %
Large Cap Stocks
25 %28 %45 %
Emerging markets3 %6 %9 %
Non-U.S. Equities11 %14 %17 %
The following tables present the fair value of plan assets by major asset category at December 31, 2023 and 2022:
December 31, 2023
 Pension BenefitsOther Benefits
 Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Fixed Income$407 $— $— $407 $21,891 $— $— $21,891 
Domestic Equity: Small/Mid Cap Stocks— — — — 6,437 — — 6,437 
Domestic Equity: Large Cap Stocks— — — — — — — — 
Non U.S. Equities— — — — 7,268 — — 7,268 
Emerging markets— — — — 3,090 — — 3,090 
Assets measured at net asset value (NAV)— — — 715,866 — — — 124,681 
Total Plan Assets$407 $— $— $716,273 $38,686 $— $— $163,367 
December 31, 2022
 Pension BenefitsOther Benefits
 Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Fixed Income$588 $— $— $588 $18,060 $— $— $18,060 
Domestic Equity: Small/Mid Cap Stocks— — — — 5,654 — — 5,654 
Domestic Equity: Large Cap Stocks— — — — — — — — 
Non U.S. Equities— — — — 6,928 — — 6,928 
Emerging markets— — — — 3,027 — — 3,027 
Assets measured at NAV— — — 636,742 — — — 111,017 
Total Plan Assets$588 $— $— $637,330 $33,669 $— $— $144,686 
Schedule of reconciliation of the funded status of the plans with the accrued pension liability and the net postretirement benefit liability
The following table reconciles the funded status of the plans with the accrued pension liability and the net postretirement benefit liability as of December 31, 2023 and 2022:
 Pension BenefitsOther Benefits
 2023202220232022
Change in projected benefit obligation:    
Beginning of year$685,254 $887,477 $101,752 $142,470 
Service cost22,159 34,847 4,489 6,830 
Interest cost34,190 25,596 5,219 4,009 
Actuarial (gain) loss (1)
(8,532)(243,769)27,208 (49,462)
Benefits paid, net of retiree premiums(22,302)(18,897)(3,935)(2,095)
End of year$710,769 $685,254 $134,733 $101,752 
Change in plan assets:    
Fair value of plan assets at beginning of year$637,330 $810,469 $144,686 $169,436 
Actual return on plan assets95,280 (171,517)22,133 (23,326)
Employer contributions5,965 17,275 189 671 
Retiree contributions and Medicare part D subsidies— — 2,449 2,176 
Benefits paid(22,302)(18,897)(6,557)(4,421)
Other adjustments— — 467 150 
Fair value of plan assets at end of year$716,273 $637,330 $163,367 $144,686 
Funded status (2)$5,504 $(47,924)$28,634 $42,934 
Unrecognized actuarial gain
(66,073)(19,512)(26,764)(44,555)
Unrecognized prior service cost2,680 3,205 1,428 1,583 
Net amount recognized$(57,889)$(64,231)$3,298 $(38)
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1.The actuarial gain for pension and other benefits in 2022 was mainly due to a higher discount rate used in the calculation.
2.The short-term portion of the pension benefits was $2.8 million as of December 31, 2023 and $2.6 million as of December 31, 2022 and was recorded as part of other accrued liabilities on the Company's Consolidated Balance Sheets.
Schedule of amounts recognized in consolidated balance sheets
Amounts recognized on the balance sheet consist of:
 Pension BenefitsOther Benefits
 2023202220232022
Noncurrent assets (1)$91,051 $32,848 $28,634 $42,934 
Accrued benefit costs— (307)(1)(465)
Accrued benefit liability (2)(85,547)(80,772)— — 
Regulatory assets (3)— — — 171 
Regulatory liabilities (3)(63,393)(16,000)(25,335)(42,678)
Net amount recognized$(57,889)$(64,231)$3,298 $(38)
_______________________________________________________________________________
1.Noncurrent assets represent the overfunded status of the employee pension plan and PBOP plan in 2023 and 2022. The amounts are recorded as part of "Other" noncurrent assets on the Consolidated Balance Sheets.
2.Accrued benefit liability represents the underfunded status of the SERP plan in 2023 and 2022. The amounts are recorded as part of "Pension" in the Consolidated Balance Sheets.
3.Changes in the funded status of the plans that would be recorded in accumulated other comprehensive income for an unregulated entity are recorded as a regulatory assets and liabilities as the Company believes it is probable that an amount equal to the regulatory asset or liability will be collected or refunded through the setting of future rates.
Schedule of actuarial assumptions used in determining the benefit obligation
Below are the actuarial assumptions used in determining the benefit obligation for the benefit plans:
 Pension BenefitsOther Benefits
 2023202220232022
Weighted average assumptions as of December 31:    
Discount rate - employee pension plan5.25 %5.27 %— — 
Discount rate - SERP5.19 %5.24 %— — 
Discount rate - other benefits— — 5.25 %5.27 %
Long-term rate of return on plan assets7.56 %7.50 %7.41 %7.36 %
Rate of compensation increases - employee pension plan4.25 %4.28 %— — 
Rate of compensation increases - SERP5.00 %5.00 %— — 
Cost of living adjustment2.23 %2.25 %— — 
Below are the actuarial assumptions used in determining the net periodic benefit costs for the benefit plans, which uses the end of the prior year as the measurement date:
 Pension BenefitsOther Benefits
 2023202220232022
Weighted average assumptions as of December 31:    
Discount rate - employee pension plan5.27 %3.28 %— — 
Discount rate - SERP5.24 %3.18 %— — 
Discount rate - other benefits— — 5.27 %3.27 %
Long-term rate of return on plan assets7.50 %6.34 %7.36 %5.88 %
Rate of compensation increases - employee pension plan4.28 %4.25 %— — 
Rate of compensation increases - SERP5.00 %5.00 %— — 
Cost of living adjustment2.25 %2.20 %— — 
Schedule of components of net periodic benefit costs for the pension plans and other postretirement benefits
Net periodic benefit costs for the pension and other postretirement plans for the years ended December 31, 2023 and 2022, included the following components:
 Pension PlanOther Benefits
 202320222021202320222021
Service cost$22,159 $34,847 $35,055 $4,489 $6,830 $6,072 
Interest cost34,190 25,596 21,667 5,219 4,009 3,217 
Expected return on plan assets(53,684)(45,228)(39,472)(10,543)(9,927)(8,769)
Net amortization and deferral(3,043)5,781 10,003 (2,019)(824)(293)
Net periodic (income) cost
$(378)$20,996 $27,253 $(2,854)$88 $227