Pension Plans And Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2014

Pension and Other Post Retirement Benefit Plans

	Pension Benefits						Other Post- retirement Benefits
	2014			2013			2014			2013
Change in benefit obligation:
Benefit obligation as of beginning of year	$	527,004		$	584,619		$	108,249		$	132,541
Service cost	15,757			19,045			1,844			4,144
Interest cost	26,224			23,896			5,226			5,216
Actuarial (gain)/loss	97,128			(78,234		)	18,714			(18,017		)
Plan change	—			277			—			(10,788		)
Transfer of accrued vacation	—			—			437			1,189
Benefits paid	(31,439		)	(22,599		)	(6,481		)	(6,036		)
Benefit obligation as of end of year	$	634,674		$	527,004		$	127,989		$	108,249
Change in plan assets:
Fair value of plan assets as of beginning of year	$	481,502		$	406,061		$	29,732		$	25,288
Actual return on plan assets	55,974			52,502			1,580			4,444
Employer contributions	32,000			44,263			—			—
Benefits paid	(30,165		)	(21,324		)	—			—
Fair value of plan assets as of end of year	$	539,311		$	481,502		$	31,312		$	29,732
Funded status	$	(95,363	)	$	(45,502	)	$	(96,677	)	$	(78,517	)
Unrecognized net actuarial loss	175,596			107,043			82,421			56,885
Unrecognized prior service cost	256			278			(10,379		)	(707		)
Prepaid (accrued) benefit cost	80,489			61,819			(24,635		)	(22,339		)
Additional liability	(175,852		)	(107,321		)	(72,042		)	(56,178		)
Accrued benefit liability	$	(95,363	)	$	(45,502	)	$	(96,677	)	$	(78,517	)
Accumulated pension benefit obligation	$	551,615		$	464,432		—			—
Accumulated postretirement benefit obligation:
For retirees							$	58,276		$	52,384
For fully eligible employees							$	31,843		$	24,320
For other participants							$	37,870		$	31,545

	Pension Benefits						Other Post- retirement Benefits
	2014			2013			2014			2013
Included in accumulated other comprehensive loss (income) (net of tax):
Unrecognized prior service cost	$	166		$	180		$	(6,747	)	$	(7,472	)
Unrecognized net actuarial loss	114,138			69,578			53,574			43,988
Total	114,304			69,758			46,827			36,516
Less regulatory asset	(106,484		)	(64,925		)	(46,759		)	(37,116		)
Accumulated other comprehensive loss (income) for unfunded benefit obligation for pensions and other postretirement benefit plans	$	7,820		$	4,833		$	68		$	(600	)

	Pension Benefits				Other Post- retirement Benefits
	2014		2013		2014		2013
Weighted average assumptions as of December 31:
Discount rate for benefit obligation	4.21	%	5.10	%	4.16	%	5.02	%
Discount rate for annual expense	5.10	%	4.15	%	5.02	%	4.15	%
Expected long-term return on plan assets	6.60	%	6.60	%	6.40	%	6.35	%
Rate of compensation increase	4.87	%	4.96	%
Medical cost trend pre-age 65 – initial					7.00	%	7.00	%
Medical cost trend pre-age 65 – ultimate					5.00	%	5.00	%
Ultimate medical cost trend year pre-age 65					2021		2020
Medical cost trend post-age 65 – initial					7.00	%	7.50	%
Medical cost trend post-age 65 – ultimate					5.00	%	5.00	%
Ultimate medical cost trend year post-age 65					2022		2021

Components of Net Periodic Benefit Cost

	Pension Benefits									Other Post-retirement Benefits
	2014			2013			2012			2014			2013			2012
Components of net periodic benefit cost:
Service cost	$	15,757		$	19,045		$	15,551		$	1,844		$	4,144		$	2,804
Interest cost	26,224			23,896			24,349			5,226			5,216			5,056
Expected return on plan assets	(32,131		)	(27,671		)	(23,810		)	(1,903		)	(1,606		)	(1,471		)
Transition obligation recognition	—			—			—			—			—			505
Amortization of prior service cost	22			319			346			(1,116		)	(149		)	(149		)
Net loss recognition	4,731			13,199			11,637			4,289			5,674			5,020
Net periodic benefit cost	$	14,603		$	28,788		$	28,073		$	8,340		$	13,279		$	11,765

Schedule of Allocation of Plan Assets

	2014		2013
Equity securities	27	%	47	%
Debt securities	58	%	31	%
Real estate	6	%	6	%
Absolute return	9	%	12	%
Other	—	%	4	%

Changes in The Fair Value of The Pension Plan's Level 3 Assets

The table below discloses the summary of changes in the fair value of the pension plan’s Level 3 assets for the year ended December 31, 2014 (dollars in thousands):

	Common/collective trusts		Partnership/closely held investments
	Real estate		Absolute return		Private equity funds			Real estate
Balance, as of January 1, 2014	$	19,735	$	34,151	$	377		$	3,873
Realized gains	24		—		—			595
Unrealized gains (losses)	1,097		1,963		(304		)	(644		)
Purchases, net	447		—		—			2,936
Balance, as of December 31, 2014	$	21,303	$	36,114	$	73		$	6,760

The table below discloses the summary of changes in the fair value of the pension plan’s Level 3 assets for the year ended December 31, 2013 (dollars in thousands):

	Common/collective trusts		Partnership/closely held investments
	Real estate		Absolute return		Private equity funds			Real estate
Balance, as of January 1, 2013	$	17,596	$	17,755	$	660		$	—
Realized gains (losses)	—		—		(323		)	—
Unrealized gains (losses)	2,139		2,396		345			113
Purchases (sales), net	—		14,000		(305		)	3,760
Balance, as of December 31, 2013	$	19,735	$	34,151	$	377		$	3,873

Employer Matching Contributions

Employer matching contributions were as follows for the years ended December 31 (dollars in thousands):

	2014		2013		2012
Employer 401(k) matching contributions	$	6,862	$	6,279	$	5,931

Deferred Compensation Liabilities Included in other Non-Current Liabilities and Deferred Credits

There were deferred compensation assets included in other property and investments-net and corresponding deferred compensation liabilities included in other non-current liabilities and deferred credits on the Consolidated Balance Sheets of the following amounts as of December 31 (dollars in thousands):

	2014		2013
Deferred compensation assets and liabilities	$	8,677	$	9,170

Pension Plan And SERP [Member]

Schedule of Expected Benefit Payments

The Company expects that benefit payments under the pension plan and the SERP will total (dollars in thousands):

	2015		2016		2017		2018		2019		Total 2020-2024
Expected benefit payments	$	27,938	$	29,109	$	30,157	$	31,407	$	32,979	$	184,794

Other Post-Retirement Benefits [Member]

Schedule of Expected Benefit Payments

The Company expects that benefit payments under other postretirement benefit plans will total (dollars in thousands):

	2015		2016		2017		2018		2019		Total 2020-2024
Expected benefit payments	$	7,138	$	7,487	$	7,475	$	7,589	$	7,767	$	36,076

Schedule of Allocation of Plan Assets

The following table discloses by level within the fair value hierarchy (see Note 16 for a description of the fair value hierarchy) of other postretirement plan assets measured and reported as of December 31, 2014 at fair value (dollars in thousands):

	Level 1		Level 2		Level 3		Total
Cash equivalents	$	—	$	3	$	—	$	3
Mutual funds:
Fixed income securities	11,968		—		—		11,968
U.S. equity securities	13,210		—		—		13,210
International equity securities	6,131		—		—		6,131
Total	$	31,309	$	3	$	—	$	31,312

The following table discloses by level within the fair value hierarchy (see Note 16 for a description of the fair value hierarchy) of other postretirement plan assets measured and reported as of December 31, 2013 at fair value (dollars in thousands):

	Level 1		Level 2		Level 3		Total
Cash equivalents	$	—	$	4	$	—	$	4
Mutual funds:
Fixed income securities	11,645		—		—		11,645
U.S. equity securities	11,831		—		—		11,831
International equity securities	6,252		—		—		6,252
Total	$	29,728	$	4	$	—	$	29,732

Pension Benefits [Member]

Schedule of Allocation of Plan Assets

The following table discloses by level within the fair value hierarchy (see Note 16 for a description of the fair value hierarchy) of the pension plan’s assets measured and reported as of December 31, 2014 at fair value (dollars in thousands):

	Level 1		Level 2		Level 3		Total
Cash equivalents	$	—	$	3,138	$	—	$	3,138
Fixed income securities:
U.S. government issues	19,681		—		—		19,681
Corporate issues	104,959		—		—		104,959
International issues	19,935		—		—		19,935
Municipal issues	2,762		7,788		—		10,550
Mutual funds:
Fixed income securities	157,415		8		—		157,423
U.S. equity securities	103,203		—		—		103,203
International equity securities	40,838		—		—		40,838
Absolute return (1)	15,334		—		—		15,334
Common/collective trusts:
Real estate	—		—		21,303		21,303
Partnership/closely held investments:
Absolute return (1)	—		—		36,114		36,114
Private equity funds (3)	—		—		73		73
Real estate	—		—		6,760		6,760
Total	$	464,127	$	10,934	$	64,250	$	539,311

The following table discloses by level within the fair value hierarchy (see Note 16 for a description of the fair value hierarchy) of the pension plan’s assets measured and reported as of December 31, 2013 at fair value (dollars in thousands):

	Level 1		Level 2		Level 3		Total
Mutual funds:
Fixed income securities	$	86,481	$	310	$	—	$	86,791
U.S. equity securities	152,831		—		—		152,831
International equity securities	85,942		—		—		85,942
Absolute return (1)	23,599		—		—		23,599
Common/collective trusts:
Fixed income securities	—		55,872		—		55,872
Real estate	—		—		19,735		19,735
Partnership/closely held investments:
Absolute return (1)	—		—		34,151		34,151
Private equity funds (3)	—		—		377		377
Commodities (2)	—		18,331		—		18,331
Real estate	—		—		3,873		3,873
Total	$	348,853	$	74,513	$	58,136	$	481,502

(1) This category invests in multiple strategies to diversify risk and reduce volatility. The strategies include: (a) event driven, relative value, convertible, and fixed income arbitrage, (b) distressed investments, (c) long/short equity and fixed income, and (d) market neutral strategies.

(2) This investment is in derivatives linked to commodity indices to gain exposure to the commodity markets. These positions are fully collateralized with debt securities.

(3) This category includes private equity funds that invest primarily in U.S. companies.