Pension Plans And Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2017

Pension and Other Post Retirement Benefit Plans



	Pension Benefits						Other Post- retirement Benefits
	2017			2016			2017			2016
Change in benefit obligation:
Benefit obligation as of beginning of year	$	666,472		$	613,503		$	136,453		$	138,795
Service cost	20,406			18,302			3,220			3,205
Interest cost	27,898			27,544			5,490			6,110
Actuarial (gain)/loss	39,743			39,997			(6,020		)	(3,648		)
Plan change	3,158			—			—			—
Cumulative adjustment to reclassify liability	—			—			—			(1,042		)
Benefits paid	(41,116		)	(32,874		)	(6,196		)	(6,967		)
Benefit obligation as of end of year	$	716,561		$	666,472		$	132,947		$	136,453
Change in plan assets:
Fair value of plan assets as of beginning of year	$	540,914		$	517,234		$	33,365		$	30,868
Actual return on plan assets	82,476			43,212			4,588			2,497
Employer contributions	22,000			12,000			—			—
Benefits paid	(39,738		)	(31,532		)	—			—
Fair value of plan assets as of end of year	$	605,652		$	540,914		$	37,953		$	33,365
Funded status	$	(110,909	)	$	(125,558	)	$	(94,994	)	$	(103,088	)
Unrecognized net actuarial loss	157,883			178,783			68,280			81,979
Unrecognized prior service cost	3,179			23			(7,782		)	(8,981		)
Prepaid (accrued) benefit cost	50,153			53,248			(34,496		)	(30,090		)
Additional liability	(161,062		)	(178,806		)	(60,498		)	(72,998		)
Accrued benefit liability	$	(110,909	)	$	(125,558	)	$	(94,994	)	$	(103,088	)
Accumulated pension benefit obligation	$	624,345		$	583,498		—			—
Accumulated postretirement benefit obligation:
For retirees							$	60,354		$	60,670
For fully eligible employees							$	32,891		$	34,429
For other participants							$	39,702		$	41,354



	Pension Benefits						Other Post- retirement Benefits
	2017			2016			2017			2016
Included in accumulated other comprehensive loss (income) (net of tax):
Unrecognized prior service cost	$	2,066		$	15		$	(5,058	)	$	(5,854	)
Unrecognized net actuarial loss	102,624			116,209			44,382			53,303
Total	104,690			116,224			39,324			47,449
Less regulatory asset	(97,025		)	(108,903		)	(38,899		)	(47,202		)
Accumulated other comprehensive loss for unfunded benefit obligation for pensions and other postretirement benefit plans	$	7,665		$	7,321		$	425		$	247



	Pension Benefits				Other Post- retirement Benefits
	2017		2016		2017		2016
Weighted-average assumptions as of December 31:
Discount rate for benefit obligation	3.71	%	4.26	%	3.72	%	4.23	%
Discount rate for annual expense	4.26	%	4.57	%	4.23	%	4.57	%
Expected long-term return on plan assets	5.87	%	5.40	%	5.69	%	6.03	%
Rate of compensation increase	4.69	%	4.78	%
Medical cost trend pre-age 65 – initial					6.50	%	7.00	%
Medical cost trend pre-age 65 – ultimate					5.00	%	5.00	%
Ultimate medical cost trend year pre-age 65					2023		2023
Medical cost trend post-age 65 – initial					6.50	%	7.00	%
Medical cost trend post-age 65 – ultimate					5.00	%	5.00	%
Ultimate medical cost trend year post-age 65					2024		2024

Components of Net Periodic Benefit Cost



	Pension Benefits									Other Post-retirement Benefits
	2017			2016			2015			2017			2016			2015
Components of net periodic benefit cost:
Service cost	$	20,406		$	18,302		$	19,791		$	3,220		$	3,205		$	2,925
Interest cost	27,898			27,544			26,117			5,490			6,110			5,158
Expected return on plan assets	(31,626		)	(27,547		)	(28,299		)	(1,899		)	(1,861		)	(1,991		)
Amortization of prior service cost	2			2			2			(1,144		)	(1,208		)	(1,199		)
Net loss recognition	9,793			8,511			9,451			4,934			5,728			5,095
Net periodic benefit cost	$	26,473		$	26,812		$	27,062		$	10,601		$	11,974		$	9,988

Schedule of Allocation of Plan Assets



	2017		2016
Equity securities	37	%	37	%
Debt securities	45	%	45	%
Real estate	8	%	8	%
Absolute return	10	%	10	%

Employer Matching Contributions

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



	2017		2016		2015
Employer 401(k) matching contributions	$	9,075	$	8,710	$	8,011

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):



	2017		2016
Deferred compensation assets and liabilities	$	8,458	$	7,679

Other Postretirement Benefits [Member]

Schedule of Expected Benefit Payments

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



	2018		2019		2020		2021		2022		Total 2023-2027
Expected benefit payments	$	6,856	$	7,064	$	6,093	$	6,223	$	6,288	$	32,265

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, 2017 at fair value (dollars in thousands):



	Level 1		Level 2		Level 3		Total
Balanced index mutual funds (1)	$	37,953	$	—	$	—	$	37,953



	Level 1		Level 2		Level 3		Total
Cash equivalents	$	—	$	6	$	—	$	6
Balanced index mutual funds (1)	33,359		—		—		33,359
Total	$	33,359	$	6	$	—	$	33,365

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):



	2018		2019		2020		2021		2022		Total 2023-2027
Expected benefit payments	$	36,916	$	37,613	$	38,610	$	38,729	$	38,837	$	205,395

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, 2017 at fair value (dollars in thousands):



	Level 1		Level 2		Level 3		Total
Cash equivalents	$	—	$	20,619	$	—	$	20,619
Fixed income securities:
U.S. government issues	—		20,305		—		20,305
Corporate issues	—		185,272		—		185,272
International issues	—		32,054		—		32,054
Municipal issues	—		20,201		—		20,201
Mutual funds:
U.S. equity securities	127,742		—		—		127,742
International equity securities	40,755		—		—		40,755
Absolute return (1)	7,728		—		—		7,728
Plan assets measured at NAV (not subject to hierarchy disclosure)
Common/collective trusts:
Real estate	—		—		—		34,470
International equity securities	—		—		—		43,462
Partnership/closely held investments:
Absolute return (1)	—		—		—		67,167
Private equity funds (2)	—		—		—		72
Real estate	—		—		—		5,805
Total	$	176,225	$	278,451	$	—	$	605,652



	Level 1		Level 2		Level 3		Total
Cash equivalents	$	—	$	10,179	$	—	$	10,179
Fixed income securities:
U.S. government issues	—		30,919		—		30,919
Corporate issues	—		193,563		—		193,563
International issues	—		34,145		—		34,145
Municipal issues	—		18,888		—		18,888
Mutual funds:
U.S. equity securities	120,856		—		—		120,856
International equity securities	30,025		—		—		30,025
Absolute return (1)	6,622		—		—		6,622
Plan assets measured at NAV (not subject to hierarchy disclosure)
Common/collective trusts:
Real estate	—		—		—		19,779
International equity securities	—		—		—		29,140
Partnership/closely held investments:
Absolute return (1)	—		—		—		39,077
Private equity funds (2)	—		—		—		72
Real estate	—		—		—		7,649
Total	$	157,503	$	287,694	$	—	$	540,914


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