Pension Plans And Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

Pension and Other Post Retirement Benefit Plans

	Pension Benefits						Other Post- retirement Benefits
	2018			2017			2018			2017
Change in benefit obligation:
Benefit obligation as of beginning of year	$	716,561		$	666,472		$	132,947		$	136,453
Service cost	21,614			20,406			3,188			3,220
Interest cost	26,096			27,898			4,831			5,490
Actuarial (gain)/loss	(48,641		)	39,743			(610		)	(6,020		)
Plan change	—			3,158			—			—
Benefits paid	(44,001		)	(41,116		)	(6,303		)	(6,196		)
Benefit obligation as of end of year	$	671,629		$	716,561		$	134,053		$	132,947
Change in plan assets:
Fair value of plan assets as of beginning of year	$	605,652		$	540,914		$	37,953		$	33,365
Actual return on plan assets	(40,954		)	82,476			(1,101		)	4,588
Employer contributions	22,000			22,000			—			—
Benefits paid	(42,647		)	(39,738		)	—			—
Fair value of plan assets as of end of year	$	544,051		$	605,652		$	36,852		$	37,953
Funded status	$	(127,578	)	$	(110,909	)	$	(97,201	)	$	(94,994	)
Amounts recognized in the Consolidated Balance Sheets:
Other current liabilities	(1,477		)	(1,663		)	(580		)	(529		)
Non-current liabilities	(126,101		)	(109,246		)	(96,621		)	(94,465		)
Net amount recognized	(127,578		)	(110,909		)	(97,201		)	(94,994		)
Accumulated pension benefit obligation	$	586,398		$	624,345		—			—
Accumulated postretirement benefit obligation:
For retirees							$	63,796		$	60,354
For fully eligible employees							$	29,902		$	32,891
For other participants							$	40,355		$	39,702

	Pension Benefits						Other Post- retirement Benefits
	2018			2017			2018			2017
Included in accumulated other comprehensive loss (income) (net of tax):
Unrecognized prior service cost	$	2,308		$	2,066		$	(5,230	)	$	(5,058	)
Unrecognized net actuarial loss	138,516			102,624			52,441			44,382
Total	140,824			104,690			47,211			39,324
Less regulatory asset	(133,237		)	(97,025		)	(46,932		)	(38,899		)
Accumulated other comprehensive loss for unfunded benefit obligation for pensions and other postretirement benefit plans	$	7,587		$	7,665		$	279		$	425

	Pension Benefits				Other Post- retirement Benefits
	2018		2017		2018		2017
Weighted-average assumptions as of December 31:
Discount rate for benefit obligation	4.31	%	3.71	%	4.32	%	3.72	%
Discount rate for annual expense	3.71	%	4.26	%	3.72	%	4.23	%
Expected long-term return on plan assets	5.50	%	5.87	%	5.20	%	5.69	%
Rate of compensation increase	4.67	%	4.69	%
Medical cost trend pre-age 65 – initial					6.00	%	6.50	%
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					6.25	%	6.50	%
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
	2018			2017			2016			2018			2017			2016
Components of net periodic benefit cost:
Service cost (a)	$	21,614		$	20,406		$	18,302		$	3,188		$	3,220		$	3,205
Interest cost	26,096			27,898			27,544			4,831			5,490			6,110
Expected return on plan assets	(33,018		)	(31,626		)	(27,547		)	(1,973		)	(1,899		)	(1,861		)
Amortization of prior service cost	257			2			2			(1,089		)	(1,144		)	(1,208		)
Net loss recognition	7,879			9,793			8,511			4,232			4,934			5,728
Net periodic benefit cost	$	22,828		$	26,473		$	26,812		$	9,189		$	10,601		$	11,974

Schedule of Allocation of Plan Assets

	2018		2017
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):

	2018		2017		2016
Employer 401(k) matching contributions	$	10,243	$	9,075	$	8,710

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):

	2018		2017
Deferred compensation assets and liabilities	$	8,400	$	8,458

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):

	2019		2020		2021		2022		2023		Total 2024-2028
Expected benefit payments	$	6,766	$	6,393	$	6,566	$	6,688	$	6,740	$	37,581

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, 2018 at fair value (dollars in thousands):

	Level 1		Level 2		Level 3		Total
Balanced index mutual funds (1)	$	36,852	$	—	$	—	$	36,852

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

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):

	2019		2020		2021		2022		2023		Total 2024-2028
Expected benefit payments	$	37,920	$	38,486	$	38,433	$	39,018	$	39,405	$	210,240

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, 2018 at fair value (dollars in thousands):

	Level 1		Level 2		Level 3		Total
Cash equivalents	$	—	$	7,061	$	—	$	7,061
Fixed income securities:
U.S. government issues	—		37,078		—		37,078
Corporate issues	—		175,908		—		175,908
International issues	—		31,561		—		31,561
Municipal issues	—		16,170		—		16,170
Mutual funds:
U.S. equity securities	101,720		—		—		101,720
International equity securities	33,141		—		—		33,141
Absolute return (1)	2,249		—		—		2,249
Plan assets measured at NAV (not subject to hierarchy disclosure)
Common/collective trusts:
Real estate	—		—		—		43,303
International equity securities	—		—		—		30,944
Partnership/closely held investments:
Absolute return (1)	—		—		—		60,612
Real estate	—		—		—		4,304
Total	$	137,110	$	267,778	$	—	$	544,051

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

(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.