Pension Plans And Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Pension and Other Post Retirement Benefit Plans

	Pension Benefits						Other Post- retirement Benefits
	2019			2018			2019			2018
Change in benefit obligation:
Benefit obligation as of beginning of year	$	671,629		$	716,561		$	134,053		$	132,947
Service cost	19,755			21,614			3,006			3,188
Interest cost	28,417			26,096			5,598			4,831
Actuarial (gain)/loss	57,829			(48,641		)	23,344			(610		)
Benefits paid	(35,248		)	(44,001		)	(6,705		)	(6,303		)
Benefit obligation as of end of year	$	742,382		$	671,629		$	159,296		$	134,053
Change in plan assets:
Fair value of plan assets as of beginning of year	$	544,051		$	605,652		$	36,852		$	37,953
Actual return on plan assets	109,942			(40,954		)	8,001			(1,101		)
Employer contributions	22,000			22,000			—			—
Benefits paid	(33,930		)	(42,647		)	—			—
Fair value of plan assets as of end of year	$	642,063		$	544,051		$	44,853		$	36,852

	Pension Benefits						Other Post- retirement Benefits
	2019			2018			2019			2018
Funded status	$	(100,319	)	$	(127,578	)	$	(114,443	)	$	(97,201	)
Amounts recognized in the Consolidated Balance Sheets:
Other current liabilities	$	(1,602	)	$	(1,477	)	$	(640	)	$	(580	)
Non-current liabilities	(98,717		)	(126,101		)	(113,803		)	(96,621		)
Net amount recognized	$	(100,319	)	$	(127,578	)	$	(114,443	)	$	(97,201	)
Accumulated pension benefit obligation	$	644,004		$	586,398		—			—
Accumulated postretirement benefit obligation:
For retirees							$	72,816		$	63,796
For fully eligible employees							$	34,545		$	29,902
For other participants							$	51,935		$	40,355
Included in accumulated other comprehensive loss (income) (net of tax):
Unrecognized prior service cost	$	2,105		$	2,308		$	(4,400	)	$	(5,230	)
Unrecognized net actuarial loss	114,368			138,516			63,101			52,441
Total	116,473			140,824			58,701			47,211
Less regulatory asset	(107,395		)	(133,237		)	(57,520		)	(46,932		)
Accumulated other comprehensive loss for unfunded benefit obligation for pensions and other postretirement benefit plans	$	9,078		$	7,587		$	1,181		$	279

	Pension Benefits				Other Post- retirement Benefits
	2019		2018		2019		2018
Weighted-average assumptions as of December 31:
Discount rate for benefit obligation	3.85	%	4.31	%	3.89	%	4.32	%
Discount rate for annual expense	4.31	%	3.71	%	4.32	%	3.72	%
Expected long-term return on plan assets	5.90	%	5.50	%	5.70	%	5.20	%
Rate of compensation increase	4.66	%	4.67	%
Medical cost trend pre-age 65 – initial					5.75	%	6.00	%
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	%	6.25	%
Medical cost trend post-age 65 – ultimate					5.00	%	5.00	%
Ultimate medical cost trend year post-age 65					2026		2024

Components of Net Periodic Benefit Cost

	Pension Benefits									Other Post-retirement Benefits
	2019			2018			2017			2019			2018			2017
Components of net periodic benefit cost:
Service cost (a)	$	19,755		$	21,614		$	20,406		$	3,006		$	3,188		$	3,220
Interest cost	28,417			26,096			27,898			5,598			4,831			5,490
Expected return on plan assets	(31,763		)	(33,018		)	(31,626		)	(2,101		)	(1,973		)	(1,899		)
Amortization of prior service cost	257			257			2			(981		)	(1,089		)	(1,144		)
Net loss recognition	10,216			7,879			9,793			4,013			4,232			4,934
Net periodic benefit cost	$	26,882		$	22,828		$	26,473		$	9,535		$	9,189		$	10,601

Schedule of Allocation of Plan Assets

	2019		2018
Equity securities	35	%	37	%
Debt securities	49	%	45	%
Real estate	7	%	8	%
Absolute return	9	%	10	%

Employer Matching Contributions

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

	2019		2018		2017
Employer 401(k) matching contributions	$	10,412	$	10,243	$	9,075

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):

	2019		2018
Deferred compensation assets and liabilities	$	8,948	$	8,400

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):

	2020		2021		2022		2023		2024		Total 2025-2029
Expected benefit payments	$	6,442	$	6,782	$	6,965	$	7,088	$	7,244	$	38,305

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, 2019 at fair value (dollars in thousands):

	Level 1		Level 2		Level 3		Total
Balanced index mutual funds (1)	$	44,853	$	—	$	—	$	44,853

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

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):

	2020		2021		2022		2023		2024		Total 2025-2029
Expected benefit payments	$	39,647	$	40,080	$	40,652	$	40,729	$	41,767	$	217,899

Schedule of Allocation of Plan Assets

The following table discloses by level within the fair value hierarchy (see Note 17 for a description of the fair value hierarchy) of the pension plan’s assets measured and reported as of December 31, 2019 at fair value (dollars in thousands):

	Level 1		Level 2		Level 3		Total
Cash equivalents	$	—	$	2,852	$	—	$	2,852
Fixed income securities:
U.S. government issues	—		37,297		—		37,297
Corporate issues	—		207,222		—		207,222
International issues	—		35,836		—		35,836
Municipal issues	—		23,539		—		23,539
Mutual funds:
U.S. equity securities	173,568		—		—		173,568
International equity securities	46,416		—		—		46,416
Absolute return (1)	16,720		—		—		16,720
Plan assets measured at NAV (not subject to hierarchy disclosure)
Common/collective trusts:
Real estate	—		—		—		31,473
Partnership/closely held investments:
Absolute return (1)	—		—		—		59,260
Real estate	—		—		—		7,880
Total	$	236,704	$	306,746	$	—	$	642,063

The following table discloses by level within the fair value hierarchy (see Note 17 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

(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.