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EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2021
Defined Benefit Plans and Other Postemployment Benefit Plans Table Text Block [Line Items]  
Defined Benefit Plan, Assumptions [Table Text Block]
Actuarial Assumptions - The following table sets forth the weighted-average assumptions used to determine benefit obligations for pension and postemployment benefits for the periods indicated:
December 31,
 20212020
Discount rate - pension plans3.05%2.80%
Discount rate - other postemployment plans3.00%2.70%
Compensation increase rate
 3.10% - 5.00%
3.10% - 3.90%

The following table sets forth the weighted-average assumptions used by us to determine the periodic benefit costs for the periods indicated:
Years Ended December 31,
 202120202019
Discount rate - pension plans2.80%3.50%4.40%
Discount rate - other postemployment plans2.70%3.40%4.40%
Expected long-term return on plan assets - pension plans7.15%7.20%7.20%
Expected long-term return on plan assets - other postemployment plans7.50%7.65%7.35%
Compensation increase rate
3.10% - 3.90%
3.10% - 4.00%
3.20% - 4.00%
Schedule of Defined Benefit Plans Disclosures [Table Text Block] The following table sets forth our defined benefit pension and other postemployment benefit plans, benefit obligations and fair value of plan assets for the periods indicated:
Pension BenefitsOther Postemployment Benefits
December 31, December 31,
2021202020212020
Changes in Benefit Obligation(Thousands of dollars)
Benefit obligation, beginning of period$1,077,641 $1,001,368 $239,530 $230,490 
Service cost13,811 12,869 1,587 1,692 
Interest cost29,458 34,179 6,251 7,557 
Plan participants’ contributions — 3,226 3,500 
Actuarial loss (gain)(19,587)91,566 (8,894)14,013 
Benefits paid(51,333)(62,341)(18,894)(17,722)
   Benefit obligation, end of period1,049,990 1,077,641 222,806 239,530 
Change in Plan Assets
Fair value of plan assets, beginning of period987,583 907,974 230,895 207,182 
Actual return (loss) on plan assets75,999 140,939 14,786 35,837 
Employer contributions995 1,011 1,981 2,098 
Plan participants’ contributions — 3,226 3,500 
Benefits paid(51,333)(62,341)(18,894)(17,722)
Settlements —  — 
   Fair value of assets, end of period1,013,244 987,583 231,994 230,895 
   Benefit Asset (Obligation), net at December 31$(36,746)$(90,058)$9,188 $(8,635)
Other noncurrent assets — 9,188  
Current liabilities(1,521)(1,056)  
Noncurrent liabilities(35,225)(89,002) (8,635)
   Benefit Asset (Obligation), net at December 31$(36,746)$(90,058)$9,188 $(8,635)
Schedule of Net Benefit Costs [Table Text Block]
Components of Net Periodic Benefit Cost - The following tables set forth the components of net periodic benefit cost, prior to regulatory deferrals, for our defined benefit pension and other postemployment benefit plans for the period indicated:

Pension Benefits
Year Ended December 31,
202120202019
(Thousands of dollars)
Components of net periodic benefit cost
Service cost$13,811 $12,869 $12,030 
Interest cost (a)29,458 34,179 40,670 
Expected return on assets (a)(62,382)(61,119)(61,939)
Amortization of net loss (a)45,523 42,319 33,039 
   Net periodic benefit cost$26,410 $28,248 $23,800 
(a) These amounts, net of any amounts capitalized as a regulatory asset since adoption of ASU 2017-07 on January 1, 2018, have been recognized as other income (expense), net in the Consolidated Statements of Income. See Note 15 for additional detail of our other income (expense), net.
Other Postemployment Benefits
Year Ended December 31,
202120202019
(Thousands of dollars)
Components of net periodic benefit cost
Service cost$1,587 $1,692 $1,734 
Interest cost (a)6,251 7,557 9,318 
Expected return on assets (a)(16,807)(15,469)(12,586)
Amortization of unrecognized prior service cost (a)(279)(117)(673)
Amortization of net loss (a)373 173 2,244 
   Net periodic benefit cost (credit)$(8,875)$(6,164)$37 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
Other Comprehensive Income (Loss) - The following table sets forth the amounts recognized in other comprehensive income (loss), net of regulatory deferrals, related to our defined benefit pension benefits for the period indicated:

Pension Benefits
Year Ended December 31,
202120202019
(Thousands of dollars)
Net gain (loss) arising during the period$67 $(2,519)$(2,766)
Amortization of loss1,562 1,192 852 
Deferred income taxes(379)289 479 
   Total recognized in other comprehensive income (loss)$1,250 $(1,038)$(1,435)
Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block]
The tables below set forth the amounts in accumulated other comprehensive loss that had not yet been recognized as components of net periodic benefit expense for the periods indicated:

Pension Benefits
December 31,
20212020
(Thousands of dollars)
Accumulated loss$(272,332)$(351,059)
Accumulated other comprehensive loss
  before regulatory assets
(272,332)(351,059)
Regulatory asset for regulated entities264,027 341,125 
Accumulated other comprehensive loss
  after regulatory assets
(8,305)(9,934)
Deferred income taxes1,778 2,157 
Accumulated other comprehensive loss,
  net of tax
$(6,527)$(7,777)

Other Postemployment Benefits
December 31,
20212020
(Thousands of dollars)
Prior service credit $(194)$85 
Accumulated loss(5,887)(13,134)
Accumulated other comprehensive loss
  before regulatory assets
$(6,081)$(13,049)
Regulatory asset for regulated entities6,081 13,049 
Accumulated other comprehensive loss
  after regulatory assets
$ $ 
Schedule of Health Care Cost Trend Rates [Table Text Block]
Health Care Cost Trend Rates - The following table sets forth the assumed health care cost-trend rates for the periods indicated:

20212020
Health care cost-trend rate assumed for next year6.00%6.25%
Rate to which the cost-trend rate is assumed to decline
  (the ultimate trend rate)
4.50%4.50%
Year that the rate reaches the ultimate trend rate20282026
Schedule of Allocation of Plan Assets [Table Text Block]
Plan Assets - Our investment strategy is to invest plan assets in accordance with sound investment practices that emphasize long-term fundamentals. The goal of this strategy is to maximize investment returns while managing risk in order to meet the plan’s current and projected financial obligations. To achieve this strategy, we have established a liability-driven investment strategy to change the allocations as the funded status of the defined benefit pension plan increases. The plan’s investments include a diverse blend of various domestic and international equities, investment-grade debt securities which mirror the cash flows of our liability, insurance contracts and alternative investments. The current target allocation for the assets of our defined benefit pension plan is as follows:
Investment-grade bonds60.0 %
U.S. large-cap equities14.0 %
Alternative investments10.0 %
Developed foreign large-cap equities7.0 %
Mid-cap equities5.0 %
Emerging markets equities1.0 %
Small-cap equities3.0 %
  Total100 %

As part of our risk management for the plans, minimums and maximums have been set for each of the asset classes listed above. All investment managers for the plan are subject to certain restrictions on the securities they purchase and, with the exception of indexing purposes, are prohibited from owning our stock.

The current target allocation for the assets of our other postemployment benefits plan is 65 percent fixed income securities and 35 percent equity securities.
The following tables set forth our pension benefits and other postemployment benefits plan assets by fair value category as of the measurement date:

Pension Benefits
December 31, 2021
Asset CategoryLevel 1Level 2Level 3Total
(Thousands of dollars)
Investments:
Equity securities (a)$223,871 $ $ $223,871 
Government obligations 205,741  205,741 
Corporate obligations (b) 440,445  440,445 
Cash and money market funds (c)3,864 30,546  34,410 
Insurance contracts and group annuity contracts  17,301 17,301 
Other investments (d) 20 91,456 91,476 
  Total assets$227,735 $676,752 $108,757 $1,013,244 
(a) - This category represents securities of the various market sectors from diverse industries.
(b) - This category represents bonds from diverse industries.
(c) - This category primarily represents money market funds.
(d) - This category represents alternative investments such as hedge funds and other financial instruments.

Pension Benefits
December 31, 2020
Asset CategoryLevel 1Level 2Level 3Total
(Thousands of dollars)
Investments:
Equity securities (a)$392,639 $35,454 $— $428,093 
Government obligations— 78,080 — 78,080 
Corporate obligations (b)— 343,118 — 343,118 
Cash and money market funds (c)1,589 23,311 — 24,900 
Insurance contracts and group annuity contracts— — 24,603 24,603 
Other investments (d)— 1,155 87,634 88,789 
  Total assets$394,228 $481,118 $112,237 $987,583 
(a) - This category represents securities of the various market sectors from diverse industries.
(b) - This category represents bonds from diverse industries.
(c) - This category primarily represents money market funds.
(d) - This category represents alternative investments such as hedge funds and other financial instruments.
Other Postemployment Benefits
December 31, 2021
Asset CategoryLevel 1Level 2Level 3Total
(Thousands of dollars)
Investments:
Equity securities (a)$25,577 $ $ $25,577 
Government obligations 41,366  41,366 
Corporate obligations (b) 41,601  41,601 
Cash and money market funds (c)542 12,990  13,532 
Insurance contracts and group annuity contracts (d) 109,918  109,918 
  Total assets$26,119 $205,875 $ $231,994 
(a) - This category represents securities of the various market sectors from diverse industries.
(b) - This category represents bonds from diverse industries.
(c) - This category primarily represents money market funds.
(d) - This category includes equity securities and bonds held in a captive insurance product.

Other Postemployment Benefits
December 31, 2020
Asset CategoryLevel 1Level 2Level 3Total
(Thousands of dollars)
Investments:
Equity securities (a)$73,578 $— $— $73,578 
Government obligations— — — — 
Corporate obligations (b)— 39,115 — 39,115 
Cash and money market funds (c)52 8,071 — 8,123 
Insurance contracts and group annuity contracts (d)— 110,079 — 110,079 
  Total assets$73,630 $157,265 $— $230,895 
(a) - This category represents securities of the various market sectors from diverse industries.
(b) - This category represents bonds from diverse industries.
(c) - This category primarily represents money market funds.
(d) - This category includes equity securities and bonds held in a captive insurance product.
Schedule of Employee Pension Plans Investments at Fair Value
The following tables set forth additional information regarding commitments and redemption limitations of these other investments at the periods indicated:
December 31, 2021
Fair ValueUnfunded CommitmentsRedemption FrequencyRedemption Notice Period
(in thousands)(in days)
Grosvenor Registered Multi Limited Partnership$44,818 $ quarterly65
K2 Institutional Investors II Limited Partnership$46,638 $ quarterly91
December 31, 2020
Fair ValueUnfunded CommitmentsRedemption FrequencyRedemption Notice Period
(in thousands)(in days)
Grosvenor Registered Multi Limited Partnership$42,632 $— quarterly65
K2 Institutional Investors II Limited Partnership$45,002 $— quarterly91
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block]
The following table sets forth the reconciliation of Level 3 fair value measurements of our pension plans for the periods indicated:

Pension Benefits
Insurance
Contracts
Other
Investments
Total
(Thousands of dollars)
January 1, 2020$25,988 $81,793 $107,781 
Unrealized gains1,764 4,849 6,613 
Purchases— 992 992 
Settlements(3,149)— (3,149)
December 31, 2020$24,603 $87,634 $112,237 
Unrealized gains 1,625 1,625 
Unrealized losses(3,368) (3,368)
Purchases 2,197 2,197 
Settlements(3,934) (3,934)
December 31, 2021$17,301 $91,456 $108,757 
Schedule of Expected Benefit Payments [Table Text Block] The following table sets forth the pension benefits and other postemployment benefits payments expected to be paid in 2022-2031:
Pension
Benefits
Other Postemployment
Benefits
Benefits to be paid in:(Thousands of dollars)
2022$52,936 $15,744 
2023$53,745 $15,571 
2024$54,440 $15,184 
2025$55,075 $14,940 
2026$55,852 $14,580 
2027 through 2031$283,344 $67,566