XML 100 R73.htm IDEA: XBRL DOCUMENT v3.22.4
Pension Plans and Other Postretirement Benefits (Details-1) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plan, Deferred Pension and Other Postretirement Benefit Plan Costs Recovered [Abstract]      
Defined Contribution Plan, Cost $ 5,400 $ 5,100 $ 4,700
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Fair value of plan assets as of January 1 528,797    
Fair value of plan assets as of December 31 412,038 528,797  
Amounts recognized in the consolidated balance sheets to reflect funded status of plans [Abstract]      
Long-term asset 68,872 58,757  
Long-term liability (53,607) (73,085)  
Pension Benefits [Member]      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Net benefit obligation as of January 1 460,666 461,215  
Service cost [1] 5,064 5,730 5,296
Interest cost [1] 11,161 9,109 12,210
Plan participants' contributions 0 0  
Actuarial loss (gain) [2] (120,166) 3,871  
Gross benefits paid (21,437) (19,259)  
Less: federal subsidy on benefits paid [3] 0 0  
Benefit obligation as of December 31 335,288 460,666 461,215
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Fair value of plan assets as of January 1 473,953 429,538  
Actual return in plan assets (84,562) 61,487  
Employer contributions 2,217 2,187  
Plan participants' contributions 0 0  
Gross benefits paid (21,437) (19,259)  
Fair value of plan assets as of December 31 370,171 473,953 429,538
Funded Status as of December 31 34,883 13,287  
Accumulated benefit obligation 319,600 431,300  
Amounts recognized in the consolidated balance sheets to reflect funded status of plans [Abstract]      
Long-term asset 68,872 58,757  
Current liability (2,408) (2,342)  
Long-term liability (31,581) (43,128)  
Net asset (liability) 34,883 13,287  
Amounts recognized in the consolidated balance sheets as regulatory asset [Abstract]      
Net actuarial loss (gain) 51,148 57,777  
Prior service (credit) cost (0) (20)  
Transition obligation 0 0  
Total 51,148 57,757  
Projected benefit obligation in excess of plan assets [Abstract]      
Projected benefit obligation with projected benefit obligation in excess of plan assets, end of year 33,989 45,470  
Fair value of plan assets with projected benefit obligation in excess of plan assets, end of year 0 0  
Accumulated benefit obligation in excess of plan assets [Abstract]      
Accumulated benefit obligation with accumulated benefit obligation in excess of plan assets, end of year 33,211 43,831  
Fair value of plan assets with accumulated benefit obligation in excess of plan assets, end of year 0 0  
Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Net benefit obligation as of January 1 84,526 86,360  
Service cost [1] 1,293 1,448 1,264
Interest cost [1] 1,940 1,549 2,278
Plan participants' contributions 986 992  
Actuarial loss (gain) [2] (19,484) (685)  
Gross benefits paid (5,725) (5,405)  
Less: federal subsidy on benefits paid [3] 292 267  
Benefit obligation as of December 31 63,828 84,526 86,360
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Fair value of plan assets as of January 1 54,844 51,735  
Actual return in plan assets (8,958) 6,814  
Employer contributions 720 708  
Plan participants' contributions 986 992  
Gross benefits paid (5,725) (5,405)  
Fair value of plan assets as of December 31 41,867 54,844 $ 51,735
Funded Status as of December 31 (21,961) (29,682)  
Medicare subsidy due to MGE 300 300  
Amounts recognized in the consolidated balance sheets to reflect funded status of plans [Abstract]      
Long-term asset 0 0  
Current liability 0 0  
Long-term liability (21,961) (29,682)  
Net asset (liability) (21,961) (29,682)  
Amounts recognized in the consolidated balance sheets as regulatory asset [Abstract]      
Net actuarial loss (gain) (1,085) 6,256  
Prior service (credit) cost (0) (297)  
Transition obligation 9 12  
Total (1,076) 5,971  
Accumulated benefit obligation in excess of plan assets [Abstract]      
Accumulated benefit obligation with accumulated benefit obligation in excess of plan assets, end of year 63,828 84,526  
Fair value of plan assets with accumulated benefit obligation in excess of plan assets, end of year $ 41,867 $ 54,844  
[1] As approved by the PSCW, MGE is allowed to defer differences between actual employee benefit plan costs and costs reflected in current rates. The deferred costs may be recovered or refunded in MGE's next rate filing. For the years ended December 31, 2022, 2021, and 2020 MGE recovered approximately $1.0 million, $4.3 million, and $0.9 million, respectively, of pension and other postretirement costs. The recovery of these costs reduced the amount previously deferred and has not been reflected in the table above. See Footnote 8 for further information.

For the years ended December 31, 2022 and 2021, MGE deferred and recorded as a regulatory liability $1.5 million and $8.1 million, respectively, of savings from employee benefit plan costs. For the year ended December 31, 2022, MGE refunded in rates $4.2 million of savings from 2021 employee benefit plan costs. The deferred savings has not been reflected in the table above. See Footnote 8 for additional information.

[2] In 2022, higher discount rates were the primary driver of the actuarial gain.
[3] In 2003, the Medicare Prescription Drug, Improvement and Modernization Act of 2003 was signed into law authorizing Medicare to provide prescription drug benefits to retirees. For both the years ended December 31, 2022 and 2021, the subsidy due to MGE was $0.3 million.