Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2017

Key Assumptions used in Determining Benefit Plan Costs and Obligations

The following table includes the key assumptions used in determining the Company’s benefit plan costs and obligations:

	2017			2016			2015
Used to Determine Plan costs for years ended December 31:
Discount Rate(1)		4.10	%		4.30	%		4.00	%
Rate of Compensation Increase		3.00	%		3.00	%		3.00	%
Expected Long-term rate of return on plan assets		7.75	%		8.00	%		8.00	%
Health Care Cost Trend Rate Assumed for Next Year		8.00	%		7.00	%		7.00	%
Ultimate Health Care Cost Trend Rate		4.00	%		4.00	%		4.00	%
Year that Ultimate Health Care Cost Trend Rate is reached		2025			2022			2018
Effect of 1% Increase in Health Care Cost Trend Rate (000’s)	$	1,625		$	1,352		$	1,383
Effect of 1% Decrease in Health Care Cost Trend Rate (000’s)	$	(1,238	)	$	(1,032	)	$	(1,040	)

⁽¹⁾  As a result of the addition of a plan participant to the SERP in July 2015, the Company was required to update the discount rate used in determining SERP costs for the remainder of 2015. Based on an assessment of current market conditions using high quality corporate bond interest rate indices and pension yield curves at that time, the Company assumed a discount rate of 4.30% for the SERP from July through December of 2015.

Used to Determine Benefit Obligations at December 31:
Discount Rate		3.60	%		4.10	%		4.30	%
Rate of Compensation Increase		3.00	%		3.00	%		3.00	%
Health Care Cost Trend Rate Assumed for Next Year		7.50	%		8.00	%		7.00	%
Ultimate Health Care Cost Trend Rate		4.50	%		4.00	%		4.00	%
Year that Ultimate Health care Cost Trend Rate is reached		2024			2025			2022
Effect of 1% Increase in Health Care Cost Trend Rate (000’s)	$	19,629		$	19,471		$	14,877
Effect of 1% Decrease in Health Care Cost Trend Rate (000’s)	$	(15,179	)	$	(15,153	)	$	(11,611	)

Components of Retirement Plan Costs

The following table provides the components of the Company’s Retirement plan costs (000’s):

	Pension Plan									PBOP Plan									SERP
	2017			2016			2015			2017			2016			2015			2017		2016		2015
Service Cost	$	3,295		$	3,402		$	3,689		$	2,974		$	2,610		$	2,622		$	460	$	162	$	120
Interest Cost		6,057			5,945			5,392			3,913			3,232			2,918			392		386		330
Expected Return on Plan Assets		(7,306	)		(7,257	)		(6,779	)		(1,347	)		(1,205	)		(1,093	)		—		—		—
Prior Service Cost Amortization		263			263			265			1,399			1,486			1,682			189		189		85
Actuarial Loss Amortization		4,662			4,398			4,714			2,098			1,049			1,150			295		375		327
Sub-total		6,971			6,751			7,281			9,037			7,172			7,279			1,336		1,112		862
Amounts Capitalized or Deferred		(3,122	)		(3,008	)		(3,397	)		(4,515	)		(3,351	)		(3,423	)		—		—		—
NPBC Recognized	$	3,849		$	3,743		$	3,884		$	4,522		$	3,821		$	3,856		$	1,336	$	1,112	$	862

Plans' Assets, Projected Benefit Obligations (PBO), and Funded Status

The following table represents information on the plans’ assets, projected benefit obligations (PBO), and funded status (000’s):

	Pension Plan						PBOP Plan						SERP
Change in Plan Assets:	2017			2016			2017			2016			2017			2016
Plan Assets at Beginning of Year	$	91,058		$	87,194		$	16,606		$	14,174		$	—		$	—
Actual Return on Plan Assets		12,731			3,618			1,907			792			—			—
Employer Contributions		4,100			5,146			4,000			4,000			34			34
Participant Contributions		—			—			126			61			—			—
Benefits Paid		(5,574	)		(4,900	)		(2,405	)		(2,421	)		(34	)		(34	)
Plan Assets at End of Year	$	102,315		$	91,058		$	20,234		$	16,606		$	—		$	—
Change in PBO:
PBO at Beginning of Year	$	150,439		$	140,816		$	96,659		$	76,249		$	9,566		$	9,177
Service Cost		3,295			3,402			2,974			2,610			460			162
Interest Cost		6,057			5,945			3,913			3,232			392			386
Participant Contributions		—			—			126			61			—			—
Plan Amendments		608			—			—			—			—			—
Benefits Paid		(5,574	)		(4,900	)		(2,405	)		(2,421	)		(34	)		(34	)
Actuarial (Gain) or Loss		12,096			5,176			(7,145	)		16,928			1,339			(125	)
PBO at End of Year	$	166,921		$	150,439		$	94,122		$	96,659		$	11,723		$	9,566
Funded Status: Assets vs PBO	$	(64,606	)	$	(59,381	)	$	(73,888	)	$	(80,053	)	$	(11,723	)	$	(9,566	)

Employer Contributions, Participant Contributions and Benefit Payments

The following table represents employer contributions, participant contributions and benefit payments (000’s).

	Pension Plan						PBOP Plan						SERP
	2017		2016		2015		2017		2016		2015		2017		2016		2015
Employer Contributions	$	4,100	$	5,146	$	4,215	$	4,000	$	4,000	$	4,000	$	34	$	34	$	40
Participant Contributions	$	—	$	—	$	—	$	126	$	61	$	63	$	—	$	—	$	—
Benefit Payments	$	5,574	$	4,900	$	4,410	$	2,405	$	2,421	$	2,515	$	34	$	34	$	40

Estimated Future Benefit Payments

The following table represents estimated future benefit payments (000’s).

Estimated Future Benefit Payments
	Pension		PBOP		SERP
2018	$	5,510	$	2,252	$	87
2019		6,054		2,454		589
2020		6,314		2,635		580
2021		6,932		2,915		723
2022		6,986		3,130		712
2023 - 2027		44,677		19,349		4,062

Pension Plans

Schedule of Allocation of Plan Assets

The actual investment allocations are shown in the tables below.

Pension Plan	Target Allocation 2018			Actual Allocation at December 31,
				2017			2016			2015
Equity Funds		47	%		49	%		46	%		46	%
Debt Funds		37	%		34	%		37	%		37	%
Real Estate Fund		10	%		10	%		10	%		11	%
Asset Allocation Fund(1)		6	%		6	%		7	%		6	%
Other(2)		—			1	%		—			—
Total					100	%		100	%		100	%

⁽¹⁾ Represents investments in an asset allocation fund. This fund invests in both equity and debt securities.

⁽²⁾ Represents investments being held in cash equivalents as of December 31, 2017 pending payment of benefits.

Assets measured at fair value on a recurring basis for the Pension Plan as of December 31, 2017 and 2016 are as follows (000’s):

	Fair Value Measurements at Reporting Date Using
Description	Balance as of December 31,		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
2017
Pension Plan Assets:
Mutual Funds:
Equity Funds	$	50,373	$	50,373	$	—	$	—
Fixed Income Funds		34,757		34,757		—		—
Asset Allocation Fund		6,398		6,398		—		—
Total Mutual Funds		91,528		91,528		—		—
Cash Equivalents		1,200		1,200		—
Total Assets in the Fair Value Hierarchy	$	92,728	$	92,728	$	—	$	—
Real Estate Fund–Measured at Net Asset Value		9,587
Total Assets	$	102,315
2016
Pension Plan Assets:
Equity Funds	$	42,134	$	42,134	$	—	$	—
Fixed Income Funds		33,924		33,924		—		—
Asset Allocation Fund		6,172		6,172		—		—
Total Assets in the Fair Value Hierarchy	$	82,230	$	82,230	$	—	$	—
Real Estate Fund–Measured at Net Asset Value		8,828
Total Assets	$	91,058

Other Postretirement Benefit Plans, Defined Benefit

Schedule of Allocation of Plan Assets

The actual investment allocations are shown in the tables below.

PBOP Plan	Target Allocation 2018			Actual Allocation at December 31,
				2017			2016			2015
Equity Funds		55	%		56	%		55	%		53	%
Debt Funds		45	%		42	%		43	%		47	%
Other(1)		0	%		2	%		2	%		0	%
Total					100	%		100	%		100	%

⁽¹⁾ Represents investments being held in cash equivalents as of December 31, 2017 and 2016 pending transfer into debt and equity funds.

Assets measured at fair value on a recurring basis for the PBOP Plan as of December 31, 2017 and 2016 are as follows (000’s):

	Fair Value Measurements at Reporting Date Using
Description	Balance as of December 31,		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
2017
PBOP Plan Assets:
Mutual Funds:
Fixed Income Funds	$	8,419	$	8,419	$	—	$	—
Equity Funds		11,415		11,415
Total Mutual Funds		19,834		19,834
Cash Equivalents		400		400
Total Assets	$	20,234	$	20,234	$	—	$	—
2016
PBOP Plan Assets:
Mutual Funds:
Fixed Income Funds	$	7,078	$	7,078	$	—	$	—
Equity Funds		9,128		9,128
Total Mutual Funds		16,206		16,206
Cash Equivalents		400		400
Total Assets	$	16,606	$	16,606	$	—	$	—