XML 47 R33.htm IDEA: XBRL DOCUMENT v3.3.1.900
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]  
Summary of target asset allocation percentages for major categories of the pension plan
The Company's target asset allocation percentages for major categories of the pension plan are reflected in the table below:
 
Minimum
Exposure
 
Target
 
Maximum
Exposure
Fixed Income
35
%
 
40
%
 
45
%
Total Domestic Equity
40
%
 
50
%
 
60
%
Small Cap Stocks
10
%
 
15
%
 
20
%
Large Cap Stocks
30
%
 
35
%
 
45
%
Non-U.S. Equities
5
%
 
10
%
 
15
%
Schedule of fair value plan assets
All Plan investments are level one investments in mutual funds and are valued at the net asset value (NAV) of the shares held at December 31, 2015 and 2014:
 
Pension Benefits
 
Other Benefits
 
2015
 
%
 
2014
 
%
 
2015
 
%
 
2014
 
%
Fixed Income
$
132,736

 
40
%
 
$
119,814

 
39
%
 
$
48,325

 
66
%
 
$
36,313

 
61
%
Domestic Equity: Small Cap Stocks
47,014

 
14
%
 
47,798

 
16
%
 
—

 
 

 
—

 
 

Domestic Equity: Large Cap Stocks
116,306

 
36
%
 
108,163

 
35
%
 
24,561

 
34
%
 
23,528

 
39
%
Non U.S. Equities
32,578

 
10
%
 
30,569

 
10
%
 
—

 
—
%
 
—

 
—
%
Total Plan Assets
$
328,634

 
100
%
 
$
306,344

 
100
%
 
$
72,886

 
100
%
 
$
59,841

 
100
%
Schedule of reconciliation of the funded status of the plans with the accrued pension liability and the net postretirement benefit liability
The following table reconciles the funded status of the plans with the accrued pension liability and the net postretirement benefit liability as of December 31, 2015 and 2014:
 
Pension Benefits
 
Other Benefits
 
2015
 
2014
 
2015
 
2014
Change in projected benefit obligation:
 

 
 

 
 

 
 

Beginning of year
$
502,585

 
$
383,198

 
$
135,233

 
$
79,066

Service cost
21,306

 
15,964

 
8,476

 
5,205

Interest cost
20,104

 
18,920

 
5,654

 
4,455

Assumption change
(50,393
)
 
89,692

 
(12,580
)
 
37,021

Experience loss
16,779

 
2,158

 
1,794

 
11,020

Benefits paid, net of retiree premiums
(8,502
)
 
(7,347
)
 
(1,841
)
 
(1,534
)
End of year
$
501,879

 
$
502,585

 
$
136,736

 
$
135,233

Change in plan assets:
 

 
 

 
 

 
 

Fair value of plan assets at beginning of year
$
306,344

 
$
266,178

 
$
59,841

 
$
49,939

Actual return on plan assets
(2,101
)
 
19,374

 
(919
)
 
2,376

Employer contributions
32,893

 
28,139

 
15,805

 
9,060

Retiree contributions and Medicare part D subsidies
—

 
—

 
1,666

 
1,535

Benefits paid
(8,502
)
 
(7,347
)
 
(3,507
)
 
(3,069
)
Fair value of plan assets at end of year
$
328,634

 
$
306,344

 
$
72,886

 
$
59,841

Funded status(1)
$
(173,245
)
 
$
(196,241
)
 
$
(63,850
)
 
$
(75,392
)
Unrecognized actuarial loss
108,798

 
138,609

 
59,440

 
70,279

Unrecognized prior service cost
32,341

 
30,390

 
250

 
295

Net amount recognized
$
(32,106
)
 
$
(27,242
)
 
$
(4,160
)
 
$
(4,818
)
_______________________________________________________________________________

(1)
The short-term portion of the pension benefits was $1.8 million as of December 31, 2015 and 2014
Schedule of amounts recognized in consolidated balance sheets
Amounts recognized on the balance sheet consist of:
 
Pension Benefits
 
Other Benefits
 
2015
 
2014
 
2015
 
2014
(Accrued) benefit costs
$
—

 
$
—

 
$
(4,785
)
 
$
(5,476
)
Accrued benefit liability
(173,245
)
 
(196,241
)
 
(63,850
)
 
(75,392
)
Regulatory asset
141,139

 
168,999

 
64,475

 
76,050

Net amount recognized
$
(32,106
)
 
$
(27,242
)
 
$
(4,160
)
 
$
(4,818
)
Schedule of actuarial assumptions used in determining the benefit obligation
Below are the actuarial assumptions used in determining the benefit obligation for the benefit plans:
 
Pension Benefits
 
Other Benefits
 
2015
 
2014
 
2015
 
2014
Weighted average assumptions as of December 31:
 

 
 

 
 

 
 

Discount rate
4.40
%
 
4.00
%
 
4.40
%
 
4.00
%
Long-term rate of return on plan assets
6.50
%
 
6.50
%
 
5.50
%
 
5.50
%
Rate of compensation increases
3.25
%
 
3.25
%
 
—

 
—

Cost of living adjustment
2.50
%
 
2.50
%
 
—

 
—
Schedule of components of net periodic benefit costs for the pension plans and other postretirement benefits
Net periodic benefit costs for the pension and other postretirement plans for the years ended December 31, 2015, 2014, and 2013 included the following components:
 
Pension Plan
 
Other Benefits
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Service cost
$
21,306

 
$
15,964

 
$
17,780

 
$
8,476

 
$
5,205

 
$
5,374

Interest cost
20,104

 
18,920

 
16,354

 
5,654

 
4,455

 
3,556

Expected return on plan assets
(19,138
)
 
(16,599
)
 
(14,252
)
 
(3,519
)
 
(3,119
)
 
(2,394
)
Net amortization and deferral
15,485

 
10,074

 
15,302

 
4,536

 
1,861

 
2,441

Net periodic benefit cost
$
37,757

 
$
28,359

 
$
35,184

 
$
15,147

 
$
8,402

 
$
8,977
Schedule of actuarial assumptions used in determining the net periodic benefit costs
Below are the actuarial assumptions used in determining the net periodic benefit costs for the benefit plans, which uses the end of the prior year as the measurement date:
 
Pension Benefits
 
Other Benefits
 
2015
 
2014
 
2015
 
2014
Weighted average assumptions as of December 31:
 

 
 

 
 

 
 

Discount rate
4.00
%
 
5.00
%
 
4.00
%
 
5.00
%
Long-term rate of return on plan assets
6.50
%
 
6.75
%
 
5.50
%
 
6.00
%
Rate of compensation increases
3.25
%
 
4.00
%
 
—

 
—
Schedule of the effect of a one-percentage point change in assumed health care cost trends
A 1-percentage point change in assumed health care cost trends is estimated to have the following effect:
 
1-Percentage
Point Increase
 
1-Percentage
Point (Decrease)
Effect on total service and interest costs
$
4,668

 
$
(3,303
)
Effect on accumulated postretirement benefit obligation
$
34,852

 
$
(25,903
)