XML 47 R33.htm IDEA: XBRL DOCUMENT v3.6.0.2
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2016
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, 2016 and 2015:
 
Pension Benefits
 
Other Benefits
 
2016
 
%
 
2015
 
%
 
2016
 
%
 
2015
 
%
Fixed Income
$
141,576

 
38
%
 
$
132,736

 
40
%
 
$
54,166

 
63
%
 
$
48,325

 
66
%
Domestic Equity: Small Cap Stocks
61,036

 
16
%
 
47,014

 
14
%
 
—

 
 

 
—

 
 

Domestic Equity: Large Cap Stocks
136,405

 
36
%
 
116,306

 
36
%
 
32,412

 
37
%
 
24,561

 
34
%
Non U.S. Equities
37,532

 
10
%
 
32,578

 
10
%
 


 


 
—

 
—
%
Total Plan Assets
$
376,549

 
100
%
 
$
328,634

 
100
%
 
$
86,578

 
100
%
 
$
72,886

 
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, 2016 and 2015:
 
Pension Benefits
 
Other Benefits
 
2016
 
2015
 
2016
 
2015
Change in projected benefit obligation:
 

 
 

 
 

 
 

Beginning of year
$
501,879

 
$
502,585

 
$
136,736

 
$
135,233

Service cost
20,971

 
21,306

 
6,513

 
8,476

Interest cost
22,226

 
20,104

 
4,863

 
5,654

Assumption change
15,599

 
(50,393
)
 
(8,748
)
 
(12,580
)
Experience loss
14,075

 
16,779

 
(16,041
)
 
1,794

Benefits paid, net of retiree premiums
(9,995
)
 
(8,502
)
 
(1,215
)
 
(1,841
)
End of year
$
564,755

 
$
501,879

 
$
122,108

 
$
136,736

Change in plan assets:
 

 
 

 
 

 
 

Fair value of plan assets at beginning of year
$
328,634

 
$
306,344

 
$
72,886

 
$
59,841

Actual return on plan assets
27,916

 
(2,101
)
 
5,342

 
(919
)
Employer contributions
29,994

 
32,893

 
9,565

 
15,805

Retiree contributions and Medicare part D subsidies
—

 
—

 
1,611

 
1,666

Benefits paid
(9,995
)
 
(8,502
)
 
(2,826
)
 
(3,507
)
Fair value of plan assets at end of year
$
376,549

 
$
328,634

 
$
86,578

 
$
72,886

Funded status(1)
$
(188,206
)
 
$
(173,245
)
 
$
(35,530
)
 
$
(63,850
)
Unrecognized actuarial loss
126,610

 
108,798

 
31,821

 
59,440

Unrecognized prior service cost
26,123

 
32,341

 
207

 
250

Net amount recognized
$
(35,473
)
 
$
(32,106
)
 
$
(3,502
)
 
$
(4,160
)
_______________________________________________________________________________
Schedule of amounts recognized in consolidated balance sheets
Amounts recognized on the balance sheet consist of:
 
Pension Benefits
 
Other Benefits
 
2016
 
2015
 
2016
 
2015
(Accrued) benefit costs
$
—

 
$
—

 
$
(4,119
)
 
$
(4,785
)
Accrued benefit liability
(188,206
)
 
(173,245
)
 
(35,530
)
 
(63,850
)
Regulatory asset
152,733

 
141,139

 
36,147

 
64,475

Net amount recognized
$
(35,473
)
 
$
(32,106
)
 
$
(3,502
)
 
$
(4,160
)
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
 
2016
 
2015
 
2016
 
2015
Weighted average assumptions as of December 31:
 

 
 

 
 

 
 

Discount rate
4.15
%
 
4.40
%
 
4.25
%
 
4.40
%
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, 2016, 2015, and 2014 included the following components:
 
Pension Plan
 
Other Benefits
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Service cost
$
20,971

 
$
21,306

 
$
15,964

 
$
6,513

 
$
8,476

 
$
5,205

Interest cost
22,226

 
20,104

 
18,920

 
4,863

 
5,654

 
4,455

Expected return on plan assets
(21,826
)
 
(19,138
)
 
(16,599
)
 
(4,129
)
 
(3,519
)
 
(3,119
)
Net amortization and deferral
11,990

 
15,485

 
10,074

 
1,660

 
4,536

 
1,861

Net periodic benefit cost
$
33,361

 
$
37,757

 
$
28,359

 
$
8,907

 
$
15,147

 
$
8,402
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
 
2016
 
2015
 
2016
 
2015
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
%
 
—

 
—
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
$
3,648

 
$
(2,598
)
Effect on accumulated postretirement benefit obligation
$
31,518

 
$
(23,345
)