XML 48 R33.htm IDEA: XBRL DOCUMENT v3.20.4
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Plans Disclosures
The expected benefit payments, net of retiree premiums and Medicare Part D subsidies, are shown in the table below.
Year Ending December 31,    
Expected Benefit Payments Before Medicare Part D Subsidy		Effect of Medicare Part D Subsidy on Expected Benefit PaymentsExpected Benefit Payments Net of Medicare Part D Subsidy
2021$3,462 $(303)$3,159 
20223,775 (337)3,438 
20234,140 (369)3,771 
20244,619 (399)4,220 
20254,896 (439)4,457 
2026-203028,681 (2,796)25,885 
Total payments$49,573 $(4,643)$44,930 
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		TargetMaximum
Exposure
Fixed Income35 %40 %45 %
Total Domestic Equity:40 %50 %60 %
Small/Mid Cap Stocks
10 %15 %20 %
Large Cap Stocks
30 %35 %45 %
Non-U.S. Equities5 %10 %15 %
The following tables present the fair value of plan assets by major asset category at December 31, 2020 and 2019:
December 31, 2020
 Pension BenefitsOther Benefits
 Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Fixed Income$108,695 $— $— $108,695 $54,731 $— $— $54,731 
Domestic Equity: Small/Mid Cap Stocks57,201 — — 57,201 — — — — 
Domestic Equity: Large Cap Stocks195,497 — — 195,497 92,326 — — 92,326 
Non U.S. Equities44,342 — — 44,342 — — — — 
Assets measured at net asset value (NAV)311,059 — 
Total Plan Assets$405,735 $— $— $716,794 $147,057 $— $— $147,057 
December 31, 2019
 Pension BenefitsOther Benefits
 Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Fixed Income$91,231 $— $— $91,231 $50,277 $— $— $50,277 
Domestic Equity: Small/Mid Cap Stocks43,238 — — 43,238 — — — — 
Domestic Equity: Large Cap Stocks155,645 — — 155,645 78,277 — — 78,277 
Non U.S. Equities28,874 — — 28,874 — — — 
Assets measured at NAV254,587 — 
Total Plan Assets$318,988 $— $— $573,575 $128,554 $— $— $128,554 
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, 2020 and 2019:
 Pension BenefitsOther Benefits
 2020201920202019
Change in projected benefit obligation:    
Beginning of year$812,029 $639,921 $150,515 $127,204 
Service cost36,002 26,718 7,945 7,475 
Interest cost25,741 26,966 4,305 5,441 
Actuarial (gain) loss (1)(23,470)133,230 (30,485)11,701 
Plan amendment(833)— — — 
Benefits paid, net of retiree premiums(15,530)(14,806)(1,622)(1,306)
End of year$833,939 $812,029 $130,658 $150,515 
Change in plan assets:    
Fair value of plan assets at beginning of year$573,575 $469,774 $128,554 $102,625 
Actual return on plan assets121,751 97,811 13,272 19,730 
Employer contributions36,998 20,796 6,853 7,505 
Retiree contributions and Medicare part D subsidies— — 2,075 1,874 
Benefits paid(15,530)(14,806)(3,849)(3,180)
Other adjustments— — 152 — 
Fair value of plan assets at end of year$716,794 $573,575 $147,057 $128,554 
Funded status (2)$(117,145)$(238,454)$16,399 $(21,961)
Unrecognized actuarial loss52,816 177,750 (20,699)15,822 
Unrecognized prior service cost5,181 10,242 1,932 2,129 
Net amount recognized$(59,148)$(50,462)$(2,368)$(4,010)
_______________________________________________________________________________

1.The actuarial gain for pension and other benefits in 2020 was due to a decrease in the cost of living adjustment, the use of an updated mortality assumption in determining the benefit obligation, and a reduction in anticipated health care trend (Other benefits only) partially offset by actuarial losses due to a lower discount rate and a higher rate of compensation increases (Pension benefits only) used in the calculation. The actuarial losses in 2019 for both pension and other benefits was due to a decrease in the discount rate used in determining the benefit obligation.
2.The short-term portion of the pension benefits was $2.1 million as of December 31, 2020 and December 31, 2019 and is recorded as part of other accrued liabilities on the Company's 2020 and 2019 Consolidated Balance Sheets.
Schedule of amounts recognized in consolidated balance sheets
Amounts recognized on the balance sheet consist of:
 Pension BenefitsOther Benefits
 2020201920202019
Noncurrent assets$— $— $16,399 $— 
Accrued benefit costs(104)62 (1,782)(2,441)
Accrued benefit liability(117,145)(238,454)— (21,961)
Regulatory assets58,101 187,930 1,487 20,392 
Regulatory liabilities— — (18,472)— 
Net amount recognized$(59,148)$(50,462)$(2,368)$(4,010)
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 BenefitsOther Benefits
 2020201920202019
Weighted average assumptions as of December 31:    
Discount rate - pension plan3.08 %3.20 %3.03 %3.25 %
Discount rate - SERP2.97 %3.20 %— — 
Long-term rate of return on plan assets6.50 %6.25 %6.00 %5.50 %
Rate of compensation increases - pension plan4.00 %3.25 %— — 
Rate of compensation increases - SERP5.00 %3.75 %— — 
Cost of living adjustment2.10 %2.50 %— — 
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 BenefitsOther Benefits
 2020201920202019
Weighted average assumptions as of December 31:    
Discount rate3.20 %4.20 %3.25 %4.25 %
Long-term rate of return on plan assets6.25 %6.50 %5.50 %5.50 %
Rate of compensation increases - pension plan3.25 %3.25 %— — 
Rate of compensation increases - SERP3.75 %3.75 %— — 
Cost of living adjustment2.50 %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, 2020 and 2019, included the following components:
 Pension PlanOther Benefits
 202020192018202020192018
Service cost$36,002 $26,718 $29,027 $7,945 $7,475 $8,317 
Interest cost25,741 26,966 23,994 4,305 5,441 4,873 
Expected return on plan assets(33,086)(30,285)(27,702)(7,236)(5,794)(5,639)
Net amortization and deferral17,027 10,975 16,233 197 758 1,281 
Net periodic benefit cost$45,684 $34,374 $41,552 $5,211 $7,880 $8,832 
Schedule of Expected Benefit Payments
Expected payments to be made for the pension and SERP plans are shown in the table below:
Year Ending December 31,PensionSERPTotal
2021$15,115 $2,057 $17,172 
202216,694 2,192 18,886 
202318,337 2,339 20,676 
202420,008 2,514 22,522 
202521,729 2,706 24,435 
2026-2030134,864 17,001 151,865 
Total payments$226,747 $28,809 $255,556