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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
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
2022$16,493 $2,104 $18,597 
202318,215 2,301 20,516 
202419,934 2,524 22,458 
202521,714 2,756 24,470 
202623,565 3,030 26,595 
2027-2031145,503 19,316 164,819 
Total payments$245,424 $32,031 $277,455 
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
2022$3,485 $(254)$3,231 
20233,854 (279)3,575 
20244,328 (300)4,028 
20254,577 (332)4,245 
20264,840 (364)4,476 
2027-203128,931 (2,286)26,645 
Total payments$50,015 $(3,815)$46,200 
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 Income25 %40 %55 %
Total Domestic Equity:30 %50 %70 %
Small/Mid Cap Stocks
5 %15 %25 %
Large Cap Stocks
25 %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, 2021 and 2020:
December 31, 2021
 Pension BenefitsOther Benefits
 Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Fixed Income$126,062 $— $— $126,062 $63,713 $— $— $63,713 
Domestic Equity: Small/Mid Cap Stocks63,379 — — 63,379 — — — — 
Domestic Equity: Large Cap Stocks218,868 — — 218,868 105,723 — — 105,723 
Non U.S. Equities35,311 — — 35,311 — — — — 
Assets measured at net asset value (NAV)366,849 — 
Total Plan Assets$443,620 $— $— $810,469 $169,436 $— $— $169,436 
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 NAV311,059 — 
Total Plan Assets$405,735 $— $— $716,794 $147,057 $— $— $147,057 
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, 2021 and 2020:
 Pension BenefitsOther Benefits
 2021202020212020
Change in projected benefit obligation:    
Beginning of year$833,939 $812,029 $130,658 $150,515 
Service cost35,055 36,002 6,072 7,945 
Interest cost21,667 25,741 3,217 4,305 
Actuarial loss (gain) (1)13,520 (23,470)5,276 (30,485)
Plan amendment— (833)— — 
Benefits paid, net of retiree premiums(16,704)(15,530)(2,753)(1,622)
End of year$887,477 $833,939 $142,470 $130,658 
Change in plan assets:    
Fair value of plan assets at beginning of year$716,794 $573,575 $147,057 $128,554 
Actual return on plan assets84,488 121,751 23,160 13,272 
Employer contributions25,891 36,998 1,972 6,853 
Retiree contributions and Medicare part D subsidies— — 2,199 2,075 
Benefits paid(16,704)(15,530)(5,057)(3,849)
Other adjustments— — 105 152 
Fair value of plan assets at end of year$810,469 $716,794 $169,436 $147,057 
Funded status (2)$(77,008)$(117,145)$26,966 $16,399 
Unrecognized actuarial loss (gain)12,323 52,816 (29,327)(20,699)
Unrecognized prior service cost4,174 5,181 1,738 1,932 
Net amount recognized$(60,511)$(59,148)$(623)$(2,368)
_______________________________________________________________________________

1.The actuarial loss for pension and other benefits in 2021 was mainly due to an increase in the cost of living adjustment, the use of updated census data (pension benefits only), a higher rate of compensation increases (Pension benefits only), and an increase in the anticipated health care trend (Other benefits only) partially offset by actuarial gains due to a higher discount rate used in the calculation.
2.The short-term portion of the pension benefits was $2.1 million as of December 31, 2021 and December 31, 2020 and was recorded as part of other accrued liabilities on the Company's 2021 and 2020 Consolidated Balance Sheets.
Schedule of amounts recognized in consolidated balance sheets
Amounts recognized on the balance sheet consist of:
 Pension BenefitsOther Benefits
 2021202020212020
Noncurrent assets (1)$17,002 $— $26,966 $16,399 
Accrued benefit costs(282)(104)(1,124)(1,782)
Accrued benefit liability (2)(94,010)(117,145)— — 
Regulatory assets (3)16,779 58,101 829 1,487 
Regulatory liabilities (3)— — (27,294)(18,472)
Net amount recognized$(60,511)$(59,148)$(623)$(2,368)
_______________________________________________________________________________
1.Noncurrent assets represent the overfunded status of the employee pension plan in 2021 and of the PBOP plan in 2021 and 2020. The amounts are recorded as part "Other" noncurrent assets on the Consolidated Balance Sheets.
2.Accrued benefit liability represents the underfunded status of the SERP plan in 2021 and of the employee pension and SERP plans in 2020. The amounts are recorded as part of "Pension" in the Consolidated Balance Sheets.
3.Changes in the funded status of the plans that would be recorded in accumulated other comprehensive income for an unregulated entity are recorded as a regulatory assets and liabilities as the Company believes it is probable that an amount equal to the regulatory asset or liability will be collected or refunded through the setting of future rates.
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
 2021202020212020
Weighted average assumptions as of December 31:    
Discount rate - employee pension plan3.28 %3.08 %— — 
Discount rate - SERP3.18 %2.97 %— — 
Discount rate - other benefits— — 3.27 %3.03 %
Long-term rate of return on plan assets6.34 %6.50 %5.88 %6.00 %
Rate of compensation increases - employee pension plan4.25 %4.00 %— — 
Rate of compensation increases - SERP5.00 %5.00 %— — 
Cost of living adjustment2.20 %2.10 %— — 
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
 2021202020212020
Weighted average assumptions as of December 31:    
Discount rate - employee pension plan3.08 %3.20 %— — 
Discount rate - SERP2.97 %3.20 %— — 
Discount rate - other benefits— — 3.03 %3.25 %
Long-term rate of return on plan assets6.50 %6.25 %6.00 %5.50 %
Rate of compensation increases - employee pension plan4.00 %3.25 %— — 
Rate of compensation increases - SERP5.00 %3.75 %— — 
Cost of living adjustment2.10 %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, 2021 and 2020, included the following components:
 Pension PlanOther Benefits
 202120202019202120202019
Service cost$35,055 $36,002 $26,718 $6,072 $7,945 $7,475 
Interest cost21,667 25,741 26,966 3,217 4,305 5,441 
Expected return on plan assets(39,472)(33,086)(30,285)(8,769)(7,236)(5,794)
Net amortization and deferral10,003 17,027 10,975 (293)197 758 
Net periodic benefit cost$27,253 $45,684 $34,374 $227 $5,211 $7,880