EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2022

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,	Pension		SERP		Total
2023	$	18,609	$	2,599	$	21,208
2024	20,400		2,832		23,232
2025	22,164		3,084		25,248
2026	24,026		3,369		27,395
2027	25,932		3,709		29,641
2028-2032	158,918		23,308		182,226
Total payments	$	270,049	$	38,901	$	308,950

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 Payments		Expected Benefit Payments Net of Medicare Part D Subsidy
2023	$	3,547	$	(249)	$	3,298
2024	3,967		(270)		3,697
2025	4,235		(299)		3,936
2026	4,512		(327)		4,185
2027	4,868		(355)		4,513
2028-2032	29,324		(2,215)		27,109
Total payments	$	50,453	$	(3,715)	$	46,738

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 plan assets are reflected in the table below:

	Minimum Exposure		Target		Maximum Exposure
Fixed Income	35	%	40	%	45	%
Total Domestic Equity:	35	%	40	%	45	%
Small/Mid Cap Stocks	5	%	12	%	25	%
Large Cap Stocks	25	%	28	%	45	%
Emerging markets	3	%	6	%	9	%
Non-U.S. Equities	11	%	14	%	17	%

The following tables present the fair value of plan assets by major asset category at December 31, 2022 and 2021:

	December 31, 2022
	Pension Benefits								Other Benefits
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Fixed Income	$	588	$	—	$	—	$	588	$	18,060	$	—	$	—	$	18,060
Domestic Equity: Small/Mid Cap Stocks	—		—		—		—		5,654		—		—		5,654
Domestic Equity: Large Cap Stocks	—		—		—		—		—		—		—		—
Non U.S. Equities	—		—		—		—		6,928		—		—		6,928
Emerging markets	—		—		—		—		3,027		—		—		3,027
Assets measured at net asset value (NAV)	—		—		—		636,742		—		—		—		111,017
Total Plan Assets	$	588	$	—	$	—	$	637,330	$	33,669	$	—	$	—	$	144,686

	December 31, 2021
	Pension Benefits								Other Benefits
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Fixed Income	$	126,062	$	—	$	—	$	126,062	$	63,713	$	—	$	—	$	63,713
Domestic Equity: Small/Mid Cap Stocks	63,379		—		—		63,379		—		—		—		—
Domestic Equity: Large Cap Stocks	218,868		—		—		218,868		105,723		—		—		105,723
Non U.S. Equities	35,311		—		—		35,311		—		—		—
Assets measured at NAV							366,849								—
Total Plan Assets	$	443,620	$	—	$	—	$	810,469	$	169,436	$	—	$	—	$	169,436

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, 2022 and 2021:

	Pension Benefits				Other Benefits
	2022		2021		2022		2021
Change in projected benefit obligation:
Beginning of year	$	887,477	$	833,939	$	142,470	$	130,658
Service cost	34,847		35,055		6,830		6,072
Interest cost	25,596		21,667		4,009		3,217
Actuarial loss (gain) (1)	(243,769)		13,520		(49,462)		5,276
Plan amendment	—		—		—		—
Benefits paid, net of retiree premiums	(18,897)		(16,704)		(2,095)		(2,753)
End of year	$	685,254	$	887,477	$	101,752	$	142,470
Change in plan assets:
Fair value of plan assets at beginning of year	$	810,469	$	716,794	$	169,436	$	147,057
Actual return on plan assets	(171,517)		84,488		(23,326)		23,160
Employer contributions	17,275		25,891		671		1,972
Retiree contributions and Medicare part D subsidies	—		—		2,176		2,199
Benefits paid	(18,897)		(16,704)		(4,421)		(5,057)
Other adjustments	—		—		150		105
Fair value of plan assets at end of year	$	637,330	$	810,469	$	144,686	$	169,436
Funded status (2)	$	(47,924)	$	(77,008)	$	42,934	$	26,966
Unrecognized actuarial loss (gain)	(19,512)		12,323		(44,555)		(29,327)
Unrecognized prior service cost	3,205		4,174		1,583		1,738
Net amount recognized	$	(64,231)	$	(60,511)	$	(38)	$	(623)

_______________________________________________________________________________

1.The actuarial gain for pension and other benefits in 2022 was mainly due to a higher discount rate used in the calculation.

2.The short-term portion of the pension benefits was $2.6 million as of December 31, 2022 and $2.1 million as of December 31, 2021 and was recorded as part of other accrued liabilities on the Company's Consolidated Balance Sheets.

Schedule of amounts recognized in consolidated balance sheets

Amounts recognized on the balance sheet consist of:

	Pension Benefits				Other Benefits
	2022		2021		2022		2021
Noncurrent assets (1)	$	32,848	$	17,002	$	42,934	$	26,966
Accrued benefit costs	(307)		(282)		(465)		(1,124)
Accrued benefit liability (2)	(80,772)		(94,010)		—		—
Regulatory assets (3)	—		16,779		171		829
Regulatory liabilities (3)	(16,000)		—		(42,678)		(27,294)
Net amount recognized	$	(64,231)	$	(60,511)	$	(38)	$	(623)

_______________________________________________________________________________

1.Noncurrent assets represent the overfunded status of the employee pension plan and PBOP plan in 2022 and 2021. 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 2022 and 2021. 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 Benefits				Other Benefits
	2022		2021		2022		2021
Weighted average assumptions as of December 31:
Discount rate - employee pension plan	5.27	%	3.28	%			—
Discount rate - SERP	5.24	%	3.18	%			—
Discount rate - other benefits	—		—		5.27	%	3.27	%
Long-term rate of return on plan assets	7.50	%	6.34	%	7.36	%	5.88	%
Rate of compensation increases - employee pension plan	4.28	%	4.25	%			—
Rate of compensation increases - SERP	5.00	%	5.00	%			—
Cost of living adjustment	2.25	%	2.20	%			—

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
	2022		2021		2022		2021
Weighted average assumptions as of December 31:
Discount rate - employee pension plan	3.28	%	3.08	%	—		—
Discount rate - SERP	3.18	%	2.97	%	—		—
Discount rate - other benefits	—		—		3.27	%	3.03	%
Long-term rate of return on plan assets	6.34	%	6.50	%	5.88	%	6.00	%
Rate of compensation increases - employee pension plan	4.25	%	4.00	%	—		—
Rate of compensation increases - SERP	5.00	%	5.00	%	—		—
Cost of living adjustment	2.20	%	2.10	%	—		—

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, 2022 and 2021, included the following components:

	Pension Plan						Other Benefits
	2022		2021		2020		2022		2021		2020
Service cost	$	34,847	$	35,055	$	36,002	$	6,830	$	6,072	$	7,945
Interest cost	25,596		21,667		25,741		4,009		3,217		4,305
Expected return on plan assets	(45,228)		(39,472)		(33,086)		(9,927)		(8,769)		(7,236)
Net amortization and deferral	5,781		10,003		17,027		(824)		(293)		197
Net periodic benefit cost	$	20,996	$	27,253	$	45,684	$	88	$	227	$	5,211