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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2019
Defined Benefit Plans and Other Postemployment Benefit Plans Table Text Block [Line Items]  
Defined Benefit Plan, Assumptions [Table Text Block]
Actuarial Assumptions - The following table sets forth the weighted-average assumptions used to determine benefit obligations for pension and postemployment benefits for the periods indicated:
 
 
December 31,
 
 
2019
 
2018
Discount rate - pension plans
 
3.50%
 
4.40%
Discount rate - other postemployment plans
 
3.40%
 
4.40%
Compensation increase rate
 
3.10% - 4.00%
 
3.20% - 4.00%

The following table sets forth the weighted-average assumptions used by us to determine the periodic benefit costs for the periods indicated:
 
 
Years Ended December 31,
 
 
2019
 
2018
 
2017
 
Discount rate - pension plans
 
4.40%
 
3.80%
 
4.30%
 
Discount rate - other postemployment plans
 
4.40%
 
3.70%
 
4.20%
 
Expected long-term return on plan assets - pension plans
 
7.20%
 
7.25%
 
7.75%
 
Expected long-term return on plan assets - other postemployment plans
 
7.35%
 
7.60%
 
7.60%
 
Compensation increase rate
 
3.20% - 4.00%
 
3.25% - 3.35%
 
3.25% - 3.40%
 
Schedule of Defined Benefit Plans Disclosures [Table Text Block] The following table sets forth our defined benefit pension and other postemployment benefit plans, benefit obligations and fair value of plan assets for the periods indicated:

 
Pension Benefits
 
Other Postemployment Benefits
 
December 31,
 
December 31,
 
2019
 
2018
 
2019
 
2018
Changes in Benefit Obligation
(Thousands of dollars)
 
 
Benefit obligation, beginning of period
$
950,510

 
$
993,891

 
$
220,144

 
$
255,040

Service cost
12,030

 
12,919

 
1,734

 
2,354

Interest cost
40,670

 
36,801

 
9,318

 
9,117

Plan participants’ contributions
—

 
—

 
3,697

 
3,563

Actuarial loss (gain)
98,231

 
(42,540
)
 
13,945

 
(31,607
)
Benefits paid
(50,915
)
 
(50,561
)
 
(18,348
)
 
(18,323
)
Settlements
(49,158
)
 
—

 
—

 
—

   Benefit obligation, end of period
1,001,368

 
950,510

 
230,490

 
220,144

 
 
 
 
 
 
 
 
Change in Plan Assets
 
 
 
 
 
 
 
Fair value of plan assets, beginning of period
814,112

 
884,804

 
176,859

 
190,226

Actual return (loss) on plan assets
162,785

 
(62,752
)
 
38,772

 
(6,325
)
Employer contributions
29,199

 
42,386

 
6,202

 
7,718

Plan participants’ contributions
—

 
—

 
3,697

 
3,563

Benefits paid
(50,915
)
 
(50,561
)
 
(18,348
)
 
(18,323
)
Settlements
(47,207
)
 
235

 
—

 
—

   Fair value of assets, end of period
907,974

 
814,112

 
207,182

 
176,859

   Balance at December 31
$
(93,394
)
 
$
(136,398
)
 
$
(23,308
)
 
$
(43,285
)
 
 
 
 
 
 
 
 
Current liabilities
$
(1,045
)
 
$
(962
)
 
$
—

 
$
—

Noncurrent liabilities
(92,349
)
 
(135,436
)
 
(23,308
)
 
(43,285
)
   Balance at December 31
$
(93,394
)
 
$
(136,398
)
 
$
(23,308
)
 
$
(43,285
)
Schedule of Net Benefit Costs [Table Text Block]
Components of Net Periodic Benefit Cost - The following tables set forth the components of net periodic benefit cost, prior to regulatory deferrals, for our defined benefit pension and other postemployment benefit plans for the period indicated:

 
Pension Benefits
 
Year Ended December 31,
 
2019
 
2018
 
2017
 
(Thousands of dollars)
Components of net periodic benefit cost
 
 
 
 
 
Service cost
$
12,030

 
$
12,919

 
$
12,176

Interest cost (a)
40,670

 
36,801

 
40,453

Expected return on assets (a)
(61,939
)
 
(60,579
)
 
(58,496
)
Amortization of net loss (a)
33,039

 
39,913

 
36,107

   Net periodic benefit cost
$
23,800

 
$
29,054

 
$
30,240

(a) These amounts, net of any amounts capitalized as a regulatory asset since adoption of ASU 2017-07 on January 1, 2018, have been recognized as other income (expense), net in the Consolidated Statements of Income. See Note 15 for additional detail of our other income (expense), net.
 
Other Postemployment Benefits
 
Year Ended December 31,
 
2019
 
2018
 
2017
 
(Thousands of dollars)
Components of net periodic benefit cost
 
 
 
 
 
Service cost
$
1,734

 
$
2,354

 
$
2,509

Interest cost (a)
9,318

 
9,117

 
9,890

Expected return on assets (a)
(12,586
)
 
(14,284
)
 
(12,590
)
Amortization of unrecognized prior service cost (a)
(673
)
 
(4,567
)
 
(4,597
)
Amortization of net loss (a)
2,244

 
3,887

 
6,484

   Net periodic benefit cost (credit)
$
37

 
$
(3,493
)
 
$
1,696
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
Other Comprehensive Income (Loss) - The following table sets forth the amounts recognized in other comprehensive income (loss), net of regulatory deferrals, related to our defined benefit pension benefits for the period indicated:

 
Pension Benefits
 
Year Ended December 31,
 
2019
 
2018
 
2017
 
(Thousands of dollars)
Net gain (loss) arising during the period
$
(2,766
)
 
$
1,173

 
$
(2,101
)
Amortization of loss
852

 
1,082

 
837

Deferred income taxes
479

 
(848
)
 
486

   Total recognized in other comprehensive income (loss)
$
(1,435
)
 
$
1,407

 
$
(778
)
Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block]
The tables below set forth the amounts in accumulated other comprehensive loss that had not yet been recognized as components of net periodic benefit expense for the periods indicated:

 
Pension Benefits
 
December 31,
 
2019
 
2018
 
(Thousands of dollars)
Accumulated loss
$
(381,633
)
 
$
(419,238
)
Accumulated other comprehensive loss
  before regulatory assets
(381,633
)
 
(419,238
)
Regulatory asset for regulated entities
373,025

 
412,545

Accumulated other comprehensive loss
  after regulatory assets
(8,608
)
 
(6,693
)
Deferred income taxes
1,869

 
2,607

Accumulated other comprehensive loss,
  net of tax
$
(6,739
)
 
$
(4,086
)

 
Other Postemployment Benefits
 
December 31,
 
2019
 
2018
 
(Thousands of dollars)
Prior service credit
$
202

 
$
875

Accumulated loss
(19,660
)
 
(34,144
)
Accumulated other comprehensive loss
  before regulatory assets
$
(19,458
)
 
$
(33,269
)
Regulatory asset for regulated entities
19,458

 
33,269

Accumulated other comprehensive loss
  after regulatory assets
$
—

 
$
—
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block]
The following table sets forth the amounts recognized in either accumulated comprehensive income (loss) or regulatory assets expected to be recognized as components of net periodic benefit expense in the next fiscal year:

 
Pension Benefits
 
Other Postemployment Benefits
Amounts to be recognized in 2020
(Thousands of dollars)
Prior service cost
$
—

 
$
(117
)
Actuarial net loss
$
42,319

 
$
173
Schedule of Health Care Cost Trend Rates [Table Text Block]
Health Care Cost Trend Rates - The following table sets forth the assumed health care cost-trend rates for the periods indicated:


2019
 
2018
Health care cost-trend rate assumed for next year
6.50%
 
7.00%
Rate to which the cost-trend rate is assumed to decline
  (the ultimate trend rate)
5.00%
 
5.00%
Year that the rate reaches the ultimate trend rate
2025
 
2024
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block]
Assumed health care cost-trend rates have a significant effect on the amounts reported for our other postemployment benefit plans. A one percentage point change in assumed health care cost-trend rates would have the following effects:


One Percentage

One Percentage

Point Increase

Point Decrease

(Millions of dollars)
Effect on total of service and interest cost
$
0.1


$
(0.1
)
Effect on other postemployment benefit obligation
$
2.3


$
(2.4
)
Schedule of Allocation of Plan Assets [Table Text Block]
Plan Assets - Our investment strategy is to invest plan assets in accordance with sound investment practices that emphasize long-term fundamentals. The goal of this strategy is to maximize investment returns while managing risk in order to meet the plan’s current and projected financial obligations. To achieve this strategy, we have established a liability-driven investment strategy to change the allocations as the funded status of the defined benefit pension plan increases. The plan’s investments include a diverse blend of various domestic and international equities, investment-grade debt securities which mirror the cash flows of our liability, insurance contracts and alternative investments. The current target allocation for the assets of our defined benefit pension plan is as follows:
 
 
Investment-grade bonds
40.0
%
U.S. large-cap equities
18.0
%
Alternative investments
14.0
%
Developed foreign large-cap equities
10.0
%
Mid-cap equities
7.0
%
Emerging markets equities
6.0
%
Small-cap equities
5.0
%
  Total
100
%

As part of our risk management for the plans, minimums and maximums have been set for each of the asset classes listed above. All investment managers for the plan are subject to certain restrictions on the securities they purchase and, with the exception of indexing purposes, are prohibited from owning our stock.

The current target allocation for the assets of our other postemployment benefits plan is 30 percent fixed income securities and 70 percent equity securities.

The following tables set forth our pension benefits and other postemployment benefits plan assets by fair value category as of the measurement date:


Pension Benefits

December 31, 2019
Asset Category
Level 1
Level 2
Level 3
Total

(Thousands of dollars)
Investments:




Equity securities (a)
$
323,737

$
27,267

$
—

$
351,004

Government obligations
—

54,726

—

54,726

Corporate obligations (b)
—

304,457

—

304,457

Cash and money market funds (c)
1,687

87,422

—

89,109

Insurance contracts and group annuity contracts
—

—

25,988

25,988

Other investments (d)
—

897

81,793

82,690

  Total assets
$
325,424

$
474,769

$
107,781

$
907,974

(a) - This category represents securities of the various market sectors from diverse industries.
(b) - This category represents bonds from diverse industries.
(c) - This category is primarily money market funds.
(d) - This category represents alternative investments such as hedge funds and other financial instruments.

 
Pension Benefits
 
December 31, 2018
Asset Category
Level 1
Level 2
Level 3
Total
 
(Thousands of dollars)
Investments:
 
 
 
 
Equity securities (a)
$
282,668

$
35,870

$
—

$
318,538

Government obligations
—

69,475

—

69,475

Corporate obligations (b)
—

240,900

—

240,900

Cash and money market funds (c)
2,419

71,991

—

74,410

Insurance contracts and group annuity contracts
—

—

30,445

30,445

Other investments (d)
—

1,139

79,205

80,344

  Total assets
$
285,087

$
419,375

$
109,650

$
814,112

(a) - This category represents securities of the various market sectors from diverse industries.
(b) - This category represents bonds from diverse industries.
(c) - This category is primarily money market funds.
(d) - This category represents alternative investments such as hedge funds and other financial instruments.

 
Other Postemployment Benefits
 
December 31, 2019
Asset Category
Level 1
Level 2
Level 3
Total
 
(Thousands of dollars)
Investments:
 
 
 
 
Equity securities (a)
$
61,688

$
—

$
—

$
61,688

Government obligations
—

—

—

—

Corporate obligations (b)
—

26,852

—

26,852

Cash and money market funds (c)
18,350

682

—

19,032

Insurance contracts and group annuity contracts (d)
—

99,610

—

99,610

  Total assets
$
80,038

$
127,144

$
—

$
207,182

(a) - This category represents securities of the various market sectors from diverse industries.
(b) - This category represents bonds from diverse industries.
(c) - This category is primarily money market funds.
(d) - This category includes equity securities and bonds held in a captive insurance product.

 
Other Postemployment Benefits
 
December 31, 2018
Asset Category
Level 1
Level 2
Level 3
Total
 
(Thousands of dollars)
Investments:
 
 
 
 
Equity securities (a)
$
58,087

$
2,382

$
—

$
60,469

Government obligations
—

74

—

74

Corporate obligations (b)
—

25,857

—

25,857

Cash and money market funds (c)
1,249

300

—

1,549

Insurance contracts and group annuity contracts (d)
—

88,910

—

88,910

  Total assets
$
59,336

$
117,523

$
—

$
176,859

(a) - This category represents securities of the various market sectors from diverse industries.
(b) - This category represents bonds from diverse industries.
(c) - This category is primarily money market funds.
(d) - This category includes equity securities and bonds held in a captive insurance product.
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block]
The following table sets forth the reconciliation of Level 3 fair value measurements of our pension plans for the periods indicated:

 
Pension Benefits
 
Insurance
Contracts
 
Other
Investments
 
Total
 
(Thousands of dollars)
January 1, 2018
$
35,158

 
$
78,707

 
$
113,865

Net realized and unrealized gains (losses)
(611
)
 
496

 
(115
)
Purchases
—

 
—

 
—

Settlements
(4,100
)
 
—

 
(4,100
)
December 31, 2018
$
30,445

 
$
79,205

 
$
109,650

Net realized and unrealized gains (losses)
(860
)
 
2,588

 
1,728

Purchases
—

 
—

 
—

Sales and settlements
(3,597
)
 
—

 
(3,597
)
December 31, 2019
$
25,988

 
$
81,793

 
$
107,781
Schedule of Expected Benefit Payments [Table Text Block] The following table sets forth the pension benefits and other postemployment benefits payments expected to be paid in 2020-2029:

 
Pension
Benefits
 
Other Postemployment
Benefits
Benefits to be paid in:
(Thousands of dollars)
2020
$
49,631

 
$
16,464

2021
$
50,378

 
$
16,308

2022
$
51,547

 
$
16,269

2023
$
52,628

 
$
16,090

2024
$
53,562

 
$
15,757

2025 through 2029
$
280,547

 
$
73,787