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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023	2022
Discount rate - pension plans	5.30%	5.60%
Discount rate - other postemployment plans	5.40%	5.70%
Compensation increase rate	3.50% - 4.30%	3.60% - 5.00%

The following table sets forth the weighted-average assumptions used by us to determine the periodic benefit costs for pension and postemployment benefits for the periods indicated:


	Years Ended December 31,
	2023	2022	2021
Discount rate - pension plans	5.60%	3.05%/4.55% (a)	2.80%
Discount rate - other postemployment plans	5.70%	3.00%	2.70%
Expected long-term return on plan assets - pension plans	6.75%	6.40%	7.15%
Expected long-term return on plan assets - other postemployment plans	5.55%	5.85%	7.50%
Compensation increase rate	3.60% - 5.00%	3.10% - 5.00%	3.10% - 3.90%

(a) Pension plans were remeasured as of April 30, 2022.

Schedule of Defined Benefit Plans Disclosures

Obligations and Funded Status - 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,
	2023		2022		2023		2022
Changes in Benefit Obligation	(Thousands of dollars)
Benefit obligation, beginning of period	$	784,633	$	1,049,990	$	168,342	$	222,806
Service cost	7,242		10,369		730		1,274
Interest cost	42,428		36,150		9,154		6,448
Plan participants’ contributions	—		—		2,823		3,035
Actuarial loss (gain)	23,015		(259,261)		(5,551)		(48,609)
Benefits paid	(53,713)		(55,326)		(16,963)		(16,612)

Plan amendments	—		2,711		—		—

Benefit obligation, end of period	$	803,605	$	784,633	158,535		$	168,342

Change in Plan Assets
Fair value of plan assets, beginning of period	$	768,961	$	1,013,244	$	181,877	$	231,994
Actual return (loss) on plan assets	78,827		(190,484)		11,325		(38,432)
Employer contributions	1,306		1,527		2,546		1,892
Plan participants’ contributions	—		—		2,823		3,035
Benefits paid	(53,713)		(55,326)		(16,963)		(16,612)

Fair value of assets, end of period	795,381		768,961		181,608		181,877
Benefit Asset (Obligation), net at December 31	$	(8,224)	$	(15,672)	$	23,073	$	13,535

Other noncurrent assets	$	13,409	$	5,267	$	23,073	$	13,535
Current liabilities	(1,368)		(1,352)		—		—
Noncurrent liabilities	(20,265)		(19,587)		—		—
Benefit Asset (Obligation), net at December 31	$	(8,224)	$	(15,672)	$	23,073	$	13,535

Schedule of Net Benefit Costs [Table Text Block]

The following tables set forth the components of net periodic benefit cost for our pension and other postemployment benefit plans for the periods indicated:


			Pension Benefits
		Year Ended December 31,

			2023		2022		2021
	(Thousands of dollars)
Components of net periodic benefit cost (credit)
Service cost			$	7,242	$	10,369	$	13,811
Interest cost (a)			42,428		36,150		29,458
Expected return on assets (a)			(59,518)		(58,528)		(62,382)
Amortization of unrecognized prior service cost (a)			372		248		—
Amortization of net loss (a)			2,008		16,793		45,523
Net periodic benefit cost (credit)			$	(7,468)	$	5,032	$	26,410
(a) These amounts, net of any amounts capitalized as a regulatory asset, have been recognized as other income (expense), net in the consolidated statement of income. See Note 13 for additional detail for our other income (expense), net.


		Other Postemployment Benefits
	Year Ended December 31,

		2023		2022		2021
		(Thousands of dollars)
Components of net periodic benefit cost (credit)
Service cost		$	730	$	1,274	$	1,587
Interest cost (a)		9,154		6,448		6,251
Expected return on assets (a)		(9,728)		(13,181)		(16,807)
Amortization of unrecognized prior service cost (credit) (a)		153		41		(279)
Amortization of net (gain) loss (a)		(48)		217		373

Net periodic benefit cost (credit)		$	261	$	(5,201)	$	(8,875)
(a) These amounts, net of any amounts capitalized as a regulatory asset, have been recognized as other income (expense), net in the consolidated statement of income. See Note 13 for additional detail for our other income (expense), net.

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

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,
	2023		2022		2021
	(Thousands of dollars)
Net gain (loss) arising during the period	$	(619)	$	7,369	$	67
Amortization of loss	1		159		1,562
Deferred income taxes	140		(1,705)		(379)
Total recognized in other comprehensive income (loss)	$	(478)	$	5,823	$	1,250

Schedule of Net Periodic Benefit Cost Not yet Recognized

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,
	2023		2022
	(Thousands of dollars)
Prior service cost	$	(2,091)	$	(2,463)
Accumulated loss	(246,988)		(245,290)
Accumulated other comprehensive loss before regulatory assets	(249,079)		(247,753)
Regulatory asset for regulated entities	247,684		246,975
Accumulated other comprehensive loss after regulatory assets	(1,395)		(778)
Deferred income taxes	213		74
Accumulated other comprehensive loss, net of tax	$	(1,182)	$	(704)


	Other Postemployment Benefits
	December 31,
	2023		2022
	(Thousands of dollars)
Prior service cost	$	—	$	(153)
Accumulated loss	(1.457)		(8,557)
Accumulated other comprehensive loss before regulatory assets	(1.457)		(8,710)
Regulatory asset for regulated entities	1.457		8,710
Accumulated other comprehensive loss after regulatory assets	$	—	$	—

Schedule of Health Care Cost Trend Rates

Health Care Cost Trend Rates - The following table sets forth the assumed health care cost-trend rates for the periods indicated:


	2023	2022
Health care cost-trend rate assumed for next year	6.00%	6.50%
Rate to which the cost-trend rate is assumed to decline (the ultimate trend rate)	4.50%	4.50%
Year that the rate reaches the ultimate trend rate	2030	2030

Schedule of Allocation of Plan Assets

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	70.0	%
U.S. large-cap equities	13.0	%
Alternative investments	7.0	%
Developed foreign large-cap equities	5.0	%
Mid-cap equities	3.0	%
Emerging markets equities	1.0	%
Small-cap equities	1.0	%
Total	100.0	%

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 90 percent fixed income securities and 10 percent equity securities.

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


	Pension Benefits
	December 31, 2023
Asset Category	Level 1		Level 2		Level 3		Total
	(Thousands of dollars)
Investments:
Equity securities (a)	$	88,477	$	—	$	—	$	88,477
Government obligations	—		204,669		—		204,669
Corporate obligations (b)	—		366,482		—		366,482
Cash and money market funds (c)	5,300		28,977		—		34,277
Insurance contracts and group annuity contracts	—		—		12,350		12,350
Other investments (d)	—		—		89,126		89,126
Total assets	$	93,777	$	600,128	$	101,476	$	795,381

(a) - This category represents securities of the various market sectors from diverse industries.

(b) - This category represents bonds from diverse industries.

(d) - This category represents alternative investments such as hedge funds and other financial instruments.


	Pension Benefits
	December 31, 2022
Asset Category	Level 1		Level 2		Level 3		Total
	(Thousands of dollars)
Investments:
Equity securities (a)	$	150,027	$	—	$	—	$	150,027
Government obligations	—		160,799		—		160,799
Corporate obligations (b)	—		329,973		—		329,973
Cash and money market funds (c)	4,466		22,185		—		26,651
Insurance contracts and group annuity contracts	—		—		14,480		14,480
Other investments (d)	—		—		87,031		87,031
Total assets	$	154,493	$	512,957	$	101,511	$	768,961

(a) - This category represents securities of the various market sectors from diverse industries.

(b) - This category represents bonds from diverse industries.

(d) - This category represents alternative investments such as hedge funds and other financial instruments.


	Other Postemployment Benefits
	December 31, 2023
Asset Category	Level 1		Level 2		Level 3		Total
	(Thousands of dollars)
Investments:
Equity securities (a)	$	7,031	$	—	$	—	$	7,031
Government obligations	—		41,863		—		41,863
Corporate obligations (b)	—		38,615		—		38,615
Cash and money market funds (c)	751		13,245		—		13,996
Insurance contracts and group annuity contracts (d)	—		80,102		—		80,102
Total assets	$	7,782	$	173,825	$	—	$	181,607

(a) - This category represents securities of the various market sectors from diverse industries.

(b) - This category represents bonds from diverse industries.

(d) - This category includes equity securities and bonds held in a captive insurance product.


	Other Postemployment Benefits
	December 31, 2022
Asset Category	Level 1		Level 2		Level 3		Total
	(Thousands of dollars)
Investments:
Equity securities (a)	$	5,983	$	—	$	—	$	5,983
Government obligations	—		43,291		—		43,291
Corporate obligations (b)	—		38,095		—		38,095
Cash and money market funds (c)	750		7,621		—		8,371
Insurance contracts and group annuity contracts (d)	—		86,137		—		86,137
Total assets	$	6,733	$	175,144	$	—	$	181,877

(a) - This category represents securities of the various market sectors from diverse industries.

(b) - This category represents bonds from diverse industries.

(d) - This category includes equity securities and bonds held in a captive insurance product.

Schedule Of Employee Pension Plans Investments At Fair Value

The following tables set forth additional information regarding commitments and redemption limitations of these other investments at the periods indicated:


	December 31, 2023
	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
	(in thousands)					(in days)
Grosvenor Registered Multi Limited Partnership	$	40,872	$	—	quarterly	65
K2 Institutional Investors II Limited Partnership	$	48,254	$	—	quarterly	91


	December 31, 2022
	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
	(in thousands)					(in days)
Grosvenor Registered Multi Limited Partnership	$	40,160	$	—	quarterly	65
K2 Institutional Investors II Limited Partnership	$	46,871	$	—	quarterly	91

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

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, 2022	$	17,301	$	91,456	$	108,757
Unrealized gains	1,467		—		1,467
Unrealized losses	—		(7,458)		(7,458)
Purchases	182		3,033		3,215
Settlements	(4,470)		—		(4,470)
December 31, 2022	$	14,480	$	87,031	$	101,511
Unrealized gains	—		2,095		2,095
Unrealized losses	(618)		—		(618)
Purchases	1,562		—		1,562
Settlements	(3,074)		—		(3,074)
December 31, 2023	$	12,350	$	89,126	$	101,476

Schedule of Expected Benefit Payments

The following table sets forth the pension benefits and other postemployment benefits payments expected to be paid in 2023-2032:


	Pension Benefits		Other Postemployment Benefits
Benefits to be paid in:	(Thousands of dollars)
2024	$	55,391	$	14,127
2025	$	55,988	$	13,890
2026	$	56,422	$	13,505
2027	$	56,591	$	13,194
2028	$	57,296	$	12,848
2029 through 2033	$	286,471	$	59,299