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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of amounts recognized in balance sheet

Changes in benefit obligation and plan assets for the years ended December 31, 2017 and 2016, and amounts recognized in the Consolidated Balance Sheets at December 31, 2017 and 2016, were as follows:



	Pension Benefits						Other Postretirement Benefits
	2017			2016			2017			2016
	(In thousands)
Change in benefit obligation:
Benefit obligation at beginning of year	$	436,307		$	442,960		$	89,304		$	92,734
Service cost	—			—			1,508			1,647
Interest cost	16,207			17,218			3,265			3,688
Plan participants' contributions	—			—			1,368			1,405
Actuarial (gain) loss	19,119			1,882			1,781			(3,872		)
Benefits paid	(25,710		)	(25,753		)	(6,020		)	(6,298		)
Benefit obligation at end of year	445,923			436,307			91,206			89,304
Change in net plan assets:
Fair value of plan assets at beginning of year	333,509			332,667			82,846			82,593
Actual gain on plan assets	45,473			26,595			9,612			4,184
Employer contribution	1,112			—			933			962
Plan participants' contributions	—			—			1,368			1,405
Benefits paid	(25,710		)	(25,753		)	(6,020		)	(6,298		)
Fair value of net plan assets at end of year	354,384			333,509			88,739			82,846
Funded status - under	$	(91,539	)	$	(102,798	)	$	(2,467	)	$	(6,458	)
Amounts recognized in the Consolidated Balance Sheets at December 31:
Deferred charges and other assets - other	$	—		$	—		$	19,114		$	13,131
Other accrued liabilities	—			—			612			538
Deferred credits and other liabilities - other	91,539			102,798			20,969			19,051
Benefit obligation liabilities - net amount recognized	$	(91,539	)	$	(102,798	)	$	(2,467	)	$	(6,458	)
Amounts recognized in accumulated other comprehensive (income) loss or regulatory assets (liabilities) consist of:
Actuarial loss	$	186,486		$	198,668		$	13,423		$	17,470
Prior service credit	—			—			(11,632		)	(13,003		)
Total	$	186,486		$	198,668		$	1,791		$	4,467

The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the pension plans with accumulated benefit obligations in excess of plan assets

The pension plans all have accumulated benefit obligations in excess of plan assets. The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for these plans at December 31 were as follows:



	2017		2016
	(In thousands)
Projected benefit obligation	$	445,923	$	436,307
Accumulated benefit obligation	$	445,923	$	436,307
Fair value of plan assets	$	354,384	$	333,509

Components of net periodic benefit cost

Components of net periodic benefit cost (credit) for the Company's pension and other postretirement benefit plans for the years ended December 31 were as follows:



	Pension Benefits									Other Postretirement Benefits
	2017			2016			2015			2017			2016			2015
	(In thousands)
Components of net periodic benefit cost (credit):
Service cost	$	—		$	—		$	86		$	1,508		$	1,647		$	1,816
Interest cost	16,207			17,218			17,141			3,265			3,688			3,607
Expected return on assets	(20,528		)	(20,924		)	(22,254		)	(4,641		)	(4,533		)	(4,795		)
Amortization of prior service cost (credit)	—			—			36			(1,371		)	(1,371		)	(1,371		)
Recognized net actuarial loss	6,355			6,215			7,016			857			1,491			1,960
Curtailment loss	—			—			258			—			—			—
Net periodic benefit cost (credit), including amount capitalized	2,034			2,509			2,283			(382		)	922			1,217
Less amount capitalized	310			381			316			(370		)	(52		)	120
Net periodic benefit cost (credit)	1,724			2,128			1,967			(12		)	974			1,097
Other changes in plan assets and benefit obligations recognized in accumulated comprehensive (income) loss or regulatory assets (liabilities):
Net (gain) loss	(5,827		)	(3,789		)	8,257			(3,190		)	(3,523		)	(1,336		)
Amortization of actuarial loss	(6,355		)	(6,215		)	(7,016		)	(857		)	(1,491		)	(1,960		)
Amortization of prior service (cost) credit	—			—			(294		)	1,371			1,371			1,371
Total recognized in accumulated other comprehensive (income) loss or regulatory assets (liabilities)	(12,182		)	(10,004		)	947			(2,676		)	(3,643		)	(1,925		)
Total recognized in net periodic benefit cost (credit), accumulated other comprehensive (income) loss and regulatory assets (liabilities)	$	(10,458	)	$	(7,876	)	$	2,914		$	(2,688	)	$	(2,669	)	$	(828	)

Weighted average assumptions used to determine benefit obligations and net periodic benefit costs

Weighted average assumptions used to determine benefit obligations at December 31 were as follows:



	Pension Benefits				Other Postretirement Benefits
	2017		2016		2017		2016
Discount rate	3.38	%	3.83	%	3.41	%	3.86	%
Expected return on plan assets	6.75	%	6.75	%	5.75	%	5.75	%
Rate of compensation increase	N/A		N/A		3.00	%	3.00	%

Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31 were as follows:



	Pension Benefits				Other Postretirement Benefits
	2017		2016		2017		2016
Discount rate	3.83	%	4.00	%	3.86	%	4.06	%
Expected return on plan assets	6.75	%	6.75	%	5.75	%	5.75	%
Rate of compensation increase	N/A		N/A		3.00	%	3.00	%

Health care rate assumptions for the Company's other postretirement benefit plans

Health care rate assumptions for the Company's other postretirement benefit plans as of December 31 were as follows:



				2017					2016
Health care trend rate assumed for next year	7.5	%	–	8.5	%	8.6	%	–	10.7	%
Health care cost trend rate - ultimate				4.5	%				4.5	%
Year in which ultimate trend rate achieved				2024					2024

Assumed health care cost trend rates

Assumed health care cost trend rates may have a significant effect on the amounts reported for the health care plans. A one percentage point change in the assumed health care cost trend rates would have had the following effects at December 31, 2017:



	1 Percentage Point Increase		1 Percentage Point Decrease
	(In thousands)
Effect on total of service and interest cost components	$	306	$	(247	)
Effect on postretirement benefit obligation	$	5,433	$	(4,551	)

The fair value of the pension and postretirement net plan assets by class

The fair value of the Company's pension plans' assets (excluding cash) by class were as follows:



	Fair Value Measurements at December 31, 2017, Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at December 31, 2017
	(In thousands)
Assets:
Cash equivalents	$	—	$	3,814	$	—	$	3,814
Equity securities:
U.S. companies	13,345		—		—		13,345
International companies	1,766		—		—		1,766
Collective and mutual funds*	171,822		67,749		—		239,571
Corporate bonds	—		74,956		—		74,956
Municipal bonds	—		16,839		—		16,839
U.S. Government securities	1,038		—		—		1,038
Total assets measured at fair value	$	187,971	$	163,358	$	—	$	351,329


*	Collective and mutual funds invest approximately 31 percent in common stock of international companies, 28 percent in corporate bonds, 19 percent in common stock of large-cap U.S. companies, 7 percent in cash equivalents, 1 percent in U.S. Government securities and 14 percent in other investments.



	Fair Value Measurements at December 31, 2016, Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at December 31, 2016
	(In thousands)
Assets:
Cash equivalents	$	—	$	6,347	$	—	$	6,347
Equity securities:
U.S. companies	11,348		—		—		11,348
International companies	1,584		—		—		1,584
Collective and mutual funds*	162,055		64,052		—		226,107
Corporate bonds	—		68,677		—		68,677
Municipal bonds	—		11,002		—		11,002
U.S. Government securities	4,352		2,044		—		6,396
Total assets measured at fair value	$	179,339	$	152,122	$	—	$	331,461


*	Collective and mutual funds invest approximately 29 percent in common stock of international companies, 21 percent in corporate bonds, 20 percent in common stock of large-cap U.S. companies, 8 percent in cash equivalents, 7 percent in U.S. Government securities and 15 percent in other investments.

The fair value of the Company's other postretirement benefit plans' assets (excluding cash) by asset class were as follows:



	Fair Value Measurements at December 31, 2017, Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at December 31, 2017
	(In thousands)
Assets:
Cash equivalents	$	—	$	4,815	$	—	$	4,815
Equity securities:
U.S. companies	2,316		—		—		2,316
International companies	4		—		—		4
Insurance contract*	3		81,601		—		81,604
Total assets measured at fair value	$	2,323	$	86,416	$	—	$	88,739


*	The insurance contract invests approximately 38 percent in corporate bonds, 23 percent in common stock of large-cap U.S. companies, 21 percent in U.S. Government securities, 9 percent in mortgage-backed securities and 9 percent in other investments.



	Fair Value Measurements at December 31, 2016, Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at December 31, 2016
	(In thousands)
Assets:
Cash equivalents	$	—	$	250	$	—	$	250
Equity securities:
U.S. companies	2,328		—		—		2,328
International companies	5		—		—		5
Insurance contract*	—		80,263		—		80,263
Total assets measured at fair value	$	2,333	$	80,513	$	—	$	82,846


*	The insurance contract invests approximately 38 percent in corporate bonds, 25 percent in common stock of large-cap U.S. companies, 20 percent in U.S. Government securities, 9 percent in mortgage-backed securities and 8 percent in other investments.

Benefit payments expected to be paid

The following benefit payments, which reflect future service, as appropriate, and expected Medicare Part D subsidies are as follows:



Years	Pension Benefits		Other Postretirement Benefits		Expected Medicare Part D Subsidy
			(In thousands)
2018	$	25,111	$	5,490	$	152
2019	25,280		5,525		147
2020	25,587		5,396		141
2021	25,866		5,391		132
2022	26,185		5,470		123
2023 - 2027	130,994		27,106		454

Multiemployer plans



	EIN/Pension Plan Number	Pension Protection Act Zone Status		FIP/RP Status Pending/Implemented	Contributions						Surcharge Imposed	Expiration Date of Collective Bargaining Agreement
Pension Fund		2017	2016		2017		2016		2015
					(In thousands)
Alaska Laborers-Employers Retirement Fund	91-6028298-001	Yellow as of 6/30/2017	Yellow as of 6/30/2016	Implemented	$	690	$	766	$	917	No	12/31/2018
Edison Pension Plan	93-6061681-001	Green	Green	No	12,725		6,242		5,517		No	6/30/2019
IBEW Local No. 82 Pension Plan	31-6127268-001	Green as of 6/30/2017	Green as of 6/30/2016	No	1,757		2,560		2,252		No	12/1/2019
IBEW Local 212 Pension Trust Fund	31-6127280-001	Green as of 4/30/2016	Yellow as of 4/30/2015	No	1,312		1,146		937		No	6/2/2019
IBEW Local No. 357 Pension Plan A	88-6023284-001	Green	Green	No	3,286		3,016		1,896		No	5/31/2018
IBEW Local 648 Pension Plan	31-6134845-001	Red as of 2/28/2017	Red as of 2/29/2016	Implemented	2,254		773		745		No	9/2/2018
Idaho Plumbers and Pipefitters Pension Plan	82-6010346-001	Green as of 5/31/2017	Green as of 5/31/2016	No	1,156		1,221		1,169		No	9/30/2019
Minnesota Teamsters Construction Division Pension Fund	41-6187751-001	Green as of 11/30/2016	Green as of 11/30/2015	No	826		690		737		No	4/30/2019
National Automatic Sprinkler Industry Pension Fund	52-6054620-001	Red	Red	Implemented	718		775		677		No	7/31/2018- 3/31/2021
National Electrical Benefit Fund	53-0181657-001	Green	Green	No	8,891		6,366		5,271		No	10/31/2017- 3/31/2021
Sheet Metal Workers' Pension Plan of Southern CA, AZ and NV	95-6052257-001	Yellow	Red	Implemented	1,016		1,087		714		No	6/30/2018
Southwest Marine Pension Trust	95-6123404-001	Red	Red	Implemented	48		50		26		No	1/31/2019
Other funds					22,066		19,835		18,254
Total contributions					$	56,745	$	44,527	$	39,112

The Company was listed in the plans' Forms 5500 as providing more than 5 percent of the total contributions for the following plans and plan years:



Pension Fund	Year Contributions to Plan Exceeded More Than 5 Percent of Total Contributions (as of December 31 of the Plan's Year-End)
Edison Pension Plan	2016 and 2015
IBEW Local 82 Pension Plan	2016 and 2015
IBEW Local 124 Pension Trust Fund	2016 and 2015
IBEW Local 212 Pension Trust Fund	2016 and 2015
IBEW Local 357 Pension Plan A	2016 and 2015
IBEW Local 648 Pension Plan	2016 and 2015
Idaho Plumbers and Pipefitters Pension Plan	2016 and 2015
International Union of Operating Engineers Local 701 Pension Trust Fund	2016 and 2015
Minnesota Teamsters Construction Division Pension Fund	2016 and 2015
Pension and Retirement Plan of Plumbers and Pipefitters Local 525	2016 and 2015