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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2018
Retirement Benefits [Abstract]  
Schedule of amounts recognized in balance sheet Changes in benefit obligation and plan assets for the years ended December 31, 2018 and 2017, and amounts recognized in the Consolidated Balance Sheets at December 31, 2018 and 2017, were as follows:
 
Pension Benefits
Other
Postretirement Benefits
 
2018

2017

2018

2017

 
(In thousands)
Change in benefit obligation:
 
 
 
 
Benefit obligation at beginning of year
$
445,923

$
436,307

$
91,206

$
89,304

Service cost
—

—

1,494

1,508

Interest cost
14,591

16,207

2,899

3,265

Plan participants' contributions
—

—

1,282

1,368

Actuarial (gain) loss
(32,637
)
19,119

(10,115
)
1,781

Benefits paid
(36,275
)
(25,710
)
(5,565
)
(6,020
)
Benefit obligation at end of year
391,602

445,923

81,201

91,206

Change in net plan assets:
 

 

 

 

Fair value of plan assets at beginning of year
354,384

333,509

88,739

82,846

Actual gain (loss) on plan assets
(21,138
)
45,473

(2,781
)
9,612

Employer contribution
10,838

1,112

842

933

Plan participants' contributions
—

—

1,281

1,368

Benefits paid
(36,275
)
(25,710
)
(5,565
)
(6,020
)
Fair value of net plan assets at end of year
307,809

354,384

82,516

88,739

Funded status - over (under)
$
(83,793
)
$
(91,539
)
$
1,315

$
(2,467
)
Amounts recognized in the Consolidated
Balance Sheets at December 31:
 

 

 

 

Deferred charges and other assets - other
$
—

$
—

$
20,843

19,114

Other accrued liabilities
—

—

660

612

Deferred credits and other liabilities - other
83,793

91,539

18,868

20,969

Benefit obligation assets (liabilities) - net amount recognized
$
(83,793
)
$
(91,539
)
$
1,315

$
(2,467
)
Amounts recognized in accumulated other comprehensive (income) loss or regulatory assets (liabilities) consist of:
 

 

 

 

Actuarial loss
$
188,735

$
186,486

$
10,316

$
13,423

Prior service credit
—

—

(10,238
)
(11,632
)
Total
$
188,735

$
186,486

$
78

$
1,791
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:
 
2018

2017

 
(In thousands)
Projected benefit obligation
$
391,602

$
445,923

Accumulated benefit obligation
$
391,602

$
445,923

Fair value of plan assets
$
307,809

$
354,384

The projected benefit obligation and accumulated benefit obligation for these plans at December 31 were as follows:
 
2018

2017

 
(In thousands)
Projected benefit obligation
$
93,988

$
102,484

Accumulated benefit obligation
$
93,988

$
102,484
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
 
2018

2017

2016

2018

2017

2016

 
(In thousands)
Components of net periodic benefit cost (credit):
 
 
 
 
 
 
Service cost
$
—

$
—

$
—

$
1,494

$
1,508

$
1,647

Interest cost
14,591

16,207

17,218

2,899

3,265

3,688

Expected return on assets
(20,753
)
(20,528
)
(20,924
)
(4,866
)
(4,641
)
(4,533
)
Amortization of prior service credit
—

—

—

(1,394
)
(1,371
)
(1,371
)
Recognized net actuarial loss
7,005

6,355

6,215

640

857

1,491

Net periodic benefit cost (credit), including amount capitalized
843

2,034

2,509

(1,227
)
(382
)
922

Less amount capitalized
—

310

381

153

(370
)
(52
)
Net periodic benefit cost (credit)
843

1,724

2,128

(1,380
)
(12
)
974

Other changes in plan assets and benefit obligations recognized in accumulated comprehensive (income) loss or regulatory assets (liabilities):
 

 

 

 

 

 

Net (gain) loss
9,254

(5,827
)
(3,789
)
(2,467
)
(3,190
)
(3,523
)
Amortization of actuarial loss
(7,005
)
(6,355
)
(6,215
)
(640
)
(857
)
(1,491
)
Amortization of prior service credit
—

—

—

1,394

1,371

1,371

Total recognized in accumulated other comprehensive (income) loss or regulatory assets (liabilities)
2,249

(12,182
)
(10,004
)
(1,713
)
(2,676
)
(3,643
)
Total recognized in net periodic benefit cost (credit), accumulated other comprehensive (income) loss and regulatory assets (liabilities)
$
3,092

$
(10,458
)
$
(7,876
)
$
(3,093
)
$
(2,688
)
$
(2,669
)
Components of net periodic benefit cost for the Company's nonqualified benefit plans for the years ended December 31 were as follows:
 
2018

2017

2016

 
(In thousands)
Components of net periodic benefit cost:
 
 
 
Service cost
$
185

$
289

$
493

Interest cost
3,157

3,494

3,742

Amortization of prior service cost
—

—

(80
)
Recognized net actuarial loss
1,047

883

952

Curtailment gain
—

—

(3,292
)
Net periodic benefit cost
$
4,389

$
4,666

$
1,815
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
 
2018

2017

2018

2017

Discount rate
4.03
%
3.38
%
4.05
%
3.41
%
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 (credit) for the years ended December 31 were as follows:
 
Pension Benefits
Other
Postretirement Benefits
 
2018

2017

2018

2017

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 at December 31 were as follows:
 
2018

2017

Benefit obligation discount rate
3.86
%
3.20
%
Benefit obligation rate of compensation increase
N/A

N/A

Net periodic benefit cost discount rate
3.20
%
3.56
%
Net periodic benefit cost rate of compensation increase
N/A

N/A
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:
 
2018
 
2017
 
Health care trend rate assumed for next year
7.5
%
–
8.1
%
7.5
%
–
8.5
%
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, 2018:
 
1 Percentage
 Point Increase

1 Percentage
Point Decrease

 
(In thousands)
Effect on total of service and interest cost components
$
223

$
(184
)
Effect on postretirement benefit obligation
$
4,296

$
(3,622
)
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, 2018, 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, 2018

 
(In thousands)
Assets:
 
 
 
 
Cash equivalents
$
—

$
4,930

$
—

$
4,930

Equity securities:
 
 
 
 

U.S. companies
11,038

—

—

11,038

International companies
—

967

—

967

Collective and mutual funds*
145,960

51,600

—

197,560

Corporate bonds
—

73,110

—

73,110

Municipal bonds
—

10,624

—

10,624

U.S. Government securities
479

5,896

—

6,375

Total assets measured at fair value
$
157,477

$
147,127

$
—

$
304,604

*
Collective and mutual funds invest approximately 27 percent in common stock of international companies, 31 percent in corporate bonds, 18 percent in common stock of large-cap U.S. companies, 5 percent in cash equivalents and 19 percent in other investments.
 
 
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
—

8,546

—

8,546

U.S. Government securities
1,038

8,293

—

9,331

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.
 
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, 2018, 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, 2018

 
(In thousands)
Assets:
 
 
 
 
Cash equivalents
$
—

$
3,866

$
—

$
3,866

Equity securities:
 
 
 
 

U.S. companies
1,767

—

—

1,767

International companies
—

2

—

2

Insurance contract*
1

76,880

—

76,881

Total assets measured at fair value
$
1,768

$
80,748

$
—

$
82,516

*
The insurance contract invests approximately 51 percent in corporate bonds, 23 percent in common stock of large-cap U.S. companies, 7 percent in U.S. Government securities, 7 percent in common stock of small-cap U.S. companies and 12 percent in other investments.
 

 
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.
 
The amount of investments that the Company anticipates using to satisfy obligations under these plans at December 31 was as follows:
 
2018

2017

 
(In thousands)
Investments
 
 
Insurance contract*
$
73,838

$
77,388

Life insurance**
37,274

38,568

Other
10,818

6,971

Total investments
$
121,930

$
122,927

*
For more information on the insurance contract, see Note 7.    
**
Investments of life insurance are carried on plan participants (payable upon the employee's death).
 
Benefit payments expected to be paid The following benefit payments, which reflect future service, as appropriate, and expected Medicare Part D subsidies at December 31, 2018, are as follows:
Years
Pension
Benefits

Other
Postretirement Benefits

Expected
Medicare
Part D Subsidy

 
 
(In thousands)

 
2019
$
24,026

$
5,332

$
117

2020
24,287

5,232

112

2021
24,633

5,201

105

2022
24,929

5,259

98

2023
25,173

5,270

90

2024 - 2028
124,688

25,851

320

The amount of future benefit payments for the unfunded, nonqualified benefit plans at December 31, 2018, are expected to aggregate as follows:
 
2019

2020

2021

2022

2023

Thereafter

 
(In thousands)
Nonqualified benefits
$
7,350

$
7,766

$
7,787

$
7,018

$
7,213

$
36,885