Nonqualified Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Accumulated and Projected Benefit Obligations

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

Schedule of Net Benefit Costs

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

Schedule of Assumptions Used

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

Schedule of Expected Benefit Payments

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

Schedule of Allocation of Plan Assets

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).