Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Schedule of amounts recognized in balance sheet

Changes in benefit obligation and plan assets for the years ended December 31, 2019 and 2018, and amounts recognized in the Consolidated Balance Sheets at December 31, 2019 and 2018, were as follows:

	Pension Benefits						Other Postretirement Benefits
	2019			2018			2019			2018
	(In thousands)
Change in benefit obligation:
Benefit obligation at beginning of year	$	391,602		$	445,923		$	81,201		$	91,206
Service cost	—			—			1,142			1,494
Interest cost	15,225			14,591			2,986			2,899
Plan participants' contributions	—			—			1,040			1,282
Actuarial (gain) loss	40,219			(32,637		)	2,632			(10,115		)
Benefits paid	(25,880		)	(36,275		)	(5,387		)	(5,565		)
Benefit obligation at end of year	421,166			391,602			83,614			81,201
Change in net plan assets:
Fair value of plan assets at beginning of year	307,809			354,384			82,516			88,739
Actual gain (loss) on plan assets	58,409			(21,138		)	15,731			(2,781		)
Employer contribution	24,926			10,838			687			842
Plan participants' contributions	—			—			1,040			1,281
Benefits paid	(25,880		)	(36,275		)	(5,387		)	(5,565		)
Fair value of net plan assets at end of year	365,264			307,809			94,587			82,516
Funded status - over (under)	$	(55,902	)	$	(83,793	)	$	10,973		$	1,315
Amounts recognized in the Consolidated Balance Sheets at December 31:
Deferred charges and other assets - other	$	—		$	—		$	30,475		20,843
Other accrued liabilities	—			—			647			660
Deferred credits and other liabilities - other	55,902			83,793			18,855			18,868
Benefit obligation assets (liabilities) - net amount recognized	$	(55,902	)	$	(83,793	)	$	10,973		$	1,315
Amounts recognized in accumulated other comprehensive loss:
Actuarial loss	$	27,748		$	28,796		$	6,118		$	6,372
Prior service credit	—			—			(731		)	(848		)
Total	$	27,748		$	28,796		$	5,387		$	5,524
Amounts recognized in regulatory assets or liabilities:
Actuarial (gain) loss	$	155,484		$	159,939		$	(4,450	)	$	3,944
Prior service credit	—			—			(8,109		)	(9,390		)
Total	$	155,484		$	159,939		$	(12,559	)	$	(5,446	)

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:

	2019		2018
	(In thousands)
Projected benefit obligation	$	421,166	$	391,602
Accumulated benefit obligation	$	421,166	$	391,602
Fair value of plan assets	$	365,264	$	307,809

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

	2019		2018
	(In thousands)
Projected benefit obligation	$	99,245	$	93,988
Accumulated benefit obligation	$	99,245	$	93,988

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
	2019			2018			2017			2019			2018			2017
	(In thousands)
Components of net periodic benefit cost (credit):
Service cost	$	—		$	—		$	—		$	1,142		$	1,494		$	1,508
Interest cost	15,225			14,591			16,207			2,986			2,899			3,265
Expected return on assets	(18,236		)	(20,753		)	(20,528		)	(4,804		)	(4,866		)	(4,641		)
Amortization of prior service credit	—			—			—			(1,398		)	(1,394		)	(1,371		)
Recognized net actuarial loss	5,548			7,005			6,355			353			640			857
Net periodic benefit cost (credit), including amount capitalized	2,537			843			2,034			(1,721		)	(1,227		)	(382		)
Less amount capitalized	—			—			310			113			153			(370		)
Net periodic benefit cost (credit)	2,537			843			1,724			(1,834		)	(1,380		)	(12		)
Other changes in plan assets and benefit obligations recognized in accumulated comprehensive loss:
Net (gain) loss	(144		)	991			(1,091		)	(127		)	(1,735		)	1,742
Amortization of actuarial loss	(904		)	(1,084		)	(1,040		)	(110		)	(354		)	(289		)
Amortization of prior service (cost) credit	—			—			—			100			(220		)	161
Total recognized in accumulated other comprehensive loss	(1,048		)	(93		)	(2,131		)	(137		)	(2,309		)	1,614
Other changes in plan assets and benefit obligations recognized in regulatory assets or liabilities:
Net (gain) loss	189			8,263			(4,736		)	(8,168		)	(732		)	(4,932		)
Amortization of actuarial loss	(4,644		)	(5,921		)	(5,315		)	(242		)	(286		)	(568		)
Amortization of prior service credit	—			—			—			1,297			1,614			1,210
Total recognized in regulatory assets or liabilities	(4,455		)	2,342			(10,051		)	(7,113		)	596			(4,290		)
Total recognized in net periodic benefit cost (credit), accumulated other comprehensive loss and regulatory assets or liabilities	$	(2,966	)	$	3,092		$	(10,458	)	$	(9,084	)	$	(3,093	)	$	(2,688	)

Components of net periodic benefit cost for these plans for the years ended December 31 were as follows:

	2019		2018		2017
	(In thousands)
Components of net periodic benefit cost:
Service cost	$	109	$	185	$	289
Interest cost	3,473		3,157		3,494
Recognized net actuarial loss	764		1,047		883
Net periodic benefit cost	$	4,346	$	4,389	$	4,666

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
	2019		2018		2019		2018
Discount rate	2.96	%	4.03	%	3.00	%	4.05	%
Expected return on plan assets	6.25	%	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
	2019		2018		2019		2018
Discount rate	4.03	%	3.38	%	4.05	%	3.41	%
Expected return on plan assets	6.25	%	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:

	2019		2018
Benefit obligation discount rate	2.73	%	3.86	%
Benefit obligation rate of compensation increase	N/A		N/A
Net periodic benefit cost discount rate	3.86	%	3.20	%
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:

	2019					2018
Health care trend rate assumed for next year	7.1	%	–	7.4	%	7.5	%	–	8.1	%
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, 2019:

	1 Percentage  Point Increase		1 Percentage Point Decrease
	(In thousands)
Effect on total of service and interest cost components	$	245	$	(203	)
Effect on postretirement benefit obligation	$	3,751	$	(3,155	)

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, 2019, are as follows:

Years	Pension Benefits		Other Postretirement Benefits		Expected Medicare Part D Subsidy
			(In thousands)
2020	$	24,128	$	5,024	$	92
2021	24,432		5,073		86
2022	24,642		5,098		80
2023	24,874		5,091		73
2024	24,924		5,000		65
2025-2029	121,205		24,242		222

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

	2020		2021		2022		2023		2024		2025-2029
	(In thousands)
Nonqualified benefits	$	7,774	$	7,795	$	7,023	$	7,219	$	7,597	$	35,998

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

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, 2019, 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, 2019
	(In thousands)
Assets:
Cash equivalents	$	—	$	4,017	$	—	$	4,017
Equity securities:
U.S. companies	2,073		—		—		2,073
International companies	—		1		—		1
Insurance contract*	10		88,486		—		88,496
Total assets measured at fair value	$	2,083	$	92,504	$	—	$	94,587

* The insurance contract invests approximately 50 percent in corporate bonds, 25 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 11 percent in other investments.

	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.

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

	Fair Value Measurements  at December 31, 2019, 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, 2019
	(In thousands)
Assets:
Cash equivalents	$	—	$	26,166	$	—	$	26,166
Equity securities:
U.S. companies	14,457		—		—		14,457
International companies	—		938		—		938
Collective and mutual funds*	160,906		58,894		—		219,800
Corporate bonds	—		80,768		—		80,768
Municipal bonds	—		11,828		—		11,828
U.S. Government securities	7,296		2,082		—		9,378
Total assets measured at fair value	$	182,659	$	180,676	$	—	$	363,335

* Collective and mutual funds invest approximately 29 percent in common stock of international companies, 21 percent in common stock of large-cap U.S. companies, 18 percent in U.S. Government securities, 9 percent in corporate bonds, 6 percent in cash equivalents and 17 percent in other investments.

	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.

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

	2019		2018
	(In thousands)
Investments
Insurance contract*	$	87,009	$	73,838
Life insurance**	38,659		37,274
Other	8,450		10,818
Total investments	$	134,118	$	121,930

* For more information on the insurance contract, see Note 8.    

** Investments of life insurance are carried on plan participants (payable upon the employee's death).