Nonqualified Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

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:



	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

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
	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

Schedule of Assumptions Used

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

Schedule of Expected Benefit Payments

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

Schedule of Allocation of Plan Assets

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).