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EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
Pension and postretirement benefit plans obligations and fair value of plan assets | The following table sets forth our retirement and other postretirement benefit plans benefit obligations and fair value of plan assets for the periods indicated:
|  | Retirement Benefits |  | Other Postretirement Benefits
|  | December 31, |  | December 31,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Change in benefit obligation |  | (Thousands of dollars)
Benefit obligation, beginning of period |  | $ | 567,011 |  |  | $ | 583,072 |  |  | $ | 51,027 |  |  | $ | 54,515 |
Service cost |  | 6,808 |  |  | 8,314 |  |  | 307 |  |  | 421 |
Interest cost |  | 17,788 |  |  | 16,900 |  |  | 1,480 |  |  | 1,454 |
Plan participants’ contributions |  | — |  |  | — |  |  | 824 |  |  | 1,092 |
Actuarial gain |  | (148,988) |  |  | (22,792) |  |  | (11,554) |  |  | (2,496) |
Benefits paid |  | (19,845) |  |  | (18,483) |  |  | (4,461) |  |  | (3,959) |
Benefit obligation, end of period (a) |  | 422,774 |  |  | 567,011 |  |  | 37,623 |  |  | 51,027 |
Change in plan assets |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of period |  | 413,183 |  |  | 379,092 |  |  | 24,397 |  |  | 20,874 |
Actual return on plan assets |  | (71,705) |  |  | 41,374 |  |  | (3,957) |  |  | 5,919 |
Employer contributions |  | — |  |  | 11,200 |  |  | — |  |  | — |
Plan participants’ contributions |  | — |  |  | — |  |  | 824 |  |  | 1,092 |
Benefits paid |  | (19,845) |  |  | (18,483) |  |  | (4,461) |  |  | (3,488) |
Fair value of plan assets, end of period (b) |  | 321,633 |  |  | 413,183 |  |  | 16,803 |  |  | 24,397 |
Balance at December 31 |  | $ | (101,141) |  |  | $ | (153,828) |  |  | $ | (20,820) |  |  | $ | (26,630) |
Current liabilities |  | $ | (5,036) |  |  | $ | (5,219) |  |  | $ | — |  |  | $ | — |
Noncurrent liabilities |  | (96,105) |  |  | (148,609) |  |  | (20,820) |  |  | (26,630) |
Balance at December 31 |  | $ | (101,141) |  |  | $ | (153,828) |  |  | $ | (20,820) |  |  | $ | (26,630) |
(a) - The benefit obligation for Retirement Benefits at December 31, 2022 and 2021, include the supplemental executive retirement plan obligation. (b) - Fair value of plan assets for Retirement Benefits exclude the assets of our supplemental executive retirement plan, which totaled $91.8 million and $111.2 million at December 31, 2022 and 2021, respectively, and are included in other assets on the Consolidated Balance Sheets. These assets are maintained in a rabbi trust and are not treated as assets of the supplemental executive retirement plan.
Components of net periodic benefit cost for pension and postretirement benefit plans | The following table sets forth the components of net periodic benefit cost for our retirement and other postretirement benefit plans for the periods indicated:
|  | Retirement Benefits |  | Other Postretirement Benefits
|  | Years Ended December 31, |  | Years Ended December 31,
|  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
|  | (Thousands of dollars)
Components of net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 6,808 |  |  | $ | 8,314 |  |  | $ | 8,154 |  |  | $ | 307 |  |  | $ | 421 |  |  | $ | 460 |
Interest cost |  | 17,788 |  |  | 16,900 |  |  | 18,318 |  |  | 1,480 |  |  | 1,454 |  |  | 1,771 |
Expected return on plan assets |  | (24,469) |  |  | (25,109) |  |  | (24,964) |  |  | (1,493) |  |  | (1,364) |  |  | (2,894) |
Amortization of prior service cost |  | 114 |  |  | 114 |  |  | 114 |  |  | — |  |  | — |  |  | — |
Amortization of net loss |  | 13,050 |  |  | 19,673 |  |  | 18,306 |  |  | 1,932 |  |  | 3,692 |  |  | 5 |
Net periodic benefit cost (income) |  | $ | 13,291 |  |  | $ | 19,892 |  |  | $ | 19,928 |  |  | $ | 2,226 |  |  | $ | 4,203 |  |  | $ | (658) |
Amounts recognized in other comprehensive income (loss) | The following table sets forth the amounts recognized in other comprehensive income (loss) related to our retirement and other postretirement benefits for the periods indicated:
|  | Retirement Benefits |  | Other Postretirement Benefits
|  | Years Ended December 31, |  | Years Ended December 31,
|  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
|  | (Thousands of dollars)
Net gain (loss) (a) |  | $ | 47,577 |  |  | $ | 34,529 |  |  | $ | (31,016) |  |  | $ | 5,629 |  |  | $ | 7,052 |  |  | $ | (21,453) |
Prior service cost |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of prior service cost |  | 114 |  |  | 114 |  |  | 114 |  |  | — |  |  | — |  |  | — |
Amortization of net loss |  | 13,050 |  |  | 19,673 |  |  | 18,306 |  |  | 1,932 |  |  | 3,692 |  |  | 5 |
Deferred income taxes |  | (13,970) |  |  | (12,493) |  |  | 2,897 |  |  | (1,739) |  |  | (2,471) |  |  | 4,933 |
Total recognized in other comprehensive income (loss) |  | $ | 46,771 |  |  | $ | 41,823 |  |  | $ | (9,699) |  |  | $ | 5,822 |  |  | $ | 8,273 |  |  | $ | (16,515) |
(a) - Other Postretirement Benefits for the year ended December 31, 2020, includes a $13.2 million tax loss incurred from the exit of an investment in an insurance contract.
Amounts in accumulated other comprehensive income (loss) | The table below sets forth the amounts in accumulated other comprehensive loss that had not yet been recognized as components of net periodic benefit expense for the periods indicated:
|  | Retirement Benefits |  | Other Postretirement Benefits
|  | December 31, |  | December 31,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
|  | (Thousands of dollars)
Prior service cost |  | $ | (260) |  |  | $ | (374) |  |  | $ | — |  |  | $ | — |
Accumulated loss |  | (70,833) |  |  | (131,460) |  |  | (7,255) |  |  | (14,815) |
Accumulated other comprehensive loss |  | (71,093) |  |  | (131,834) |  |  | (7,255) |  |  | (14,815) |
Deferred income taxes |  | 22,788 |  |  | 36,759 |  |  | 2,113 |  |  | 3,852 |
Accumulated other comprehensive loss, net of tax |  | $ | (48,305) |  |  | $ | (95,075) |  |  | $ | (5,142) |  |  | $ | (10,963) |
Weighted-average assumptions used to determine benefit obligations and net periodic benefit costs | The following table sets forth the weighted-average assumptions used to determine benefit obligations for retirement and other postretirement benefits for the periods indicated:
|  | Retirement Benefits |  | Other Postretirement Benefits
|  | December 31, |  | December 31,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Discount rate |  | 5.75% |  | 3.25% |  | 5.75% |  | 3.00%
Compensation increase rate |  | 3.60% |  | 3.60% |  | NA |  | NA
The following table sets forth the weighted-average assumptions used to determine net periodic benefit costs for the periods indicated:
|  | Years Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Discount rate - retirement plans |  | 3.25% |  | 3.00% |  | 3.50%
Discount rate - other postretirement plans |  | 3.00% |  | 2.75% |  | 3.50%
Expected long-term return on plan assets |  | 6.50% |  | 7.00% |  | 7.50%
Compensation increase rate |  | 3.60% |  | 3.60% |  | 3.70%
Assumed health care cost trend rates | The following table sets forth the assumed health care cost-trend rates for the periods indicated:
|  | 2022 |  | 2021
Health care cost-trend rate assumed for next year |  | 7.00% |  | 6.50%
Rate to which the cost-trend rate is assumed to decline (the ultimate trend rate) |  | 5.00% |  | 5.00%
Year that the rate reaches the ultimate trend rate |  | 2026 |  | 2025
Schedule of allocation of plan assets | The target allocation for the assets of our retirement plan as of December 31, 2022, is as follows:
Domestic and international equities |  | 42 | %
Long duration fixed income |  | 30 | %
Return-seeking credit |  | 11 | %
Hedge funds |  | 10 | %
Real estate funds |  | 7 | %
Total |  | 100 | %
As part of our risk management for the plans, minimums and maximums have been set for each of the asset classes listed above. The following tables set forth the plan assets by fair value category as of the measurement date for our defined benefit pension and other postretirement benefit plans:
|  | Pension Benefits
|  | December 31, 2022
Asset Category |  | Level 1 |  | Level 2 |  | Level 3 |  | Subtotal |  | Measured at NAV (d) |  | Total
|  | (Thousands of dollars)
Investments: |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 40 |  |  | $ | — |  |  | $ | — |  |  | $ | 40 |  |  | $ | — |  |  | $ | 40 |
Common/collective trusts |  |  |  |  |  |  |  |  |  |  |  |
Equity securities (a) |  | — |  |  | — |  |  | — |  |  | — |  |  | 99,511 |  |  | 99,511 |
Real estate funds |  | — |  |  | — |  |  | — |  |  | — |  |  | 26,196 |  |  | 26,196 |
Government obligations |  | — |  |  | — |  |  | — |  |  | — |  |  | 57,328 |  |  | 57,328 |
Corporate obligations (b) |  | — |  |  | — |  |  | — |  |  | — |  |  | 101,723 |  |  | 101,723 |
Short-term investments |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,576 |  |  | 5,576 |
Other investments (c) |  | — |  |  | — |  |  | — |  |  | — |  |  | 31,259 |  |  | 31,259 |
Fair value of plan assets |  | $ | 40 |  |  | $ | — |  |  | $ | — |  |  | $ | 40 |  |  | $ | 321,593 |  |  | $ | 321,633 |
(a) - This category represents securities of the respective market sector from diverse industries. (b) - This category represents bonds from diverse industries. (c) - This category repre sen ts alternative investments in limited partnerships, which can be redeemed with a 30-day notice with no further restrictions. There are no unfunded capital commitments. These limited partnerships invest through multi-strategy programs in broadly diversified portfolios of private investment funds, hedge funds and/or separate accounts to seek equity-like returns with low market correlation, reduced volatility and limited risk. (d) - Plan asset investments measured at fair value using the net asset value per share.
|  | Pension Benefits
|  | December 31, 2021
Asset Category |  | Level 1 |  | Level 2 |  | Level 3 |  | Subtotal |  | Measured at NAV (d) |  | Total
|  | (Thousands of dollars)
Investments: |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 42 |  |  | $ | — |  |  | $ | — |  |  | $ | 42 |  |  | $ | — |  |  | $ | 42 |
Common/collective trusts |  |  |  |  |  |  |  |  |  |  |  |
Equity securities (a) |  | — |  |  | — |  |  | — |  |  | — |  |  | 166,132 |  |  | 166,132 |
Real estate funds |  | — |  |  | — |  |  | — |  |  | — |  |  | 30,491 |  |  | 30,491 |
Government obligations |  | — |  |  | — |  |  | — |  |  | — |  |  | 49,444 |  |  | 49,444 |
Corporate obligations (b) |  | — |  |  | — |  |  | — |  |  | — |  |  | 120,877 |  |  | 120,877 |
Short-term investments |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,243 |  |  | 4,243 |
Other investments (c) |  | — |  |  | — |  |  | — |  |  | — |  |  | 41,954 |  |  | 41,954 |
Fair value of plan assets |  | $ | 42 |  |  | $ | — |  |  | $ | — |  |  | $ | 42 |  |  | $ | 413,141 |  |  | $ | 413,183 |
(a) - This category represents securities of the respective market sector from diverse industries. (b) - This category represents bonds from diverse industries. (c) - This category repre sen ts alternative investments in limited partnerships, which can be redeemed with a 30-day notice with no further restrictions. There are no unfunded capital commitments. These limited partnerships invest through multi-strategy programs in broadly diversified portfolios of private investment funds, hedge funds and/or separate accounts to seek equity-like returns with low market correlation, reduced volatility and limited risk. (d) - Plan asset investments measured at fair value using the net asset value per share.
|  | Other Postretirement Benefits
|  | December 31, 2022
Asset Category |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (Thousands of dollars)
Investments: |  |  |  |  |  |  |  |
Equity securities (a) |  | $ | 11,906 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,906 |
Money market funds |  | 2 |  |  | 761 |  |  | — |  |  | 763 |
Municipal obligations |  | 4,134 |  |  | — |  |  | — |  |  | 4,134 |
Fair value of plan assets |  | $ | 16,042 |  |  | $ | 761 |  |  | $ | — |  |  | $ | 16,803 |
(a) - This category represents securities of the respective market sector from diverse industries.
|  | Other Postretirement Benefits
|  | December 31, 2021
Asset Category |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (Thousands of dollars)
Investments: |  |  |  |  |  |  |  |
Equity securities (a) |  | $ | 17,953 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,953 |
Money market funds |  | — |  |  | 480 |  |  | — |  |  | 480 |
Municipal obligations |  | 5,964 |  |  | — |  |  | — |  |  | 5,964 |
Fair value of plan assets |  | $ | 23,917 |  |  | $ | 480 |  |  | $ | — |  |  | $ | 24,397 |
(a) - This category represents securities of the respective market sector from diverse industries.
Pension benefits and postretirement benefit payments expected to be paid | The following table sets forth the defined benefit pension and other postretirement benefits payments expected to be paid in 2023 through 2032:
|  | Pension Benefits |  | Other Postretirement Benefits
Benefits to be paid in: |  | (Thousands of dollars)
2023 |  | $ | 26,771 |  |  | $ | 3,293 |
2024 |  | $ | 27,746 |  |  | $ | 3,230 |
2025 |  | $ | 28,728 |  |  | $ | 3,217 |
2026 |  | $ | 29,618 |  |  | $ | 3,172 |
2027 |  | $ | 30,358 |  |  | $ | 3,092 |
2028 through 2032 |  | $ | 158,013 |  |  | $ | 14,927 |

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