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Employee Benefit Plans (Tables) | 12 Months Ended
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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 |

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