XML 82 R52.htm IDEA: XBRL DOCUMENT v3.22.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of amounts recognized in balance sheet
Changes in benefit obligation and plan assets and amounts recognized in the Consolidated Balance Sheets at December 31 were as follows:
 Pension BenefitsOther
Postretirement Benefits
 2022202120222021
Change in benefit obligation:(In thousands)
Benefit obligation at beginning of year$411,497 $437,360 $73,460 $86,155 
Service cost— — 1,416 1,600 
Interest cost10,522 9,819 1,896 1,862 
Plan participants' contributions— — 569 641 
Actuarial gain(85,303)(12,140)(18,401)(12,802)
Benefits paid(24,672)(23,542)(4,009)(3,996)
Benefit obligation at end of year312,044 411,497 54,931 73,460 
Change in net plan assets:    
Fair value of plan assets at beginning of year373,109 383,834 100,158 101,639 
Actual return on plan assets(77,975)12,817 (20,893)1,398 
Employer contribution— — 501 476 
Plan participants' contributions— — 569 641 
Benefits paid(24,672)(23,542)(4,009)(3,996)
Fair value of net plan assets at end of year270,462 373,109 76,326 100,158 
Funded status - (under) over$(41,582)$(38,388)$21,395 $26,698 
Amounts recognized in the Consolidated Balance Sheets at December 31:    
Noncurrent assets - other$— $— $36,325 $45,863 
Other accrued liabilities— — 1,044 544 
Noncurrent liabilities - other41,582 38,388 13,886 18,621 
Benefit obligation (liabilities) assets - net amount recognized$(41,582)$(38,388)$21,395 $26,698 
Amounts recognized in accumulated other comprehensive loss:
    
Actuarial loss (gain)$32,378 $25,976 $(2,923)$2,367 
Prior service credit— — (289)(290)
Total$32,378 $25,976 $(3,212)$2,077 
Amounts recognized in regulatory assets or liabilities:
    
Actuarial loss (gain)$141,207 $142,166 $(1,439)$(14,727)
Prior service credit— — (3,796)(5,193)
Total$141,207 $142,166 $(5,235)$(19,920)
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:
 2022 2021 
 (In thousands)
Projected benefit obligation$312,044 $411,497 
Accumulated benefit obligation$312,044 $411,497 
Fair value of plan assets$270,462 $373,109 
The projected benefit obligation and accumulated benefit obligation for these plans at December 31 were as follows:
 2022 2021 
 (In thousands)
Projected benefit obligation$74,730 $92,918 
Accumulated benefit obligation$74,730 $92,918 
Components of net periodic benefit cost
The components of net periodic benefit cost (credit), other than the service cost component, are included in other income on the Consolidated Statements of Income. Prior service credit is amortized on a straight-line basis over the average remaining service period of active participants. These components related to the Company's pension and other postretirement benefit plans for the years ended December 31 were as follows:
 Pension BenefitsOther
Postretirement Benefits
 202220212020202220212020
Components of net periodic benefit credit:(In thousands)
Service cost$— $— $— $1,416 $1,600 $1,532 
Interest cost10,522 9,819 12,093 1,896 1,862 2,437 
Expected return on assets(19,455)(19,576)(19,949)(5,288)(5,098)(5,019)
Amortization of prior service credit
— — — (1,398)(1,398)(1,398)
Recognized net actuarial loss (gain)6,683 8,017 7,172 (219)24 287 
Net periodic benefit credit, including amount capitalized(2,250)(1,740)(684)(3,593)(3,010)(2,161)
Less amount capitalized— — — 175 150 156 
Net periodic benefit cost credit(2,250)(1,740)(684)(3,768)(3,160)(2,317)
Other changes in plan assets and benefit obligations recognized in accumulated comprehensive loss:
    
Net (gain) loss2,369 (265)934 (4,141)(2,811)(259)
Amortization of actuarial loss(1,310)(1,286)(1,155)(281)(135)(306)
Amortization of prior service credit— — — 125 100 101 
Reclassification of postretirement liability adjustment from regulatory asset5,343 — — (992)— — 
Total recognized in accumulated other comprehensive loss
6,402 (1,551)(221)(5,289)(2,846)(464)
Other changes in plan assets and benefit obligations recognized in regulatory assets or liabilities:
    
Net (gain) loss9,757 (5,116)4,546 11,920 (6,292)(3,793)
Amortization of actuarial gain (loss)(5,373)(6,731)(6,017)500 110 19 
Amortization of prior service credit
— — — 1,273 1,298 1,297 
Reclassification of postretirement liability adjustment from regulatory asset(5,343)— — 992 — — 
Total recognized in regulatory assets or liabilities
(959)(11,847)(1,471)14,685 (4,884)(2,477)
Total recognized in net periodic benefit credit, accumulated other comprehensive loss and regulatory assets or liabilities$3,193 $(15,138)$(2,376)$5,628 $(10,890)$(5,258)
The components of net periodic benefit cost are included in other income on the Consolidated Statements of Income. These components related to the Company's nonqualified defined benefit plans for the years ended December 31 were as follows:
 2022 2021 2020 
 (In thousands)
Components of net periodic benefit cost:   
Service cost$— $— $58 
Interest cost2,142 1,912 2,606 
Recognized net actuarial loss950 1,164 1,192 
Net periodic benefit cost$3,092 $3,076 $3,856 
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 BenefitsOther
Postretirement Benefits
 2022 2021 2022 2021 
Discount rate5.06 %2.64 %5.07 %2.66 %
Expected return on plan assets6.50 %6.00 %6.00 %5.50 %
Rate of compensation increaseN/AN/A3.00 %3.00 %
Weighted average assumptions used to determine net periodic benefit cost (credit) for the years ended December 31 were as follows:
 Pension BenefitsOther
Postretirement Benefits
 2022202120222021
Discount rate2.64 %2.30 %2.66 %2.30 %
Expected return on plan assets6.00 %6.00 %5.50 %5.50 %
Rate of compensation increaseN/AN/A3.00 %3.00 %
Weighted average assumptions used at December 31 were as follows:
 2022 2021 
Benefit obligation discount rate4.97 %2.39 %
Benefit obligation rate of compensation increaseN/AN/A
Net periodic benefit cost discount rate2.39 %1.97 %
Net periodic benefit cost rate of compensation increaseN/AN/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:
 2022 2021 
Health care trend rate assumed for next year7.5 %7.0 %
Health care cost trend rate - ultimate4.5 %4.5 %
Year in which ultimate trend rate achieved20332031
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, 2022, are as follows:
YearsPension
Benefits		Other
Postretirement Benefits		Expected
Medicare
Part D Subsidy
 (In thousands)
2023$24,936 $4,275 $62 
202424,882 4,371 53 
202524,749 4,456 46 
202624,605 4,509 39 
202724,387 4,523 31 
2028-2032114,850 16,917 93 
The amount of future benefit payments for the unfunded, nonqualified defined benefit plans at December 31, 2022, are expected to aggregate as follows:
202320242025202620272028-2032
(In thousands)
Nonqualified benefits$6,651 $7,183 $7,430 $7,537 $7,420 $29,930 
The fair value of the pension and postretirement net plan assets by class
The fair value of the Company's pension plans' assets (excluding cash) by class were as follows:
 Fair Value Measurements
 at December 31, 2022, Using		 
 Quoted Prices
in Active
Markets for
Identical
Assets
 (Level 1)		Significant
Other
Observable
Inputs
 (Level 2)		Significant
Unobservable
 Inputs
 (Level 3)		Balance at December 31, 2022
 (In thousands)
Assets:    
Cash equivalents$— $8,170 $— $8,170 
Equity securities: 
U.S. companies7,388 — — 7,388 
International companies— 467 — 467 
Collective and mutual funds (a)121,072 33,371 — 154,443 
Corporate bonds— 81,363 — 81,363 
Municipal bonds— 5,904 — 5,904 
U.S. Government securities3,044 880 — 3,924 
Pooled separate accounts (b)— 3,241 — 3,241 
Investments measured at net asset value (c)— — — 5,562 
Total assets measured at fair value$131,504 $133,396 $— $270,462 
(a)Collective and mutual funds invest approximately 29 percent in corporate bonds, 24 percent in common stock of large-cap U.S. companies, 16 percent in common stock of international companies, 7 percent cash and cash equivalents, 7 percent in U.S. Government securities and 17 percent in other investments.
(b)Pooled separate accounts are invested 100 percent in cash and cash equivalents.
(c)In accordance with ASC 820 - Fair Value Measurements, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Consolidated Balance Sheets.
 Fair Value Measurements
 at December 31, 2021, Using		 
 Quoted Prices
in Active
Markets for
Identical
Assets
 (Level 1)		Significant
Other
Observable
Inputs
 (Level 2)		Significant
Unobservable
 Inputs
 (Level 3)		Balance at December 31, 2021
 (In thousands)
Assets:    
Cash equivalents$— $4,637 $— $4,637 
Equity securities: 
U.S. companies7,483 — — 7,483 
International companies— 1,279 — 1,279 
Collective and mutual funds (a)167,093 41,383 — 208,476 
Corporate bonds— 125,167 — 125,167 
Municipal bonds— 7,507 — 7,507 
U.S. Government securities7,113 1,902 — 9,015 
Pooled separate accounts (b)— 3,088 — 3,088 
Investments measured at net asset value (c)— — — 6,457 
Total assets measured at fair value$181,689 $184,963 $— $373,109 
(a)Collective and mutual funds invest approximately 37 percent in corporate bonds, 19 percent in common stock of international companies, 16 percent in common stock of large-cap U.S. companies, 9 percent in U.S. Government securities and 19 percent in other investments.
(b)Pooled separate accounts are invested 100 percent in cash and cash equivalents.
(c)In accordance with ASC 820 - Fair Value Measurements, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Consolidated Balance Sheets.
The fair value of the Company's other postretirement benefit plans' assets (excluding cash) by asset class were as follows:
 Fair Value Measurements
 at December 31, 2022, Using		 
 Quoted Prices
in Active
Markets for
Identical
Assets
 (Level 1)		Significant
Other
Observable
Inputs
 (Level 2)		Significant
Unobservable
 Inputs
 (Level 3)		Balance at December 31, 2022
 (In thousands)
Assets:    
Cash equivalents$— $4,196 $— $4,196 
Equity securities: 
U.S. companies2,572 — — 2,572 
Collective and mutual funds (a)5 5 — 10 
Insurance contract (b)— 69,548 — 69,548 
Total assets measured at fair value$2,577 $73,749 $— $76,326 
(a)Collective and mutual funds invest approximately 29 percent in corporate bonds, 24 percent in common stock of large-cap U.S. companies,16 percent in common stock of international companies, 7 percent in cash and cash equivalents,7 percent in U.S. Government securities and 17 percent in other investments.
(b)The insurance contract invests approximately 69 percent in corporate bonds, 13 percent in U.S. Government securities, 14 percent in common stock of large-cap U.S. companies and 4 percent in common stock of small-cap U.S. companies.
 Fair Value Measurements
 at December 31, 2021, Using		 
 Quoted Prices
in Active
Markets for
Identical
Assets
 (Level 1)		Significant
Other
Observable
Inputs
 (Level 2)		Significant
Unobservable
 Inputs
 (Level 3)		Balance at December 31, 2021
 (In thousands)
Assets:    
Cash equivalents$— $4,281 $— $4,281 
Equity securities: 
U.S. companies2,332 — — 2,332 
International companies— 1 — 1 
Collective and mutual funds (a)4 90 — 94 
Insurance contract (b)— 93,447 — 93,447 
Investments measured at net asset value (c)— — — 3 
Total assets measured at fair value$2,336 $97,819 $— $100,158 
(a)Collective and mutual funds invest approximately 37 percent in corporate bonds, 19 percent in common stock of international companies, 16 percent in common stock of large-cap U.S. companies, 9 percent in U.S. Government securities and 19 percent in other investments.
(b)The insurance contract invests approximately 58 percent in corporate bonds, 13 percent in common stock of large-cap U.S. companies, 13 percent in U.S. Government securities, 5 percent in common stock of small-cap U.S. companies and 11 percent in other investments.
(c)In accordance with ASC 820 - Fair Value Measurements, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Consolidated Balance Sheets.
The amount of investments that the Company anticipates using to satisfy obligations under these plans at December 31 was as follows:
2022 2021 
(In thousands)
Investments
Insurance contracts*$98,041 $109,603 
Life insurance**38,448 38,356 
Other7,361 10,190 
Total investments$143,850 $158,149 
*For more information on the insurance contracts, see Note 8.
**Investments of life insurance are carried on plan participants (payable upon the employee's death).
Schedule of Multiemployer Plans [Table Text Block]
EIN/Pension Plan NumberPension Protection Act Zone StatusFIP/RP Status Pending/ImplementedContributionsSurcharge ImposedExpiration Date
of Collective
Bargaining
Agreement
Pension Fund202220212022 2021 2020 
(In thousands)
Edison Pension Plan
936061681-001
GreenGreenNo$18,750 $18,331 $16,121 No12/31/2023
IBEW Local 212 Pension Trust
316127280-001
Green as of 4/30/2021
Green as of 4/30/2021
No1,622 1,733 1,521 No6/1/2025
IBEW Local 357 Pension Plan A
886023284-001
GreenGreenNo12,876 6,485 9,913 No5/31/2024
IBEW Local 82 Pension Plan
316127268-001
Green as of 6/30/2022
Green as of 6/30/2021
No1,854 1,353 1,373 No12/3/2023
IBEW Local 648 Pension Plan
316134845-001
Yellow as of 2/28/2022
Yellow as of 02/28/2021
Implemented915 706 526 No9/1/2024
IBEW Local 683 Pension Fund Pension Plan
341442087-001
GreenGreenNo3,362 1,238 1,240 No5/26/2024
Idaho Plumbers and Pipefitters Pension Plan
826010346-001
Green as of 5/31/2022
Green as of 5/31/2021
No1,613 1,528 1,370 No3/31/2023
National Electrical Benefit Fund
530181657-001
GreenGreenNo18,060 14,361 14,484 No
5/31/2022- 5/31/2027
*
Pension and Retirement Plan of Plumbers and Pipefitters Local 525
886003864-001
Green as of 6/30/2022
Green as of 6/30/2021
No6,304 4,345 6,266 No9/30/2024
Pension Trust Fund for Operating Engineers
946090764-001
YellowYellowImplemented2,484 2,495 2,680 No
3/31/2023- 6/15/2026
Sheet Metal Workers Pension Plan of Southern CA, AZ, and NV
956052257-001
GreenYellowImplemented3,400 2,615 3,255 No6/30/2024
Western Conference of Teamsters Pension Plan
916145047-001
GreenGreenNo3,127 3,006 3,025 No
12/31/2023- 12/31/2025
Other funds26,909 24,192 23,670 
Total contributions$101,276 $82,388 $85,444 
*Plan includes contributions required by collective bargaining agreements which have expired but contain provisions automatically renewing their terms in the absence of a subsequent negotiated agreement.
The Company was listed in the plans' Forms 5500 as providing more than 5 percent of the total contributions for the following plans and plan years:
Pension FundYear Contributions to Plan Exceeded More Than 5 Percent
of Total Contributions (as of December 31 of the Plan's Year-End)
Edison Pension Plan2021 and 2020
IBEW Local 82 Pension Plan2021 and 2020
IBEW Local 124 Pension Trust Fund2021 and 2020
IBEW Local 212 Pension Trust Fund2021 and 2020
IBEW Local 357 Pension Plan A2021 and 2020
IBEW Local 648 Pension Plan2021 and 2020
IBEW Local 683 Pension Fund Pension Plan2021 and 2020
IBEW Local Union No 226 Open End Pension Fund2020
Idaho Plumbers and Pipefitters Pension Plan2021 and 2020
International Union of Operating Engineers Local 701 Pension Trust Fund2021 and 2020
Minnesota Teamsters Construction Division Pension Fund2021 and 2020
Pension and Retirement Plan of Plumbers and Pipefitters Local 5252021 and 2020
Southwest Marine Pension Trust2021 and 2020