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Note 11 - Pension Plan and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Schedule of Net Benefit Costs [Table Text Block]

(in thousands)		2019				2018				2017
Service Cost–Benefit Earned During the Period		$	5,491			$	6,459			$	5,629
Interest Cost on Projected Benefit Obligation			14,412				13,452				14,139
Expected Return on Assets			(21,297	)			(21,199	)			(19,229	)
Amortization of Prior Service Cost:
From Regulatory Asset			5				16				120
From Other Comprehensive Income1			9				-				3
Amortization of Net Actuarial Loss:
From Regulatory Asset			4,642				7,135				5,090
From Other Comprehensive Income1			114				183				125
Net Periodic Pension Cost2		$	3,376			$	6,046			$	5,877

2Allocation of costs:		2019				2018				2017
Service costs included in OTP capital expenditures		$	1,365			$	1,542			$	1,094
Service costs included in electric operation and maintenance expenses			3,994				4,756				4,400
Service costs included in other nonelectric expenses			132				161				135
Nonservice costs capitalized			(526	)			(99	)			48
Nonservice costs included in nonservice cost components of postretirement benefits			(1,589	)			(314	)			200

(in thousands)		2019				2018				2017
Service Cost–Benefit Earned During the Period		$	418			$	408			$	290
Interest Cost on Projected Benefit Obligation			1,735				1,589				1,686
Amortization of Prior Service Cost:
From Regulatory Asset			5				20				16
From Other Comprehensive Income1			17				34				38
Amortization of Net Actuarial Loss:
From Regulatory Asset			124				206				285
From Other Comprehensive Income1			348				722				440
Net Periodic Pension Cost2		$	2,647			$	2,979			$	2,755

2Allocation of costs:		2019				2018				2017
Service costs included in electric operation and maintenance expenses		$	104			$	99			$	94
Service costs included in other nonelectric expenses			314				309				196
Nonservice costs included in nonservice cost components of postretirement benefits			2,229				2,571				2,465

(in thousands)		2019				2018				2017
Service Cost–Benefit Earned During the Period		$	1,286			$	1,526			$	1,425
Interest Cost on Projected Benefit Obligation			3,083				2,583				2,712
Amortization of Prior Service Cost
From Regulatory Asset			-				-				(4	)
From Other Comprehensive Income1			-				-				4
Amortization of Net Actuarial Loss
From Regulatory Asset			1,571				1,648				936
From Other Comprehensive Income1			38				42				19
Net Periodic Postretirement Benefit Cost2		$	5,978			$	5,799			$	5,092
Effect of Medicare Part D Subsidy		$	(179	)		$	(470	)		$	(561	)

2Allocation of cost:		2019				2018				2017
Service costs included in OTP capital expenditures		$	320			$	364			$	277
Service costs included in electric operation and maintenance expenses			935				1,124				1,114
Service costs included in other nonelectric expenses			31				38				34
Nonservice costs capitalized			1,167				1,020				712
Nonservice costs included in nonservice cost components of postretirement benefits			3,525				3,253				2,955

Schedule of Amounts Recognized in Balance Sheet [Table Text Block]

(in thousands)		2019				2018
Regulatory Assets:
Unrecognized Prior Service Cost		$	-			$	5
Unrecognized Actuarial Loss			120,592				104,891
Total Regulatory Assets		$	120,592			$	104,896
Accumulated Other Comprehensive Loss:
Unrecognized Prior Service Cost		$	-			$	9
Unrecognized Actuarial (Gain) Loss			(82	)			137
Total Accumulated Other Comprehensive Loss		$	(82	)		$	146
Noncurrent Liability		$	55,004			$	58,659

(in thousands)		2019				2018
Regulatory Assets:
Unrecognized Prior Service Cost		$	-			$	20
Unrecognized Actuarial Loss			2,170				1,768
Total Regulatory Assets		$	2,170			$	1,788
Projected Benefit Obligation Liability – Net Amount Recognized		$	(43,966	)		$	(39,699	)
Accumulated Other Comprehensive Loss:
Unrecognized Prior Service Cost		$	1			$	64
Unrecognized Actuarial Loss			9,170				6,455
Total Accumulated Other Comprehensive Loss		$	9,171			$	6,519

(in thousands)		2019				2018
Regulatory Asset:
Unrecognized Prior Service Credit		$	(20,363	)			-
Unrecognized Net Actuarial Loss (Gain)			35,322			$	18,094
Net Regulatory Asset		$	14,959			$	18,094
Projected Benefit Obligation Liability – Net Amount Recognized		$	(71,437	)		$	(71,561	)
Accumulated Other Comprehensive (Income) Loss:
Unrecognized Prior Service Credit		$	(501	)			-
Unrecognized Net Actuarial Loss (Gain)			184			$	(107	)
Accumulated Other Comprehensive (Income) Loss:		$	(317	)		$	(107	)

Schedule of Net Funded Status [Table Text Block]

(in thousands)		2019				2018
Accumulated Benefit Obligation		$	(346,723	)		$	(297,972	)
Projected Benefit Obligation		$	(384,785	)		$	(328,442	)
Fair Value of Plan Assets			329,781				269,783
Funded Status		$	(55,004	)		$	(58,659	)

Schedule of Changes in Projected Benefit Obligations and Changes in Plan Assets [Table Text Block]

(in thousands)		2019				2018
Reconciliation of Fair Value of Plan Assets:
Fair Value of Plan Assets at January 1		$	269,783			$	285,319
Actual Return on Plan Assets			52,640				(21,334	)
Discretionary Company Contributions			22,500				20,000
Benefit Payments			(15,142	)			(14,202	)
Fair Value of Plan Assets at December 31		$	329,781			$	269,783
Estimated Asset Return			19.3	%			(7.3	%)
Reconciliation of Projected Benefit Obligation:
Projected Benefit Obligation at January 1		$	328,442			$	352,718
Service Cost			5,491				6,459
Interest Cost			14,412				13,452
Benefit Payments			(15,142	)			(14,202	)
Actuarial Loss (Gain)			51,582				(29,985	)
Projected Benefit Obligation at December 31		$	384,785			$	328,442

(in thousands)		2019				2018
Reconciliation of Fair Value of Plan Assets:
Fair Value of Plan Assets at January 1		$	-			$	-
Actual Return on Plan Assets			-				-
Employer Contributions			1,475				1,505
Benefit Payments			(1,475	)			(1,505	)
Fair Value of Plan Assets at December 31		$	-			$	-
Reconciliation of Projected Benefit Obligation:
Projected Benefit Obligation at January 1		$	39,699			$	42,308
Service Cost			418				408
Interest Cost			1,735				1,589
Benefit Payments			(1,475	)			(1,505	)
Curtailments			(1,671	)			-
Actuarial Loss (Gain)			5,260				(3,101	)
Projected Benefit Obligation at December 31		$	43,966			$	39,699

(in thousands)		2019				2018
Reconciliation of Fair Value of Plan Assets:
Fair Value of Plan Assets at January 1		$	-			$	-
Actual Return on Plan Assets			-				-
Company Contributions			2,757				3,183
Benefit Payments (Net of Medicare Part D Subsidy)			(7,164	)			(6,684	)
Participant Premium Payments			4,407				3,501
Fair Value of Plan Assets at December 31		$	-			$	-
Reconciliation of Projected Benefit Obligation:
Projected Benefit Obligation at January 1		$	71,561			$	69,774
Service Cost (Net of Medicare Part D Subsidy)			1,286				1,526
Interest Cost (Net of Medicare Part D Subsidy)			3,083				2,583
Benefit Payments (Net of Medicare Part D Subsidy)			(7,164	)			(6,684	)
Participant Premium Payments			4,407				3,501
Plan Amendments			(20,864	)			-
Actuarial Loss			19,128				861
Projected Benefit Obligation at December 31		$	71,437			$	71,561
Reconciliation of Accrued Postretirement Cost:
Accrued Postretirement Cost at January 1		$	(53,574	)		$	(50,958	)
Expense			(5,978	)			(5,799	)
Net Company Contribution			2,757				3,183
Accrued Postretirement Cost at December 31		$	(56,795	)		$	(53,574	)

Defined Benefit Plan, Assumptions [Table Text Block]

		2019				2018
Discount Rate			3.47	%			4.50	%
Rate of Increase in Future Compensation Level:
Participants to Age 39			4.50	%			4.50	%
Participants Age 40 to Age 49			3.50	%			3.50	%
Participants Age 50 and Older			2.75	%			2.75	%

		2019				2018
Discount Rate			3.36	%			4.46	%
Rate of Increase in Future Compensation Level:			3.50	%			3.40	%

		2019				2018
Discount Rate			3.43	%			4.44	%

Schedule of Measurement Dates [Table Text Block]

Measurement Dates:	2019	2018
Net Periodic Pension Cost	January 1, 2019	January 1, 2018
End of Year Benefit Obligations	January 1, 2019 projected to December 31, 2019	January 1, 2018 projected to December 31, 2018
Market Value of Assets	December 31, 2019	December 31, 2018

Measurement Dates:		2019		2018
Net Periodic Postretirement Benefit Cost		January 1, 2019		January 1, 2018
End of Year Benefit Obligations		January 1, 2019 projected to December 31, 2019		January 1, 2018 projected to December 31, 2018

Schedule of Expected Benefit Payments [Table Text Block]

(in thousands)		2020				2021				2022				2023				2024				Years 2025-2029
		$	15,908			$	16,477			$	17,116			$	17,768			$	18,374			$	98,994

																						Years
(in thousands)		2020				2021				2022				2023				2024				2025-2029
		$	1,571			$	1,681			$	2,279			$	2,680			$	2,627			$	13,976

																						Years
(in thousands)		2020				2021				2022				2023				2024				2025-2029
		$	3,323			$	3,470			$	3,653			$	3,720			$	3,778			$	19,852

Schedule of Weighted Average Asset Allocation [Table Text Block]

Asset Allocation		2019				2018
Global MGD Volatility Fund (mixed equities fund)			20.4	%			-
Large Capitalization Equity Securities			11.3	%			17.5	%
International Equity Securities			9.3	%			17.0	%
Emerging Markets Equity Fund			4.2	%			3.4	%
Small and Mid-Capitalization Equity Securities			4.1	%			6.7	%
SEI Dynamic Asset Allocation Fund			3.1	%			4.0	%
Equity Securities			52.4	%			48.6	%
Fixed-Income Securities and Cash			44.7	%			47.1	%
Other – SEI Energy Debt Collective Fund			2.9	%			4.3	%
			100.0	%			100.0	%

Schedule of Health Care Cost Trend Rates [Table Text Block]

		2019				2018
Healthcare Cost-Trend Rate Assumed for Next Year			6.72	%			7.00	%
Rate to Which the Cost-Trend Rate is Assumed to Decline			4.50	%			4.50	%
Year the Rate Reaches the Ultimate Trend Rate		2038				2038

Pension Plan [Member]

Notes Tables

Schedule of Assumptions Used in Calculating Net Periodic Benefit Cost [Table Text Block]

		2019				2018				2017
Discount Rate			4.50	%			3.90	%			4.60	%
Long-Term Rate of Return on Plan Assets			7.25	%			7.50	%			7.50	%
Rate of Increase in Future Compensation Level		See below				See below					3.00	%
Participants to Age 39			4.50	%			4.50	%
Participants Age 40 to Age 49			3.50	%			3.50	%
Participants Age 50 and Older			2.75	%			2.75	%

		2019				2018				2017
Discount Rate			4.46	%			3.85	%			4.60	%
Rate of Increase in Future Compensation Level			3.40	%			2.92	%			3.00	%

		2019				2018				2017
Discount Rate			4.44	%			3.81	%			4.46	%

Schedule of Target and Tactical Allocation of Plan Assets [Table Text Block]

		Permitted Range
Asset Class / PBO Funded Status		< 85% PBO				>=85% PBO				>=90% PBO				>=95% PBO				>=100% PBO
Equity		39%	-	59%		34%	-	54%		24%	-	44%		14%	-	34%		0%	-	20%
Investment Grade Fixed Income		22%	-	42%		30%	-	50%		40%	-	60%		53%	-	73%		70%	-	100%
Below Investment Grade Fixed Income*		0%	-	15%		0%	-	15%		0%	-	15%		0%	-	10%		0%	-	10%
Other**		5%	-	20%		5%	-	20%		5%	-	20%		0%	-	15%		0%	-	15%

Schedule of Allocation of Plan Assets [Table Text Block]

(in thousands)		2019				2018
Assets in Level 1 of the Fair Value Hierarchy		$	320,241			$	258,307
SEI Energy Debt Collective Fund at NAV			9,540				11,476
Total Assets		$	329,781			$	269,783

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

(in thousands)		2019				2018
Global MGD Volatility Fund (mixed equities fund)		$	67,184			$	-
Large Capitalization Equity Securities Mutual Fund			37,357				47,198
International Equity Securities Mutual Funds			30,653				45,912
Small and Mid-Capitalization Equity Securities Mutual Fund			13,447				17,971
SEI Dynamic Asset Allocation Mutual Fund			10,168				10,929
Emerging Markets Equity Fund			13,792				9,197
Fixed Income Securities Mutual Funds			147,639				127,098
Cash Management – Money Market Fund			1				2
Total Assets		$	320,241			$	258,307

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