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Employee Postretirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [Abstract] |
Schedule of Target and Tactical Allocation of Plan Assets | The permitted range is a guide and will at times not reflect the actual asset allocation due to market conditions, actions of our investment managers and required cash flows to and from the Pension Plan. The following table presents our target asset allocation permitted range along with the actual asset allocation as of December 31, 2021 and 2020:
| Permitted |  | Actual Allocation
Asset Class | Range |  | 2021 |  | 2020
Return Enhancement | 20 |  | – | 60% |  | 47 | % |  | 58 | %
Risk Management | 40 |  | – | 80% |  | 50 |  |  | 39 |
Alternatives | 0 |  | – | 20% |  | 3 |  |  | 3 |
Total |  |  |  |  | 100 | % |  | 100 | %
Schedule of Allocation of Plan Assets | The following presents the fair value inputs classified within the fair value hierarchy used to measure Pension Plan assets at December 31, 2021 and 2020 and assets measured using the net asset value (NAV) practical expedient:
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | NAV |  | Total
December 31, 2021 |  |  |  |  |  |  |  |  |
Equity Funds | $ | 149,479 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 149,479 |
Fixed Income Funds | 184,987 |  |  | — |  |  | — |  |  | — |  |  | 184,987 |
Hybrid Funds | 11,776 |  |  | — |  |  | — |  |  | — |  |  | 11,776 |
U.S. Treasury Securities | 28,173 |  |  | — |  |  | — |  |  | — |  |  | 28,173 |
SEI Energy Debt Collective Fund | — |  |  | — |  |  | — |  |  | 12,797 |  |  | 12,797 |
Total | $ | 374,415 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,797 |  |  | $ | 387,212 |
December 31, 2020 |  |  |  |  |  |  |  |  |
Cash Equivalents | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4 |
Equity Funds | 180,169 |  |  | — |  |  | — |  |  | — |  |  | 180,169 |
Fixed Income Funds | 159,556 |  |  | — |  |  | — |  |  | — |  |  | 159,556 |
Hybrid Funds | 11,729 |  |  | — |  |  | — |  |  | — |  |  | 11,729 |
SEI Energy Debt Collective Fund | — |  |  | — |  |  | — |  |  | 9,220 |  |  | 9,220 |
Total | $ | 351,458 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,220 |  |  | $ | 360,678 |
Schedule of Changes in Projected Benefit Obligations and Changes in Plan Assets | The following table provides a reconciliation of the changes in the fair value of plan assets and the actuarially computed benefit obligation for the years ended December 31, 2021 and 2020 and the funded status of the plans as of December 31, 2021 and 2020:
| Pension Benefits (Pension Plan) |  | Pension Benefits (ESSRP) |  | Postretirement Benefits
(in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Change in Fair Value of Plan Assets: |  |  |  |  |  |  |  |  |  |  |
Fair Value of Plan Assets at January 1 | $ | 360,678 |  |  | $ | 329,781 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Actual Return on Plan Assets | 32,816 |  |  | 35,474 |  |  | — |  |  | — |  |  | — |  |  | — |
Company Contributions | 10,000 |  |  | 11,200 |  |  | 1,562 |  |  | 1,505 |  |  | 2,695 |  |  | 2,662 |
Benefit Payments | (16,282) |  |  | (15,777) |  |  | (1,562) |  |  | (1,505) |  |  | (8,385) |  |  | (6,694) |
Participant Premium Payments | — |  |  | — |  |  | — |  |  | — |  |  | 5,690 |  |  | 4,032 |
Fair Value of Plan Assets at December 31 | 387,212 |  |  | 360,678 |  |  | — |  |  | — |  |  | — |  |  | — |
Change in Benefit Obligation: |  |  |  |  |  |  |  |  |  |  |
Benefit Obligation at January 1 | $ | 428,396 |  |  | $ | 384,785 |  |  | $ | 47,894 |  |  | $ | 43,966 |  |  | $ | 70,185 |  |  | $ | 71,437 |
Service Cost | 7,462 |  |  | 6,621 |  |  | 187 |  |  | 179 |  |  | 1,722 |  |  | 1,847 |
Interest Cost | 11,660 |  |  | 13,053 |  |  | 1,228 |  |  | 1,449 |  |  | 1,891 |  |  | 2,393 |
Benefit Payments | (16,282) |  |  | (15,777) |  |  | (1,562) |  |  | (1,505) |  |  | (8,385) |  |  | (6,694) |
Participant Premium Payments | — |  |  | — |  |  | — |  |  | — |  |  | 5,690 |  |  | 4,032 |
Plan Amendments | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3,891) |
Actuarial Loss (Gain) | (14,539) |  |  | 39,714 |  |  | (907) |  |  | 3,805 |  |  | (1,792) |  |  | 1,061 |
Benefit Obligation at December 31 | $ | 416,697 |  |  | $ | 428,396 |  |  | $ | 46,840 |  |  | $ | 47,894 |  |  | $ | 69,311 |  |  | $ | 70,185 |
Funded Status | $ | (29,485) |  |  | $ | (67,718) |  |  | $ | (46,840) |  |  | $ | (47,894) |  |  | $ | (69,311) |  |  | $ | (70,185) |
Amounts Recognized in Consolidated Balance Sheet at December 31: |  |  |  |  |  |  |  |
Current Liabilities | $ | — |  |  | $ | — |  |  | $ | (2,352) |  |  | $ | (1,557) |  |  | $ | (2,830) |  |  | $ | (2,826) |
Noncurrent Liabilities and Deferred Credits | (29,485) |  |  | (67,718) |  |  | (44,488) |  |  | (46,337) |  |  | (66,481) |  |  | (67,359) |
Total Liabilities | $ | (29,485) |  |  | $ | (67,718) |  |  | $ | (46,840) |  |  | $ | (47,894) |  |  | $ | (69,311) |  |  | $ | (70,185) |
Schedule of Assumptions Used in Calculating Net Periodic Benefit Cost | The following assumptions were used to determine benefit obligations as of December 31, 2021 and 2020:
| Pension Benefits (Pension Plan) |  | Pension Benefits (ESSRP) |  | Postretirement Benefits
| 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Discount Rate | 3.03 | % |  | 2.78 | % |  | 2.93 | % |  | 2.61 | % |  | 3.01 | % |  | 2.75 | %
Rate of Increase in Future Compensation | n/a |  | n/a |  | 3.00 | % |  | 3.00 | % |  | n/a |  | n/a
Participants to Age 39 | 4.50 | % |  | 4.50 | % |  | n/a |  | n/a |  | n/a |  | n/a
Participants Ages 40 to 49 | 3.50 | % |  | 3.50 | % |  | n/a |  | n/a |  | n/a |  | n/a
Participants Age 50 and Older | 2.75 | % |  | 2.75 | % |  | n/a |  | n/a |  | n/a |  | n/a
Healthcare Cost Immediate Trend Rate | n/a |  | n/a |  | n/a |  | n/a |  | 6.16 | % |  | 6.44 | %
Healthcare Cost Ultimate Trend Rate | n/a |  | n/a |  | n/a |  | n/a |  | 4.50 | % |  | 4.50 | %
Year the Rate Reaches the Ultimate Trend Rate | n/a |  | n/a |  | n/a |  | n/a |  | 2038 |  | 2038
The following assumptions were used to determine net periodic benefit cost for the years ended December 31, 2021, 2020 and 2019:
| Pension Benefits (Pension Plan) |  | Pension Benefits (ESSRP) |  | Postretirement Benefits
| 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Discount Rate | 2.78 | % |  | 3.47 | % |  | 4.50 | % |  | 2.61 | % |  | 3.36 | % |  | 4.46 | % |  | 2.75 | % |  | 3.43 | % |  | 4.44 | %
Long-Term Rate of Return on Plan Assets | 6.51 | % |  | 6.88 | % |  | 7.25 | % |  | n/a |  | n/a |  | n/a |  | n/a |  | n/a |  | n/a
Rate of Increase in Future Compensation | n/a |  | n/a |  | n/a |  | 3.00 | % |  | 3.50 | % |  | 3.40 | % |  | n/a |  | n/a |  | n/a
Participants to Age 39 | 4.50 | % |  | 4.50 | % |  | 4.50 | % |  | n/a |  | n/a |  | n/a |  | n/a |  | n/a |  | n/a
Participants Ages 40 to 49 | 3.50 | % |  | 3.50 | % |  | 3.50 | % |  | n/a |  | n/a |  | n/a |  | n/a |  | n/a |  | n/a
Participants Age 50 and Older | 2.75 | % |  | 2.75 | % |  | 2.75 | % |  | n/a |  | n/a |  | n/a |  | n/a |  | n/a |  | n/a
Schedule of Net Benefit Costs | The following table lists the components of net periodic benefit cost of our defined benefit pension plans and other postretirement benefits for the years ended December 31, 2021, 2020 and 2019:
| Pension Benefits (Pension Plan) |  | Pension Benefits (ESSRP) |  | Postretirement Benefits
(in thousands) | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Service Cost | $ | 7,462 |  |  | $ | 6,621 |  |  | $ | 5,491 |  |  | $ | 187 |  |  | $ | 179 |  |  | $ | 418 |  |  | $ | 1,722 |  |  | $ | 1,847 |  |  | $ | 1,286 |
Interest Cost | 11,660 |  |  | 13,053 |  |  | 14,412 |  |  | 1,228 |  |  | 1,449 |  |  | 1,735 |  |  | 1,891 |  |  | 2,393 |  |  | 3,083 |
Expected Return on Assets | (22,359) |  |  | (22,021) |  |  | (21,297) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of Prior Service Cost | — |  |  | — |  |  | 14 |  |  | — |  |  | — |  |  | 22 |  |  | (5,733) |  |  | (4,792) |  |  | — |
Amortization of Net Actuarial Loss | 10,914 |  |  | 9,144 |  |  | 4,756 |  |  | 620 |  |  | 434 |  |  | 472 |  |  | 3,774 |  |  | 4,310 |  |  | 1,609 |
Net Periodic Benefit Cost | $ | 7,677 |  |  | $ | 6,797 |  |  | $ | 3,376 |  |  | $ | 2,035 |  |  | $ | 2,062 |  |  | $ | 2,647 |  |  | $ | 1,654 |  |  | $ | 3,758 |  |  | $ | 5,978 |
The following table includes the impact of regulation on the recognition of periodic benefit cost arising from pension and other postretirement benefits for the years ended December 31, 2021, 2020, 2019:
(in thousands) | 2021 |  | 2020 |  | 2019
Net Periodic Benefit Cost | $ | 11,366 |  |  | $ | 12,617 |  |  | $ | 12,001 |
Net Amount Amortized (Deferred) Due to the Effect of Regulation | 21 |  |  | (533) |  |  | (513) |
Net Periodic Benefit Cost Recognized | $ | 11,387 |  |  | $ | 12,084 |  |  | $ | 11,488 |
Schedule of Amounts Recognized in Balance Sheet | The following table presents the amounts not yet recognized as components of net periodic benefit cost as of December 31, 2021 and 2020:
| Pension Benefits (Pension Plan) |  | Pension Benefits (ESSRP) |  | Postretirement Benefits
(in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Regulatory Assets: |  |  |  |  |  |  |  |  |  |  |
Unrecognized Prior Service Cost | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (13,989) |  |  | $ | (19,579) |
Unrecognized Actuarial Loss | 102,737 |  |  | 137,500 |  |  | 2,525 |  |  | 2,681 |  |  | 26,852 |  |  | 32,238 |
Total Regulatory Assets | $ | 102,737 |  |  | $ | 137,500 |  |  | $ | 2,525 |  |  | $ | 2,681 |  |  | $ | 12,863 |  |  | $ | 12,659 |
Accumulated Other Comprehensive Loss: |  |  |  |  |  |  |  |  |  |  |
Unrecognized Prior Service Cost | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | (242) |  |  | $ | (386) |
Unrecognized Actuarial (Gain) Loss | (1,020) |  |  | 128 |  |  | 10,660 |  |  | 12,030 |  |  | (160) |  |  | 21 |
Total Accumulated Other Comprehensive Loss | $ | (1,020) |  |  | $ | 128 |  |  | $ | 10,660 |  |  | $ | 12,031 |  |  | $ | (402) |  |  | $ | (365) |
Schedule of Expected Benefit Payments | The following reflects anticipated benefit payments to be paid in each of the next five years and in the aggregate for the five year period thereafter under our pension plans and postretirement healthcare plan:
(in thousands) | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027-2032
Projected Pension Plan Benefit Payments | $ | 17,200 |  |  | $ | 17,860 |  |  | $ | 18,428 |  |  | $ | 18,947 |  |  | $ | 19,427 |  |  | $ | 102,905 |
Projected ESSRP Benefit Payments | 1,981 |  |  | 2,570 |  |  | 2,781 |  |  | 2,715 |  |  | 2,828 |  |  | 14,941 |
Projected Postretirement Benefit Payments | 3,001 |  |  | 3,126 |  |  | 3,209 |  |  | 3,324 |  |  | 3,432 |  |  | 17,225 |
Total | $ | 22,182 |  |  | $ | 23,556 |  |  | $ | 24,418 |  |  | $ | 24,986 |  |  | $ | 25,687 |  |  | $ | 135,071 |

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