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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
Employee benefit plans |
Schedule of Pension Plan's funded status and amounts recognized in balance sheets and the components of net pension cost and accrued post-retirement liability | The following table sets forth the Pension Plan’s and post-retirement medical plan’s funded status and amounts recognized in Registrant’s balance sheets and the components of net pension cost and accrued liability at December 31, 2020 and 2019:
|  | Pension Benefits |  | Post-Retirement Medical Benefits
(dollars in thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Change in Projected Benefit Obligation: |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 231,852 |  |  | $ | 196,082 |  |  | $ | 7,395 |  |  | $ | 7,886 |
Service cost |  | 5,558 |  |  | 4,441 |  |  | 171 |  |  | 186 |
Interest cost |  | 7,880 |  |  | 8,527 |  |  | 208 |  |  | 285 |
Actuarial (gain) loss |  | 35,453 |  |  | 29,784 |  |  | (1,604) |  |  | (538) |
Benefits/expenses paid |  | (7,957) |  |  | (6,982) |  |  | (264) |  |  | (424) |
Projected benefit obligation at end of year |  | $ | 272,786 |  |  | $ | 231,852 |  |  | $ | 5,906 |  |  | $ | 7,395 |
Changes in Plan Assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 192,477 |  |  | $ | 162,529 |  |  | $ | 11,271 |  |  | $ | 10,010 |
Actual return on plan assets |  | 24,909 |  |  | 33,018 |  |  | 1,307 |  |  | 1,685 |
Employer contributions |  | 3,718 |  |  | 3,913 |  |  | 269 |  |  | 170 |
Benefits/expenses paid |  | (7,957) |  |  | (6,983) |  |  | (534) |  |  | (594) |
Fair value of plan assets at end of year |  | $ | 213,147 |  |  | $ | 192,477 |  |  | $ | 12,313 |  |  | $ | 11,271 |
Funded Status: |  |  |  |  |  |  |  |
Net amount recognized as accrued pension cost |  | $ | (59,639) |  |  | $ | (39,375) |  |  | $ | 6,407 |  |  | $ | 3,876 |
The increase in the underfunded status of the pension was due primarily to a decrease in the discount rate, which decreased from 3.43% as of December 31, 2019 to 2.55% as of December 31, 2020 as noted in the following tables.
|  | Pension Benefits |  | Post-Retirement Medical Benefits
(dollars in thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Amounts recognized on the balance sheets: |  |  |  |  |  |  |  |
Non-current assets |  | $ | — |  |  | $ | — |  |  | $ | 6,407 |  |  | $ | 3,876 |
Current liabilities |  | — |  |  | — |  |  | — |  |  | — |
Non-current liabilities |  | (59,639) |  |  | (39,375) |  |  | — |  |  | — |
Net amount recognized |  | $ | (59,639) |  |  | $ | (39,375) |  |  | $ | 6,407 |  |  | $ | 3,876 |
Amounts recognized in regulatory assets consist of: |  |  |  |  |  |  |  |
Prior service cost (credit) |  | $ | 2,757 |  |  | $ | 3,191 |  |  | $ | — |  |  | $ | — |
Net (gain) loss |  | 57,716 |  |  | 37,309 |  |  | (6,855) |  |  | (5,432) |
Regulatory assets (liabilities) |  | 60,473 |  |  | 40,500 |  |  | (6,855) |  |  | (5,432) |
Unfunded accrued pension cost |  | (834) |  |  | (1,125) |  |  | 448 |  |  | 1,556 |
Net liability (asset) recognized |  | $ | 59,639 |  |  | $ | 39,375 |  |  | $ | (6,407) |  |  | $ | (3,876) |
Changes in plan assets and benefit obligations recognized in regulatory assets: |  |  |  |  |  |  |  |
Regulatory asset at beginning of year |  | $ | 40,500 |  |  | $ | 35,213 |  |  | $ | (5,432) |  |  | $ | (4,459) |
Net loss (gain) |  | 22,343 |  |  | 7,140 |  |  | (2,400) |  |  | (1,775) |
New prior service cost |  | — |  |  | — |  |  | — |  |  | — |
Amortization of prior service (cost) credit |  | (435) |  |  | (434) |  |  | — |  |  | — |
Amortization of net gain (loss) |  | (1,935) |  |  | (1,419) |  |  | 977 |  |  | 802 |
Total change in regulatory asset |  | 19,973 |  |  | 5,287 |  |  | (1,423) |  |  | (973) |
Regulatory asset (liability) at end of year |  | $ | 60,473 |  |  | $ | 40,500 |  |  | $ | (6,855) |  |  | $ | (5,432) |
Net periodic pension costs |  | $ | 4,010 |  |  | $ | 4,447 |  |  | $ | (1,108) |  |  | $ | (779) |
Change in regulatory asset |  | 19,973 |  |  | 5,287 |  |  | (1,423) |  |  | (973) |
Total recognized in net periodic pension cost and regulatory asset (liability) |  | $ | 23,983 |  |  | $ | 9,734 |  |  | $ | (2,531) |  |  | $ | (1,752) |
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: |  |  |  |  |  |  |  |
Projected benefit obligation |  | $ | 272,786 |  |  | $ | 231,852 |  |  | $ | 5,906 |  |  | $ | 7,395 |
Accumulated benefit obligation |  | $ | 253,108 |  |  | $ | 215,996 |  |  | N/A |  | N/A
Fair value of plan assets |  | $ | 213,147 |  |  | $ | 192,477 |  |  | $ | 12,313 |  |  | $ | 11,271 |
Weighted-average assumptions used to determine benefit obligations at December 31: |  |  |  |  |  |  |  |
Discount rate |  | 2.55 | % |  | 3.43 | % |  | 2.20 | % |  | 3.12 | %
Rate of compensation increase |  | * |  | * |  | N/A |  | N/A
•Age-graded ranging from 3.0% to 8.0%.
Schedule of components of net periodic pension and post-retirement benefits cost, before allocation to the overhead pool | The components of net periodic pension and post-retirement benefits cost, before allocation to the overhead pool, for 2020, 2019 and 2018 are as follows:
|  | Pension Benefits |  | Post-Retirement Medical Benefits
(dollars in thousands, except percent) |  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Components of Net Periodic Benefits Cost: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 5,558 |  |  | $ | 4,441 |  |  | $ | 5,342 |  |  | $ | 171 |  |  | $ | 186 |  |  | $ | 218 |
Interest cost |  | 7,880 |  |  | 8,527 |  |  | 7,646 |  |  | 208 |  |  | 285 |  |  | 292 |
Expected return on plan assets |  | (11,798) |  |  | (10,374) |  |  | (11,172) |  |  | (510) |  |  | (449) |  |  | (493) |
Amortization of prior service cost (credit) |  | 435 |  |  | 434 |  |  | — |  |  |  |  | — |  |  | — |
Amortization of actuarial (gain) loss |  | 1,935 |  |  | 1,419 |  |  | 1,254 |  |  | (977) |  |  | (801) |  |  | (769) |
Net periodic pension cost under accounting standards |  | $ | 4,010 |  |  | $ | 4,447 |  |  | $ | 3,070 |  |  | $ | (1,108) |  |  | $ | (779) |  |  | $ | (752) |
Regulatory adjustment |  | (483) |  |  | (593) |  |  | — |  |  | — |  |  | — |  |  | — |
Total expense recognized, before surcharges and allocation to overhead pool |  | $ | 3,527 |  |  | $ | 3,854 |  |  | $ | 3,070 |  |  | $ | (1,108) |  |  | $ | (779) |  |  | $ | (752) |
Weighted-average assumptions used to determine net periodic cost: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 3.43 | % |  | 4.43 | % |  | 3.76 | % |  | 3.12 | % |  | 4.20 | % |  | 3.52 | %
Expected long-term return on plan assets |  | 6.25 | % |  | 6.50 | % |  | 6.50 | % |  | * |  | * |  | *
Rate of compensation increase |  | ** |  | ** |  | ** |  | N/A |  | N/A |  | N/A
*6.0% for union plan and 4.2% for non-union (net of income taxes) in 2020, 2019 and 2018. ** Age-graded ranging from 3.0% to 8.0%.
Schedule of actual allocation of plan assets | The Committee approves the target asset allocations. Registrant’s pension and post-retirement plan weighted-average asset allocations at December 31, 2020 and 2019, by asset category are as follows:
|  | Pension Benefits |  | Post-Retirement Medical Benefits
Asset Category |  | 2020 |  | 2019 |  | 2020 |  | 2019
Actual Asset Allocations: |  |  |  |  |  |  |  |
Equity securities |  | 59 | % |  | 56 | % |  | 63 | % |  | 61 | %
Debt securities |  | 36 | % |  | 39 | % |  | 36 | % |  | 38 | %
Real Estate Funds |  | 5 | % |  | 5 | % |  | — | % |  | — | %
Cash equivalents |  | — | % |  | — | % |  | 1 | % |  | 1 | %
Total |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
Schedule of pension and post-retirement plan target asset allocations | Equity securities did not include AWR’s Common Shares as of December 31, 2020 and 2019.
Target Asset Allocations: |  | Pension Benefits |  | Post-retirement Medical Benefits
Equity securities |  | 60 | % |  | 60 | %
Debt securities |  | 40 | % |  | 40 | %
Total |  | 100 | % |  | 100 | %
Summary of fair value, measured by net asset value, of the pension investment assets | The following tables set forth the fair value, measured by net asset value, of the pension investment assets as of December 31, 2020 and 2019:
|  | Net Asset Value as of December 31, 2020
(dollars in thousands) |  | Fair Value |  | Unfunded Commitments |  | Redemption Frequency |  | Redemption Notice Period
Cash equivalents |  | $ | 589 |  |  | — |  |  | N/A |  | N/A
Fixed income fund |  | $ | 76,221 |  |  | — |  |  | Daily |  | Daily
Equity securities: |  |  |  |  |  |  |  |
U.S. small/mid cap funds |  | 21,837 |  |  | — |  |  | Daily |  | Daily
U.S. large cap funds |  | 53,677 |  |  | — |  |  | Daily |  | Daily
International funds |  | 50,488 |  |  | — |  |  | Daily |  | Daily
Total equity funds |  | 126,002 |  |  | — |  |  |  |  |
Real estate funds |  | 10,335 |  |  | — |  |  | Daily |  | Daily
Total |  | $ | 213,147 |  |  | — |  |  |  |  |
|  | Net Asset Value as of December 31, 2019
(dollars in thousands) |  | Fair Value |  | Unfunded Commitments |  | Redemption Frequency |  | Redemption Notice Period
Cash equivalents |  | $ | 600 |  |  | — |  |  | N/A |  | N/A
Fixed income fund |  | 74,123 |  |  | — |  |  | Daily |  | Daily
Equity securities: |  |  |  |  |  |  |  |
U.S. small/mid cap funds |  | 17,865 |  |  | — |  |  | Daily |  | Daily
U.S. large cap funds |  | 47,132 |  |  | — |  |  | Daily |  | Daily
International funds |  | 43,778 |  |  | — |  |  | Daily |  | Daily
Total equity funds |  | 108,775 |  |  |  |  |  |  |
Real estate funds |  | 8,979 |  |  | — |  |  | Daily |  | Daily
Total |  | $ | 192,477 |  |  | — |  |  |  |  |
Schedule of pension and post-retirement plans' investment assets measured at fair value | The following tables set forth by level, within the fair value hierarchy, the post-retirement plan's investment assets measured at fair value as of December 31, 2020 and 2019:
|  | Fair Value as of December 31, 2020
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Fair Value of Post-Retirement Plan Assets: |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 169 |  |  | — |  |  | — |  |  | $ | 169 |
Fixed income |  | 4,436 |  |  | — |  |  | — |  |  | 4,436 |
U.S. equity securities |  | 7,707 |  |  | — |  |  | — |  |  | 7,707 |
Total investments measured at fair value |  | $ | 12,312 |  |  | — |  |  | — |  |  | $ | 12,312 |
|  | Fair Value as of December 31, 2019
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Fair Value of Post-Retirement Plan Assets: |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 69 |  |  | — |  |  | — |  |  | $ | 69 |
Fixed income |  | 4,279 |  |  | — |  |  | — |  |  | 4,279 |
U.S. equity securities |  | 6,923 |  |  | — |  |  | — |  |  | 6,923 |
Total investments measured at fair value |  | $ | 11,271 |  |  | — |  |  | — |  |  | $ | 11,271 |
Schedule of estimated future benefit payments | Estimated future benefit payments at December 31, 2020 for the next five years and thereafter are as follows (in thousands):
| Pension Benefits |  | Post-Retirement Medical Benefits
2021 | $ | 8,572 |  |  | $ | 486 |
2022 | 9,262 |  |  | 503 |
2023 | 9,880 |  |  | 516 |
2024 | 10,494 |  |  | 489 |
2025 | 11,142 |  |  | 476 |
Thereafter | 63,680 |  |  | 1,813 |
Total | $ | 113,030 |  |  | $ | 4,283 |
SERP |
Employee benefit plans |
Schedule of Pension Plan's funded status and amounts recognized in balance sheets and the components of net pension cost and accrued post-retirement liability | The following provides a reconciliation of benefit obligations, funded status of the SERP, as well as a summary of significant estimates at December 31, 2020 and 2019:
(dollars in thousands) |  | 2020 |  | 2019
Change in Benefit Obligation: |  |  |  |
Benefit obligation at beginning of year |  | $ | 29,703 |  |  | $ | 24,517 |
Service cost |  | 1,029 |  |  | 1,193 |
Interest cost |  | 988 |  |  | 1,069 |
Actuarial (gain) loss |  | 5,479 |  |  | 3,419 |
Benefits paid |  | (597) |  |  | (495) |
Benefit obligation at end of year |  | $ | 36,602 |  |  | $ | 29,703 |
Changes in Plan Assets: |  |  |  |
Fair value of plan assets at beginning and end of year |  | — |  |  | — |
Funded Status: |  |  |  |
Net amount recognized as accrued cost |  | $ | (36,602) |  |  | $ | (29,703) |
(in thousands) |  | 2020 |  | 2019
Amounts recognized on the balance sheets: |  |  |  |
Current liabilities |  | $ | (602) |  |  | $ | (609) |
Non-current liabilities |  | (36,000) |  |  | (29,094) |
Net amount recognized |  | $ | (36,602) |  |  | $ | (29,703) |
Amounts recognized in regulatory assets consist of: |  |  |  |
Prior service cost |  | $ | — |  |  | $ | — |
Net loss |  | 12,988 |  |  | 8,352 |
Regulatory assets |  | 12,988 |  |  | 8,352 |
Unfunded accrued cost |  | 23,614 |  |  | 21,351 |
Net liability recognized |  | $ | 36,602 |  |  | $ | 29,703 |
Changes in plan assets and benefit obligations recognized in regulatory assets consist of: |  |  |  |
Regulatory asset at beginning of year |  | $ | 8,352 |  |  | $ | 5,403 |
Net (gain) loss |  | 5,479 |  |  | 3,419 |
Amortization of prior service credit |  | — |  |  | — |
Amortization of net loss |  | (843) |  |  | (470) |
Total change in regulatory asset |  | 4,636 |  |  | 2,949 |
Regulatory asset at end of year |  | $ | 12,988 |  |  | $ | 8,352 |
Net periodic pension cost |  | $ | 2,860 |  |  | $ | 2,733 |
Change in regulatory asset |  | 4,636 |  |  | 2,949 |
Total recognized in net periodic pension and regulatory asset |  | $ | 7,496 |  |  | $ | 5,682 |
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: |  |  |  |
Projected benefit obligation |  | $ | 36,602 |  |  | $ | 29,703 |
Accumulated benefit obligation |  | 30,428 |  |  | 26,251 |
Fair value of plan assets |  | — |  |  | — |
Weighted-average assumptions used to determine benefit obligations: |  |  |  |
Discount rate |  | 2.52 | % |  | 3.36 | %
Rate of compensation increase |  | 4.00 | % |  | 4.00 | %
Schedule of components of net periodic pension and post-retirement benefits cost, before allocation to the overhead pool | The components of SERP expense, before allocation to the overhead pool, for 2020, 2019 and 2018 are as follows:
(dollars in thousands, except percent) |  | 2020 |  | 2019 |  | 2018
Components of Net Periodic Benefits Cost: |  |  |  |  |  |
Service cost |  | $ | 1,029 |  |  | $ | 1,193 |  |  | $ | 1,096 |
Interest cost |  | 988 |  |  | 1,069 |  |  | 888 |
Amortization of prior service cost |  | — |  |  | — |  |  | — |
Amortization of net loss |  | 843 |  |  | 471 |  |  | 1,049 |
Net periodic pension cost |  | $ | 2,860 |  |  | $ | 2,733 |  |  | $ | 3,033 |
Weighted-average assumptions used to determine net periodic cost: |  |  |  |  |  |
Discount rate |  | 3.36 | % |  | 4.40 | % |  | 3.72 | %
Rate of compensation increase |  | 4.00 | % |  | 4.00 | % |  | 4.00 | %
Schedule of pension and post-retirement plans' investment assets measured at fair value | The following tables set forth by level, within the fair value hierarchy, the Rabbi Trust investment assets measured at fair value as of December 31, 2020 and 2019:
|  | Fair Value as of December 31, 2020
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Fair Value of Assets held in Rabbi Trust: |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 8 |  |  | — |  |  | — |  |  | $ | 8 |
Fixed income securities |  | 10,201 |  |  | — |  |  | — |  |  | 10,201 |
Equity securities |  | 15,703 |  |  | — |  |  | — |  |  | 15,703 |
Total investments measured at fair value |  | $ | 25,912 |  |  | — |  |  | — |  |  | $ | 25,912 |
|  | Fair Value as of December 31, 2019
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Fair Value of Assets held in Rabbi Trust: |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 72 |  |  | — |  |  | — |  |  | $ | 72 |
Fixed income securities |  | 8,427 |  |  | — |  |  | — |  |  | 8,427 |
Equity securities |  | 13,054 |  |  | — |  |  | — |  |  | 13,054 |
Total investments measured at fair value |  | $ | 21,553 |  |  | — |  |  | — |  |  | $ | 21,553 |
Schedule of estimated future benefit payments | Estimated future benefit payments for the SERP at December 31, 2020 for the next five years and thereafter are as follows (in thousands):
2021 | $ | 602 |
2022 | 792 |
2023 | 787 |
2024 | 1,039 |
2025 | 1,029 |
Thereafter | 11,937 |
Total | $ | 16,186 |

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