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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of Expected Benefit Payments | Expected payments to be made for the pension and SERP plans are shown in the table below:
Year Ending December 31, | Pension |  | SERP |  | Total
2024 | $ | 20,301 |  |  | $ | 2,834 |  |  | $ | 23,135 |
2025 | 21,959 |  |  | 3,104 |  |  | 25,063 |
2026 | 23,695 |  |  | 3,381 |  |  | 27,076 |
2027 | 25,487 |  |  | 3,712 |  |  | 29,199 |
2028 | 27,340 |  |  | 4,024 |  |  | 31,364 |
2029-2033 | 165,184 |  |  | 24,590 |  |  | 189,774 |
Total payments | $ | 283,966 |  |  | $ | 41,645 |  |  | $ | 325,611 |
Schedule of Defined Benefit Plans Disclosures | The expected benefit payments, net of retiree premiums and Medicare Part D subsidies, are shown in the table below.
Year Ending December 31, |  | Expected Benefit Payments Before Medicare Part D Subsidy |  | Effect of Medicare Part D Subsidy on Expected Benefit Payments |  | Expected Benefit Payments Net of Medicare Part D Subsidy
2024 |  | $ | 4,712 |  |  | $ | (248) |  |  | $ | 4,464 |
2025 |  | 5,011 |  |  | (275) |  |  | 4,736 |
2026 |  | 5,353 |  |  | (302) |  |  | 5,051 |
2027 |  | 5,782 |  |  | (329) |  |  | 5,453 |
2028 |  | 6,234 |  |  | (358) |  |  | 5,876 |
2029-2033 |  | 38,176 |  |  | (2,209) |  |  | 35,967 |
Total payments |  | $ | 65,268 |  |  | $ | (3,721) |  |  | $ | 61,547 |
Summary of target asset allocation percentages for major categories of the pension plan | The Company's target asset allocation percentages for major categories of the plan assets are reflected in the table below:
| Minimum Exposure |  | Target |  | Maximum Exposure
Fixed Income | 35 | % |  | 40 | % |  | 45 | %
Total Domestic Equity: | 35 | % |  | 40 | % |  | 45 | %
Small/Mid Cap Stocks | 5 | % |  | 12 | % |  | 25 | %
Large Cap Stocks | 25 | % |  | 28 | % |  | 45 | %
Emerging markets | 3 | % |  | 6 | % |  | 9 | %
Non-U.S. Equities | 11 | % |  | 14 | % |  | 17 | %
The following tables present the fair value of plan assets by major asset category at December 31, 2023 and 2022:
| December 31, 2023
| Pension Benefits |  | Other Benefits
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Fixed Income | $ | 407 |  |  | $ | — |  |  | $ | — |  |  | $ | 407 |  |  | $ | 21,891 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,891 |
Domestic Equity: Small/Mid Cap Stocks | — |  |  | — |  |  | — |  |  | — |  |  | 6,437 |  |  | — |  |  | — |  |  | 6,437 |
Domestic Equity: Large Cap Stocks | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Non U.S. Equities | — |  |  | — |  |  | — |  |  | — |  |  | 7,268 |  |  | — |  |  | — |  |  | 7,268 |
Emerging markets | — |  |  | — |  |  | — |  |  | — |  |  | 3,090 |  |  | — |  |  | — |  |  | 3,090 |
Assets measured at net asset value (NAV) | — |  |  | — |  |  | — |  |  | 715,866 |  |  | — |  |  | — |  |  | — |  |  | 124,681 |
Total Plan Assets | $ | 407 |  |  | $ | — |  |  | $ | — |  |  | $ | 716,273 |  |  | $ | 38,686 |  |  | $ | — |  |  | $ | — |  |  | $ | 163,367 |
| December 31, 2022
| Pension Benefits |  | Other Benefits
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Fixed Income | $ | 588 |  |  | $ | — |  |  | $ | — |  |  | $ | 588 |  |  | $ | 18,060 |  |  | $ | — |  |  | $ | — |  |  | $ | 18,060 |
Domestic Equity: Small/Mid Cap Stocks | — |  |  | — |  |  | — |  |  | — |  |  | 5,654 |  |  | — |  |  | — |  |  | 5,654 |
Domestic Equity: Large Cap Stocks | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Non U.S. Equities | — |  |  | — |  |  | — |  |  | — |  |  | 6,928 |  |  | — |  |  | — |  |  | 6,928 |
Emerging markets | — |  |  | — |  |  | — |  |  | — |  |  | 3,027 |  |  | — |  |  | — |  |  | 3,027 |
Assets measured at NAV | — |  |  | — |  |  | — |  |  | 636,742 |  |  | — |  |  | — |  |  | — |  |  | 111,017 |
Total Plan Assets | $ | 588 |  |  | $ | — |  |  | $ | — |  |  | $ | 637,330 |  |  | $ | 33,669 |  |  | $ | — |  |  | $ | — |  |  | $ | 144,686 |
Schedule of reconciliation of the funded status of the plans with the accrued pension liability and the net postretirement benefit liability | The following table reconciles the funded status of the plans with the accrued pension liability and the net postretirement benefit liability as of December 31, 2023 and 2022:
| Pension Benefits |  | Other Benefits
| 2023 |  | 2022 |  | 2023 |  | 2022
Change in projected benefit obligation: |  |  |  |  |  |  |
Beginning of year | $ | 685,254 |  |  | $ | 887,477 |  |  | $ | 101,752 |  |  | $ | 142,470 |
Service cost | 22,159 |  |  | 34,847 |  |  | 4,489 |  |  | 6,830 |
Interest cost | 34,190 |  |  | 25,596 |  |  | 5,219 |  |  | 4,009 |
Actuarial (gain) loss (1) | (8,532) |  |  | (243,769) |  |  | 27,208 |  |  | (49,462) |
Benefits paid, net of retiree premiums | (22,302) |  |  | (18,897) |  |  | (3,935) |  |  | (2,095) |
End of year | $ | 710,769 |  |  | $ | 685,254 |  |  | $ | 134,733 |  |  | $ | 101,752 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 637,330 |  |  | $ | 810,469 |  |  | $ | 144,686 |  |  | $ | 169,436 |
Actual return on plan assets | 95,280 |  |  | (171,517) |  |  | 22,133 |  |  | (23,326) |
Employer contributions | 5,965 |  |  | 17,275 |  |  | 189 |  |  | 671 |
Retiree contributions and Medicare part D subsidies | — |  |  | — |  |  | 2,449 |  |  | 2,176 |
Benefits paid | (22,302) |  |  | (18,897) |  |  | (6,557) |  |  | (4,421) |
Other adjustments | — |  |  | — |  |  | 467 |  |  | 150 |
Fair value of plan assets at end of year | $ | 716,273 |  |  | $ | 637,330 |  |  | $ | 163,367 |  |  | $ | 144,686 |
Funded status (2) | $ | 5,504 |  |  | $ | (47,924) |  |  | $ | 28,634 |  |  | $ | 42,934 |
Unrecognized actuarial gain | (66,073) |  |  | (19,512) |  |  | (26,764) |  |  | (44,555) |
Unrecognized prior service cost | 2,680 |  |  | 3,205 |  |  | 1,428 |  |  | 1,583 |
Net amount recognized | $ | (57,889) |  |  | $ | (64,231) |  |  | $ | 3,298 |  |  | $ | (38) |
_______________________________________________________________________________ 1.The actuarial gain for pension and other benefits in 2022 was mainly due to a higher discount rate used in the calculation. 2.The short-term portion of the pension benefits was $2.8 million as of December 31, 2023 and $2.6 million as of December 31, 2022 and was recorded as part of other accrued liabilities on the Company's Consolidated Balance Sheets.
Schedule of amounts recognized in consolidated balance sheets | Amounts recognized on the balance sheet consist of:
| Pension Benefits |  | Other Benefits
| 2023 |  | 2022 |  | 2023 |  | 2022
Noncurrent assets (1) | $ | 91,051 |  |  | $ | 32,848 |  |  | $ | 28,634 |  |  | $ | 42,934 |
Accrued benefit costs | — |  |  | (307) |  |  | (1) |  |  | (465) |
Accrued benefit liability (2) | (85,547) |  |  | (80,772) |  |  | — |  |  | — |
Regulatory assets (3) | — |  |  | — |  |  | — |  |  | 171 |
Regulatory liabilities (3) | (63,393) |  |  | (16,000) |  |  | (25,335) |  |  | (42,678) |
Net amount recognized | $ | (57,889) |  |  | $ | (64,231) |  |  | $ | 3,298 |  |  | $ | (38) |
_______________________________________________________________________________ 1.Noncurrent assets represent the overfunded status of the employee pension plan and PBOP plan in 2023 and 2022. The amounts are recorded as part of "Other" noncurrent assets on the Consolidated Balance Sheets. 2.Accrued benefit liability represents the underfunded status of the SERP plan in 2023 and 2022. The amounts are recorded as part of "Pension" in the Consolidated Balance Sheets. 3.Changes in the funded status of the plans that would be recorded in accumulated other comprehensive income for an unregulated entity are recorded as a regulatory assets and liabilities as the Company believes it is probable that an amount equal to the regulatory asset or liability will be collected or refunded through the setting of future rates.
Schedule of actuarial assumptions used in determining the benefit obligation | Below are the actuarial assumptions used in determining the benefit obligation for the benefit plans:
| Pension Benefits |  | Other Benefits
| 2023 |  | 2022 |  | 2023 |  | 2022
Weighted average assumptions as of December 31: |  |  |  |  |  |  |
Discount rate - employee pension plan | 5.25 | % |  | 5.27 | % |  | — |  |  | — |
Discount rate - SERP | 5.19 | % |  | 5.24 | % |  | — |  |  | — |
Discount rate - other benefits | — |  |  | — |  |  | 5.25 | % |  | 5.27 | %
Long-term rate of return on plan assets | 7.56 | % |  | 7.50 | % |  | 7.41 | % |  | 7.36 | %
Rate of compensation increases - employee pension plan | 4.25 | % |  | 4.28 | % |  | — |  |  | — |
Rate of compensation increases - SERP | 5.00 | % |  | 5.00 | % |  | — |  |  | — |
Cost of living adjustment | 2.23 | % |  | 2.25 | % |  | — |  |  | — |
Below are the actuarial assumptions used in determining the net periodic benefit costs for the benefit plans, which uses the end of the prior year as the measurement date:
| Pension Benefits |  | Other Benefits
| 2023 |  | 2022 |  | 2023 |  | 2022
Weighted average assumptions as of December 31: |  |  |  |  |  |  |
Discount rate - employee pension plan | 5.27 | % |  | 3.28 | % |  | — |  |  | — |
Discount rate - SERP | 5.24 | % |  | 3.18 | % |  | — |  |  | — |
Discount rate - other benefits | — |  |  | — |  |  | 5.27 | % |  | 3.27 | %
Long-term rate of return on plan assets | 7.50 | % |  | 6.34 | % |  | 7.36 | % |  | 5.88 | %
Rate of compensation increases - employee pension plan | 4.28 | % |  | 4.25 | % |  | — |  |  | — |
Rate of compensation increases - SERP | 5.00 | % |  | 5.00 | % |  | — |  |  | — |
Cost of living adjustment | 2.25 | % |  | 2.20 | % |  | — |  |  | — |
Schedule of components of net periodic benefit costs for the pension plans and other postretirement benefits | Net periodic benefit costs for the pension and other postretirement plans for the years ended December 31, 2023 and 2022, included the following components:
| Pension Plan |  | Other Benefits
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Service cost | $ | 22,159 |  |  | $ | 34,847 |  |  | $ | 35,055 |  |  | $ | 4,489 |  |  | $ | 6,830 |  |  | $ | 6,072 |
Interest cost | 34,190 |  |  | 25,596 |  |  | 21,667 |  |  | 5,219 |  |  | 4,009 |  |  | 3,217 |
Expected return on plan assets | (53,684) |  |  | (45,228) |  |  | (39,472) |  |  | (10,543) |  |  | (9,927) |  |  | (8,769) |
Net amortization and deferral | (3,043) |  |  | 5,781 |  |  | 10,003 |  |  | (2,019) |  |  | (824) |  |  | (293) |
Net periodic (income) cost | $ | (378) |  |  | $ | 20,996 |  |  | $ | 27,253 |  |  | $ | (2,854) |  |  | $ | 88 |  |  | $ | 227 |

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