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Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

Key Assumptions Used in Determining Benefit Plan Costs and Obligations

The following table includes the key assumptions used in determining the Company’s benefit plan costs and obligations:

		2018				2017				2016
Used to Determine Plan costs for years ended December 31:
Discount Rate			3.60	%			4.10	%			4.30	%
Rate of Compensation Increase			3.00	%			3.00	%			3.00	%
Expected Long-term rate of return on plan assets			7.75	%			7.75	%			8.00	%
Health Care Cost Trend Rate Assumed for Next Year			7.50	%			8.00	%			7.00	%
Ultimate Health Care Cost Trend Rate			4.50	%			4.00	%			4.00	%
Year that Ultimate Health Care Cost Trend Rate is reached			2024				2025				2022

Used to Determine Benefit Obligations at December 31:
Discount Rate			4.25	%			3.60	%			4.10	%
Rate of Compensation Increase			3.00	%			3.00	%			3.00	%
Health Care Cost Trend Rate Assumed for Next Year			7.00	%			7.50	%			8.00	%
Ultimate Health Care Cost Trend Rate			4.50	%			4.50	%			4.00	%
Year that Ultimate Health Care Cost Trend Rate is reached			2024				2024				2025

Components of Retirement Plan Costs

The following table provides the components of the Company’s Retirement plan costs (000’s):

		Pension Plan												PBOP Plan												SERP
		2018				2017				2016				2018				2017				2016				2018				2017				2016
Service Cost		$	3,393			$	3,295			$	3,402			$	2,933			$	2,974			$	2,610			$	487			$	460			$	162
Interest Cost			5,878				6,057				5,945				3,404				3,913				3,232				404				392				386
Expected Return on Plan Assets			(7,785	)			(7,306	)			(7,257	)			(1,635	)			(1,347	)			(1,205	)			—				—				—
Prior Service Cost Amortization			324				263				263				1,309				1,399				1,486				189				189				189
Actuarial Loss Amortization			5,786				4,662				4,398				1,383				2,098				1,049				486				295				375
Sub-total			7,596				6,971				6,751				7,394				9,037				7,172				1,566				1,336				1,112
Amounts Capitalized or Deferred			(3,465	)			(3,122	)			(3,008	)			(3,416	)			(4,515	)			(3,351	)			(451)				(397)				(290)
NPBC Recognized		$	4,131			$	3,849			$	3,743			$	3,978			$	4,522			$	3,821			$	1,115			$	939			$	822

Plans' Assets, Projected Benefit Obligations (PBO), and Funded Status

The following table represents information on the plans’ assets, projected benefit obligations (PBO), and funded status (000’s):

		Pension Plan								PBOP Plan								SERP
Change in Plan Assets:		2018				2017				2018				2017				2018				2017
Plan Assets at Beginning of Year		$	102,315			$	91,058			$	20,234			$	16,606			$	—			$	—
Actual Return on Plan Assets			(6,149	)			12,731				(1,085	)			1,907				—				—
Employer Contributions			16,628				4,100				4,000				4,000				401				34
Participant Contributions			—				—				153				126				—				—
Benefits Paid			(4,986	)			(5,574	)			(2,193	)			(2,405	)			(401	)			(34	)
Plan Assets at End of Year		$	107,808			$	102,315			$	21,109			$	20,234			$	—			$	—
Change in PBO:
PBO at Beginning of Year		$	166,921			$	150,439			$	94,122			$	96,659			$	11,723			$	9,566
Service Cost			3,393				3,295				2,933				2,974				487				460
Interest Cost			5,878				6,057				3,404				3,913				404				392
Participant Contributions			—				—				153				126				—				—
Plan Amendments			—				608				—				—				—				—
Benefits Paid			(4,986	)			(5,574	)			(2,193	)			(2,405	)			(401	)			(34	)
Actuarial (Gain) or Loss			(15,009	)			12,096				(17,414	)			(7,145	)			1,541				1,339
PBO at End of Year		$	156,197			$	166,921			$	81,005			$	94,122			$	13,754			$	11,723
Funded Status: Assets vs PBO		$	(48,389	)		$	(64,606	)		$	(59,896	)		$	(73,888	)		$	(13,754	)			(11,723	)

Employer Contributions, Participant Contributions and Benefit Payments

The following table represents employer contributions, participant contributions and benefit payments (000’s).

		Pension Plan												PBOP Plan												SERP
		2018				2017				2016				2018				2017				2016				2018				2017				2016
Employer Contributions		$	16,628			$	4,100			$	5,146			$	4,000			$	4,000			$	4,000			$	401			$	34			$	34
Participant Contributions		$	—			$	—			$	—			$	153			$	126			$	61				$—			$	—			$	—
Benefit Payments		$	4,986			$	5,574			$	4,900			$	2,193			$	2,405			$	2,421			$	401			$	34			$	34

Estimated Future Benefit Payments

The following table represents estimated future benefit payments (000’s).

Estimated Future Benefit Payments
		Pension				PBOP				SERP
2019		$	5,888			$	2,314			$	522
2020			6,484				2,520				521
2021			6,949				2,780				681
2022			6,853				2,955				678
2022			7,588				3,106				675
2024 - 2028			46,942				19,244				4,904

Pension Plans

Schedule of Allocation of Plan Assets

The actual investment allocations are shown in the tables below.

Pension Plan		Target Allocation 2019				Actual Allocation at December 31,
						2018				2017				2016
Equity Funds			53	%			49	%			49	%			46	%
Debt Funds			37	%			40	%			34	%			37	%
Real Estate Fund			10	%			10	%			10	%			10	%
Asset Allocation Fund(1)			—				—				6	%			7	%
Other(2)			—				1	%			1	%			—
Total							100	%			100	%			100	%

(1) Represents investments in an asset allocation fund. This fund invests in both equity and debt securities.

(2) Represents investments being held in cash equivalents as of December 31, 2018 pending payment of benefits.

Assets measured at fair value on a recurring basis for the Pension Plan as of December 31, 2018 and 2017 are as follows (000’s):

		Fair Value Measurements at Reporting Date Using
Description		Balance as of December 31,				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
2018
Pension Plan Assets:
Mutual Funds:
Equity Funds		$	52,884			$	52,884			$	—			$	—
Fixed Income Funds			43,281				43,281				—				—
Total Mutual Funds			96,165				96,165				—				—
Cash Equivalents			1,202				1,202				—
Total Assets in the Fair Value Hierarchy		$	97,367			$	97,367			$	—			$	—
Real Estate Fund–Measured at Net Asset Value			10,441
Total Assets		$	107,808
2017
Pension Plan Assets:
Mutual Funds:
Equity Funds		$	50,373			$	50,373			$	—			$	—
Fixed Income Funds			34,757				34,757				—				—
Asset Allocation Fund			6,398				6,398				—				—
Total Mutual Funds			91,528				91,528				—				—
Cash Equivalents			1,200				1,200				—
Total Assets in the Fair Value Hierarchy		$	92,728			$	92,728			$	—			$	—
Real Estate Fund–Measured at Net Asset Value			9,587
Total Assets		$	102,315

Other Postretirement Benefit Plans, Defined Benefit

Schedule of Allocation of Plan Assets

The actual investment allocations are shown in the tables below.

PBOP Plan		Target Allocation 2019				Actual Allocation at December 31,
						2018				2017				2016
Equity Funds			55	%			53	%			56	%			55	%
Debt Funds			45	%			47	%			42	%			43	%
Other(1)			—				—				2	%			2	%
Total							100	%			100	%			100	%

(1) Represents investments being held in cash equivalents as of December 31, 2017 and 2016 pending transfer into debt and equity funds.

Assets measured at fair value on a recurring basis for the PBOP Plan as of December 31, 2018 and 2017 are as follows (000’s):

		Fair Value Measurements at Reporting Date Using
Description		Balance as of December 31,				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
2018
PBOP Plan Assets:
Mutual Funds:
Fixed Income Funds		$	9,905			$	9,905			$	—			$	—
Equity Funds			11,204				11,204
Total Assets		$	21,109			$	21,109			$	—			$	—
2017
PBOP Plan Assets:
Mutual Funds:
Fixed Income Funds		$	8,419			$	8,419			$	—			$	—
Equity Funds			11,415				11,415
Total Mutual Funds			19,834				19,834
Cash Equivalents			400				400
Total Assets		$	20,234			$	20,234			$	—			$	—

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