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Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Key Weighted Average 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:

		2019				2018				2017
Used to Determine Plan costs for years ended December 31:
Discount Rate			4.25	%			3.60	%			4.10	%
Rate of Compensation Increase			3.00	%			3.00	%			3.00	%
Expected Long-term rate of return on plan assets			7.50	%			7.75	%			7.75	%
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
Used to Determine Benefit Obligations at December 31:
Discount Rate			3.25	%			4.25	%			3.60	%
Rate of Compensation Increase			3.00	%			3.00	%			3.00	%
Health Care Cost Trend Rate Assumed for Next Year			7.00	%			7.00	%			7.50	%
Ultimate Health Care Cost Trend Rate			4.50	%			4.50	%			4.50	%
Year that Ultimate Health Care Cost Trend Rate is reached			2029				2024				2024

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
		2019				2018				2017				2019				2018				2017				2019				2018				2017
Service Cost		$	3,104			$	3,393			$	3,295			$	2,304			$	2,933			$	2,974			$	247			$	487			$	460
Interest Cost			6,484				5,878				6,057				3,426				3,404				3,913				567				404				392
Expected Return on Plan Assets			(8,475	)			(7,785	)			(7,306	)			(1,645	)			(1,635	)			(1,347	)			—				—				—
Prior Service Cost Amortization			320				324				263				1,213				1,309				1,399				56				189				189
Actuarial Loss Amortization			4,324				5,786				4,662				227				1,383				2,098				628				486				295
Sub-total			5,757				7,596				6,971				5,525				7,394				9,037				1,498				1,566				1,336
Amounts Capitalized or Deferred			(2,227	)			(3,465	)			(3,122	)			(2,317	)			(3,416	)			(4,515	)			(430	)			(451	)			(397	)
NPBC Recognized		$	3,530			$	4,131			$	3,849			$	3,208			$	3,978			$	4,522			$	1,068			$	1,115			$	939

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:		2019				2018				2019				2018				2019				2018
Plan Assets at Beginning of Year		$	107,808			$	102,315			$	21,109			$	20,234			$	—			$	—
Actual Return on Plan Assets			17,908				(6,149	)			3,808				(1,085	)			—				—
Employer Contributions			6,916				16,628				4,000				4,000				610				401
Participant Contributions			—				—				121				153				—				—
Benefits Paid			(6,877	)			(4,986	)			(1,758	)			(2,193	)			(610	)			(401	)
Plan Assets at End of Year		$	125,755			$	107,808			$	27,280			$	21,109			$	—			$	—
Change in PBO:
PBO at Beginning of Year		$	156,197			$	166,921			$	81,005			$	94,122			$	13,754			$	11,723
Service Cost			3,104				3,393				2,304				2,933				247				487
Interest Cost			6,484				5,878				3,426				3,404				567				404
Participant Contributions			—				—				121				153				—				—
Plan Amendments			—				—				—				—				225				—
Benefits Paid			(6,877	)			(4,986	)			(1,758	)			(2,193	)			(610	)			(401	)
Actuarial (Gain) or Loss			23,227				(15,009	)			10,559				(17,414	)			3,576				1,541
PBO at End of Year		$	182,135			$	156,197			$	95,657			$	81,005			$	17,759			$	13,754
Funded Status: Assets vs PBO		$	(56,380	)		$	(48,389	)		$	(68,377	)		$	(59,896	)		$	(17,759	)		$	(13,754	)

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
		2019				2018				2017				2019				2018				2017				2019				2018				2017
Employer Contributions		$	6,916			$	16,628			$	4,100			$	4,000			$	4,000			$	4,000			$	610			$	401			$	34
Participant Contributions		$	—			$	—			$	—			$	121			$	153			$	126			$	—			$	—			$	—
Benefit Payments		$	6,877			$	4,986			$	5,574			$	1,758			$	2,193			$	2,405			$	610			$	401			$	34

Estimated Future Benefit Payments

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

Estimated Future Benefit Payments
		Pension				PBOP				SERP
2020		$	6,706			$	2,774			$	653
2021			7,192				3,035				653
2022			6,903				3,167				651
2023			7,687				3,341				650
2024			8,622				3,622				648
2025 - 2029			49,511				21,761				6,037

Pension Plans

Schedule of Allocation of Plan Assets

The actual investment allocations are shown in the tables below.

Pension Plan		Target Allocation 2020				Actual Allocation at December 31,
						2019				2018				2017
Equity Funds			53	%			54	%			49	%			49	%
Debt Funds			37	%			36	%			40	%			34	%
Real Estate Fund			10	%			9	%			10	%			10	%
Asset Allocation Fund(1)			—				—				—				6	%
Other(2)			—				1	%			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, 2019, December 31, 2018 and December 31, 2017 pending payment of benefits.

Assets measured at fair value on a recurring basis for the Pension Plan as of December 31, 2019 and 2018 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)
2019
Pension Plan Assets:
Mutual Funds:
Equity Funds		$	68,848			$	68,848			$	—			$	—
Fixed Income Funds			44,980				44,980				—				—
Total Mutual Funds			113,828				113,828				—				—
Cash Equivalents			750				750
Total Assets in the Fair Value Hierarchy		$	114,578			$	114,578			$	—			$	—
Real Estate Fund–Measured at Net Asset Value			11,177
Total Assets		$	125,755
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

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 2020				Actual Allocation at December 31,
						2019				2018				2017
Equity Funds			55	%			56	%			53	%			56	%
Debt Funds			45	%			44	%			47	%			42	%
Other(1)			—				—				—				2	%
Total							100	%			100	%			100	%

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

Assets measured at fair value on a recurring basis for the PBOP Plan as of December 31, 2019 and 2018 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)
2019
PBOP Plan Assets:
Mutual Funds:
Fixed Income Funds		$	11,888			$	11,888			$	—			$	—
Equity Funds			15,392				15,392				—				—
Total Assets		$	27,280			$	27,280			$	—			$	—
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			$	—			$	—

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