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Retirement Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
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:
|  | 2020 |  |  | 2019 |  |  | 2018 |
Used to Determine Plan costs for years ended December 31: |  |  |  |  |  |  |  |  |
Discount Rate |  |  | 3.25 | % |  |  | 4.25 | % |  |  | 3.60 | %
Rate of Compensation Increase |  |  | 3.00 | % |  |  | 3.00 | % |  |  | 3.00 | %
Expected Long-term rate of return on plan assets |  |  | 7.40 | % |  |  | 7.50 | % |  |  | 7.75 | %
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 |
Used to Determine Benefit Obligations at December 31: |  |  |  |  |  |  |  |  |
Discount Rate |  |  | 2.50 | % |  |  | 3.25 | % |  |  | 4.25 | %
Rate of Compensation Increase |  |  | 3.00 | % |  |  | 3.00 | % |  |  | 3.00 | %
Health Care Cost Trend Rate Assumed for Next Year |  |  | 6.60 | % |  |  | 7.00 | % |  |  | 7.00 | %
Ultimate Health Care Cost Trend Rate |  |  | 4.50 | % |  |  | 4.50 | % |  |  | 4.50 | %
Year that Ultimate Health Care Cost Trend Rate is reached |  |  | 2029 |  |  |  | 2029 |  |  |  | 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 |
|  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2020 |  |  | 2019 |  |  | 2018 |
Service Cost |  | $ | 3,322 |  |  | $ | 3,104 |  |  | $ | 3,393 |  |  | $ | 2,698 |  |  | $ | 2,304 |  |  | $ | 2,933 |  |  | $ | 283 |  |  | $ | 247 |  |  | $ | 487 |
Interest Cost |  |  | 5,776 |  |  |  | 6,484 |  |  |  | 5,878 |  |  |  | 3,121 |  |  |  | 3,426 |  |  |  | 3,404 |  |  |  | 549 |  |  |  | 567 |  |  |  | 404 |
Expected Return on Plan Assets |  |  | (9,019 | ) |  |  | (8,475 | ) |  |  | (7,785 | ) |  |  | (2,063 | ) |  |  | (1,645 | ) |  |  | (1,635 | ) |  |  | — |  |  |  | — |  |  |  | — |
Prior Service Cost Amortization |  |  | 320 |  |  |  | 320 |  |  |  | 324 |  |  |  | 1,210 |  |  |  | 1,213 |  |  |  | 1,309 |  |  |  | 57 |  |  |  | 56 |  |  |  | 189 |
Actuarial Loss Amortization |  |  | 6,472 |  |  |  | 4,324 |  |  |  | 5,786 |  |  |  | 744 |  |  |  | 227 |  |  |  | 1,383 |  |  |  | 1,036 |  |  |  | 628 |  |  |  | 486 |
Sub-total |  |  | 6,871 |  |  |  | 5,757 |  |  |  | 7,596 |  |  |  | 5,710 |  |  |  | 5,525 |  |  |  | 7,394 |  |  |  | 1,925 |  |  |  | 1,498 |  |  |  | 1,566 |
Amounts Capitalized or Deferred |  |  | (3,083 | ) |  |  | (2,227 | ) |  |  | (3,465 | ) |  |  | (2,865 | ) |  |  | (2,317 | ) |  |  | (3,416 | ) |  |  | (579 | ) |  |  | (430 | ) |  |  | (451 | )
NPBC Recognized |  | $ | 3,788 |  |  | $ | 3,530 |  |  | $ | 4,131 |  |  | $ | 2,845 |  |  | $ | 3,208 |  |  | $ | 3,978 |  |  | $ | 1,346 |  |  | $ | 1,068 |  |  | $ | 1,115 |
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: |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Plan Assets at Beginning of Year |  | $ | 125,755 |  |  | $ | 107,808 |  |  | $ | 27,280 |  |  | $ | 21,109 |  |  | $ | — |  |  | $ | — |
Actual Return on Plan Assets |  |  | 13,024 |  |  |  | 17,908 |  |  |  | 3,739 |  |  |  | 3,808 |  |  |  | — |  |  |  | — |
Employer Contributions |  |  | 4,665 |  |  |  | 6,916 |  |  |  | 4,156 |  |  |  | 4,000 |  |  |  | 654 |  |  |  | 610 |
Participant Contributions |  |  | — |  |  |  | — |  |  |  | 240 |  |  |  | 121 |  |  |  | — |  |  |  | — |
Benefits Paid |  |  | (6,038 | ) |  |  | (6,877 | ) |  |  | (2,568 | ) |  |  | (1,758 | ) |  |  | (654 | ) |  |  | (610 | )
Plan Assets at End of Year |  | $ | 137,406 |  |  | $ | 125,755 |  |  | $ | 32,847 |  |  | $ | 27,280 |  |  | $ | — |  |  | $ | — |
Change in PBO: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PBO at Beginning of Year |  | $ | 182,135 |  |  | $ | 156,197 |  |  | $ | 95,657 |  |  | $ | 81,005 |  |  | $ | 17,759 |  |  | $ | 13,754 |
Service Cost |  |  | 3,322 |  |  |  | 3,104 |  |  |  | 2,698 |  |  |  | 2,304 |  |  |  | 283 |  |  |  | 247 |
Interest Cost |  |  | 5,776 |  |  |  | 6,484 |  |  |  | 3,121 |  |  |  | 3,426 |  |  |  | 549 |  |  |  | 567 |
Participant Contributions |  |  | — |  |  |  | — |  |  |  | 240 |  |  |  | 121 |  |  |  | — |  |  |  | — |
Plan Amendments |  |  | 732 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 225 |
Benefits Paid |  |  | (6,038 | ) |  |  | (6,877 | ) |  |  | (2,568 | ) |  |  | (1,758 | ) |  |  | (654 | ) |  |  | (610 | )
Actuarial (Gain) or Loss |  |  | 20,165 |  |  |  | 23,227 |  |  |  | 7,683 |  |  |  | 10,559 |  |  |  | 2,288 |  |  |  | 3,576 |
PBO at End of Year |  | $ | 206,092 |  |  | $ | 182,135 |  |  | $ | 106,831 |  |  | $ | 95,657 |  |  | $ | 20,225 |  |  | $ | 17,759 |
Funded Status: Assets vs PBO |  | $ | (68,686 | ) |  | $ | (56,380 | ) |  | $ | (73,984 | ) |  | $ | (68,377 | ) |  | $ | (20,225 | ) |  | $ | (17,759 | )
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 |
|  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2020 |  |  | 2019 |  |  | 2018 |
Employer Contributions |  | $ | 4,665 |  |  | $ | 6,916 |  |  | $ | 16,628 |  |  | $ | 4,156 |  |  | $ | 4,000 |  |  | $ | 4,000 |  |  | $ | 654 |  |  | $ | 610 |  |  | $ | 401 |
Participant Contributions |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 240 |  |  | $ | 121 |  |  | $ | 153 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Benefit Payments |  | $ | 6,038 |  |  | $ | 6,877 |  |  | $ | 4,986 |  |  | $ | 2,568 |  |  | $ | 1,758 |  |  | $ | 2,193 |  |  | $ | 654 |  |  | $ | 610 |  |  | $ | 401 |
Estimated Future Benefit Payments | The following table represents estimated future benefit payments (000’s).
Estimated Future Benefit Payments |
|  | Pension |  |  | PBOP |  |  | SERP |
2021 |  | $ | 7,150 |  |  | $ | 2,948 |  |  | $ | 637 |
2022 |  |  | 7,051 |  |  |  | 3,066 |  |  |  | 636 |
2023 |  |  | 7,864 |  |  |  | 3,235 |  |  |  | 635 |
2024 |  |  | 8,532 |  |  |  | 3,418 |  |  |  | 634 |
2025 |  |  | 8,648 |  |  |  | 3,704 |  |  |  | 1,182 |
2026—2030 |  |  | 52,765 |  |  |  | 21,958 |  |  |  | 6,258 |
Pension Plans |
Schedule of Allocation of Plan Assets | The actual investment allocations are shown in the following tables.
Pension Plan |  | Target Allocation 2021 |  |  | Actual Allocation at December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Equity Funds |  |  | 56 | % |  |  | 58 | % |  |  | 54 | % |  |  | 49 | %
Debt Funds |  |  | 39 | % |  |  | 37 | % |  |  | 36 | % |  |  | 40 | %
Real Estate Fund |  |  | 5 | % |  |  | 4 | % |  |  | 9 | % |  |  | 10 | %
Other (1) |  |  | — |  |  |  | 1 | % |  |  | 1 | % |  |  | 1 | %
Total |  |  |  |  |  |  | 100 | % |  |  | 100 | % |  |  | 100 | %
| (1) | Represents investments being held in cash equivalents as of December 31, 2020, December 31, 2019 and December 31, 2018 pending payment of benefits.
|  | 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) |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pension Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Funds |  | $ | 79,690 |  |  | $ | 79,690 |  |  | $ | — |  |  | $ | — |
Fixed Income Funds |  |  | 50,622 |  |  |  | 50,622 |  |  |  | — |  |  |  | — |
Total Mutual Funds |  |  | 130,312 |  |  |  | 130,312 |  |  |  | — |  |  |  | — |
Cash Equivalents |  |  | 1,277 |  |  |  | 1,277 |  |  |  |  |  |  |  |  |
Total Assets in the Fair Value Hierarchy |  | $ | 131,589 |  |  | $ | 131,589 |  |  | $ | — |  |  | $ | — |
Real Estate Fund–Measured at Net Asset Value |  |  | 5,817 |  |  |  |  |  |  |  |  |  |  |  |  |
Total Assets |  | $ | 137,406 |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 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 |  |  |  |  |  |  |  |  |  |  |  |  |
Other Postretirement Benefit Plans, Defined Benefit |
Schedule of Allocation of Plan Assets | The actual investment allocations are shown in the following tables.
PBOP Plan |  | Target Allocation 2021 |  |  | Actual Allocation at December 31, |
| 2020 |  |  | 2019 |  |  | 2018 |
Equity Funds |  |  | 55 | % |  |  | 55 | % |  |  | 56 | % |  |  | 53 | %
Debt Funds |  |  | 45 | % |  |  | 45 | % |  |  | 44 | % |  |  | 47 | %
Total |  |  |  |  |  |  | 100 | % |  |  | 100 | % |  |  | 100 | %
Assets measured at fair value on a recurring basis for the PBOP Plan as of December 31, 2020 and 2019 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) |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PBOP Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Income Funds |  | $ | 14,716 |  |  | $ | 14,716 |  |  | $ | — |  |  | $ | — |
Equity Funds |  |  | 18,131 |  |  |  | 18,131 |  |  |  | — |  |  |  | — |
Total Assets |  | $ | 32,847 |  |  | $ | 32,847 |  |  | $ | — |  |  | $ | — |
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 |  |  | $ | — |  |  | $ | — |

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