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Retirement Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2021
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:
|  | 2021 |  |  | 2020 |  |  | 2019 |
Used to Determine Plan costs for years ended December 31: |  |  |  |  |  |  |  |  |
Discount Rate |  |  | 2.50 | % |  |  | 3.25 | % |  |  | 4.25 | %
Rate of Compensation Increase |  |  | 3.00 | % |  |  | 3.00 | % |  |  | 3.00 | %
Expected Long-term rate of return on plan assets |  |  | 7.50 | % |  |  | 7.40 | % |  |  | 7.50 | %
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 |
Used to Determine Benefit Obligations at December 31: |  |  |  |  |  |  |  |  |
Discount Rate |  |  | 2.85 | % |  |  | 2.50 | % |  |  | 3.25 | %
Rate of Compensation Increase |  |  | 3.00 | % |  |  | 3.00 | % |  |  | 3.00 | %
Health Care Cost Trend Rate Assumed for Next Year |  |  | 6.20 | % |  |  | 6.60 | % |  |  | 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 |  |  |  | 2029 |
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 |
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2021 |  |  | 2020 |  |  | 2019 |
Service Cost |  | $ | 3,472 |  |  | $ | 3,322 |  |  | $ | 3,104 |  |  | $ | 3,034 |  |  | $ | 2,698 |  |  | $ | 2,304 |  |  | $ | 354 |  |  | $ | 283 |  |  | $ | 247 |
Interest Cost |  |  | 5,003 |  |  |  | 5,776 |  |  |  | 6,484 |  |  |  | 2,740 |  |  |  | 3,121 |  |  |  | 3,426 |  |  |  | 458 |  |  |  | 549 |  |  |  | 567 |
Expected Return on Plan Assets |  |  | (9,693 | ) |  |  | (9,019 | ) |  |  | (8,475 | ) |  |  | (2,508 | ) |  |  | (2,063 | ) |  |  | (1,645 | ) |  |  | — |  |  |  | — |  |  |  | — |
Prior Service Cost Amortization |  |  | 301 |  |  |  | 320 |  |  |  | 320 |  |  |  | 1,208 |  |  |  | 1,210 |  |  |  | 1,213 |  |  |  | 56 |  |  |  | 57 |  |  |  | 56 |
Actuarial Loss Amortization |  |  | 8,089 |  |  |  | 6,472 |  |  |  | 4,324 |  |  |  | 1,045 |  |  |  | 744 |  |  |  | 227 |  |  |  | 1,489 |  |  |  | 1,036 |  |  |  | 628 |
Sub-total |  |  | 7,172 |  |  |  | 6,871 |  |  |  | 5,757 |  |  |  | 5,519 |  |  |  | 5,710 |  |  |  | 5,525 |  |  |  | 2,357 |  |  |  | 1,925 |  |  |  | 1,498 |
Amounts Capitalized or Deferred |  |  | (3,384 | ) |  |  | (3,083 | ) |  |  | (2,227 | ) |  |  | (3,136 | ) |  |  | (2,865 | ) |  |  | (2,317 | ) |  |  | (712 | ) |  |  | (579 | ) |  |  | (430 | )
NPBC Recognized |  | $ | 3,788 |  |  | $ | 3,788 |  |  | $ | 3,530 |  |  | $ | 2,383 |  |  | $ | 2,845 |  |  | $ | 3,208 |  |  | $ | 1,645 |  |  | $ | 1,346 |  |  | $ | 1,068 |
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: |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Plan Assets at Beginning of Year |  | $ | 137,406 |  |  | $ | 125,755 |  |  | $ | 32,847 |  |  | $ | 27,280 |  |  | $ | — |  |  | $ | — |
Actual Return on Plan Assets |  |  | 16,989 |  |  |  | 13,024 |  |  |  | 3,586 |  |  |  | 3,739 |  |  |  | — |  |  |  | — |
Employer Contributions |  |  | 4,100 |  |  |  | 4,665 |  |  |  | 8,903 |  |  |  | 4,156 |  |  |  | 637 |  |  |  | 654 |
Participant Contributions |  |  | — |  |  |  | — |  |  |  | 220 |  |  |  | 240 |  |  |  | — |  |  |  | — |
Benefits Paid |  |  | (6,489 | ) |  |  | (6,038 | ) |  |  | (2,905 | ) |  |  | (2,568 | ) |  |  | (637 | ) |  |  | (654 | )
Plan Assets at End of Year |  | $ | 152,006 |  |  | $ | 137,406 |  |  | $ | 42,651 |  |  | $ | 32,847 |  |  | $ | — |  |  | $ | — |
Change in PBO: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PBO at Beginning of Year |  | $ | 206,092 |  |  | $ | 182,135 |  |  | $ | 106,831 |  |  | $ | 95,657 |  |  | $ | 20,225 |  |  | $ | 17,759 |
Service Cost |  |  | 3,472 |  |  |  | 3,322 |  |  |  | 3,034 |  |  |  | 2,698 |  |  |  | 354 |  |  |  | 283 |
Interest Cost |  |  | 5,003 |  |  |  | 5,776 |  |  |  | 2,740 |  |  |  | 3,121 |  |  |  | 458 |  |  |  | 549 |
Participant Contributions |  |  | — |  |  |  | — |  |  |  | 220 |  |  |  | 240 |  |  |  | — |  |  |  | — |
Plan Amendments |  |  | 674 |  |  |  | 732 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Benefits Paid |  |  | (6,489 | ) |  |  | (6,038 | ) |  |  | (2,905 | ) |  |  | (2,568 | ) |  |  | (637 | ) |  |  | (654 | )
Actuarial (Gain) or Loss |  |  | (9,334 | ) |  |  | 20,165 |  |  |  | 2,167 |  |  |  | 7,683 |  |  |  | (2,686 | ) |  |  | 2,288 |
PBO at End of Year |  | $ | 199,418 |  |  | $ | 206,092 |  |  | $ | 112,087 |  |  | $ | 106,831 |  |  | $ | 17,714 |  |  | $ | 20,225 |
Funded Status: Assets vs PBO |  | $ | (47,412 | ) |  | $ | (68,686 | ) |  | $ | (69,436 | ) |  | $ | (73,984 | ) |  | $ | (17,714 | ) |  | $ | (20,225 | )
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 |
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2021 |  |  | 2020 |  |  | 2019 |
Employer Contributions |  | $ | 4,100 |  |  | $ | 4,665 |  |  | $ | 6,916 |  |  | $ | 8,903 |  |  | $ | 4,156 |  |  | $ | 4,000 |  |  | $ | 637 |  |  | $ | 654 |  |  | $ | 610 |
Participant Contributions |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 220 |  |  | $ | 240 |  |  | $ | 121 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Benefit Payments |  | $ | 6,489 |  |  | $ | 6,038 |  |  | $ | 6,877 |  |  | $ | 2,905 |  |  | $ | 2,568 |  |  | $ | 1,758 |  |  | $ | 637 |  |  | $ | 654 |  |  | $ | 610 |
Estimated Future Benefit Payments | The following table represents estimated future benefit payments (000’s).
Estimated Future Benefit Payments |
|  | Pension |  |  | PBOP |  |  | SERP |
2022 |  | $ | 7,040 |  |  | $ | 3,151 |  |  | $ | 637 |
2023 |  |  | 8,046 |  |  |  | 3,448 |  |  |  | 636 |
2024 |  |  | 8,497 |  |  |  | 3,559 |  |  |  | 635 |
2025 |  |  | 8,702 |  |  |  | 3,862 |  |  |  | 1,090 |
2026 |  |  | 9,804 |  |  |  | 4,158 |  |  |  | 1,144 |
2027—2031 |  |  | 54,565 |  |  |  | 23,853 |  |  |  | 5,583 |
Pension Plans |
Schedule of Allocation of Plan Assets | The actual investment allocations are shown in the following tables.
Pension Plan |  | Target Allocation 2022 |  |  | Actual Allocation at December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Equity Funds |  |  | 56 | % |  |  | 57 | % |  |  | 58 | % |  |  | 54 | %
Debt Funds |  |  | 39 | % |  |  | 38 | % |  |  | 37 | % |  |  | 36 | %
Real Estate Fund |  |  | 5 | % |  |  | 4 | % |  |  | 4 | % |  |  | 9 | %
Other (1) |  |  | — |  |  |  | 1 | % |  |  | 1 | % |  |  | 1 | %
Total |  |  |  |  |  |  | 100 | % |  |  | 100 | % |  |  | 100 | %
| (1) | Represents investments being held in cash equivalents as of December 31, 2021, December 31, 2020 and December 31, 2019 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) |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pension Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Funds |  | $ | 86,356 |  |  | $ | 86,356 |  |  | $ | — |  |  | $ | — |
Fixed Income Funds |  |  | 57,883 |  |  |  | 57,883 |  |  |  | — |  |  |  | — |
Total Mutual Funds |  |  | 144,239 |  |  |  | 144,239 |  |  |  | — |  |  |  | — |
Cash Equivalents |  |  | 912 |  |  |  | 912 |  |  |  |  |  |  |  |  |
Total Assets in the Fair Value Hierarchy |  | $ | 145,151 |  |  | $ | 145,151 |  |  | $ | — |  |  | $ | — |
Real Estate Fund–Measured at Net Asset Value |  |  | 6,855 |  |  |  |  |  |  |  |  |  |  |  |  |
Total Assets |  | $ | 152,006 |  |  |  |  |  |  |  |  |  |  |  |  |
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 |  |  |  |  |  |  |  |  |  |  |  |  |
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 2022 |  |  | Actual Allocation at December 31, |
| 2021 |  |  | 2020 |  |  | 2019 |
Equity Funds |  |  | 55 | % |  |  | 56 | % |  |  | 55 | % |  |  | 56 | %
Debt Funds |  |  | 45 | % |  |  | 44 | % |  |  | 45 | % |  |  | 44 | %
Total |  |  |  |  |  |  | 100 | % |  |  | 100 | % |  |  | 100 | %
Assets measured at fair value on a recurring basis for the PBOP Plan as of December 31, 2021 and 2020 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) |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PBOP Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Income Funds |  | $ | 18,882 |  |  | $ | 18,882 |  |  | $ | — |  |  | $ | — |
Equity Funds |  |  | 23,769 |  |  |  | 23,769 |  |  |  | — |  |  |  | — |
Total Assets |  | $ | 42,651 |  |  | $ | 42,651 |  |  | $ | — |  |  | $ | — |
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 |  |  | $ | — |  |  | $ | — |

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