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Retirement Benefit Plans (Tables)

12 Months Ended

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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