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Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

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:

		2022				2021				2020
Used to Determine Plan costs for years ended December 31:
Discount Rate			2.85	%			2.50	%			3.25	%
Rate of Compensation Increase			3.00	%			3.00	%			3.00	%
Expected Long-term rate of return on plan assets			7.50	%			7.50	%			7.40	%
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

Used to Determine Benefit Obligations at December 31:
Discount Rate			5.25	%			2.85	%			2.50	%
Rate of Compensation Increase			3.00	%			3.00	%			3.00	%

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
		2022				2021				2020				2022				2021				2020				2022				2021				2020
Service Cost		$	3,165			$	3,472			$	3,322			$	2,890			$	3,034			$	2,698			$	273			$	354			$	283
Interest Cost			5,486				5,003				5,776				3,194				2,740				3,121				472				458				549
Expected Return on Plan Assets			(10,883	)			(9,693	)			(9,019	)			(3,415	)			(2,508	)			(2,063	)			—				—				—
Prior Service Cost Amortization			356				301				320				1,092				1,208				1,210				55				56				57
Actuarial Loss Amortization			5,507				8,089				6,472				1,020				1,045				744				794				1,489				1,036
Sub-total			3,631				7,172				6,871				4,781				5,519				5,710				1,594				2,357				1,925
Amounts Capitalized or Deferred			(1,085	)			(3,384	)			(3,083	)			(2,388	)			(3,136	)			(2,865	)			(472	)			(712	)			(579	)
NPBC Recognized		$	2,546			$	3,788			$	3,788			$	2,393			$	2,383			$	2,845			$	1,122			$	1,645			$	1,346

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:		2022				2021				2022				2021				2022				2021
Plan Assets at Beginning of Year		$	152,006			$	137,406			$	42,651			$	32,847			$	—			$	—
Actual Return on Plan Assets			(19,984	)			16,989				(6,810	)			3,586				—				—
Employer Contributions			3,800				4,100				12,153				8,903				637				637
Participant Contributions			—				—				279				220				—				—
Benefits Paid			(9,724	)			(6,489	)			(3,503	)			(2,905	)			(637	)			(637	)
Plan Assets at End of Year		$	126,098			$	152,006			$	44,770			$	42,651			$	—			$	—
Change in PBO:
PBO at Beginning of Year		$	199,418			$	206,092			$	112,087			$	106,831			$	17,714			$	20,225
Service Cost			3,165				3,472				2,890				3,034				273				354
Interest Cost			5,486				5,003				3,194				2,740				472				458
Participant Contributions			—				—				279				220				—				—
Plan Amendments			—				674				—				—				—				—
Benefits Paid			(9,724	)			(6,489	)			(3,503	)			(2,905	)			(637	)			(637	)
Actuarial (Gain) or Loss			(51,392	)			(9,334	)			(58,437	)			2,167				(3,012	)			(2,686	)
PBO at End of Year		$	146,953			$	199,418			$	56,510			$	112,087			$	14,810			$	17,714
Funded Status: Assets vs PBO		$	(20,855	)		$	(47,412	)		$	(11,740	)		$	(69,436	)		$	(14,810	)		$	(17,714	)

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
		2022				2021				2020				2022				2021				2020				2022				2021				2020
Employer Contributions		$	3,800			$	4,100			$	4,665			$	12,153			$	8,903			$	4,156			$	637			$	637			$	654
Participant Contributions		$	—			$	—			$	—			$	279			$	220			$	240			$	—			$	—			$	—
Benefit Payments		$	9,724			$	6,489			$	6,038			$	3,503			$	2,905			$	2,568			$	637			$	637			$	654

Estimated Future Benefit Payments

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

Estimated Future Benefit Payments
		Pension				PBOP				SERP
2023		$	7,952			$	2,624			$	637
2024			8,458				2,752				636
2025			8,569				2,935				1,167
2026			9,608				3,170				1,241
2027			10,317				3,317				1,233
2028-2032			55,402				18,141				6,006

Pension Plans

Schedule of Allocation of Plan Assets

The actual investment allocations are shown in the following tables.

Pension Plan		Target Allocation				Actual Allocation at December 31,
		2023				2022				2021				2020
Equity Funds			56	%			53	%			57	%			58	%
Debt Funds			39	%			38	%			38	%			37	%
Real Estate Fund			5	%			7	%			4	%			4	%
Other(1)			—				2	%			1	%			1	%
Total							100	%			100	%			100	%

Represents investments being held in cash equivalents as of December 31, 2022, December 31, 2021 and December 31, 2020 pending payment of benefits.

Assets measured at fair value on a recurring basis for the Pension Plan as of December 31, 2022 and 2021 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)
2022
Pension Plan Assets:
Mutual Funds:
Equity Funds		$	67,332			$	67,332			$	—			$	—
Fixed Income Funds			47,646				47,646				—				—
Total Mutual Funds			114,978				114,978				—				—
Cash Equivalents			2,598				2,598
Total Assets in the Fair Value Hierarchy		$	117,576			$	117,576			$	—			$	—
Real Estate Fund–Measured at Net Asset Value			8,522
Total Assets		$	126,098
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

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				Actual Allocation at December 31,
		2023				2022				2021				2020
Equity Funds			55	%			55	%			56	%			55	%
Debt Funds			45	%			45	%			44	%			45	%
Total							100	%			100	%			100	%

Assets measured at fair value on a recurring basis for the PBOP Plan as of December 31, 2022 and 2021 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)
2022
PBOP Plan Assets:
Mutual Funds:
Fixed Income Funds		$	20,156			$	20,156			$	—			$	—
Equity Funds			24,614				24,614				—				—
Total Assets		$	44,770			$	44,770			$	—			$	—
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			$	—			$	—

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