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Retirement Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
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:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Used to Determine Plan costs for years ended December 31: |  |  |  |  |  |  |  |  |
Discount Rate |  |  | 5.25 | % |  |  | 2.85 | % |  |  | 2.50 | %
Rate of Compensation Increase |  |  | 3.00 | % |  |  | 3.00 | % |  |  | 3.00 | %
Expected Long-term rate of return on plan assets |  |  | 7.50 | % |  |  | 7.50 | % |  |  | 7.50 | %
Used to Determine Benefit Obligations at December 31: |  |  |  |  |  |  |  |  |
Discount Rate |  |  | 5.00 | % |  |  | 5.25 | % |  |  | 2.85 | %
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 |
|  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2023 |  |  | 2022 |  |  | 2021 |
Service Cost |  | $ | 2,091 |  |  | $ | 3,165 |  |  | $ | 3,472 |  |  | $ | 1,493 |  |  | $ | 2,890 |  |  | $ | 3,034 |  |  | $ | 250 |  |  | $ | 273 |  |  | $ | 354 |
Interest Cost |  |  | 7,480 |  |  |  | 5,486 |  |  |  | 5,003 |  |  |  | 2,899 |  |  |  | 3,194 |  |  |  | 2,740 |  |  |  | 754 |  |  |  | 472 |  |  |  | 458 |
Expected Return on Plan Assets |  |  | (10,689 | ) |  |  | (10,883 | ) |  |  | (9,693 | ) |  |  | (3,408 | ) |  |  | (3,415 | ) |  |  | (2,508 | ) |  |  | — |  |  |  | — |  |  |  | — |
Prior Service Cost Amortization |  |  | 356 |  |  |  | 356 |  |  |  | 301 |  |  |  | 794 |  |  |  | 1,092 |  |  |  | 1,208 |  |  |  | 55 |  |  |  | 55 |  |  |  | 56 |
Actuarial Loss Amortization |  |  | — |  |  |  | 5,507 |  |  |  | 8,089 |  |  |  | (1,464 | ) |  |  | 1,020 |  |  |  | 1,045 |  |  |  | — |  |  |  | 794 |  |  |  | 1,489 |
Sub-total |  |  | (762 | ) |  |  | 3,631 |  |  |  | 7,172 |  |  |  | 314 |  |  |  | 4,781 |  |  |  | 5,519 |  |  |  | 1,059 |  |  |  | 1,594 |  |  |  | 2,357 |
Amounts Capitalized or Deferred |  |  | 1,598 |  |  |  | (1,085 | ) |  |  | (3,384 | ) |  |  | 555 |  |  |  | (2,388 | ) |  |  | (3,136 | ) |  |  | (327 | ) |  |  | (472 | ) |  |  | (712 | )
NPBC Recognized |  | $ | 836 |  |  | $ | 2,546 |  |  | $ | 3,788 |  |  | $ | 869 |  |  | $ | 2,393 |  |  | $ | 2,383 |  |  | $ | 732 |  |  | $ | 1,122 |  |  | $ | 1,645 |
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: |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Plan Assets at Beginning of Year |  | $ | 126,098 |  |  | $ | 152,006 |  |  | $ | 44,770 |  |  | $ | 42,651 |  |  | $ | — |  |  | $ | — |
Actual Return on Plan Assets |  |  | 16,822 |  |  |  | (19,984 | ) |  |  | 6,865 |  |  |  | (6,810 | ) |  |  | — |  |  |  | — |
Employer Contributions |  |  | 3,850 |  |  |  | 3,800 |  |  |  | 2,790 |  |  |  | 12,153 |  |  |  | 665 |  |  |  | 637 |
Participant Contributions |  |  | — |  |  |  | — |  |  |  | 234 |  |  |  | 279 |  |  |  | — |  |  |  | — |
Benefits Paid |  |  | (8,877 | ) |  |  | (9,724 | ) |  |  | (2,767 | ) |  |  | (3,503 | ) |  |  | (665 | ) |  |  | (637 | )
Plan Assets at End of Year |  | $ | 137,893 |  |  | $ | 126,098 |  |  | $ | 51,892 |  |  | $ | 44,770 |  |  | $ | — |  |  | $ | — |
Change in PBO: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PBO at Beginning of Year |  | $ | 146,953 |  |  | $ | 199,418 |  |  | $ | 56,510 |  |  | $ | 112,087 |  |  | $ | 14,810 |  |  | $ | 17,714 |
Service Cost |  |  | 2,091 |  |  |  | 3,165 |  |  |  | 1,493 |  |  |  | 2,890 |  |  |  | 250 |  |  |  | 273 |
Interest Cost |  |  | 7,480 |  |  |  | 5,486 |  |  |  | 2,899 |  |  |  | 3,194 |  |  |  | 754 |  |  |  | 472 |
Participant Contributions |  |  | — |  |  |  | — |  |  |  | 234 |  |  |  | 279 |  |  |  | — |  |  |  | — |
Plan Amendments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Benefits Paid |  |  | (8,877 | ) |  |  | (9,724 | ) |  |  | (2,767 | ) |  |  | (3,503 | ) |  |  | (665 | ) |  |  | (637 | )
Actuarial (Gain) or Loss |  |  | 6,920 |  |  |  | (51,392 | ) |  |  | 8,322 |  |  |  | (58,437 | ) |  |  | (295 | ) |  |  | (3,012 | )
PBO at End of Year |  | $ | 154,567 |  |  | $ | 146,953 |  |  | $ | 66,691 |  |  | $ | 56,510 |  |  | $ | 14,854 |  |  | $ | 14,810 |
Funded Status: Assets vs PBO |  | $ | (16,674 | ) |  | $ | (20,855 | ) |  | $ | (14,799 | ) |  | $ | (11,740 | ) |  | $ | (14,854 | ) |  | $ | (14,810 | )
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 |
|  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2023 |  |  | 2022 |  |  | 2021 |
Employer Contributions |  | $ | 3,850 |  |  | $ | 3,800 |  |  | $ | 4,100 |  |  | $ | 2,790 |  |  | $ | 12,153 |  |  | $ | 8,903 |  |  | $ | 665 |  |  | $ | 637 |  |  | $ | 637 |
Participant Contributions |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 234 |  |  | $ | 279 |  |  | $ | 220 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Benefit Payments |  | $ | 8,877 |  |  | $ | 9,724 |  |  | $ | 6,489 |  |  | $ | (2,767 | ) |  | $ | 3,503 |  |  | $ | 2,905 |  |  | $ | 665 |  |  | $ | 637 |  |  | $ | 637 |
Estimated Future Benefit Payments | The following table represents estimated future benefit payments (000’s).
Estimated Future Benefit Payments |
|  | Pension |  |  | PBOP |  |  | SERP |
2024 |  | $ | 8,006 |  |  | $ | 3,197 |  |  | $ | 679 |
2025 |  |  | 8,678 |  |  |  | 3,466 |  |  |  | 1,173 |
2026 |  |  | 9,162 |  |  |  | 3,698 |  |  |  | 1,167 |
2027 |  |  | 10,210 |  |  |  | 3,789 |  |  |  | 1,160 |
2028 |  |  | 10,309 |  |  |  | 3,803 |  |  |  | 1,153 |
2029-2033 |  |  | 57,049 |  |  |  | 20,913 |  |  |  | 5,607 |
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, |
|  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |
Equity Funds |  |  | 58 | % |  |  | 57 | % |  |  | 53 | % |  |  | 57 | %
Debt Funds |  |  | 37 | % |  |  | 36 | % |  |  | 38 | % |  |  | 38 | %
Real Estate Fund |  |  | 5 | % |  |  | 6 | % |  |  | 7 | % |  |  | 4 | %
Other(1) |  |  | — |  |  |  | 1 | % |  |  | 2 | % |  |  | 1 | %
Total |  |  |  |  |  | 100 | % |  |  | 100 | % |  |  | 100 | %
Represents investments being held in cash equivalents as of December 31, 2023, December 31, 2022 and December 31, 2021 pending payment of benefits. Assets measured at fair value on a recurring basis for the Pension Plan as of December 31, 2023 and 2022 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) |
2023 |  |  |  |  |  |  |  |  |  |  |  |
Pension Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |
Mutual Funds: |  |  |  |  |  |  |  |  |  |  |  |
Equity Funds |  | $ | 78,522 |  |  | $ | 78,522 |  |  | $ | — |  |  | $ | — |
Fixed Income Funds |  |  | 49,359 |  |  |  | 49,359 |  |  |  | — |  |  |  | — |
Total Mutual Funds |  |  | 127,881 |  |  |  | 127,881 |  |  |  | — |  |  |  | — |
Cash Equivalents |  |  | 2,266 |  |  |  | 2,266 |  |  |  |  |  |  |
Total Assets in the Fair Value Hierarchy |  | $ | 130,147 |  |  | $ | 130,147 |  |  | $ | — |  |  | $ | — |
Real Estate Fund–Measured at Net Asset Value |  |  | 7,746 |  |  |  |  |  |  |  |  |  |
Total Assets |  | $ | 137,893 |  |  |  |  |  |  |  |  |  |
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 |  |  |  |  |  |  |  |  |  |
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, |
|  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |
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, 2023 and 2022 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) |
2023 |  |  |  |  |  |  |  |  |  |  |  |
PBOP Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |
Mutual Funds: |  |  |  |  |  |  |  |  |  |  |  |
Fixed Income Funds |  | $ | 23,025 |  |  | $ | 23,025 |  |  | $ | — |  |  | $ | — |
Equity Funds |  |  | 28,867 |  |  |  | 28,867 |  |  |  | — |  |  |  | — |
Total Assets |  | $ | 51,892 |  |  | $ | 51,892 |  |  | $ | — |  |  | $ | — |
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 |  |  | $ | — |  |  | $ | — |

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