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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Employee Benefit Plans [Abstract]

Obligations and Funded Status

The following table sets forth the plans’ funded status as of December 31, 2020 and 2019.  The measurement of assets and obligations of the plans is as of December 31, 2020 and 2019.

Obligations and Funded Status At December 31		2020				2019
Change in Benefit Obligation
Pension benefit obligation, beginning of year		$	47,530			$	41,511
Service cost			938				849
Interest cost			1,457				1,645
Actuarial loss			6,165				5,241
Benefit payments			(1,984	)			(1,716	)
Pension benefit obligation, end of year			54,106				47,530
Change in Plan Assets
Fair value of plan assets, beginning of year			49,349				40,624
Actual return on plan assets			6,650				8,141
Employer contributions			2,300				2,300
Benefits paid			(1,984	)			(1,716	)
Fair value of plan assets, end of year			56,315				49,349
Funded Status of Plans at End of Year		$	2,209			$	1,819

Changes in Plan Assets and Benefit Obligations Recognized in Regulatory Assets

Changes in plan assets and benefit obligations recognized in regulatory assets are as follows:

		2020				2019
Net gain (loss) arising during the period		$	2,713			$	(167	)
Recognized net actuarial loss			(370	)			(421	)
Recognized prior service credit			13				13
Total changes in regulatory asset during the year		$	2,356			$	(575	)

Amounts Recognized in Regulatory Assets That Have Not Yet Been Recognized as Components of Net Periodic Benefit Cost

Amounts recognized in regulatory assets that have not yet been recognized as components of net periodic benefit cost consist of the following at December 31:

		2020				2019
Net loss		$	10,497			$	8,154
Prior service credit			(63	)			(76	)
Regulatory asset		$	10,434			$	8,078

Components of Net Periodic Benefit Cost

Components of net periodic benefit cost are as follows:

		2020				2019
Service cost		$	938			$	849
Interest cost			1,457				1,645
Expected return on plan assets			(3,198	)			(2,733	)
Amortization of loss			370				421
Amortization of prior service credit			(13	)			(13	)
Rate-regulated adjustment			2,746				2,131
Net periodic benefit cost		$	2,300			$	2,300

Regulatory Assets to be Reclassified into Net Periodic Benefit Cost Over Next Fiscal Year

The estimated costs for the defined benefit pension plans relating to the December 31, 2020 balance sheet that will be amortized from regulatory assets into net periodic benefit cost over the next fiscal year are as follows:

Net loss		$	582
Net prior service credit			(13	)
		$	569

Benefit Payments Expected to be Paid

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid in each of the next five years and the subsequent five years in the aggregate:

2021				2022				2023				2024				2025						2026 – 2030
	$	1,903			$	1,984			$	2,163			$	2,224			$	2,216			$	12,472

Projected Benefit Obligation and Fair Value of Plan Assets

The following tables show the projected benefit obligation, the accumulated benefit obligation and the fair value of plan assets as of December 31:

		2020				2019
Projected benefit obligation		$	54,106			$	47,530
Fair value of plan assets			56,315				49,349

Accumulated Benefit Obligation and Fair Value of Plan Assets

		2020				2019
Accumulated benefit obligation		$	50,578			$	44,587
Fair value of plan assets			56,315				49,349

Weighted-Average Assumptions Used

Weighted-average assumptions used to determine benefit obligations at December 31:

	2020		2019
Discount rate	2.30%		3.10%
Rate of compensation increase	2.50% – 3.00%		2.50% – 3.00%

Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31:

	2020		2019
Discount rate	3.10%		4.10%
Expected long-term return on plan assets	6.50%		6.50%
Rate of compensation increase	2.50% – 3.00%		2.50% – 3.00%

Fair Values of Pension Plan Assets

The fair values of the Company’s pension plan assets at December 31, 2020 and 2019 by asset category and fair value hierarchy level are as follows.  The majority of the valuations are based on quoted prices on active markets (Level 1), with the remaining valuations based on broker/dealer quotes, active market makers, models, and yield curves (Level 2).

		Total Fair Value								Quoted Prices in Active Markets for Identical Assets (Level 1)								Significant Other Observable Inputs (Level 2)
Asset Category		2020				2019				2020				2019				2020				2019
Cash and Money Market Funds (a)		$	624			$	682			$	624			$	682			$	–			$	–
Equity Securities:
Common Equity Securities (b)			–				662				–				662				–				–
Equity Mutual Funds (c)			35,707				29,677				35,707				29,677				–				–
Fixed Income Securities:
U.S. Treasury Obligations			631				615				–				–				631				615
Corporate and Foreign Bonds (d)			5,615				6,078				–				–				5,615				6,078
Fixed Income Mutual Funds (e)			13,738				11,635				13,738				11,635				–				–
Total Plan Assets		$	56,315			$	49,349			$	50,069			$	42,656			$	6,246			$	6,693

(a)	The portfolios are designed to keep up to one year of distributions in immediately available funds.
(b)	This category includes investments in U.S. common stocks and foreign stocks trading in the U.S. widely distributed among consumer discretionary, consumer staples, healthcare, information technology, financial services, telecommunications, industrials, real estate, materials, and energy.  The individual stocks are primarily large cap stocks which track with the S&P 500.
(c)	This category currently includes a majority of investments in closed-end mutual funds as well as domestic equity mutual funds and international mutual funds which give the portfolio exposure to mid and large cap index funds as well as international diversified index funds.
(d)	This category currently includes only U.S. corporate bonds and notes widely distributed among consumer discretionary, consumer staples, healthcare, information technology, energy, transportation, and financial services.
(e)	This category includes fixed income investments in mutual funds which include government, corporate and mortgage securities of both the U.S. and other countries.  The mortgage-backed securities and non-U.S. corporate and sovereign investments add further diversity to the fixed income portion of the portfolio.

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