v3.19.3.a.u2

EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Disclosures for our Pension Plans and other postretirement benefit plans

The changes in the benefit obligation, the changes in fair value of plan assets, the funded status and the amounts recognized in the consolidated balance sheets for our Pension Plans and other postretirement benefit plans as of and for the years ended December 31, 2019 and 2018 were as follows:

	Pension Plans								Other Postretirement Benefit Plans
	2019				2018				2019				2018
	(Thousands of Dollars)
Change in benefit obligation:
Benefit obligation, January 1	$	141,833			$	149,817			$	10,908			$	12,410
Service cost	9,549				9,621				431				504
Interest cost	5,480				4,824				453				429
Benefits paid	(7,109		)		(7,929		)		(217		)		(255		)
Participant contributions	—				—				62				87
Actuarial loss (gain)	17,504				(14,500		)		1,559				(2,267		)
Benefit obligation, December 31	$	167,257			$	141,833			$	13,196			$	10,908
Change in plan assets:
Plan assets at fair value, January 1	$	126,949			$	129,878			$	—			$	—
Actual return on plan assets	28,064				(6,034		)		—				—
Employer contributions	11,132				11,034				155				168
Benefits paid	(7,109		)		(7,929		)		(217		)		(255		)
Participant contributions	—				—				62				87
Plan assets at fair value, December 31	$	159,036			$	126,949			$	—			$	—
Reconciliation of funded status:
Fair value of plan assets at December 31	$	159,036			$	126,949			$	—			$	—
Less: Benefit obligation at December 31	167,257				141,833				13,196				10,908
Funded status at December 31	$	(8,221	)		$	(14,884	)		$	(13,196	)		$	(10,908	)
Amounts recognized in the consolidated balance sheets (a):
Accrued liabilities	$	(303	)		$	(267	)		$	(368	)		$	(362	)
Other long-term liabilities	(7,918		)		(14,617		)		(12,828		)		(10,546		)
Net pension liability	$	(8,221	)		$	(14,884	)		$	(13,196	)		$	(10,908	)

(a)

For the Pension Plan, since assets exceed the present value of expected benefit payments for the next 12 months, all of the liability is noncurrent. For the Excess Pension Plan and the other postretirement benefit plans, since there are no assets, the current liability is the present value of expected benefit payments for the next 12 months; the remainder is noncurrent.

The components of net periodic benefit cost (income)

The components of net periodic benefit cost (income) related to our Pension Plans and other postretirement benefit plans were as follows:

	Pension Plans												Other Postretirement Benefit Plans
	Year Ended December 31,												Year Ended December 31,
	2019				2018				2017				2019				2018				2017
	(Thousands of Dollars)
Service cost	$	9,549			$	9,621			$	8,955			$	431			$	504			$	456
Interest cost	5,480				4,824				4,507				453				429				430
Expected return on plan assets	(8,015		)		(7,417		)		(6,411		)		—				—				—
Amortization of prior service credit	(2,057		)		(2,057		)		(2,059		)		(1,145		)		(1,145		)		(1,145		)
Amortization of net actuarial loss	846				2,174				1,484				42				214				191
Net periodic benefit cost (income)	$	5,803			$	7,145			$	6,476			$	(219	)		$	2			$	(68	)

Adjustments recognized in other comprehensive (loss) income

Adjustments to other comprehensive (loss) income related to our Pension Plans and other postretirement benefit plans were as follows:

	Pension Plans												Other Postretirement Benefit Plans
	Year Ended December 31,												Year Ended December 31,
	2019				2018				2017				2019				2018				2017
	(Thousands of Dollars)
Net unrecognized gain (loss) arising during the year:
Net actuarial gain (loss)	$	2,545			$	1,049			$	(4,235	)		$	(1,559	)		$	2,267			$	(590	)
Net (gain) loss reclassified into income:
Amortization of prior service credit	(2,057		)		(2,057		)		(2,059		)		(1,145		)		(1,145		)		(1,145		)
Amortization of net actuarial loss	846				2,174				1,484				42				214				191
Net (gain) loss reclassified into income	(1,211		)		117				(575		)		(1,103		)		(931		)		(954		)
Reclassification of stranded tax effects	—				(74		)		—				—				—				—
Income tax benefit (expense)	14				(69		)		162				—				(25		)		22
Total changes to other comprehensive income (loss)	$	1,348			$	1,023			$	(4,648	)		$	(2,662	)		$	1,311			$	(1,522	)

The amounts recorded as a component of accumulated other comprehensive (loss) income

The amounts recorded as a component of “Accumulated other comprehensive loss” on the consolidated balance sheets related to our Pension Plans and other postretirement benefit plans were as follows:

	Pension Plans								Other Postretirement Benefit Plans
	December 31,								December 31,
	2019				2018				2019				2018
	(Thousands of Dollars)
Unrecognized actuarial loss	$	(24,564	)		$	(27,955	)		$	(3,190	)		$	(1,673	)
Prior service credit	12,490				14,547				7,174				8,319
Deferred tax asset	90				76				—				—
Accumulated other comprehensive (loss) income, net of tax	$	(11,984	)		$	(13,332	)		$	3,984			$	6,646

Schedule of pre-tax amounts in accumulated other comprehensive loss to be recognized over next fiscal year

The following pre-tax amounts in AOCI as of December 31, 2019 are expected to be recognized as components of net periodic benefit cost (income) in 2020:

	Pension Plans				Other Postretirement Benefit Plans
	(Thousands of Dollars)
Actuarial loss	$	1,845			$	137
Prior service credit	$	(2,057	)		$	(1,145	)

Schedule of fair value of plan assets

The major classes of plan assets measured at fair value for the Pension Plan were as follows:

	December 31, 2019
	Level 1				Level 2				Level 3				Total
	(Thousands of Dollars)
Cash equivalent securities	$	160			$	—			$	—			$	160
Equity securities:
U.S. large cap equity fund (a)	—				92,737				—				92,737
International stock index fund (b)	17,473				—				—				17,473
Fixed income securities:
Bond market index fund (c)	48,666				—				—				48,666
Total	$	66,299			$	92,737			$	—			$	159,036

	December 31, 2018
	Level 1				Level 2				Level 3				Total
	(Thousands of Dollars)
Cash equivalent securities	$	608			$	—			$	—			$	608
Equity securities:
U.S. large cap equity fund (a)	—				70,525				—				70,525
International stock index fund (b)	13,391				—				—				13,391
Fixed income securities:
Bond market index fund (c)	42,425				—				—				42,425
Total	$	56,424			$	70,525			$	—			$	126,949

(a) This fund is a low-cost equity index fund not actively managed that tracks the S&P 500. Fair values were estimated using pricing models, quoted prices of securities with similar characteristics or discounted cash flows.

(b) This fund tracks the performance of the Total International Composite Index.

(c)

This fund tracks the performance of the Barclays Capital U.S. Aggregate Bond Index.

Schedule of expected benefit payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for the years ending December 31:

	Pension Plans				Other Postretirement Benefit Plans
	(Thousands of Dollars)
2020	$	9,058			$	368
2021	$	9,859			$	393
2022	$	9,987			$	428
2023	$	10,461			$	481
2024	$	10,825			$	507
Years 2025-2029	$	59,680			$	3,232

Assumptions used to determine the benefit obligations

The weighted-average assumptions used to determine the benefit obligations were as follows:

	Pension Plans						Other Postretirement Benefit Plans
	December 31,						December 31,
	2019			2018			2019			2018
Discount rate	3.34	%		4.40	%		3.43	%		4.53	%
Rate of compensation increase	3.51	%		3.51	%		n/a			n/a

Assumptions used to determine the net periodic benefit cost (income)

The weighted-average assumptions used to determine the net periodic benefit cost (income) were as follows:

	Pension Plans									Other Postretirement Benefit Plans
	Year Ended December 31,									Year Ended December 31,
	2019			2018			2017			2019			2018			2017
Discount rate	4.40	%		3.72	%		4.33	%		4.53	%		3.82	%		4.49	%
Expected long-term rate of return on plan assets	6.50	%		6.50	%		6.00	%		n/a			n/a			n/a
Rate of compensation increase	3.51	%		3.51	%		3.51	%		n/a			n/a			n/a

Schedule of assumed health care cost trend rates

The assumed health care cost trend rates were as follows:

	December 31,
	2019			2018
Health care cost trend rate assumed for next year	6.84	%		6.84	%
Rate to which the cost trend rate was assumed to decrease (the ultimate trend rate)	5.00	%		5.00	%
Year that the rate reaches the ultimate trend rate	2028			2028

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