The following table indicates the asset allocation percentages of the fair value of the DB Plan
and OPEB Plans’ assets for each major type of plan asset as of December 31, 2020, as well as
the targeted allocation range:
DB Plan OPEB Plans
Asset Asset
Allocation Allocation
Range Range
Equities 61% 30% - 100% 69% 30% - 100%
Fixed income 39% 20% - 70% 24% 0% - 50%
Cash and cash equivalents 0% 0% - 15% 7% 0% - 15%
Total 100% 100%
The estimated net actuarial loss for our DB Plan that will be amortized in 2022 from the
regulatory assets into net periodic benefit costs is $329,000. The estimated net actuarial gain
and prior service cost for our OPEB Plans that will be amortized in 2022 from the regulatory
assets into net periodic benefit costs is $25,300.
Changes in plan assets and benefit obligations recognized in regulatory assets, for the year
ended December 31, 2020, were as follows:
(in thousands) DB Plan OPEB Plans
Regulatory asset balance, beginning of period $ 10,269 $ 1,078
Net actuarial loss incurred during the period 2,733 621
Prior service cost incurred during the period - 16
Recognized net actuarial gain (477) (43)
Regulatory asset balance, end of period $ 12,525 $ 1,672
The following table sets forth information regarding our DB Plan and our OPEB Plans as of
December 31, 2020 and for the year then ended:
{in thousands) DB Plan OPEB Plans
Projected benefit obligations $ 39,050 S 5,549
Employer contribution 1,491 11
Benefits paid, excluding expenses (1,964) (72)
Fair value of plan assets 23,626 639
Accumulated benefit obligation 35,020 -
Funded status (15,424) (4,910)
Net periodic benefit cost 1,688 345
Post-retirement medical benefits are provided for eligible retired employees through one of
two plans (collectively referred to as our “OPEB Plans”). For employees who retire on or after
the normal retirement age of 65, benefits are provided through a post-retirement plan (the
“Post-65 Plan”). For eligible non-union employees who retire prior to their normal retirement
age and who have met certain age and service requirements, benefits are provided through
a post-employment medical plan (the “Post-employment Plan”). Future benefits under the
5.
Deferred Charges and Other Assets
Deferred charges and other assets as of December 31, 2021 and 2020 consisted of the
following:
The provision for depreciation is computed on the straight-line method over the estimated
useful lives of the assets, which range from 3 to 91 years. The weighted average composite
depreciation rate was 2.44% and 2.58% in 2021 and 2020, respectively.
Restricted Cash
The following table provides a reconciliation of cash, cash equivalents, and restricted cash
reported within the consolidated balance sheets that sum to the total of the same such
amounts shown in the statements of cash flows.
(in thousands) 2021 2020
New Accounting Standards to be Adopted in the Future
Leases
Contract Assets and Liabilities
As a significant change in one or more of these estimates could affect the profitability of the
Company’s contracts, management reviews and updates the Company’s contract-related
estimates regularly through a Company-wide project review process in which management
reviews the progress and execution of the Company's performance obligations and the
estimate at completion. As part of this process, management reviews information including,
but not limited to, any outstanding key contract matters, progress towards completion and
