Pension Plan and Other Postretirement Benefits

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Pension Plan and Other Postretirement Benefits

Pension Plan and Other Postretirement Benefits

The Company provides a qualified, defined-benefit, non-contributory pension plan for substantially all employees. The Company makes annual contributions to fund amounts accrued for the qualified pension plan. The Company also maintains an unfunded, non-qualified, supplemental executive retirement plan. The costs of the plans are charged to expense or are capitalized in utility plant as appropriate.

The Company offers medical, dental, vision, and life insurance benefits for retirees and their spouses and dependents. Participants are required to pay a premium, which offsets a portion of the cost.

Cash contributions made by the Company to the pension plans were $2.9 million and $12.4 million for the nine months ended September 30, 2023 and 2022, respectively. Cash contributions made by the Company to the other postretirement benefit plans were $0.2 million and $0.5 million for the nine months ended September 30, 2023 and 2022, respectively. The total 2023 estimated cash contributions to the pension plans and other postretirement benefits plans are expected to be approximately $2.9 million and $0.2 million, respectively.

The following tables list components of net periodic benefit costs for the pension plans and other postretirement benefits. The data listed under “pension plan” includes the qualified pension plan and the non-qualified supplemental executive retirement plan. The data listed under “other benefits” is for all other postretirement benefits.

	Three Months Ended September 30
	Pension Plan				Other Benefits
	2023		2022		2023		2022
Service cost	$	6,046	$	9,235	$	1,126	$	1,683
Interest cost	8,746		6,329		1,297		1,008
Expected return on plan assets	(13,421)		(11,307)		(2,636)		(2,482)
Amortization of prior service cost	131		242		39		39
Recognized net actuarial (gain) loss	(637)		999		(581)		(228)
Net periodic benefit cost (credit)	$	865	$	5,498	$	(755)	$	20

	Nine Months Ended September 30
	Pension Plan				Other Benefits
	2023		2022		2023		2022
Service cost	$	18,137	$	27,704	$	3,379	$	5,048
Interest cost	26,238		18,986		3,892		3,024
Expected return on plan assets	(40,263)		(33,920)		(7,907)		(7,445)
Amortization of prior service cost	394		727		116		117
Recognized net actuarial (gain) loss	(1,911)		2,997		(1,744)		(685)
Net periodic benefit cost (credit)	$	2,595	$	16,494	$	(2,264)	$	59

Service cost portion of the pension plan and other postretirement benefits is recognized in "administrative and general" expenses within the Condensed Consolidated Statements of Operations. Other components of net periodic benefit costs include interest costs, expected return on plan assets, amortization of prior service costs, and recognized net actuarial loss and are reported together as "other components of net periodic benefit cost" within the Condensed Consolidated Statements of Operations.