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Pension Plan and Other Postretirement Benefits
 6 Months Ended
Jun. 30, 2024
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 its employees. The Company makes annual contributions to fund amounts accrued for the qualified pension plan. The Company also maintains an unfunded, non-qualified SERP. 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 $0.2 million and $2.9 million for the six months ended June 30, 2024 and 2023, respectively. No cash contributions were made by the Company to the other postretirement benefit plans for the six months ended June 30, 2024. The Company made cash contributions of $0.2 million to the other postretirement benefit plans for the six months ended June 30, 2023. The Company estimates in 2024 that the annual contribution to the pension plans will be $0.7 million and the annual contribution to the other postretirement plans will be $0.2 million.
The following table lists 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 SERP. The data listed under “other benefits” is for all other postretirement benefits.
Pension PlanOther Benefits
 Three Months Ended June 30,
 2024202320242023
Service cost$5,648 $6,046 $1,520 $1,126 
Interest cost8,881 8,746 1,684 1,297 
Expected return on plan assets(13,236)(13,421)(2,987)(2,636)
Amortization of prior service cost131 131 39 39 
Recognized net actuarial (gain) loss189 (637)(198)(581)
Net periodic benefit cost (credit)$1,613 $865 $58 $(755)
Pension PlanOther Benefits
 Six Months Ended June 30,
 2024202320242023
Service cost$11,296 $12,092 $3,040 $2,252 
Interest cost17,762 17,492 3,368 2,595 
Expected return on plan assets(26,472)(26,842)(5,974)(5,271)
Amortization of prior service cost262 262 78 77 
Recognized net actuarial (gain) loss378 (1,274)(396)(1,163)
Net periodic benefit cost (credit)$3,226 $1,730 $116 $(1,510)

Service cost portion of the pension plan and other postretirement benefits is recognized in administrative and general expenses within the unaudited 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 unaudited Condensed Consolidated Statements of Operations.