Employee Benefit Plans

3 Months Ended

Mar. 31, 2020

Net periodic benefit costs for our pension and post-retirement benefits plans for the three months ended March 31, 2020 and 2019 are set forth in the following tables:



	Chesapeake Pension Plan						FPU Pension Plan						Chesapeake SERP				Chesapeake Postretirement Plan						FPU Medical Plan
For the Three Months Ended March 31,	2020			2019			2020			2019			2020		2019		2020			2019			2020		2019
(in thousands)
Interest cost	$	46		$	105		$	518		$	615		$	16	$	21	$	8		$	10		$	10	$	12
Expected return on plan assets	(42		)	(127		)	(745		)	(693		)	—		—		—			—			—		—
Amortization of prior service credit	—			—			—			—			—		—		(19		)	(19		)	—		—
Amortization of net loss	65			101			135			129			5		26		12			12			—		—
Net periodic cost (benefit)	69			79			(92		)	51			21		47		1			3			10		12
Amortization of pre-merger regulatory asset	—			—			—			190			—		—		—			—			2		2
Total periodic cost	$	69		$	79		$	(92	)	$	241		$	21	$	47	$	1		$	3		$	12	$	14

We expect to record immaterial pension and postretirement benefit costs for 2020. The components of our net periodic costs have been recorded or reclassified to other expense, net in the condensed consolidated statements of income. Pursuant to a Florida PSC order, FPU continues to record, as a regulatory asset, a portion of the unrecognized postretirement benefit costs related to its regulated operations after the FPU merger. The portion of the unrecognized pension and postretirement benefit costs related to FPU’s unregulated operations and Chesapeake Utilities' operations is recorded to accumulated other comprehensive loss.

The following tables present the amounts included in the regulatory asset and accumulated other comprehensive loss that were recognized as components of net periodic benefit cost during the three months ended March 31, 2020 and 2019:



For the Three Months Ended March 31, 2020	Chesapeake Pension Plan		FPU Pension Plan		Chesapeake SERP		Chesapeake Postretirement Plan			FPU Medical Plan		Total
(in thousands)
Prior service credit	$	—	$	—	$	—	$	(19	)	$	—	$	(19	)
Net loss	65		135		5		12			—		217
Total recognized in net periodic benefit cost	65		135		5		(7		)	—		198

Recognized from accumulated other comprehensive loss/(gain) ⁽¹⁾	65		26		5		(7		)	—		89
Recognized from regulatory asset	—		109		—		—			—		109
Total	$	65	$	135	$	5	$	(7	)	$	—	$	198



For the Three Months Ended March 31, 2019	Chesapeake Pension Plan		FPU Pension Plan		Chesapeake SERP		Chesapeake Postretirement Plan			FPU Medical Plan		Total
(in thousands)
Prior service credit	$	—	$	—	$	—	$	(19	)	$	—	$	(19	)
Net loss	101		129		26		12			—		268
Total recognized in net periodic benefit cost	101		129		26		(7		)	—		249

Recognized from accumulated other comprehensive loss/(gain) ⁽¹⁾	101		24		26		(7		)	—		144
Recognized from regulatory asset	—		105		—		—			—		105
Total	$	101	$	129	$	26	$	(7	)	$	—	$	249

⁽¹⁾See Note 9, Stockholder's Equity.

During the three months ended March 31, 2020, we contributed approximately $0.3 million to the FPU Pension Plan. Our contribution to the Chesapeake Pension Plan was immaterial. We expect to contribute approximately $0.3 million and $3.2 million to the Chesapeake Pension Plan and FPU Pension Plans, respectively, during 2020, which represents the minimum annual contribution payments required. A provision in the Coronavirus Aid, Relief, and Economy Stimulus Act, which was passed by Congress and signed into law by President Trump in March 2020, authorized the deferral of 2020 pension contributions to January 1, 2021. Despite this authorization, we will not defer any of our pension plan contributions to 2021.

The Chesapeake SERP, the Chesapeake Postretirement Plan and the FPU Medical Plan are unfunded and are expected to be paid out of our general funds. Cash benefits paid under the Chesapeake SERP for the three months ended March 31, 2020 were immaterial. We expect to pay total cash benefits of approximately $0.2 million under the Chesapeake SERP in 2020. Cash benefits paid under the Chesapeake Postretirement Plan, primarily for medical claims for the three months ended March 31, 2020 were immaterial. We estimate that approximately $0.1 million will be paid for such benefits under the Chesapeake Postretirement Plan in 2020. Cash benefits paid under the FPU Medical Plan, primarily for medical claims for the three months ended March 31, 2020 were immaterial. We estimate that approximately $0.1 million will be paid for such benefits under the FPU Medical Plan in 2020.