Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Assets by Investment Type

The following schedule summarizes the assets of the FPU Pension Plan, by investment type, at December 31, 2022, 2021 and 2020:

	FPU Pension Plan
At December 31,	2022		2021		2020
Asset Category
Equity securities	53	%	52	%	54	%
Debt securities	38	%	38	%	37	%
Other	9	%	10	%	9	%
Total	100	%	100	%	100	%

Schedule of Asset Allocation Strategy

The following allocation range of asset classes is intended to produce a rate of return sufficient to meet the FPU Pension Plan’s goals and objectives:

Asset Allocation Strategy
Asset Class	Minimum Allocation Percentage		Maximum Allocation Percentage
Domestic Equities (Large Cap, Mid Cap and Small Cap)	14	%	32	%
Foreign Equities (Developed and Emerging Markets)	13	%	25	%
Fixed Income (Inflation Bond and Taxable Fixed)	29	%	47	%
Alternative Strategies (Long/Short Equity and Hedge Fund of Funds)	4	%	10	%
Diversifying Assets (High Yield Fixed Income, Commodities, and Real Estate)	2	%	6	%
Cash	0	%	5	%

Summary of Pension Plan Assets

At December 31, 2022 and 2021, the assets of the FPU Pension Plan were comprised of the following investments:

	Fair Value Measurement Hierarchy
For the Years Ended December 31,	2022		2021
Asset Category	Total		Total
(in thousands)
Mutual Funds - Equity securities
U.S. Large Cap (1)	$	3,413	$	4,302
U.S. Mid Cap (1)	1,425		1,835
U.S. Small Cap (1)	692		954
International (2)	9,352		10,863
Alternative Strategies (3)	4,824		5,888
	19,706		23,842
Mutual Funds - Debt securities
Fixed income (4)	15,343		19,551
High Yield (4)	2,269		3,014
	17,612		22,565
Mutual Funds - Other
Commodities (5)	1,832		2,297
Real Estate (6)	1,709		2,729
Guaranteed deposit (7)	398		497
	3,939		5,523
Total Pension Plan Assets in fair value hierarchy (8)	41,257		51,930
Investments measured at net asset value (9)	4,946		6,782
Total Pension Plan Assets	$	46,203	$	58,712

Schedule of Level Three Defined Benefit Plan Assets Roll Forward

The following table sets forth the summary of the changes in the fair value of Level 3 investments for the years ended December 31, 2022 and 2021:

	For the Year Ended December 31,
	2022		2021
(in thousands)
Balance, beginning of year	$	497	$	1,019
Purchases	208		3,160
Transfers in	3,270		5,914
Disbursements	(3,541)		(9,587)
Investment income (loss)	(36)		(9)
Balance, end of year	$	398	$	497

Schedule of Amounts Not Yet Reflected in Net Periodic Benefit Cost and Included in Accumulated Other Comprehensive Income Loss or Regulatory Assets

The following table presents the amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss or as a regulatory asset as of December 31, 2022:

(in thousands)	FPU Pension Plan		Chesapeake SERP		Chesapeake Postretirement Plan		FPU Medical Plan		Total
Prior service credit	$	—	$	—	$	(216)	$	—	$	(216)
Net loss (gain)	14,540		295		597		(401)		15,031
Total	$	14,540	$	295	$	381	$	(401)	$	14,815
Accumulated other comprehensive loss (gain) pre-tax(1)	$	2,763	$	295	$	381	$	(76)	$	3,363
Post-merger regulatory asset	11,777		—		—		(325)		11,452
Total unrecognized cost	$	14,540	$	295	$	381	$	(401)	$	14,815

(1) The total amount of accumulated other comprehensive loss recorded on our consolidated balance sheet as of December 31, 2022 is net of income tax benefits of $0.9 million.

Schedule of Estimated Future Benefit Payments

The schedule below shows the estimated future benefit payments for each of the plans previously described:

	FPU Pension Plan(1)		Chesapeake SERP(2)		Chesapeake Postretirement Plan(2)		FPU Medical Plan(2)
(in thousands)
2023	$	3,432	$	151	$	60	$	57
2024	$	3,503	$	149	$	58	$	59
2025	$	3,648	$	162	$	55	$	59
2026	$	3,680	$	159	$	50	$	58
2027	$	3,675	$	156	$	48	$	59
Years 2028 through 2032	$	18,368	$	707	$	200	$	227

(1) The pension plan is funded; therefore, benefit payments are expected to be paid out of the plan assets.

(2) Benefit payments are expected to be paid out of our general funds.

Pension benefit

Schedule of Funded Status of Benefit Obligation and Plan Assets

The following schedules set forth the funded status at December 31, 2022 and 2021 and the net periodic cost for the years ended December 31, 2022, 2021 and 2020 for the Chesapeake and FPU Pension Plans as well as the Chesapeake SERP:

	Chesapeake Pension Plan						FPU Pension Plan						Chesapeake SERP
At December 31,	2022			2021			2022			2021			2022			2021
(in thousands)
Change in benefit obligation:
Benefit obligation — beginning of year	$	—		$	6,146		$	67,030		$	70,366		$	2,096		$	2,212
Interest cost	—			141			1,781			1,714			50			48
Actuarial (gain) loss	—			(371)			(15,713)			(1,953)			(335)			(12)
Effect of settlement	—			(5,884)			—			—			—			—
Benefits paid	—			(32)			(3,157)			(3,097)			(152)			(152)
Benefit obligation — end of year	—			—			49,941			67,030			1,659			2,096
Change in plan assets:
Fair value of plan assets — beginning of year	—			4,609			58,712			55,966			—			—
Actual return on plan assets	—			(237)			(9,552)			4,246			—			—
Employer contributions	—			1,544			200			1,597			152			152
Effect of settlement	—			(5,884)			—			—			—			—
Benefits paid	—			(32)			(3,157)			(3,097)			(152)			(152)
Fair value of plan assets — end of year	—			—			46,203			58,712			—			—
Accrued pension cost / funded status	$	—		$	—		$	(3,738)		$	(8,318)		$	(1,659)		$	(2,096)
Assumptions:
Discount rate	—		%	2.50		%	5.25		%	2.75		%	5.00		%	2.50		%
Expected return on plan assets	—		%	3.50		%	6.00		%	6.00		%	—		%	—		%

Component of Net Periodic Pension Cost (Benefit)

	Chesapeake Pension Plan									FPU Pension Plan									Chesapeake SERP
For the Years Ended December 31,	2022			2021			2020			2022			2021			2020			2022			2021			2020
(in thousands)
Components of net periodic pension cost:
Interest cost	$	—		$	141		$	176		$	1,781		$	1,714		$	2,085		$	50		$	48		$	63
Expected return on assets	—			(166)			(157)			(3,430)			(3,306)			(2,967)			—			—			—
Amortization of actuarial loss	—			257			243			466			612			552			28			28			20
Settlement expense	—			1,810			203			—			—			—			—			—			—
Net periodic pension cost	—			2,042			465			(1,183)			(980)			(330)			78			76			83
Amortization of pre-merger regulatory asset	—			—			—			—			—			—			—			—			—
Total periodic cost	$	—		$	2,042		$	465		$(1,183)			$	(980)		$	(330)		$	78		$	76		$	83
Assumptions:
Discount rate	—		%	2.25		%	3.00		%	2.75		%	2.50		%	3.25		%	2.50		%	2.25		%	3.00		%
Expected return on plan assets	—		%	3.50		%	3.50		%	6.00		%	6.00		%	6.00		%	—		%	—		%	—		%

Other Postretirement Benefit Plans

Component of Net Periodic Pension Cost (Benefit)

Net periodic postretirement benefit costs for the Chesapeake Postretirement Plan and the FPU Medical Plan were not material for the years ended December 31, 2022, 2021, and 2020.