Employee Benefit Plans

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Employee Benefit Plans

Employee Benefit Plans

Net periodic benefit costs for the FPU Pension Plan for the three months ended March 31, 2023 and 2022 is set forth in the following table:

	FPU Pension Plan
For the Three Months Ended March 31,	2023		2022
(in thousands)
Interest cost	$	633	$	449
Expected return on plan assets	(668)		(857)
Amortization of net (gain) loss	110		124
Total periodic cost (benefit)	$	75	$	(284)

The following table presents the amounts included in the regulatory asset and accumulated other comprehensive income that were recognized as components of the FPU Pension Plan's net periodic benefit cost during the three months ended March 31, 2023 and 2022: 

	FPU Pension Plan
For the Three Months Ended March 31,	2023		2022
(in thousands)
Net loss	$	110	$	124
Total recognized in net periodic benefit cost	110		124
Recognized from accumulated other comprehensive (income) loss (1)	21		24
Recognized from regulatory asset	89		100
Total	$	110	$	124

(1) See Note 9, Stockholders' Equity.

Net periodic benefit cost for our other pension and post-retirement benefit plans were not material for the three months ended March 31, 2023 and 2022.

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 their respective regulatory orders, FPU and Chesapeake Utilities continue to record, as a regulatory asset, a portion of their unrecognized postretirement benefit costs related to their regulated operations. 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 income.

During the three months ended March 31, 2023, there were no contributions to the FPU Pension Plan and we do not expect to contribute to the FPU Pension Plan during 2023. 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 these other post retirement benefit plans for the three months ended March 31, 2023 were immaterial. We expect to pay total cash benefits of approximately $0.2 million for the Chesapeake SERP, approximately $0.1 million for the Chesapeake Postretirement Plan, and approximately $0.1 million under the FPU Medical Plan in 2023.