Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Assets by Investment Type

The following schedule summarizes the assets of the FPU Pension Plan, by investment type, at December 31, 2023, 2022 and 2021:

	FPU Pension Plan
At December 31,	2023		2022		2021
Asset Category
Equity securities	50	%	53	%	52	%
Debt securities	49	%	38	%	38	%
Other	1	%	9	%	10	%
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)	33	%	57	%
Fixed Income (Inflation Bond and Taxable Fixed)	38	%	58	%
Foreign Equities (Developed and Emerging Markets)	3	%	7	%
Cash	0	%	5	%

Summary of Pension Plan Assets

At December 31, 2023 and 2022, the assets of the FPU Pension Plan were comprised of the following investments:

	Fair Value Measurement Hierarchy
	For Year Ended December 31,
Asset Category	2023		2022
(in thousands)
Mutual Funds - Equity securities
U.S. Large Cap (1)	$	15,360	$	3,413
U.S. Mid Cap (1)	4,271		1,425
U.S. Small Cap (1)	2,518		692
International (2)	2,499		9,352
Alternative Strategies (3)	—		4,824
	24,648		19,706
Mutual Funds - Debt securities
Fixed income (4)	24,228		15,343
High Yield (4)	—		2,269
	24,228		17,612
Mutual Funds - Other
Commodities (5)	—		1,832
Real Estate (6)	—		1,709
Guaranteed deposit (7)	556		398
	556		3,939
Total Pension Plan Assets in fair value hierarchy (8)	49,432		41,257
Investments measured at net asset value (9)	—		4,946
Total Pension Plan Assets	$	49,432	$	46,203

Schedule of Level Three Defined Benefit Plan Assets Roll Forward

The changes in the fair value within our pension assets for Level 3 investments for the years ended December 31, 2023 and 2022 were immaterial.

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

As of December 31, 2023, there was $12.8 million not yet reflected in net periodic postretirement benefit costs and included in accumulated other comprehensive income (loss) or as a regulatory asset. Net losses of $10.8 million and $1.2 million attributable to the FPU Pension Plan and Chesapeake Postretirement Plan, respectively, comprised most of this amount with $3.2 million recorded in accumulated other comprehensive income (loss) and $8.7 million recorded as a regulatory asset at December 31, 2023.

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)
2024	$	3,528	$	151	$	42	$	35
2025	$	3,603	$	164	$	46	$	35
2026	$	3,617	$	161	$	45	$	34
2027	$	3,616	$	158	$	48	$	33
2028	$	3,651	$	154	$	49	$	32
Years 2029 through 2033	$	17,951	$	689	$	299	$	143

(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, 2023 and 2022 and the net periodic cost (benefit) for the years ended December 31, 2023, 2022 and 2021 for the FPU Pension Plan and the Chesapeake SERP:

	FPU Pension Plan						Chesapeake SERP
At December 31,	2023			2022			2023			2022
(in thousands)
Change in benefit obligation:
Benefit obligation — beginning of year	$	49,941		$	67,030		$	1,659		$	2,096
Interest cost	2,495			1,781			81			50
Actuarial (gain) loss	454			(15,713)			48			(335)
Benefits paid	(3,233)			(3,157)			(152)			(152)
Benefit obligation — end of year	49,657			49,941			1,636			1,659
Change in plan assets:
Fair value of plan assets — beginning of year	46,203			58,712			—			—
Actual return on plan assets	6,462			(9,552)			—			—
Employer contributions	—			200			152			152
Benefits paid	(3,233)			(3,157)			(152)			(152)
Fair value of plan assets — end of year	49,432			46,203			—			—
Accrued pension cost / funded status	$	(225)		$	(3,738)		$	(1,636)		$	(1,659)
Assumptions:
Discount rate	5.00		%	5.25		%	4.88		%	5.00		%
Expected return on plan assets	6.00		%	6.00		%	—		%	—		%

Component of Net Periodic Pension Cost (Benefit)

	FPU Pension Plan									Chesapeake SERP
For the Years Ended December 31,	2023			2022			2021			2023			2022			2021
(in thousands)
Components of net periodic pension cost:
Interest cost	$	2,495		$	1,781		$	1,714		$	81		$	50		$	48
Expected return on assets	(2,670)			(3,430)			(3,306)			—			—			—
Amortization of actuarial loss	407			466			612			8			28			28
Total periodic cost	$	232		$	(1,183)		$	(980)		$	89		$	78		$	76
Assumptions:
Discount rate	5.25		%	2.75		%	2.50		%	5.00		%	2.50		%	2.25		%
Expected return on plan assets	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, 2023, 2022, and 2021.