Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Assets by Investment Type

The following schedule summarizes the allocation of assets of the FPU Pension Plan, by investment type, at December 31, 2024, 2023 and 2022:

	FPU Pension Plan
At December 31,	2024		2023		2022
Asset Category
Equity securities	31	%	50	%	53	%
Debt securities	67		49		38
Other	2		1		9
Total	100	%	100	%	100	%

Schedule of Asset Allocation Strategy

The following target allocation 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	Target		Range (+/-)
Domestic Equities (Large Cap, Mid Cap and Small Cap)	27	%	7	%
Fixed Income (Inflation Bond and Taxable Fixed)	68	%	4	%
Foreign Equities (Developed and Emerging Markets)	3	%	1	%
Cash	2	%	2	%

Summary of Pension Plan Assets

At December 31, 2024 and 2023, the assets of the FPU Pension Plan were comprised of the following investments:

	As of December 31,
Asset Category	2024		2023
(in millions)
Mutual Funds - Equity securities
U.S. Large Cap (1)	$	10.6	$	15.4
U.S. Mid Cap (1)	3.2		4.3
U.S. Small Cap (1)	—		2.5
International (2)	1.3		2.5
	15.1		24.7
Mutual Funds - Debt securities
Fixed income (3)	32.8		24.2
	32.8		24.2
Mutual Funds - Other
Guaranteed deposit (4)	1.2		0.6
	1.2		0.6
Total Pension Plan Assets at fair value (5)	$	49.1	$	49.5

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, 2024 and 2023 were not material.

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, 2024, there was $9.2 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 $7.1 million and $1.3 million attributable to the FPU Pension Plan and Chesapeake Postretirement Plan, respectively, comprised most of this amount with $2.6 million recorded in accumulated other comprehensive income (loss) and $5.8 million recorded as a regulatory asset at December 31, 2024.

Schedule of Estimated Future Benefit Payments

The schedule below shows the estimated future benefit payments for the FPU Pension Plan. Estimated payments related to the Chesapeake SERP, Chesapeake Postretirement Plan and FPU Medical Plan are not material.

	FPU Pension Plan (1)
(in millions)
2025	$	3.6
2026	$	3.7
2027	$	3.6
2028	$	3.7
2029	$	3.6
Years 2030 through 2034	$	17.6

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

Pension benefit

Schedule of Funded Status of Benefit Obligation and Plan Assets

The following schedules set forth the funded status at December 31, 2024 and 2023 and the net periodic cost (benefit) for the years ended December 31, 2024, 2023 and 2022 for the FPU Pension Plan and the Chesapeake SERP:

	FPU Pension Plan						Chesapeake SERP
	2024			2023			2024			2023
(in millions)
Change in benefit obligation:
Benefit obligation — beginning of year	$	49.7		$	49.9		$	1.6		$	1.7
Interest cost	2.4			2.5			0.1			0.1
Actuarial (gain) loss	(2.0)			0.5			—			—
Benefits paid	(4.6)			(3.2)			(0.2)			(0.2)
Benefit obligation — end of year	45.5			49.7			1.5			1.6
Change in plan assets:
Fair value of plan assets — beginning of year	49.5			46.2			—			—
Actual return on plan assets	4.2			6.5			—			—
Employer contributions	—			—			0.2			0.2
Benefits paid	(4.6)			(3.2)			(0.2)			(0.2)
Fair value of plan assets — end of year	49.1			49.5			—			—
Accrued pension funded status	$	3.6		$	(0.2)		$	(1.5)		$	(1.6)
Assumptions:
Discount rate	5.50		%	5.00		%	5.40		%	4.88		%
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,	2024			2023			2022			2024			2023			2022
(in millions)
Components of net periodic pension (benefit) cost:
Interest cost	$	2.4		$	2.5		$	1.8		$	0.1		$	0.1		$	0.1
Expected return on assets	(2.9)			(2.7)			(3.4)			—			—			—
Amortization of actuarial loss	0.3			0.4			0.5			—			—			—
Total periodic (benefit) cost	$	(0.2)		$	0.2		$	(1.1)		$	0.1		$	0.1		$	0.1
Assumptions:
Discount rate	5.00		%	5.25		%	2.75		%	4.88		%	5.00		%	2.50		%
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, 2024, 2023, and 2022.

Amounts Not Yet Reflected in Periodic Benefit Cost