Employee Benefit Plans

9 Months Ended

Sep. 30, 2020

Retirement Benefits [Abstract]

Employee Benefit Plans

Note 8 – Employee Benefit Plans

Pension Benefits - The Company’s Pension Plan covers all active employees hired prior to April 1, 2007. Employees hired after March 31, 2007 are not eligible to participate in this plan, but do participate in a defined contribution plan that provides for a potential annual contribution in an amount that is at the discretion of the Company. In order to be eligible for a contribution, the participant must be employed by the Company on December 31st of the year to which the contribution relates. For the three and nine month periods ended September 30, 2020, the Company did not make any Pension Plan cash contributions. For the three and nine month periods ended September 30, 2019, the Company made Pension Plan cash contributions of $1.3 million and $2.3 million, respectively. The Company expects to make Pension Plan cash contributions of approximately $3.0 million over the remainder of the current year. The Company also maintains an unfunded supplemental retirement benefit plan for certain active and retired Company officers and currently pays $0.4 million in annual benefits to the retired participants.

Other Postretirement Benefits - The Company’s retirement plan other than pensions (Other Benefits Plan) covers substantially all of its current retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. For the three month period ended September 30, 2020, the Company did not make any Other Benefits Plan cash contributions. For the nine month period ended September 30, 2020, the Company made Other Benefits Plan cash contributions of $0.3 million. For the three and nine month periods ended September 30, 2019, the Company made Other Benefits Plan cash contributions of $0.2 million and $0.6 million, respectively. The Company does not expect to make any additional Other Benefits Plan cash contributions over the remainder of the current year.

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The following tables set forth information relating to the Company’s periodic costs for its employee retirement benefit plans:

	(In Thousands)
	Pension Benefits						Other Benefits
	Three Months Ended September 30,
	2020			2019			2020			2019
Service Cost	$	609		$	543		$	248		$	210
Interest Cost		775			857			425			496
Expected Return on Assets		(1,409	)		(1,173	)		(721	)		(613	)
Amortization of Unrecognized Losses		515			404			338			330
Net Periodic Benefit Cost*	$	490		$	631		$	290		$	423

	(In Thousands)
	Pension Benefits						Other Benefits
	Nine Months Ended September 30,
	2020			2019			2020			2019
Service Cost	$	1,826		$	1,628		$	745		$	630
Interest Cost		2,324			2,570			1,274			1,488
Expected Return on Assets		(4,226	)		(3,520	)		(2,163	)		(1,838	)
Amortization of Unrecognized Losses		1,544			1,213			1,014			989
Net Periodic Benefit Cost*	$	1,468		$	1,891		$	870		$	1,269

*Service cost is included in Operations and Maintenance expense on Consolidated Statements of Income; all other amounts are included in Other Income/Expense, net.