Pension Plans And Other Postretirement Benefits

9 Months Ended

Sep. 30, 2020

Pension Plans And Other Postretirement Benefits [Abstract]

Pension Plans And Other Postretirement Benefits

Note 11 – Pension Plans and Other Postretirement Benefits  

The Company maintains a qualified defined benefit pension plan (the “Pension Plan”), a nonqualified pension plan, and other postretirement benefit plans for certain of its employees. The net periodic benefit cost is based on estimated values and an extensive use of assumptions about the discount rate, expected return on plan assets, the rate of future compensation increases received by the Company’s employees, mortality, turnover, and medical costs. The following tables provide the components of net periodic benefit cost for the Company’s legacy pension and other postretirement benefit plans:

	Pension Benefits
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Service cost	$	763	$	680	$	2,289	$	2,040
Interest cost		2,540		2,954		7,620		8,862
Expected return on plan assets		(3,938)		(3,818)		(11,814)		(11,454)
Amortization of prior service cost		148		155		444		465
Amortization of actuarial loss		1,992		1,982		5,976		5,946
Net periodic benefit cost	$	1,505	$	1,953	$	4,515	$	5,859
	Other
	Postretirement Benefits
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
	2020		2019		2020		2019
Service cost	$	217	$	205	$	651	$	615
Interest cost		677		750		2,031		2,250
Expected return on plan assets		(675)		(621)		(2,025)		(1,863)
Amortization of prior service credit		(116)		(116)		(348)		(348)
Amortization of actuarial loss		156		166		468		498
Net periodic benefit cost	$	259	$	384	$	777	$	1,152

The Company presents the components of net periodic benefit cost other than service cost in the consolidated statements of operations and comprehensive income on the line item “Other.”

The Company made cash contributions of $16,277 to its Pension Plan during the first nine months of 2020, which completed the Company’s cash contributions for the year.

On March 16, 2020, we completed the Peoples Gas Acquisition and assumed the pension and other postretirement benefit plans for its employees. The operating results of Peoples has been included in our consolidated financial statements since the date of acquisition. As such, the following table presents the components of net periodic benefit costs for the period since March 16, 2020 that are related to the Peoples’ pension and other postretirement benefit plans acquired:

	Three Months Ended				Nine Months Ended
	September 30, 2020				September 30, 2020
	Pension Benefits		Other Postretirement Benefits		Pension Benefits		Other Postretirement Benefits
Service cost	$	229	$	445	$	494	$	963
Interest cost		1,102		312		2,383		676
Expected return on plan assets		(1,738)		(436)		(3,759)		(944)
Net periodic benefit (income) cost	$	(407)	$	321	$	(882)	$	695

On April 1, 2020, the Company merged the pension plans acquired in the Peoples Gas Acquisition into the Company’s Pension Plan.