Employee Benefit Plans	12 Months Ended
Dec. 31, 2023
Postemployment Benefits [Abstract]
Employee Benefit Plans	NOTE 12—Employee Benefit Plans Substantially all of our employees participate in the NRECA Retirement Security Plan, a noncontributory, defined benefit pension plan qualified under Section 401 and tax-exempt under Section 501(a) of the IRC. It is considered a multi-employer plan under accounting standards. The legal name of the plan is the NRECA Retirement Security Plan; the employer identification number is 53–0116145, and the plan number is 333. Plan information is available publicly through the annual Form 5500, including attachments. The plan year is January 1 through December 31. In total, the NRECA Retirement Security Plan was over 80% funded on January 1, 2023 and 2022, based on the PPA funding target and PPA actuarial value of assets on those dates. The cost of the plan is funded annually by payments to NRECA to ensure that annuities in amounts established by the plan will be available to individual participants upon their retirement. In 2013, we elected to make a voluntary prepayment of $7.7 million to the NRECA Retirement Security Plan and recorded this payment as a regulatory asset which was fully amortized in 2022. There has been no funding improvement plan or rehabilitation plan implemented nor is one pending, and we did not pay a surcharge to the plan for 2023. Our required contribution to the NRECA Retirement Security Plan totaled $4.1 million, $4.0 million, and $4.0 million in 2023, 2022, and 2021, respectively. These totals include the required contribution to the Deferred Compensation Pension Restoration plan for years 2022 and 2021. The Deferred Compensation Restoration Plan was terminated in 2022. In each of these years, our contributions represented less than 5% of the total contributions made to the plan by all participating employers. Beginning in 2019, we adopted the Executive Benefit Restoration Plan, which is intended to provide a supplemental benefit for employees who would have a reduction in their pension benefit from the NRECA Retirement Security Plan because of the IRC limitations. We have recorded a liability of $0.5 million in other liabilities. Pension expense, inclusive of administrative fees, was $3.6 million, $5.4 million, and $5.5 million for 2023, 2022, and 2021, respectively. In 2023, pension expense included a credit of $1.0 million to remove the accrued benefit related to the Executive Pension Restoration Plan for our former President and CEO which was forfeited upon his resignation in September 2023. Pension expense for 2022 and 2021 includes $0.8 million related to the amortization of the voluntary prepayment regulatory asset. We have a defined contribution 401(k) retirement plan and we match up to the first 2% of each participant’s base salary. Our matching contributions were $0.3 million in 2023, 2022, and 2021.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

NOTE 12—Employee Benefit Plans

Substantially all of our employees participate in the NRECA Retirement Security Plan, a noncontributory, defined benefit pension plan qualified under Section 401 and tax-exempt under Section 501(a) of the IRC. It is considered a multi-employer plan under accounting standards. The legal name of the plan is the NRECA Retirement Security Plan; the employer identification number is 53–0116145, and the plan number is 333. Plan information is available publicly through the annual Form 5500, including attachments. The plan year is January 1 through December 31. In total, the NRECA Retirement Security Plan was over 80% funded on January 1, 2023 and 2022, based on the PPA funding target and PPA actuarial value of assets on those dates. The cost of the plan is funded annually by payments to NRECA to ensure that annuities in amounts established by the plan will be available to individual participants upon their retirement. In 2013, we

elected to make a voluntary prepayment of $7.7 million to the NRECA Retirement Security Plan and recorded this payment as a regulatory asset which was fully amortized in 2022. There has been no funding improvement plan or rehabilitation plan implemented nor is one pending, and we did not pay a surcharge to the plan for 2023.

Our required contribution to the NRECA Retirement Security Plan totaled $4.1 million, $4.0 million, and $4.0 million in 2023, 2022, and 2021, respectively. These totals include the required contribution to the Deferred Compensation Pension Restoration plan for years 2022 and 2021. The Deferred Compensation Restoration Plan was terminated in 2022. In each of these years, our contributions represented less than 5% of the total contributions made to the plan by all participating employers.

Beginning in 2019, we adopted the Executive Benefit Restoration Plan, which is intended to provide a supplemental benefit for employees who would have a reduction in their pension benefit from the NRECA Retirement Security Plan because of the IRC limitations. We have recorded a liability of $0.5 million in other liabilities.

Pension expense, inclusive of administrative fees, was $3.6 million, $5.4 million, and $5.5 million for 2023, 2022, and 2021, respectively. In 2023, pension expense included a credit of $1.0 million to remove the accrued benefit related to the Executive Pension Restoration Plan for our former President and CEO which was forfeited upon his resignation in September 2023. Pension expense for 2022 and 2021 includes $0.8 million related to the amortization of the voluntary prepayment regulatory asset.

We have a defined contribution 401(k) retirement plan and we match up to the first 2% of each participant’s base salary. Our matching contributions were $0.3 million in 2023, 2022, and 2021.