Pension Plan and Other Postretirement Benefits

6 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

Pension Plan and Other Postretirement Benefits

Pension Plan and Other Postretirement Benefits

The Company provides a qualified, defined-benefit, non-contributory pension plan for substantially all employees. The Company makes annual contributions to fund the amounts accrued for in the qualified pension plan. The Company also maintains an unfunded, non-qualified, supplemental executive retirement plan. The costs of the plans are charged to expense or are capitalized in utility plant as appropriate.

The Company offers medical, dental, vision, and life insurance benefits for retirees and their spouses and dependents. Participants are required to pay a premium, which offsets a portion of the cost.

Cash contributions made by the Company to the pension plans were $14.1 million and $16.8 million for the six months ended June 30, 2021 and 2020, respectively. Cash contributions made by the Company to the other postretirement benefit plans were $1.5 million and $3.9 million for the six months ended June 30, 2021 and 2020, respectively. The total 2021 estimated cash contribution to the pension plans and other postretirement benefits plans are expected to be approximately $23.5 million and $2.2 million, respectively.

The following tables lists components of net periodic benefit costs for the pension plans and other postretirement benefits. The data listed under “pension plan” includes the qualified pension plan and the non-qualified supplemental executive retirement plan. The data listed under “other benefits” is for all other postretirement benefits.

	Three Months Ended June 30
	Pension Plan				Other Benefits
	2021		2020		2021		2020
Service cost	$	9,010	$	8,811	$	1,611	$	2,106
Interest cost	5,319		6,433		805		1,210
Expected return on plan assets	(9,866)		(8,265)		(2,192)		(1,811)
Amortization of prior service cost	253		1,057		49		49
Recognized net actuarial loss	1,924		3,196		(110)		14
Net periodic benefit cost	$	6,640	$	11,232	$	163	$	1,568

	Six Months Ended June 30
	Pension Plan				Other Benefits
	2021		2020		2021		2020
Service cost	$	18,020	$	17,622	$	3,222	$	4,212
Interest cost	10,638		12,866		1,611		2,420
Expected return on plan assets	(19,732)		(16,530)		(4,383)		(3,622)
Amortization of prior service cost	506		2,114		97		98
Recognized net actuarial loss	3,848		6,392		(220)		28
Net periodic benefit cost	$	13,280	$	22,464	$	327	$	3,136

Service cost portion of the pension plan and other postretirement benefits is recognized in "administrative and general" expenses within the Condensed Consolidated Statements of Operations. Other components of net periodic benefit costs include interest costs, expected return on plan assets, amortization of prior service costs, and recognized net actuarial loss and are reported together as "other components of net periodic benefit cost" within the Condensed Consolidated Statements of Operations.