Note 11 - Pension Plan and Other Postretirement Benefits (Tables)

6 Months Ended

Jun. 30, 2020

Notes Tables

Schedule of Net Benefit Costs [Table Text Block]

	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2020			2019			2020			2019
Service Cost—Benefit Earned During the Period	$	1,656		$	1,373		$	3,311		$	2,746
Interest Cost on Projected Benefit Obligation		3,263			3,603			6,526			7,206
Expected Return on Assets		(5,505	)		(5,324	)		(11,010	)		(10,649	)
Amortization of Prior-Service Cost:
From Regulatory Asset		-			2			-			3
From Other Comprehensive Income1		-			2			-			4
Amortization of Net Actuarial Loss:
From Regulatory Asset		2,231			1,162			4,462			2,325
From Other Comprehensive Income1		55			26			110			53
Net Periodic Pension Cost2	$	1700		$	844		$	3,399		$	1,688
1Corporate cost included in nonservice cost components of postretirement benefits.
2Allocation of costs:
Service costs included in OTP capital expenditures	$	432		$	336		$	855		$	726
Service costs included in electric operation and maintenance expenses		1,185			1,004			2,377			1,954
Service costs included in other nonelectric expenses		39			33			79			66
Nonservice costs capitalized as regulatory assets		12			(130	)		23			(280	)
Nonservice costs included in nonservice cost components of postretirement benefits		32			(399	)		65			(778	)

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Service Cost—Benefit Earned During the Period	$	44	$	104	$	89	$	209
Interest Cost on Projected Benefit Obligation		362		434		724		868
Amortization of Prior Service Cost:
From Regulatory Asset		-		1		-		2
From Other Comprehensive Income1		-		4		-		8
Amortization of Net Actuarial Loss:
From Regulatory Asset		24		31		47		62
From Other Comprehensive Income1		85		88		171		175
Net Periodic Pension Cost2	$	515	$	662	$	1,031	$	1,324
1Amortization of prior service costs and net actuarial losses from other comprehensive income are included in nonservice cost components of postretirement benefits.
2Allocation of Costs:
Service costs included in electric operation and maintenance expenses	$	-	$	26	$	-	$	52
Service costs included in other nonelectric expenses		44		78		89		157
Nonservice costs included in nonservice cost components of postretirement benefits		471		558		942		1,115

	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2020			2019			2020			2019
Service Cost—Benefit Earned During the Period	$	462		$	322		$	924		$	643
Interest Cost on Projected Benefit Obligation		599			772			1,197			1,542
Amortization of Prior-Service Cost:
From Regulatory Asset		(1,170	)		-			(2,339	)		-
From Other Comprehensive Income1		(29	)		-			(58	)		-
Amortization of Net Actuarial Loss:
From Regulatory Asset		1,052			392			2,103			785
From Other Comprehensive Income1		26			9			52			19
Net Periodic Postretirement Benefit Cost2	$	940		$	1,495		$	1,879		$	2,989
Effect of Medicare Part D Subsidy	$	280		$	(44	)	$	561		$	(89	)
1Corporate cost included in nonservice cost components of postretirement benefits.
2Allocation of Costs:
Service costs included in OTP capital expenditures	$	120		$	79		$	238		$	170
Service costs included in electric operation and maintenance expenses		331			235			664			458
Service costs included in other nonelectric expenses		11			8			22			15
Nonservice costs capitalized as regulatory assets		124			288			246			621
Nonservice costs included in nonservice cost components of postretirement benefits		354			885			709			1,725