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Employee Postretirement Benefits
 9 Months Ended
Sep. 30, 2023
Retirement Benefits [Abstract]  
Employee Postretirement Benefits Employee Postretirement Benefits
Pension Plan and Other Postretirement Benefits
The Company sponsors a noncontributory funded pension plan (the "Pension Plan"), an unfunded, nonqualified Executive Survivor and Supplemental Retirement Plan (the "ESSRP"), both accounted for as defined benefit pension plans, and a postretirement healthcare plan accounted for as an other postretirement benefit plan.
The following table includes the components of net periodic benefit cost (income) related to our defined benefit pension plans and other postretirement benefits for the three and nine months ended September 30, 2023 and 2022:
Three Months Ended September 30,
Pension Benefits (Pension Plan)Pension Benefits (ESSRP)Postretirement Benefits
(in thousands)202320222023202220232022
Service Cost$925 $1,644 $18 $48 $152 $335 
Interest Cost4,109 3,086 472 335 668 510 
Expected Return on Assets(6,479)(5,921)— — — — 
Amortization of Prior Service Cost— — — — (1,433)(1,433)
Amortization of Net Actuarial Loss— 1,966 — 141 — 765 
Net Periodic Benefit Cost (Income)$(1,445)$775 $490 $524 $(613)$177 
Nine Months Ended September 30,
Pension Benefits (Pension Plan)Pension Benefits (ESSRP)Postretirement Benefits
(in thousands)202320222023202220232022
Service Cost$2,774 $4,932 $54 $146 $458 $1,004 
Interest Cost12,327 9,258 1,417 1,006 2,006 1,531 
Expected Return on Assets(19,436)(17,763)— — — — 
Amortization of Prior Service Cost— — — — (4,300)(4,300)
Amortization of Net Actuarial Loss— 5,899 — 425 — 2,297 
Net Periodic Benefit Cost (Income)$(4,335)$2,326 $1,471 $1,577 $(1,836)$532 
The following table includes the impact of regulation on the recognition of periodic benefit cost (income) arising from pension and other postretirement benefits for the three and nine months ended September 30, 2023 and 2022:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2023202220232022
Net Periodic Benefit Cost (Income)$(1,568)$1,476 $(4,700)$4,435 
Net Amount Amortized Due to the Effect of Regulation
374 499 864 823 
Net Periodic Benefit Cost (Income) Recognized$(1,194)$1,975 $(3,836)$5,258 
We had no minimum funding requirements for our Pension Plan or any other postretirement benefit plans as of December 31, 2022. We did not make any contributions to our Pension Plan during the nine months ended September 30, 2023. We made a discretionary contribution to our Pension Plan of $20.0 million during the nine months ended September 30, 2022.
In the third quarter of 2023, the Company amended its postretirement healthcare plan to eliminate, for Medicare-eligible participants, the employer-sponsored group waiver medical plan and instead allow participants to select an individual medical plan through a private marketplace exchange. The Company will provide these plan participants with an annual reimbursement to subsidize their medical premiums. The effect of the plan amendment reduced the Company’s projected benefit obligation by $20.1 million as of September 30, 2023. The reduced benefit obligation included a $2.6 million reduction attributable to an increase in the discount rate used to measure the plan liability, which was 6.06%, compared to 5.52% at December 31, 2022. Beginning in October 2023, the $17.5 million of savings attributable to the plan change will be recognized as a reduction to expense over 4.8 years, the expected remaining service period to retirement-age eligibility for active participants.