Employee Benefit Plans

9 Months Ended

Sep. 30, 2018

Retirement Benefits [Abstract]

Employee Benefit Plans

Note 8 – Employee Benefit Plans

Pension Benefits - The Company’s Pension Plan covers all active employees hired prior to April 1, 2007. For the three months ended September 30, 2018 and 2017, the Company made Pension Plan cash contributions of $1.1 million and $1.0 million, respectively. For the nine months ended September 30, 2018 and 2017, the Company made Pension Plan cash contributions of $2.3 million and $2.5 million, respectively. The Company expects to make Pension Plan cash contributions of approximately $1.0 million over the remainder of the current year. Employees hired after March 31, 2007 are not eligible to participate in this plan, but do participate in a defined contribution plan that provides an annual contribution at the discretion of the Company, based upon a percentage of the participants’ eligible compensation. In order to be eligible for a contribution, the participant must be employed by the Company on December 31st of the year to which the contribution relates. The Company also maintains an unfunded supplemental retirement benefit plan for certain active and retired Company officers and currently pays $0.3 million in annual benefits to the retired participants.

Other Postretirement Benefits - The Company’s retirement plan other than pensions (Other Benefits Plan) covers substantially all of its current retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. For each of the three months ended September 30, 2018 and 2017, the Company made Other Benefits Plan cash contributions of $0.2 million, respectively. For the nine months ended September 30, 2018 and 2017, the Company made Other Benefits Plan cash contributions of $0.5 million and $0.7 million, respectively. The Company expects to make Other Benefits Plan cash contributions of approximately $1.1 million over the remainder of the current year.

The following tables set forth information relating to the Company’s periodic costs for its employee retirement benefit plans:

	(In Thousands)
	Pension Benefits						Other Benefits
	Three Months Ended September 30,
	2018			2017			2018			2017
Service Cost	$	607		$	600		$	284		$	272
Interest Cost		765			786			474			491
Expected Return on Assets		(1,218	)		(1,122	)		(637	)		(601	)
Amortization of Unrecognized Losses		415			391			447			445
Amortization of Unrecognized Prior Service Cost (Credit)		—			—			(402	)		(432	)
Net Periodic Benefit Cost*	$	569		$	655		$	166		$	175

	(In Thousands)
	Pension Benefits						Other Benefits
	Nine Months Ended September 30,
	2018			2017			2018			2017
Service Cost	$	1,820		$	1,799		$	851		$	817
Interest Cost		2,296			2,357			1,423			1,473
Expected Return on Assets		(3,653	)		(3,367	)		(1,912	)		(1,804	)
Amortization of Unrecognized Losses		1,244			1,174			1,340			1,336
Amortization of Unrecognized Prior Service Cost (Credit)		—			—			(1,205	)		(1,296	)
Net Periodic Benefit Cost*	$	1,707		$	1,963		$	497		$	526
*Service cost is included in Operations and Maintenance expense on Consolidated Statements of Income; all other amounts are included in Other Income/Expense, net.