Employee Benefit Plans

6 Months Ended

Jun. 30, 2019

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. Employees hired after March 31, 2007 are not eligible to participate in this plan, but do participate in a defined contribution plan that provides for a potential annual contribution in an amount that is at the discretion of the Company. 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. For the three months ended June 30, 2019 and 2018, the Company made Pension Plan cash contributions of $0.5 million and $0.8 million, respectively. For the six months ended June 30, 2019 and 2018, the Company made Pension Plan cash contributions of $1.0 million and $1.3 million, respectively. The Company expects to make Pension Plan cash contributions of approximately $2.6 million over the remainder of the current year. The Company also maintains an unfunded supplemental retirement benefit plan for certain active and retired Company officers and currently pays $0.4 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 June 30, 2019 and 2018, the Company made Other Benefits Plan cash contributions of $0.2 million, respectively. For each of the six months ended June 30, 2019 and 2018, the Company made Other Benefits Plan cash contributions of $0.4 million, respectively. The Company expects to make Other Benefits Plan cash contributions of approximately $1.0 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 June 30,
	2019			2018			2019			2018
Service Cost	$	543		$	607		$	210		$	284
Interest Cost		857			765			496			474
Expected Return on Assets		(1,173	)		(1,218	)		(613	)		(637	)
Amortization of Unrecognized Losses		404			415			330			447
Amortization of Unrecognized Prior Service Cost (Credit)		—			—			—			(402	)
Net Periodic Benefit Cost*	$	631		$	569		$	423		$	166

	(In Thousands)
	Pension Benefits						Other Benefits
	Six Months Ended June 30,
	2019			2018			2019			2018
Service Cost	$	1,085		$	1,213		$	420		$	567
Interest Cost		1,713			1,530			992			949
Expected Return on Assets		(2,347	)		(2,435	)		(1,226	)		(1,275	)
Amortization of Unrecognized Losses		809			829			660			894
Amortization of Unrecognized Prior Service Cost (Credit)		—			—			—			(803	)
Net Periodic Benefit Cost*	$	1,260		$	1,137		$	846		$	332
*Service cost is included in Operations and Maintenance expense on Consolidated Statements of Income; all other amounts are included in Other Income/Expense, net.