Pension and Other Postretirement Benefits

6 Months Ended

Jun. 30, 2015

General Discussion of Pension and Other Postretirement Benefits [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

7. PENSION AND OTHER POSTRETIREMENT BENEFIT COSTS

The following table provides the components of net periodic benefit cost for the Company's pension and other postretirement benefit plans:



	Three Months Ended June 30,
							Other Postretirement
	Pension Benefits						Benefits
In thousands	2015			2014			2015			2014
Service cost	$	2,309		$	1,918		$	145		$	136
Interest cost	4,595			4,512			292			309
Expected return on plan assets	(5,174		)	(4,886		)	—			—
Amortization of net actuarial loss	4,561			2,580			125			46
Amortization of prior service costs	58			56			49			49
Net periodic benefit cost	6,349			4,180			611			540
Amount allocated to construction	(1,879		)	(1,201		)	(198		)	(171		)
Amount deferred to regulatory balancing account⁽¹⁾	(2,165		)	(1,123		)	—			—
Net amount charged to expense	$	2,305		$	1,856		$	413		$	369



	Six Months Ended June 30,
							Other Postretirement
	Pension Benefits						Benefits
In thousands	2015			2014			2015			2014
Service cost	$	4,618		$	3,836		$	290		$	271
Interest cost	9,190			9,024			583			619
Expected return on plan assets	(10,348		)	(9,772		)	—			—
Amortization of net actuarial loss	9,122			5,160			251			92
Amortization of prior service costs	116			112			98			98
Net periodic benefit cost	12,698			8,360			1,222			1,080
Amount allocated to construction	(3,704		)	(2,402		)	(389		)	(341		)
Amount deferred to regulatory balancing account⁽¹⁾	(4,340		)	(2,224		)	—			—
Net amount charged to expense	$	4,654		$	3,734		$	833		$	739

⁽¹⁾

The deferral of certain pension expenses above or below the amount set in rates was approved by the OPUC, with recovery of these deferred amounts through the implementation of a balancing account, which includes the expectation of lower net periodic benefit costs in future years. Deferred pension expense balances include accrued interest at the utility’s authorized rate of return, with the equity portion of the interest recognized when amounts are collected in rates.

The following table presents amounts recognized in accumulated other comprehensive loss (AOCL) and the changes in AOCL related to our non-qualified employee benefit plans:



	Three Months Ended June 30,						Six Months Ended June 30,
In thousands	2015			2014			2015			2014
Beginning balance	$	(9,744	)	$	(6,193	)	$	(10,076	)	$	(6,358	)
Amounts reclassified from AOCL:
Amortization of prior service costs	—			(2		)	—			(4		)
Amortization of actuarial losses	548			276			1,096			551
Total reclassifications before tax	548			274			1,096			547
Tax expense	(217		)	(108		)	(433		)	(216		)
Total reclassifications for the period	331			166			663			331
Ending balance	$	(9,413	)	$	(6,027	)	$	(9,413	)	$	(6,027	)

Employer Contributions to Company-Sponsored Defined Benefit Pension Plan

For the six months ended June 30, 2015, we made cash contributions totaling $5.8 million to our qualified defined benefit pension plan. We expect further plan contributions of $9.2 million during the remainder of 2015.

Defined Contribution Plan

The Retirement K Savings Plan provided to our employees is a qualified defined contribution plan under Internal Revenue Code Section 401(k). Company contributions to this plan totaled $2.0 million and $1.9 million for the six months ended June 30, 2015 and 2014, respectively.

See Note 8 in the 2014 Form 10-K for more information concerning these retirement and other postretirement benefit plans.