Pension Plans And Other Postretirement Benefits

9 Months Ended

Sep. 30, 2022

Pension Plans And Other Postretirement Benefits [Abstract]

Pension Plans And Other Postretirement Benefits

Note 9 – Pension Plans and Other Postretirement Benefits  

The Company maintains a qualified defined benefit pension plan (the “Pension Plan”), a nonqualified pension plan, and other postretirement benefit plans for certain of its employees.

The following tables provide the components of net periodic benefit (credit) cost for the Company’s pension and other postretirement benefit plans:

	Pension Benefits
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Service cost	$	707	$	775	$	2,121	$	2,728
Interest cost		3,202		3,351		9,605		9,667
Expected return on plan assets		(5,895)		(5,733)		(17,684)		(17,432)
Amortization of prior service cost		134		140		402		419
Amortization of actuarial loss		435		555		1,306		2,352
Net periodic benefit cost (credit)	$	(1,417)	$	(912)	$	(4,250)	$	(2,266)
	Other
	Postretirement Benefits
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
	2022		2021		2022		2021
Service cost	$	478	$	698	$	1,433	$	2,094
Interest cost		842		840		2,527		2,520
Expected return on plan assets		(1,142)		(1,039)		(3,376)		(3,117)
Amortization of prior service credit		-		(108)		-		(324)
Amortization of actuarial (gain) loss		(334)		55		(1,002)		165
Net periodic benefit (credit) cost	$	(156)	$	446	$	(418)	$	1,338

The net periodic benefit (credit) cost is based on estimated values and an extensive use of assumptions about the discount rate, expected return on plan assets, the rate of future compensation increases received by the Company’s employees, mortality, turnover, and medical costs. The Company presents the components of net periodic benefit (credit) cost other than service cost in the consolidated statements of operations and comprehensive income on the line item “Other”.

There were $20,390 cash contributions made to the Pension Plan during the first nine months of 2022, which completed the Company’s expected cash contributions for the year.

In September 2022, we remeasured our qualified pension plan assets and liabilities in accordance with settlement accounting rules. Settlement accounting was required due to the amount of lump-sum payments by our qualified pension plan to retirees and other separated employees exceeding the threshold of service and interest cost for the period. The discount rate used for the remeasurement as of September 30, 2022 was 5.58% compared to 2.91% at our December 31, 2021 last annual remeasurement date. The remeasurement did not have a material impact to our consolidated financial statements. The settlement loss of $2,300 was recorded as a regulatory asset, as it is probable of recovery in future rates, and will be amortized into pension benefit costs. A settlement loss is the recognition of unrecognized pension benefit costs that would have been incurred in subsequent periods.