Pension Plans And Other Postretirement Benefits

9 Months Ended

Sep. 30, 2023

Pension Plans And Other Postretirement Benefits [Abstract]

Pension Plans And Other Postretirement Benefits

Note 10 – 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 cost (credit) for the Company’s pension and other postretirement benefit plans:

	Pension Benefits
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Service cost	$	400	$	707	$	1,201	$	2,121
Interest cost		4,309		3,202		12,926		9,605
Expected return on plan assets		(5,673)		(5,895)		(17,018)		(17,684)
Amortization of prior service cost		171		134		513		402
Amortization of actuarial loss		810		435		2,428		1,306
Net periodic benefit cost (credit)	$	17	$	(1,417)	$	50	$	(4,250)
	Other
	Postretirement Benefits
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
	2023		2022		2023		2022
Service cost	$	337	$	478	$	1,011	$	1,433
Interest cost		1,119		842		3,357		2,527
Expected return on plan assets		(1,093)		(1,142)		(3,279)		(3,376)
Amortization of actuarial loss		(329)		(334)		(988)		(1,002)
Net periodic benefit cost (credit)	$	34	$	(156)	$	101	$	(418)

The net periodic benefit cost (credit) 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 cost (credit) other than service cost in the consolidated statements of operations and comprehensive income on the line item “Other”.

There were $20,343 in cash contributions made to the Pension Plan during the nine months ended September 30, 2023, which completed the Company’s expected cash contributions for the year.