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Note 13 - Pension and Postretirement Benefits
 6 Months Ended
Jun. 30, 2023
Notes to Financial Statements  
Retirement Benefits [Text Block]

13. Pension and Postretirement Benefits:

 

We maintain a frozen qualified defined benefit pension plan for certain employees through membership in our Pension Plan for Insurance Organizations (the "Pension Plan"), a multiple-employer trust. We also apply a cash balance formula to determine future benefits. Under the cash balance formula, each participant has an account, which is credited annually based on the interest earned on the previous year-end cash balance. We also have a frozen non-qualified supplemental cash balance plan ("SERP") for certain employees. The SERP is funded from our general assets. During the first quarter of 2023, we changed the investment guidelines on our Pension Plan assets to target an investment allocation of 40% to equity securities and 60% to debt securities from our previous target allocation of 45% to equity securities and 55% to debt securities as of December 31, 2022. We also provide certain healthcare and life insurance benefits to certain qualifying active and retired employees. Our Postretirement Health and Life Insurance Plan (the "Postretirement Plan"), which has been frozen, is contributory, requiring participants to pay a stated percentage of the premium for coverage.

 

The components of net periodic (benefit) cost for the three and six months ended June 30, 2023 and 2022 are summarized below:

 

  

Pension Plan and SERP

  

Postretirement Plan

 
  

For the Three Months Ended June 30,

 
  

2023

  

2022

  

2023

  

2022

 

Interest cost

 $4.4  $3.5  $—  $0.1 

Expected return on plan assets

  (6.0)  (7.6)  —   (0.1)

Amortization of prior service cost

  0.1   —   —   — 

Amortization of net actuarial loss

  1.2   0.7   —   0.1 

Net periodic (benefit) cost

 $(0.3) $(3.4) $—  $0.1 

Employer contributions, net

 $0.3  $0.2  $0.2  $0.4 

 

  

Pension Plan and SERP

  

Postretirement Plan

 
  

For the Six Months Ended June 30,

 
  

2023

  

2022

  

2023

  

2022

 

Interest cost

 $8.7  $6.3  $—  $0.2 

Expected return on plan assets

  (12.2)  (15.8)  —   (0.2)

Amortization of prior service cost

  0.1   0.1   —   — 

Amortization of net actuarial loss

  2.7   1.2   —   0.2 

Net periodic (benefit) cost

 $(0.7) $(8.2) $—  $0.2 

Employer contributions, net

 $1.3  $0.4  $0.8  $0.7 

  

The expected contributions to the Pension Plan, SERP, and Postretirement Plan for the year ending  December 31, 2023 are consistent with the amounts previously disclosed as of December 31, 2022.