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Note 11 - Pension Plan and Other Postretirement Benefits | 9 Months Ended
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Sep. 30, 2020
Notes to Financial Statements |
Retirement Benefits [Text Block] | 1 1. Pension Plan and Other Postretirement Benefits Pension Plan—Components of net periodic pension benefit cost of the Company's noncontributory funded pension plan are as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Service Cost—Benefit Earned During the Period |  | $ | 1,655 |  |  | $ | 1,373 |  |  | $ | 4,966 |  |  | $ | 4,119 |
Interest Cost on Projected Benefit Obligation |  |  | 3,264 |  |  |  | 3,603 |  |  |  | 9,790 |  |  |  | 10,809 |
Expected Return on Assets |  |  | (5,506 | ) |  |  | (5,324 | ) |  |  | (16,516 | ) |  |  | (15,973 | )
Amortization of Prior-Service Cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From Regulatory Asset |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 4 |
From Other Comprehensive Income1 |  |  | - |  |  |  | 2 |  |  |  | - |  |  |  | 6 |
Amortization of Net Actuarial Loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From Regulatory Asset |  |  | 2,231 |  |  |  | 1,163 |  |  |  | 6,693 |  |  |  | 3,488 |
From Other Comprehensive Income1 |  |  | 55 |  |  |  | 26 |  |  |  | 165 |  |  |  | 79 |
Net Periodic Pension Cost2 |  | $ | 1,699 |  |  | $ | 844 |  |  | $ | 5,098 |  |  | $ | 2,532 |
1Corporate cost included in nonservice cost components of postretirement benefits. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2Allocation of costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service costs included in OTP capital expenditures |  | $ | 516 |  |  | $ | 333 |  |  | $ | 1,371 |  |  | $ | 1,059 |
Service costs included in electric operation and maintenance expenses |  |  | 1,099 |  |  |  | 1,007 |  |  |  | 3,476 |  |  |  | 2,961 |
Service costs included in other nonelectric expenses |  |  | 40 |  |  |  | 33 |  |  |  | 119 |  |  |  | 99 |
Nonservice costs capitalized as regulatory assets |  |  | 13 |  |  |  | (128 | ) |  |  | 36 |  |  |  | (408 | )
Nonservice costs included in n onservice cost components of postretirement benefits |  |  | 31 |  |  |  | (401 | ) |  |  | 96 |  |  |  | (1,179 | )
Cash flows—The Company had no minimum funding requirement as of December 31, 2019 but made a discretionary plan contribution of $11.2 million in January 2020. Executive Survivor and Supplemental Retirement Plan—Components of net periodic pension benefit cost of the Company’s unfunded, nonqualified benefit plan for executive officers and certain key management employees are as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Service Cost—Benefit Earned During the Period |  | $ | 45 |  |  | $ | 104 |  |  | $ | 134 |  |  | $ | 313 |
Interest Cost on Projected Benefit Obligation |  |  | 362 |  |  |  | 433 |  |  |  | 1,086 |  |  |  | 1,301 |
Amortization of Prior Service Cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From Regulatory Asset |  |  | - |  |  |  | 2 |  |  |  | - |  |  |  | 4 |
From Other Comprehensive Income1 |  |  | - |  |  |  | 4 |  |  |  | - |  |  |  | 12 |
Amortization of Net Actuarial Loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From Regulatory Asset |  |  | 24 |  |  |  | 31 |  |  |  | 71 |  |  |  | 93 |
From Other Comprehensive Income1 |  |  | 85 |  |  |  | 87 |  |  |  | 256 |  |  |  | 262 |
Net Periodic Pension Cost2 |  | $ | 516 |  |  | $ | 661 |  |  | $ | 1,547 |  |  | $ | 1,985 |
1Amortization of prior service costs and net actuarial losses from other comprehensive income are included in n onservice cost components of postretirement benefits. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2Allocation of Costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service costs included in electric operation and maintenance expenses |  | $ | - |  |  | $ | 26 |  |  | $ | - |  |  | $ | 78 |
Service costs included in other nonelectric expenses |  |  | 45 |  |  |  | 78 |  |  |  | 134 |  |  |  | 235 |
Nonservice costs included in n onservice cost components of postretirement benefits |  |  | 471 |  |  |  | 557 |  |  |  | 1,413 |  |  |  | 1,672 |
Other Postretirement Benefits—Components of net periodic postretirement benefit cost for health insurance benefits for retired OTP and corporate employees, net of the effect of Medicare Part D Subsidy:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Service Cost—Benefit Earned During the Period |  | $ | 461 |  |  | $ | 321 |  |  | $ | 1,385 |  |  | $ | 964 |
Interest Cost on Projected Benefit Obligation |  |  | 598 |  |  |  | 770 |  |  |  | 1,795 |  |  |  | 2,312 |
Amortization of Prior-Service Cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From Regulatory Asset |  |  | (1,169 | ) |  |  | - |  |  |  | (3,508 | ) |  |  | - |
From Other Comprehensive Income1 |  |  | (28 | ) |  |  | - |  |  |  | (86 | ) |  |  | - |
Amortization of Net Actuarial Loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From Regulatory Asset |  |  | 1,051 |  |  |  | 393 |  |  |  | 3,154 |  |  |  | 1,178 |
From Other Comprehensive Income1 |  |  | 26 |  |  |  | 10 |  |  |  | 78 |  |  |  | 29 |
Net Periodic Postretirement Benefit Cost2 |  | $ | 939 |  |  | $ | 1,494 |  |  | $ | 2,818 |  |  | $ | 4,483 |
Effect of Medicare Part D Subsidy |  | $ | 281 |  |  | $ | (45 | ) |  | $ | 842 |  |  | $ | (134 | )
1Corporate cost included in nonservice cost components of postretirement benefits. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2Allocation of Costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service costs included in OTP capital expenditures |  | $ | 144 |  |  | $ | 78 |  |  | $ | 382 |  |  | $ | 248 |
Service costs included in electric operation and maintenance expenses |  |  | 306 |  |  |  | 235 |  |  |  | 970 |  |  |  | 693 |
Service costs included in other nonelectric expenses |  |  | 11 |  |  |  | 8 |  |  |  | 33 |  |  |  | 23 |
Nonservice costs capitalized as regulatory assets |  |  | 150 |  |  |  | 284 |  |  |  | 396 |  |  |  | 905 |
Nonservice costs included in n onservice cost components of postretirement benefits |  |  | 328 |  |  |  | 889 |  |  |  | 1,037 |  |  |  | 2,614 |

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