XML 56 R18.htm IDEA: XBRL DOCUMENT
v3.2.0.727

Employee Benefit Plans | 6 Months Ended
--- | ---
Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract] |
Employee Benefit Plans | Employee Benefit Plans Net periodic benefit costs for our pension and post-retirement benefits plans for the three and six months ended June 30, 2015 and 2014 are set forth in the following tables:
|  | Chesapeake Pension Plan |  | FPU Pension Plan |  | Chesapeake SERP |  | Chesapeake Postretirement Plan |  | FPU Medical Plan
For the Three Months Ended June 30, |  | 2015 |  | 2014 |  | 2015 |  | 2014 |  | 2015 |  | 2014 |  | 2015 |  | 2014 |  | 2015 |  | 2014
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  | $ | 102 |  |  | $ | 106 |  |  | $ | 626 |  |  | $ | 647 |  |  | $ | 23 |  |  | $ | 23 |  |  | $ | 11 |  |  | $ | 13 |  |  | $ | 15 |  |  | $ | 16 |
Expected return on plan assets |  | (135 | ) |  | (132 | ) |  | (777 | ) |  | (772 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of prior service cost |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 5 |  |  | (19 | ) |  | (20 | ) |  | — |  |  | — |
Amortization of net loss |  | 91 |  |  | 38 |  |  | 114 |  |  | — |  |  | 25 |  |  | 12 |  |  | 17 |  |  | 17 |  |  | 2 |  |  | — |
Net periodic cost (benefit) |  | 58 |  |  | 12 |  |  | (37 | ) |  | (125 | ) |  | 50 |  |  | 40 |  |  | 9 |  |  | 10 |  |  | 17 |  |  | 16 |
Amortization of pre-merger regulatory asset |  | — |  |  | — |  |  | 191 |  |  | 191 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 2 |
Total periodic cost |  | $ | 58 |  |  | $ | 12 |  |  | $ | 154 |  |  | $ | 66 |  |  | $ | 50 |  |  | $ | 40 |  |  | $ | 9 |  |  | $ | 10 |  |  | $ | 19 |  |  | $ | 18 |
|  | Chesapeake Pension Plan |  | FPU Pension Plan |  | Chesapeake SERP |  | Chesapeake Postretirement Plan |  | FPU Medical Plan
For the Six Months Ended June 30, |  | 2015 |  | 2014 |  | 2015 |  | 2014 |  | 2015 |  | 2014 |  | 2015 |  | 2014 |  | 2015 |  | 2014
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  | $ | 204 |  |  | $ | 213 |  |  | $ | 1,251 |  |  | $ | 1,294 |  |  | $ | 46 |  |  | $ | 46 |  |  | $ | 22 |  |  | $ | 26 |  |  | $ | 30 |  |  | $ | 33 |
Expected return on plan assets |  | (270 | ) |  | (265 | ) |  | (1,554 | ) |  | (1,545 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of prior service cost |  | — |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | 9 |  |  | (39 | ) |  | (39 | ) |  | — |  |  | — |
Amortization of net loss |  | 181 |  |  | 75 |  |  | 227 |  |  | — |  |  | 50 |  |  | 24 |  |  | 35 |  |  | 33 |  |  | 3 |  |  | — |
Net periodic cost (benefit) |  | 115 |  |  | 23 |  |  | (76 | ) |  | (251 | ) |  | 101 |  |  | 79 |  |  | 18 |  |  | 20 |  |  | 33 |  |  | 33 |
Amortization of pre-merger regulatory asset |  | — |  |  | — |  |  | 381 |  |  | 381 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | 4 |
Total periodic cost |  | $ | 115 |  |  | $ | 23 |  |  | $ | 305 |  |  | $ | 130 |  |  | $ | 101 |  |  | $ | 79 |  |  | $ | 18 |  |  | $ | 20 |  |  | $ | 37 |  |  | $ | 37 |
We expect to record pension and postretirement benefit costs of approximately $1.2 million for 2015. Included in these costs is $769,000 related to continued amortization of the FPU pension regulatory asset, which represents the portion attributable to FPU’s regulated energy operations for the changes in funded status that occurred but were not recognized as part of net periodic benefit costs prior to the FPU merger. This was deferred as a regulatory asset by FPU prior to the merger to be recovered through rates pursuant to a previous order by the Florida PSC. The unamortized balance of this regulatory asset was $3.2 million and $3.6 million at June 30, 2015 and December 31, 2014, respectively. The amortization included in pension expense is also being added to a net periodic loss of $381,000, which will increase our total expected benefit costs to $1.2 million. Pursuant to a Florida PSC order, FPU continues to record as a regulatory asset a portion of the unrecognized pension and postretirement benefit costs related to its regulated operations after the FPU merger. The portion of the unrecognized pension and postretirement benefit costs related to FPU’s unregulated operations and Chesapeake’s operations is recorded to accumulated other comprehensive income (loss). The following table presents the amounts included in the regulatory asset and accumulated other comprehensive income (loss) that were recognized as components of net periodic benefit cost during the three and six months ended June 30, 2015 and 2014:
For the Three Months Ended June 30, 2015 |  | Chesapeake Pension Plan |  | FPU Pension Plan |  | Chesapeake SERP |  | Chesapeake Postretirement Plan |  | FPU Medical Plan |  | Total
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost (credit) |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | (19 | ) |  | $ | — |  |  | $ | (17 | )
Net loss |  | 91 |  |  | 114 |  |  | 25 |  |  | 17 |  |  | 2 |  |  | 249 |
Total recognized in net periodic benefit cost |  | $ | 91 |  |  | $ | 114 |  |  | $ | 27 |  |  | $ | (2 | ) |  | $ | 2 |  |  | $ | 232 |
Recognized from accumulated other comprehensive loss (1) |  | $ | 91 |  |  | $ | 22 |  |  | $ | 27 |  |  | $ | (2 | ) |  | $ | — |  |  | $ | 138 |
Recognized from regulatory asset |  | — |  |  | 92 |  |  | — |  |  | — |  |  | 2 |  |  | 94 |
Total |  | $ | 91 |  |  | $ | 114 |  |  | $ | 27 |  |  | $ | (2 | ) |  | $ | 2 |  |  | $ | 232 |
For the Six Months Ended June 30, 2015 |  | Chesapeake Pension Plan |  | FPU Pension Plan |  | Chesapeake SERP |  | Chesapeake Postretirement Plan |  | FPU Medical Plan |  | Total
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost (credit) |  | $ | — |  |  | $ | — |  |  | $ | 5 |  |  | $ | (39 | ) |  | $ | — |  |  | $ | (34 | )
Net loss |  | 181 |  |  | 227 |  |  | 50 |  |  | 35 |  |  | 3 |  |  | 496 |
Total recognized in net periodic benefit cost |  | $ | 181 |  |  | $ | 227 |  |  | $ | 55 |  |  | $ | (4 | ) |  | $ | 3 |  |  | $ | 462 |
Recognized from accumulated other comprehensive loss (1) |  | $ | 181 |  |  | $ | 43 |  |  | $ | 55 |  |  | $ | (4 | ) |  | $ | 1 |  |  | $ | 276 |
Recognized from regulatory asset |  | — |  |  | 184 |  |  | — |  |  | — |  |  | 2 |  |  | 186 |
Total |  | $ | 181 |  |  | $ | 227 |  |  | $ | 55 |  |  | $ | (4 | ) |  | $ | 3 |  |  | $ | 462 |
For the Three Months Ended June 30, 2014 |  | Chesapeake Pension Plan |  | FPU Pension Plan |  | Chesapeake SERP |  | Chesapeake Postretirement Plan |  | FPU Medical Plan |  | Total
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost (credit) |  | $ | — |  |  | $ | — |  |  | $ | 5 |  |  | $ | (20 | ) |  | $ | — |  |  | $ | (15 | )
Net loss |  | 38 |  |  | — |  |  | 12 |  |  | 17 |  |  | — |  |  | 67 |
Total recognized in net periodic benefit cost |  | $ | 38 |  |  | $ | — |  |  | $ | 17 |  |  | $ | (3 | ) |  | $ | — |  |  | $ | 52 |
Recognized from accumulated other comprehensive loss (1) |  | $ | 38 |  |  | $ | — |  |  | $ | 17 |  |  | $ | (3 | ) |  | $ | — |  |  | $ | 52 |
Recognized from regulatory asset |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 38 |  |  | $ | — |  |  | $ | 17 |  |  | $ | (3 | ) |  | $ | — |  |  | $ | 52 |
For the Six Months Ended June 30, 2014 |  | Chesapeake Pension Plan |  | FPU Pension Plan |  | Chesapeake SERP |  | Chesapeake Postretirement Plan |  | FPU Medical Plan |  | Total
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost (credit) |  | $ | — |  |  | $ | — |  |  | $ | 9 |  |  | $ | (39 | ) |  | $ | — |  |  | $ | (30 | )
Net loss |  | 75 |  |  | — |  |  | 24 |  |  | 33 |  |  | — |  |  | 132 |
Total recognized in net periodic benefit cost |  | $ | 75 |  |  | $ | — |  |  | $ | 33 |  |  | $ | (6 | ) |  | $ | — |  |  | $ | 102 |
Recognized from accumulated other comprehensive loss (1) |  | $ | 75 |  |  | $ | — |  |  | $ | 33 |  |  | $ | (6 | ) |  | $ | — |  |  | $ | 102 |
Recognized from regulatory asset |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 75 |  |  | $ | — |  |  | $ | 33 |  |  | $ | (6 | ) |  | $ | — |  |  | $ | 102 |
(1) | See Note 8, Accumulated Other Comprehensive Income (Loss).
During the three and six months ended June 30, 2015, we contributed $115,000 and $219,000, respectively to the Chesapeake Pension Plan and $381,000 and $723,000, respectively to the FPU Pension Plan. We expect to contribute a total of $475,000 and $1.6 million to the Chesapeake Pension Plan and FPU Pension Plan, respectively, during 2015, which represent the minimum contribution payments required during the year. The Chesapeake SERP, the Chesapeake Postretirement Plan and the FPU Medical Plan are unfunded and are expected to be paid out of our general funds. Cash benefits paid under the Chesapeake SERP for the three and six months ended June 30, 2015, were $38,000 and $71,000, respectively. We expect to pay total cash benefits of approximately $151,000 under the Chesapeake Pension SERP in 2015. Cash benefits paid under the Chesapeake Postretirement Plan, primarily for medical claims for the three and six months ended June 30, 2015, were $13,000 and $28,000, respectively. We estimate that approximately $79,000 will be paid for such benefits under the Chesapeake Postretirement Plan in 2015. Cash benefits paid under the FPU Medical Plan, primarily for medical claims for the three and six months ended June 30, 2015, were $24,000 and $116,000, respectively. We estimate that approximately $207,000 will be paid for such benefits under the FPU Medical Plan in 2015.

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 80 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=49170332&loc=SL14450702-114947 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e2410-114920 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39675-114964 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 70 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6414199&loc=d3e39622-114963 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration