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Employee Benefit Plans | 3 Months Ended
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Mar. 31, 2016
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 months ended March 31, 2016 and 2015 are set forth in the following table:
|  | Chesapeake Pension Plan |  | FPU Pension Plan |  | Chesapeake SERP |  | Chesapeake Postretirement Plan |  | FPU Medical Plan
For the Three Months Ended March 31, |  | 2016 |  | 2015 |  | 2016 |  | 2015 |  | 2016 |  | 2015 |  | 2016 |  | 2015 |  | 2016 |  | 2015
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  | $ | 105 |  |  | $ | 102 |  |  | $ | 630 |  |  | $ | 626 |  |  | $ | 23 |  |  | $ | 23 |  |  | $ | 11 |  |  | $ | 11 |  |  | $ | 14 |  |  | $ | 15 |
Expected return on plan assets |  | (131 | ) |  | (135 | ) |  | (701 | ) |  | (777 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of prior service cost |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | (20 | ) |  | (19 | ) |  | — |  |  | — |
Amortization of net loss |  | 104 |  |  | 90 |  |  | 128 |  |  | 114 |  |  | 22 |  |  | 25 |  |  | 18 |  |  | 17 |  |  | — |  |  | 2 |
Net periodic cost (benefit) |  | 78 |  |  | 57 |  |  | 57 |  |  | (37 | ) |  | 45 |  |  | 50 |  |  | 9 |  |  | 9 |  |  | 14 |  |  | 17 |
Amortization of pre-merger regulatory asset |  | — |  |  | — |  |  | 191 |  |  | 190 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 2 |
Total periodic cost |  | $ | 78 |  |  | $ | 57 |  |  | $ | 248 |  |  | $ | 153 |  |  | $ | 45 |  |  | $ | 50 |  |  | $ | 9 |  |  | $ | 9 |  |  | $ | 16 |  |  | $ | 19 |
We expect to record pension and postretirement benefit costs of approximately $1.6 million for 2016. 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 in 2009. 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 $2.7 million and $2.8 million at March 31, 2016 and December 31, 2015, respectively. The amortization included in pension expense is also being added to a net periodic loss of $802,000, which will increase our total expected benefit costs to $1.6 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 Utilities' operations is recorded to accumulated other comprehensive loss. The following table presents the amounts included in the regulatory asset and accumulated other comprehensive loss that were recognized as components of net periodic benefit cost during the three months ended March 31, 2016 and 2015:
For the Three Months Ended March 31, 2016 |  | Chesapeake Pension Plan |  | FPU Pension Plan |  | Chesapeake SERP |  | Chesapeake Postretirement Plan |  | FPU Medical Plan |  | Total
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost (credit) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (20 | ) |  | $ | — |  |  | $ | (20 | )
Net loss |  | 104 |  |  | 128 |  |  | 22 |  |  | 18 |  |  | — |  |  | 272 |
Total recognized in net periodic benefit cost |  | $ | 104 |  |  | $ | 128 |  |  | $ | 22 |  |  | $ | (2 | ) |  | $ | — |  |  | $ | 252 |
Recognized from accumulated other comprehensive loss (1) |  | $ | 104 |  |  | $ | 24 |  |  | $ | 22 |  |  | $ | (2 | ) |  | $ | — |  |  | $ | 148 |
Recognized from regulatory asset |  | — |  |  | 104 |  |  | — |  |  | — |  |  | — |  |  | 104 |
Total |  | $ | 104 |  |  | $ | 128 |  |  | $ | 22 |  |  | $ | (2 | ) |  | $ | — |  |  | $ | 252 |
For the Three Months Ended March 31, 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 |  | 90 |  |  | 114 |  |  | 25 |  |  | 17 |  |  | 2 |  |  | 248 |
Total recognized in net periodic benefit cost |  | $ | 90 |  |  | $ | 114 |  |  | $ | 27 |  |  | $ | (2 | ) |  | $ | 2 |  |  | $ | 231 |
Recognized from accumulated other comprehensive loss (1) |  | $ | 90 |  |  | $ | 22 |  |  | $ | 27 |  |  | $ | (2 | ) |  | $ | — |  |  | $ | 137 |
Recognized from regulatory asset |  | — |  |  | 92 |  |  | — |  |  | — |  |  | 2 |  |  | 94 |
Total |  | $ | 90 |  |  | $ | 114 |  |  | $ | 27 |  |  | $ | (2 | ) |  | $ | 2 |  |  | $ | 231 |
(1) | See Note 8, Accumulated Other Comprehensive Loss.
During the three months ended March 31, 2016, we contributed $104,000 to the Chesapeake Pension Plan and $337,000 to the FPU Pension Plan. We expect to contribute a total of $508,000 and $1.6 million to the Chesapeake Pension Plan and FPU Pension Plan, respectively, during 2016, which represent the minimum annual contribution payments required. 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 months ended March 31, 2016, were $38,000. We expect to pay total cash benefits of approximately $151,000 under the Chesapeake Pension SERP in 2016. Cash benefits paid under the Chesapeake Postretirement Plan, primarily for medical claims for the three months ended March 31, 2016, were $21,000. We estimate that approximately $82,000 will be paid for such benefits under the Chesapeake Postretirement Plan in 2016. Cash benefits paid under the FPU Medical Plan, primarily for medical claims for the three months ended March 31, 2016, were $38,000. We estimate that approximately $149,000 will be paid for such benefits under the FPU Medical Plan in 2016.

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