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Employee Benefit Plans | 9 Months Ended
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Sep. 30, 2020
Retirement Benefits [Abstract] |
Employee Benefit Plans | Employee Benefit Plans Net periodic benefit costs for our pension and post-retirement benefits plans for the three and nine months ended September 30, 2020 and 2019 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 September 30, |  | 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  | $ | 46 |  |  | $ | 104 |  |  | $ | 518 |  |  | $ | 614 |  |  | $ | 16 |  |  | $ | 16 |  |  | $ | 8 |  |  | $ | 10 |  |  | $ | 10 |  |  | $ | 12 |
Expected return on plan assets |  | (42) |  |  | (127) |  |  | (745) |  |  | (693) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of prior service credit |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (19) |  |  | (19) |  |  | — |  |  | — |
Amortization of net loss |  | 65 |  |  | 101 |  |  | 135 |  |  | 128 |  |  | 5 |  |  | 17 |  |  | 12 |  |  | 11 |  |  | — |  |  | — |
Net periodic cost (benefit) |  | 69 |  |  | 78 |  |  | (92) |  |  | 49 |  |  | 21 |  |  | 33 |  |  | 1 |  |  | 2 |  |  | 10 |  |  | 12 |
Settlement expense |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 58 |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of pre-merger regulatory asset |  | — |  |  | — |  |  | — |  |  | 162 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 2 |
Total periodic cost |  | $ | 69 |  |  | $ | 78 |  |  | $ | (92) |  |  | $ | 211 |  |  | $ | 21 |  |  | $ | 91 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 12 |  |  | $ | 14 |
|  | Chesapeake Pension Plan |  | FPU Pension Plan |  | Chesapeake SERP |  | Chesapeake Postretirement Plan |  | FPU Medical Plan
For the Nine Months Ended September 30, |  | 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  | $ | 138 |  |  | $ | 314 |  |  | $ | 1,554 |  |  | $ | 1,844 |  |  | $ | 48 |  |  | $ | 58 |  |  | $ | 24 |  |  | $ | 29 |  |  | $ | 30 |  |  | $ | 36 |
Expected return on plan assets |  | (126) |  |  | (381) |  |  | (2,235) |  |  | (2,079) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of prior service credit |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (57) |  |  | (58) |  |  | — |  |  | — |
Amortization of net loss |  | 195 |  |  | 304 |  |  | 405 |  |  | 386 |  |  | 15 |  |  | 68 |  |  | 36 |  |  | 35 |  |  | — |  |  | — |
Net periodic cost (benefit) |  | 207 |  |  | 237 |  |  | (276) |  |  | 151 |  |  | 63 |  |  | 126 |  |  | 3 |  |  | 6 |  |  | 30 |  |  | 36 |
Settlement expense |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 58 |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of pre-merger regulatory asset |  | — |  |  | — |  |  | — |  |  | 543 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | 6 |
Total periodic cost |  | $ | 207 |  |  | $ | 237 |  |  | $ | (276) |  |  | $ | 694 |  |  | $ | 63 |  |  | $ | 184 |  |  | $ | 3 |  |  | $ | 6 |  |  | $ | 36 |  |  | $ | 42 |
We expect to record immaterial pension and post-retirement benefit costs for 2020. The components of our net periodic costs have been recorded or reclassified to other expense, net in the condensed consolidated statements of income. Pursuant to a Florida PSC order, FPU continues to record, as a regulatory asset, a portion of the unrecognized 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 tables present 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 and nine months ended September 30, 2020 and 2019:
For the Three Months Ended September 30, 2020 |  | Chesapeake Pension Plan |  | FPU Pension Plan |  | Chesapeake SERP |  | Chesapeake Postretirement Plan |  | FPU Medical Plan |  | Total
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Prior service credit |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (19) |  |  | $ | — |  |  | $ | (19) |
Net loss |  | 65 |  |  | 135 |  |  | 5 |  |  | 12 |  |  | — |  |  | 217 |
Total recognized in net periodic benefit cost |  | 65 |  |  | 135 |  |  | 5 |  |  | (7) |  |  | — |  |  | 198 |
Recognized from accumulated other comprehensive loss/(gain) (1) |  | 65 |  |  | 26 |  |  | 5 |  |  | (7) |  |  | — |  |  | 89 |
Recognized from regulatory asset |  | — |  |  | 109 |  |  | — |  |  | — |  |  | — |  |  | 109 |
Total |  | $ | 65 |  |  | $ | 135 |  |  | $ | 5 |  |  | $ | (7) |  |  | $ | — |  |  | $ | 198 |
For the Three Months Ended September 30, 2019 |  | Chesapeake Pension Plan |  | FPU Pension Plan |  | Chesapeake SERP |  | Chesapeake Postretirement Plan |  | FPU Medical Plan |  | Total
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Prior service credit |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (19) |  |  | $ | — |  |  | $ | (19) |
Net loss |  | 101 |  |  | 128 |  |  | 17 |  |  | 11 |  |  | — |  |  | 257 |
Total recognized in net periodic benefit cost |  | 101 |  |  | 128 |  |  | 17 |  |  | (8) |  |  | — |  |  | 238 |
Recognized from accumulated other comprehensive loss/(gain) (1) |  | 101 |  |  | 24 |  |  | (93) |  |  | (8) |  |  | — |  |  | 24 |
Recognized from regulatory asset |  | — |  |  | 104 |  |  | — |  |  | — |  |  | — |  |  | 104 |
Total |  | $ | 101 |  |  | $ | 128 |  |  | $ | (93) |  |  | $ | (8) |  |  | $ | — |  |  | $ | 128 |
For the Nine Months Ended September 30, 2020 |  | Chesapeake Pension Plan |  | FPU Pension Plan |  | Chesapeake SERP |  | Chesapeake Postretirement Plan |  | FPU Medical Plan |  | Total
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Prior service credit |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (57) |  |  | $ | — |  |  | $ | (57) |
Net loss |  | 195 |  |  | 405 |  |  | 15 |  |  | 36 |  |  | — |  |  | 651 |
Total recognized in net periodic benefit cost |  | 195 |  |  | 405 |  |  | 15 |  |  | (21) |  |  | — |  |  | 594 |
Recognized from accumulated other comprehensive loss/(gain) (1) |  | 195 |  |  | 78 |  |  | 15 |  |  | (21) |  |  | — |  |  | 267 |
Recognized from regulatory asset |  | — |  |  | 327 |  |  | — |  |  | — |  |  | — |  |  | 327 |
Total |  | $ | 195 |  |  | $ | 405 |  |  | $ | 15 |  |  | $ | (21) |  |  | $ | — |  |  | $ | 594 |
For the Nine Months Ended September 30, 2019 |  | Chesapeake Pension Plan |  | FPU Pension Plan |  | Chesapeake SERP |  | Chesapeake Postretirement Plan |  | FPU Medical Plan |  | Total
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Prior service credit |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (58) |  |  | $ | — |  |  | $ | (58) |
Net loss |  | 304 |  |  | 386 |  |  | (42) |  |  | 35 |  |  | — |  |  | 683 |
Total recognized in net periodic benefit cost |  | 304 |  |  | 386 |  |  | (42) |  |  | (23) |  |  | — |  |  | 625 |
Recognized from accumulated other comprehensive loss/(gain) (1) |  | 304 |  |  | 73 |  |  | (42) |  |  | (23) |  |  | — |  |  | 312 |
Recognized from regulatory asset |  | — |  |  | 313 |  |  | — |  |  | — |  |  | — |  |  | 313 |
Total |  | $ | 304 |  |  | $ | 386 |  |  | $ | (42) |  |  | $ | (23) |  |  | $ | — |  |  | $ | 625 |
(1) See Note 9, Stockholders' Equity. During the three and nine months ended September 30, 2020, we contributed approximately $0.1 million and $0.3 million, respectively, to the Chesapeake Pension Plan and approximately $0.5 million and $2.6 million, respectively, to the FPU Pension Plan. We expect to contribute approximately $0.3 million and $3.2 million, respectively, to the Chesapeake Pension Plan and FPU Pension Plans during 2020, which represents the minimum annual contribution payments required. A provision in the CARES Act, which was passed by Congress and signed into law by President Trump in March 2020, authorized the deferral of 2020 pension contributions to January 1, 2021. Despite this authorization, we have not deferred, and do not expect to defer, any of our 2020 pension plan contributions to 2021. 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 nine months ended September 30, 2020 were immaterial and $0.1 million, respectively. We expect to pay total cash benefits of approximately $0.2 million under the Chesapeake SERP in 2020. Cash benefits paid under the Chesapeake Postretirement Plan, primarily for medical claims for the three and nine months ended September 30, 2020 were immaterial. We estimate that approximately $0.1 million will be paid for such benefits under the Chesapeake Postretirement Plan in 2020. Cash benefits paid under the FPU Medical Plan, primarily for medical claims for the three and nine months ended September 30, 2020, were immaterial. We estimate that approximately $0.1 million will be paid for such benefits under the FPU Medical Plan in 2020.

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