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Employee Benefit Plans | 3 Months Ended
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Mar. 31, 2022
Retirement Benefits [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, 2022 and 2021 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 March 31, |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  | $ | — |  |  | $ | 34 |  |  | $ | 449 |  |  | $ | 429 |  |  | $ | 13 |  |  | $ | 12 |  |  | $ | 6 |  |  | $ | 6 |  |  | $ | 6 |  |  | $ | 6 |
Expected return on plan assets |  | — |  |  | (40) |  |  | (857) |  |  | (830) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of prior service credit |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (19) |  |  | (19) |  |  | — |  |  | — |
Amortization of net (gain) loss |  | — |  |  | 60 |  |  | 124 |  |  | 155 |  |  | 7 |  |  | 7 |  |  | 12 |  |  | 8 |  |  | — |  |  | (2) |
Total periodic cost (benefit) |  | $ | — |  |  | $ | 54 |  |  | $ | (284) |  |  | $ | (246) |  |  | $ | 20 |  |  | $ | 19 |  |  | $ | (1) |  |  | $ | (5) |  |  | $ | 6 |  |  | $ | 4 |
In 2019, we began executing a de-risking strategy for the Chesapeake Pension Plan. In line with this strategy, we fully terminated the Chesapeake Pension Plan during the fourth quarter of 2021, and as of December 31, 2021, there were no remaining assets in the Chesapeake Pension Plan. Accordingly, a portion of the pension settlement expense associated with the termination was allocated to our Regulated Energy operations and was recorded as regulatory assets, previously approved in all of the impacted jurisdictions. The remaining portion of the pension settlement expense totaling $0.6 million was recorded in other expense in our consolidated statement of income in the fourth quarter 2021 which reflected the amount allocated to our Unregulated Energy operations or was deemed not recoverable through the regulatory process. 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 their respective regulatory orders, FPU and Chesapeake Utilities continue to record, as a regulatory asset, a portion of their unrecognized postretirement benefit costs related to their regulated operations. 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 income. The following tables present the amounts included in the regulatory asset and accumulated other comprehensive income that were recognized as components of net periodic benefit cost during the three months ended March 31, 2022 and 2021:
For the Three Months Ended March 31, 2022 |  | Chesapeake Pension Plan |  | FPU Pension Plan |  | Chesapeake SERP |  | Chesapeake Postretirement Plan |  | FPU Medical Plan |  | Total
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Prior service credit |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (19) |  |  | $ | — |  |  | $ | (19) |
Net loss |  | — |  |  | 124 |  |  | 7 |  |  | 12 |  |  | — |  |  | 143 |
Total recognized in net periodic benefit cost |  | — |  |  | 124 |  |  | 7 |  |  | (7) |  |  | — |  |  | 124 |
Recognized from accumulated other comprehensive (income)/loss (1) |  | — |  |  | 24 |  |  | 7 |  |  | (7) |  |  | — |  |  | 24 |
Recognized from regulatory asset |  | — |  |  | 100 |  |  | — |  |  | — |  |  | — |  |  | 100 |
Total |  | $ | — |  |  | $ | 124 |  |  | $ | 7 |  |  | $ | (7) |  |  | $ | — |  |  | $ | 124 |
For the Three Months Ended March 31, 2021 |  | Chesapeake Pension Plan |  | FPU Pension Plan |  | Chesapeake SERP |  | Chesapeake Postretirement Plan |  | FPU Medical Plan |  | Total
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Prior service credit |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (19) |  |  | $ | — |  |  | $ | (19) |
Net loss |  | 60 |  |  | 155 |  |  | 7 |  |  | 8 |  |  | (2) |  |  | 228 |
Total recognized in net periodic benefit cost |  | 60 |  |  | 155 |  |  | 7 |  |  | (11) |  |  | (2) |  |  | 209 |
Recognized from accumulated other comprehensive (income)/loss (1) |  | 60 |  |  | 29 |  |  | 7 |  |  | (11) |  |  | — |  |  | 85 |
Recognized from regulatory asset |  | — |  |  | 126 |  |  | — |  |  | — |  |  | (2) |  |  | 124 |
Total |  | $ | 60 |  |  | $ | 155 |  |  | $ | 7 |  |  | $ | (11) |  |  | $ | (2) |  |  | $ | 209 |
(1) See Note 9, Stockholders' Equity. During the three months ended March 31, 2022, we did not contribute to the FPU Pension Plan. We expect to contribute approximately $0.3 million to the FPU Pension Plan during 2022, which represents 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, 2022 were immaterial. We expect to pay total cash benefits of approximately $0.2 million under the Chesapeake SERP in 2022. Cash benefits paid under the Chesapeake Postretirement Plan, primarily for medical claims for the three months ended March 31, 2022 were $0.1 million. We estimate that approximately $0.1 million will be paid for such benefits under the Chesapeake Postretirement Plan in 2022. Cash benefits paid under the FPU Medical Plan, primarily for medical claims for the three months ended March 31, 2022, were immaterial. We estimate that approximately $0.1 million will be paid for such benefits under the FPU Medical Plan in 2022.

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