XML 27 R14.htm IDEA: XBRL DOCUMENT v3.19.2
Employee Benefit Plans
 6 Months Ended
Jun. 30, 2019
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
The components of net periodic benefit costs for Registrant’s pension plan, postretirement plan and SERP for the three and six months ended June 30, 2019 and 2018 were as follows:
 
 
For The Three Months Ended June 30,
 
 
Pension Benefits
 
Other
Postretirement
Benefits
 
SERP
(dollars in thousands)
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Components of Net Periodic Benefits Cost:
 
 

 
 

 
 

 
 

 
 

 
 

Service cost
 
$
986

 
$
1,269

 
$
53

 
$
57

 
$
298

 
$
274

Interest cost
 
2,133

 
1,903

 
80

 
72

 
267

 
222

Expected return on plan assets
 
(2,595
)
 
(2,795
)
 
(112
)
 
(123
)
 
—

 
—

Amortization of prior service cost
 
109

 
—

 
—

 
—

 
—

 
—

Amortization of actuarial (gain) loss
 
351

 
283

 
(150
)
 
(182
)
 
118

 
262

Net periodic benefits costs under accounting standards
 
984

 
660

 
(129
)
 
(176
)
 
683

 
758

Regulatory adjustment - deferred
 
(342
)
 
—

 
—

 
—

 
—

 
—

Total expense recognized, before surcharges and allocation to overhead pool
 
$
642

 
$
660

 
$
(129
)
 
$
(176
)
 
$
683

 
$
758

 
 
For The Six Months Ended June 30,
 
 
Pension Benefits
 
Other
Postretirement
Benefits
 
SERP
(dollars in thousands)
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Components of Net Periodic Benefits Cost:
 
 

 
 

 
 

 
 

 
 

 
 

Service cost
 
$
2,220

 
$
2,670

 
$
106

 
$
114

 
$
596

 
$
548

Interest cost
 
4,264

 
3,824

 
160

 
144

 
534

 
444

Expected return on plan assets
 
(5,188
)
 
(5,586
)
 
(224
)
 
(246
)
 
—

 
—

Amortization of prior service cost
 
218

 
—

 
—

 
—

 
—

 
—

Amortization of actuarial (gain) loss
 
710

 
628

 
(300
)
 
(364
)
 
236

 
524

Net periodic benefits costs under accounting standards
 
2,224

 
1,536

 
(258
)
 
(352
)
 
1,366

 
1,516

Regulatory adjustment - deferred
 
(342
)
 
—

 
—

 
—

 
—

 
—

Total expense recognized, before surcharges and allocation to overhead pool
 
$
1,882

 
$
1,536

 
$
(258
)
 
$
(352
)
 
$
1,366

 
$
1,516


Registrant expects to contribute, at least, approximately $3.9 million to its pension plan during 2019.
As authorized by the CPUC in the water and electric general rate case decisions, GSWC utilizes two-way balancing accounts for its water and electric regions and the general office to track differences between the forecasted annual pension expenses in rates, or expected to be in rates, and the actual annual expense recorded by GSWC in accordance with the accounting guidance for pension costs.  As of June 30, 2019, GSWC had a total of $2.9 million over-collection in the two-way pension balancing accounts included as part of the pension regulatory asset (Note 3).