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v3.23.1

Employee Benefit Plans | 3 Months Ended
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Mar. 31, 2023
Retirement Benefits [Abstract] |
Employee Benefit Plans | Employee Benefit Plans The components of net periodic benefit costs for Registrant’s pension plan, postretirement medical benefit plan and SERP for the three months ended March 31, 2023 and 2022 were as follows:
|  | For The Three Months Ended March 31,
|  | Pension Benefits |  | Other Postretirement Benefits |  | SERP
(dollars in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Components of Net Periodic Benefits Cost: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 846 |  |  | $ | 1,480 |  |  | $ | 33 |  |  | $ | 33 |  |  | $ | 312 |  |  | $ | 298 |
Interest cost |  | 2,513 |  |  | 1,844 |  |  | 25 |  |  | 16 |  |  | 411 |  |  | 256 |
Expected return on plan assets |  | (2,623) |  |  | (3,292) |  |  | (120) |  |  | (147) |  |  | — |  |  | — |
Amortization of prior service cost |  | 108 |  |  | 109 |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of actuarial (gain) loss |  | — |  |  | — |  |  | (240) |  |  | (412) |  |  | (8) |  |  | 145 |
Net periodic benefits costs under accounting standards |  | 844 |  |  | 141 |  |  | (302) |  |  | (510) |  |  | 715 |  |  | 699 |
Regulatory adjustment - deferred cost |  | (92) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total expense (benefit) recognized, before surcharges and allocation to overhead pool |  | $ | 752 |  |  | $ | 141 |  |  | $ | (302) |  |  | $ | (510) |  |  | $ | 715 |  |  | $ | 699 |
In 2023, Registrant expects to contribute approximately $3.0 million to its pension plan. As authorized by the CPUC in the water and electric general rate case decisions, GSWC and BVES each utilize two-way balancing accounts to track differences between the forecasted annual pension expenses in rates, or expected to be in rates, and the actual annual expense recorded in accordance with the accounting guidance for pension costs. GSWC’s actual pension expense was higher than the amounts included in water customer rates by $92,000 for the three months ended March 31, 2023. During the three months ended March 31, 2022, GSWC’s actual pension expense was lower than the amounts included in water customer rates. BVES’s actual expense was lower than the amounts included in electric customer rates for all periods presented. As of March 31, 2023, GSWC and BVES had net over-collections i n their two-way pension balancing accounts of $1,227,000 and $574,000, respectively, included as part of regulatory assets and liabilities (Note 3).

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