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Employee Benefit Plans | 3 Months Ended
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Mar. 31, 2024
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, 2024 and 2023 were as follows:
|  | For The Three Months Ended March 31,
|  | Pension Benefits |  | Other Postretirement Benefits |  | SERP
(dollars in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Components of Net Periodic Benefits Cost: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 850 |  |  | $ | 846 |  |  | $ | 32 |  |  | $ | 33 |  |  | $ | 358 |  |  | $ | 312 |
Interest cost |  | 2,550 |  |  | 2,513 |  |  | 23 |  |  | 25 |  |  | 426 |  |  | 411 |
Expected return on plan assets |  | (3,009) |  |  | (2,623) |  |  | (142) |  |  | (120) |  |  | — |  |  | — |
Amortization of prior service cost |  | 108 |  |  | 108 |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of actuarial (gain) loss |  | — |  |  | — |  |  | (263) |  |  | (240) |  |  | (4) |  |  | (8) |
Net periodic benefits costs under accounting standards |  | 499 |  |  | 844 |  |  | (350) |  |  | (302) |  |  | 780 |  |  | 715 |
Regulatory adjustments - deferred |  | — |  |  | (92) |  |  | — |  |  | — |  |  | — |  |  | — |
Total expense (benefit) recognized, before surcharges and allocation to overhead pool |  | $ | 499 |  |  | $ | 752 |  |  | $ | (350) |  |  | $ | (302) |  |  | $ | 780 |  |  | $ | 715 |
In 2024, Registrant expects to contribute approximately $3.3 million to its pension plan. As authorized by the CPUC in the water and electric general rate case decisions, GSWC and BV ES 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. During the three months ended March 31, 2024, GSWC’s actual pension expense was lower than the amounts included in water customer rates by $134,000. During the three months ended March 31, 2023, GSWC’s actual pension expense was higher than the amounts included in water customer rates by $92,000. BVES’s actual expense was lower than the amounts included in electric customer rates for all periods presented. Over-collections are recorded as a reduction in revenues. As of March 31, 2024, GSWC and BVES had over-collections in their two-way pension balancing accounts of $1,231,000 and $368,000, respectively, that have been included as part of regulatory liabilities (Note 3).

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