XML 27 R14.htm IDEA: XBRL DOCUMENT v3.24.3
Employee Benefit Plans
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2024 and 2023 were as follows:
For The Three Months Ended September 30,
 Pension BenefitsOther
Postretirement
Benefits		SERP
(dollars in thousands)202420232024202320242023
Components of Net Periodic Benefits Cost:      
Service cost$792 $705 $32 $33 $358 $312 
Interest cost2,580 2,581 25 26 426 411 
Expected return on plan assets(3,004)(2,617)(142)(119)— — 
Amortization of prior service cost 109 110 — — — — 
Amortization of actuarial (gain) loss— — (278)(242)(4)(8)
Net periodic benefits costs under accounting standards477 779 (363)(302)780 715 
Regulatory adjustments - deferred— (27)— — — — 
Total expense (benefit) recognized, before surcharges and allocation to overhead pool$477 $752 $(363)$(302)$780 $715 
For The Nine Months Ended September 30,
Pension BenefitsOther
Postretirement
Benefits		SERP
(dollars in thousands)202420232024202320242023
Components of Net Periodic Benefits Cost:
Service cost$2,492 $2,397 $96 $99 $1,074 $936 
Interest cost7,680 7,607 74 77 1,278 1,233 
Expected return on plan assets(9,022)(7,863)(426)(358)— — 
Amortization of prior service cost326 326 — — — — 
Amortization of actuarial (gain) loss— — (834)(724)(11)(24)
Net periodic benefits costs under accounting standards1,476 2,467 (1,090)(906)2,341 2,145 
Regulatory adjustments - deferred— (211)— — — — 
Total expense (benefit) recognized, before surcharges and allocation to overhead pool$1,476 $2,256 $(1,090)$(906)$2,341 $2,145 
In September 2024, Registrant contributed approximately $2.9 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. During the three and nine
months ended September 30, 2024, GSWC’s actual pension expense was lower than the amounts included in water customer rates by $0.1 million and $0.4 million, respectively. During the nine months ended September 30, 2023, GSWC’s actual pension expense was higher than the amounts included in water customer rates by $0.2 million, and was not materially higher than the amounts included in water customer rates for the three months ended September 30, 2023. 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 September 30, 2024, GSWC and BVES had over-collections in their two-way pension balancing accounts of $1.5 million and $0.6 million, respectively, and have been included as part of regulatory liabilities (Note 3).