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v3.25.1

Employee Benefit Plans | 3 Months Ended
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Mar. 31, 2025
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, 2025 and 2024 were as follows:
|  | For The Three Months Ended March 31,
|  | Pension Benefits |  | Other Postretirement Benefits |  | SERP
(dollars in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
Components of Net Periodic Benefits Cost: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 774 |  |  | $ | 850 |  |  | $ | 27 |  |  | $ | 32 |  |  | $ | 181 |  |  | $ | 358 |
Interest cost |  | 2,706 |  |  | 2,550 |  |  | 24 |  |  | 23 |  |  | 485 |  |  | 426 |
Expected return on plan assets |  | (3,183) |  |  | (3,009) |  |  | (161) |  |  | (142) |  |  | — |  |  | — |
Amortization of prior service cost |  | 108 |  |  | 108 |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of actuarial (gain) loss |  | — |  |  | — |  |  | (291) |  |  | (263) |  |  | — |  |  | (4) |
Net periodic benefits costs under accounting standards |  | 405 |  |  | 499 |  |  | (401) |  |  | (350) |  |  | 666 |  |  | 780 |
Total expense (benefit) recognized, before surcharges and allocation to overhead pool |  | $ | 405 |  |  | $ | 499 |  |  | $ | (401) |  |  | $ | (350) |  |  | $ | 666 |  |  | $ | 780 |
In 2025, Registrant expects to contribute approximately $3.4 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 months ended March 31, 2025 and 2024, GSWC’s actual pension expense was lower than the amounts included in water customer rates by $0.3 million and $0.1 million, respectively. As of March 31, 2025, GSWC has a $0.8 million over-collection in its two-way balancing account, which is included as part of regulatory liabilities (Note 3). BVES’s actual expense was lower than the amounts included in electric customer rates for all periods presented. As a result of receiving a final decision in its electric general rate case in the fourth quarter of 2024, BVES’s actual pension expense is nearly aligned with the amounts included in electric rates, resulting in an insignificant balance in their pension balancing account as of March 31, 2025.

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