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Pension Plan and Other Postretirement Benefits | 9 Months Ended
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Sep. 30, 2024
Retirement Benefits [Abstract] |
Pension Plan and Other Postretirement Benefits | Pension Plan and Other Postretirement Benefits The Company provides a qualified, defined-benefit, non-contributory pension plan for substantially all its employees. The Company makes annual contributions to fund amounts accrued for the qualified pension plan. The Company also maintains an unfunded, non-qualified SERP. The costs of the plans are charged to expense or are capitalized in utility plant as appropriate. The Company offers medical, dental, vision, and life insurance benefits for retirees and their spouses and dependents (other postretirement benefit plans). Participants are required to pay a premium, which offsets a portion of the cost. Cash contributions made by the Company to the pension plans were $0.4 million and $2.9 million for the nine months ended September 30, 2024 and 2023, respectively. No cash contributions were made by the Company to the other postretirement benefit plans for the nine months ended September 30, 2024. The Company made cash contributions of $0.2 million to the other postretirement benefit plans for the nine months ended September 30, 2023. The Company estimates in 2024 that the annual contribution to the pension plans will be $0.7 million and the annual contribution to the other postretirement plans will be $0.2 million. The following table lists components of net periodic benefit costs for the pension plans and other postretirement benefits. The data listed under “pension plan” includes the qualified pension plan and the non-qualified SERP. The data listed under “other benefits” is for all other postretirement benefit plans.
| Pension Plan |  | Other Benefits
| Three Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Service cost | $ | 5,648 |  |  | $ | 6,046 |  |  | $ | 1,521 |  |  | $ | 1,126 |
Interest cost | 8,880 |  |  | 8,746 |  |  | 1,684 |  |  | 1,297 |
Expected return on plan assets | (13,234) |  |  | (13,421) |  |  | (2,988) |  |  | (2,636) |
Amortization of prior service cost | 131 |  |  | 131 |  |  | 38 |  |  | 39 |
Recognized net actuarial (gain) loss | 189 |  |  | (637) |  |  | (196) |  |  | (581) |
Net periodic benefit cost (credit) | $ | 1,614 |  |  | $ | 865 |  |  | $ | 59 |  |  | $ | (755) |
|  | Pension Plan |  | Other Benefits
|  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
| Service cost | $ | 16,944 |  |  | $ | 18,137 |  |  | $ | 4,561 |  |  | $ | 3,379 |
| Interest cost | 26,642 |  |  | 26,238 |  |  | 5,052 |  |  | 3,892 |
| Expected return on plan assets | (39,706) |  |  | (40,263) |  |  | (8,962) |  |  | (7,907) |
| Amortization of prior service cost | 393 |  |  | 394 |  |  | 116 |  |  | 116 |
| Recognized net actuarial (gain) loss | 567 |  |  | (1,911) |  |  | (592) |  |  | (1,744) |
| Net periodic benefit cost (credit) | $ | 4,840 |  |  | $ | 2,595 |  |  | $ | 175 |  |  | $ | (2,264) |
The service cost portion of the pension plan and other postretirement benefit plans is recognized in administrative and general expenses within the unaudited Condensed Consolidated Statements of Operations. Other components of net periodic benefit costs include interest costs, expected return on plan assets, amortization of prior service costs, and recognized net actuarial loss and are reported together as other components of net periodic benefit cost in other income and expenses within the unaudited Condensed Consolidated Statements of Operations.

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