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Employee Benefit Plans
 9 Months Ended
Sep. 30, 2024
Employee Benefit Plans [Abstract]  
Employee Benefit Plans

Note 8 – Employee Benefit Plans

 

Pension Benefits – The Company’s defined benefit pension plan (Pension Plan) covers all active employees hired prior to April 1, 2007. Employees hired after March 31, 2007 are not eligible to participate in this plan, but do participate in a defined contribution plan that provides for a potential annual contribution in an amount at the discretion of the Company, based upon a percentage of the participants’ annual paid compensation. For the three month period ended September 30, 2024, the Company did not make cash contributions to the Pension Plan. For the nine month period ended September 30, 2024, the Company contributed $2.0 million to the Pension Plan. For the three and nine month periods ended September 30, 2023, the Company did not make cash contributions to the Pension Plan. The Company does not expect to make any additional cash contributions to the Pension Plan over the remainder of the current year.

 

Other Postretirement Benefits – The Company’s retirement plan other than pensions (Other Benefits Plan) covers substantially all currently eligible retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. For each of the nine month periods ended September 30, 2024 and 2023, the Company did not make cash contributions to its Other Benefits Plan. The Company expects to make additional Other Benefits Plan cash contributions of $0.9 million over the remainder of the current year.

 

The following tables set forth information relating to the Company’s periodic costs (benefit) for its employee retirement benefit plans: 

 

   (In Thousands) 
   Pension Benefits   Other Benefits 
   Three Months Ended September 30, 
   2024   2023   2024   2023 
                 
Service Cost  $318   $388   $80   $98 
Interest Cost   1,070    1,067    328    402 
Expected Return on Assets   (1,580)   (1,466)   (846)   (771)
Amortization of Unrecognized Losses   38    164    (275)   (48)
Net Periodic (Benefit) Cost*  $(154)  $153   $(713)  $(319)

 

   (In Thousands) 
   Pension Benefits   Other Benefits 
   Nine Months Ended September 30, 
   2024   2023   2024   2023 
Service Cost  $953   $1,163   $240   $293 
Interest Cost   3,210    3,202    985    1,206 
Expected Return on Assets   (4,741)   (4,399)   (2,538)   (2,312)
Amortization of Unrecognized Losses   114    493    (824)   (143)
Net Periodic (Benefit) Cost*  $(464)  $459   $(2,137)  $(956)

 

*Service cost is included Operations and Maintenance expense on the consolidated statements of income; all other amounts are included in Other Income (Expense), net.