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Employee Benefit Plans
 6 Months Ended
Jun. 30, 2025
Employee Benefit Plans [Abstract]  
Employee Benefit Plans

Note 8 – Employee Benefit Plans

 

Pension Benefits – The Company’s 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 can participate in a defined contribution profit sharing plan that provides an annual contribution at the discretion of the Company, based upon a percentage of the participants’ annual paid compensation. For each of the three-month periods ended June 30, 2025 and 2024, the Company did not make cash contributions to the Pension Plan. The Company expects to make cash contributions of approximately $0.9 million over the remainder of the current year.

 

Other Benefits – The Company’s Other Benefits Plan covers substantially all of its current 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 three-month periods ended June 30, 2025 and 2024, the Company did not make cash contributions to its Other Benefits Plan. The Company expects to make additional Other Benefits Plan cash contributions of $1.0 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 June 30,
   2025  2024  2025  2024
             
Service Cost  $242   $318   $85   $80 
Interest Cost   1,159    1,070    430    328 
Expected Return on Assets   (1,687)   (1,580)   (928)   (846)
Amortization of Unrecognized Losses (Gains)   12    38    (153)   (275)
Net Periodic Benefit*  $(274)  $(154)  $(566)  $(713)

 

   (In Thousands)
   Pension Benefits  Other Benefits
   Six Months Ended June 30,
   2025  2024  2025  2024
             
Service Cost  $483   $635   $170   $160 
Interest Cost   2,318    2,140    860    657 
Expected Return on Assets   (3,374)   (3,161)   (1,856)   (1,692)
Amortization of Unrecognized Losses (Gains)   25    76    (307)   (549)
Net Periodic Benefit*  $(548)  $(310)  $(1,133)  $(1,424)

 

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