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Note 13 - Employee Benefit Plans | 3 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Retirement Benefits [Text Block] |
13. | Employee Benefit Plans
The Company has both a pension plan and a postretirement plan. The pension plan covers the Company’s employees hired before January 1, 2017 and provides a retirement benefit based on years of service and employee compensation. The postretirement plan, covering employees hired before January 1, 2000, provides certain health care and supplemental life insurance benefits to retired employees who meet specific age and service requirements. Net pension plan and postretirement plan expense is detailed as follows:
|  | Three Months Ended December 31, |
|  | 2023 |  |  | 2022 |
Components of net periodic pension cost: |  |  |  |  |  |  |  |
Service cost |  | $ | 81,066 |  |  | $ | 91,635 |
Interest cost |  |  | 367,206 |  |  |  | 343,025 |
Expected return on plan assets |  |  | (294,958 | ) |  |  | (308,149 | )
Recognized loss |  |  | 79,132 |  |  |  | 79,181 |
Net periodic pension cost |  | $ | 232,446 |  |  | $ | 205,692 |
|  | Three Months Ended December 31, |
|  | 2023 |  |  | 2022 |
Components of postretirement benefit cost: |  |  |  |  |  |  |  |
Service cost |  | $ | 7,599 |  |  | $ | 11,475 |
Interest cost |  |  | 153,369 |  |  |  | 155,156 |
Expected return on plan assets |  |  | (133,311 | ) |  |  | (116,012 | )
Recognized gain |  |  | (10,149 | ) |  |  | — |
Net postretirement benefit cost |  | $ | 17,508 |  |  | $ | 50,619 |
The components of net periodic benefit cost, excluding the service cost component, are included in other income, net in the condensed consolidated statements of income. Service cost is included in operations and maintenance expense in the condensed consolidated statements of income. For the three-month period ended December 31, 2023, no funding contributions were made to the pension plan or postretirement plan. The Company is not currently planning to make any funding contributions to either plan for the remainder of fiscal 2024.

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