v3.26.1
Employee Benefit Plans
 3 Months Ended
Mar. 31, 2026
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, 2026 and 2025 were as follows:
For The Three Months Ended March 31,
Pension BenefitsOther
Postretirement
Benefits		SERP
(dollars in thousands)202620252026202520262025
Components of Net Periodic Benefits Cost:
Service cost$752 $774 $27 $27 $202 $181 
Interest cost2,713 2,706 19 24 506 485 
Expected return on plan assets(3,554)(3,183)(179)(161)— — 
Amortization of prior service cost109 108 — — — — 
Amortization of actuarial (gain) loss(481)— (71)(291)— — 
Net periodic benefits costs under accounting standards$(461)$405 $(204)$(401)$708 $666 
Registrant's contribution to its pension plan in 2026 is not expected to be significant given its current funded status. Registrant’s policy is to fund the plans annually at a level which is deductible for income tax purposes and is consistent with amounts recovered in customer rates while also complying with ERISA’s funding requirements.
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, 2026 and 2025, GSWC’s actual pension expense was lower than the amounts included in water customer rates by $0.9 million and $0.3 million during the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, GSWC has a $3.0 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, 2026.