v3.26.1
Pension Plan and Other Postretirement Benefits
 6 Months Ended
Jun. 30, 2026
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 of 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 $1.7 million and $3.3 million for the six months ended June 30, 2026 and 2025, respectively. No cash contributions were made by the Company to the other postretirement benefit plans for the six months ended June 30, 2026 and 2025. The Company estimates in 2026 that the annual contribution to the pension plans will be $2.7 million and no annual contribution will be made to the other postretirement plans.
The following tables list 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 PlanOther Benefits
 Three Months Ended June 30,
 2026202520262025
Service cost$5,782 $5,207 $1,331 $1,408 
Interest cost10,231 9,553 1,641 1,773 
Expected return on plan assets(14,275)(12,793)(3,680)(3,197)
Amortization of prior service cost131 131 39 39 
Recognized net actuarial loss (gain)
606 194 (962)(522)
Net periodic benefit cost (credit)$2,475 $2,292 $(1,631)$(499)
Pension PlanOther Benefits
 Six Months Ended June 30,
 2026202520262025
Service cost$11,564 $10,414 $2,661 $2,816 
Interest cost20,463 19,106 3,283 3,546 
Expected return on plan assets(28,551)(25,586)(7,359)(6,394)
Amortization of prior service cost262 262 78 78 
Recognized net actuarial loss (gain)
1,212 388 (1,925)(1,044)
Net periodic benefit cost (credit)$4,950 $4,584 $(3,262)$(998)

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 losses (gains) and are reported together as other components of net periodic benefit credit in other income and expenses within the unaudited Condensed Consolidated Statements of Operations.