MDU RESOURCES GROUP INC
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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Sep 30, 2024 · Filed Nov 7, 2024
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. Employee benefit plans
Note 16 -Employee benefit plans
Pension and other postretirement plans
The Company has noncontributory qualified defined benefit pension plans and other postretirement benefit plans for certain eligible employees.
Components of net periodic benefit cost (credit) for the Company's pension benefit plans were as follows:
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| (In thousands) | ||||
| Components of net periodic benefit cost (credit): | ||||
| Interest cost | $3,200 | $3,380 | $9,600 | $10,140 |
| Expected return on assets | (4,028) | (4,299) | (12,084) | (12,897) |
| Amortization of net actuarial loss | 1,037 | 773 | 3,111 | 2,319 |
| Net periodic benefit cost (credit) | $209 | $(146) | $627 | $(438) |
Components of net periodic benefit credit for the Company's other postretirement benefit plans were as follows:
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| (In thousands) | ||||
| Components of net periodic benefit credit: | ||||
| Service cost | $126 | $131 | $378 | $405 |
| Interest cost | 459 | 489 | 1,377 | 1,467 |
| Expected return on assets | (1,329) | (1,334) | (3,987) | (4,026) |
| Amortization of prior service credit | (330) | (330) | (990) | (989) |
| Amortization of net actuarial gain | (72) | (96) | (216) | (408) |
| Net periodic benefit credit, including amount capitalized | (1,146) | (1,140) | (3,438) | (3,551) |
| Less amount capitalized | 25 | 23 | 72 | 76 |
| Net periodic benefit credit | $(1,171) | $(1,163) | $(3,510) | $(3,627) |
The components of net periodic benefit cost (credit), other than the service cost component, are included in Other income on the Consolidated Statements of Income. The service cost component is included in Operation and maintenance expense on the Consolidated Statements of Income.
Nonqualified defined benefit plans
In addition to the qualified defined benefit pension plans reflected in the table at the beginning of this note, the Company also has unfunded, nonqualified defined benefit plans for executive officers and certain key management employees. The Company's net periodic benefit cost for these plans was $733,000 and $759,000 for the three months ended September 30, 2024 and 2023, respectively, and $2.2 million and $2.3 million for the nine months ended September 30, 2024 and 2023, respectively. The components of net periodic benefit cost for these plans are included in Other income on the Consolidated Statements of Income.
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