Employee Benefit Plans

9 Months Ended

Sep. 30, 2023

Employee Benefit Plans

Employee Benefit Plans

13. Employee Benefit Plans

The following table details the components of pension benefit credit:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(In thousands)
Interest cost(1)	$	1,023	$	1,486	$	4,090	$	3,673
Expected return on plan assets(1)		(1,012)		(1,557)		(4,048)		(4,422)
Pension settlement(1)		(3,986)		(201)		(3,986)		(615)
Amortization of prior service credits (1)		(25)		(38)		(98)		(111)
Amortization of other actuarial (gains) (1)		(129)		(101)		(519)		(134)
Net benefit credit	$	(4,129)	$	(411)	$	(4,561)	$	(1,609)

The following table details the components of other postretirement benefit credit:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(In thousands)
Service cost	$	58	$	71	$	173	$	212
Interest cost(1)		674		501		2,021		1,504
Amortization of other actuarial gains (1)		(2,422)		(627)		(7,267)		(1,881)
Net benefit credit	$	(1,690)	$	(55)	$	(5,073)	$	(165)

(1) In accordance with the adoption of ASU 2017-07, “Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” these costs are recorded within Nonoperating expenses in the Condensed Consolidated Income Statements on the line item “Non-service related pension and postretirement benefit credits (costs).”

In February 2022, the Board of Directors approved the termination of the Company’s Cash Balance Pension Plan.  The Company has executed plan amendments regarding the termination and filed an Application for Determination for Terminating Pension Plan with the Internal Revenue Service (“IRS”), which was approved by the IRS during the first quarter of 2023.  The Company also prepared and filed appropriate notices and documents related to the Pension Plan's termination and wind-down with the Pension Benefit Guaranty Corporation (“PBGC”). To complete the termination of the plan, the Company made a $3.2 million cash contribution into the plan in order to complete lump sum payments and to purchase annuity contracts for plan participants.  A gain of $4.0 million was recognized on the plan termination, which is reflected in the Condensed Consolidated Incomes Statements line item “Non-service related pension and postretirement benefits credits (costs)”. The Company no longer administers or pays the retirement benefits of the Company’s Cash Balance Pension Plan going forward.