Employee Benefit Plans

9 Months Ended

Sep. 30, 2020

Retirement Benefits [Abstract]

Employee Benefit Plans

Employee Benefit Plans

The components of net periodic benefit cost for the Company’s defined benefit and other post-retirement plans included the following: 

	Three months ended September 30,				Nine months ended September 30,
Components of Net Period Benefit Cost	2020		2019		2020		2019
	(in thousands)
Service cost	$	2,695	$	2,120	$	8,029	$	6,311
Other cost:
Interest cost	4,970		5,584		14,910		16,799
Expected return on plan assets	(6,293)		(5,487)		(18,865)		(16,452)
Recognized net actuarial loss	1,460		824		3,416		2,599
Total other components of the net periodic benefit cost	137		921		(539)		2,946
Curtailment loss	1,753		—		1,753		—
Special termination benefits	5,258		—		5,258		—
Net periodic benefit cost	$	9,843	$	3,041	$	14,501	$	9,257

Service costs are recorded within Wages and Benefits in the unaudited Consolidated Statements of Operations. Total other components of the net periodic benefit cost are recorded within the nonoperating income (expense), other, net line item in the unaudited Consolidated Statements of Operations. During the three and nine months ended September 30, 2020 and 2019, the Company was not required to, and did not make cash contributions to its defined benefit and other post-retirement plans. The Company is not required to make a cash contribution to its defined benefit plan for the remainder of 2020.

During the quarter ending September 30, 2020, the Company remeasured its postretirement healthcare obligation to account for retiree healthcare benefits provided to eligible participants under the Company's voluntary separation programs. As a result, the Company recorded $5.3 million in special termination benefits during the three and nine months ended September 30, 2020. The Company also recorded $1.8 million in curtailment loss during the three and nine months ended September 30, 2020.

As a result of its separation programs, the Company remeasured its postretirement plans using discount rates ranging between 2.48% and 2.81% based on the measurement date. The projected benefit obligation of the other postretirement plans increased by approximately $33.7 million and accumulated other comprehensive income gains decreased by approximately $14.3 million as a result of the plans' remeasurement.