Pension and Other Postretirement Employee Benefits

6 Months Ended

Jun. 30, 2023

Retirement Benefits, Description [Abstract]

Pension and Other Postretirement Employee Benefits

NOTE 11. PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS

The following table details the components of net periodic cost (benefit) of our pension plans and other postretirement employee benefits (OPEB):

	Three Months Ended June 30,
	Pension						OPEB
(in thousands)	2023			2022			2023			2022
Service cost	$	1,355		$	1,652		$	28		$	79
Interest cost		3,137			2,611			293			229
Expected return on plan assets		(3,025	)		(2,258	)		—			—
Amortization of prior service cost		11			18			—			156
Amortization of actuarial (gain) loss		(21	)		1,148			(166	)		(95	)
Total net periodic cost	$	1,457		$	3,171		$	155		$	369

	Six Months Ended June 30,
	Pension						OPEB
(in thousands)	2023			2022			2023			2022
Service cost	$	2,711		$	3,501		$	55		$	158
Interest cost		6,275			5,423			587			458
Expected return on plan assets		(6,053	)		(5,403	)		-			—
Amortization of prior service cost		22			36			-			312
Amortization of actuarial (gain) loss		(42	)		3,102			(332	)		(190	)
Net periodic cost before pension settlement charge		2,913			6,659			310			738
Pension settlement charge		—			14,165			—			—
Net periodic cost	$	2,913		$	20,824		$	310		$	738

During the six months ended June 30, 2023 and 2022, funding of pension and other postretirement employee benefit plans was $2.3 million and $2.3 million, respectively.

Pension Annuitization

In March 2022, we transferred $75.6 million of our qualified pension plan (the Plan) assets to an insurance company for the purchase of a group annuity contract. As a result of the transaction, the insurance company assumed responsibility for annuity administration and benefit payments to select retirees and terminated vested participants, with no change to participants' pension benefits. We recorded a non-cash pretax settlement charge of $14.2 million in non-operating expense, net, as a result of accelerating the recognition of actuarial losses included in Accumulated Other Comprehensive Income that would have been recognized in future periods. The settlement triggered a remeasurement of plan assets and liabilities.