Pension and Other Postretirement Employee Benefits

9 Months Ended

Sep. 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 September 30,
	Pension						OPEB
(in thousands)	2023			2022			2023			2022
Service cost	$	1,355		$	1,652		$	27		$	79
Interest cost		3,139			2,611			294			228
Expected return on plan assets		(3,028	)		(2,259	)		—			—
Amortization of prior service cost		10			19			—			155
Amortization of actuarial (gain) loss		(21	)		1,150			(166	)		(96	)
Total net periodic cost	$	1,455		$	3,173		$	155		$	366

	Nine Months Ended September 30,
	Pension						OPEB
(in thousands)	2023			2022			2023			2022
Service cost	$	4,066		$	5,153		$	82		$	237
Interest cost		9,414			8,034			881			686
Expected return on plan assets		(9,081	)		(7,662	)		—			—
Amortization of prior service cost		32			55			—			467
Amortization of actuarial (gain) loss		(63	)		4,252			(498	)		(286	)
Net periodic cost before pension settlement charge		4,368			9,832			465			1,104
Pension settlement charge		—			14,165			—			—
Net periodic cost	$	4,368		$	23,997		$	465		$	1,104

During the nine months ended September 30, 2023 and 2022, funding of pension and other postretirement employee benefit plans was $2.2 million and $3.3 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.