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Pension and Postretirement Benefit Obligations
 9 Months Ended
Sep. 30, 2022
Retirement Benefits [Abstract]  
Pension and Postretirement Benefit Obligations Pension and Postretirement Benefit Obligations
Pension Plans

There are two Company-sponsored pension plans. The primary Company-sponsored pension plan (the “Primary Plan”) was frozen as of June 30, 2006 and no benefits accrued to participants after that date. The second Company-sponsored pension plan (the “Bargaining Plan”) is for certain employees under collective bargaining agreements. Benefits under the Bargaining Plan are determined in accordance with negotiated formulas for the respective participants. Contributions to the plans are based on actuarially determined amounts and are limited to the amounts currently deductible for income tax purposes.

The components of net periodic pension cost were as follows:

Third QuarterFirst Nine Months
(in thousands)2022202120222021
Service cost$1,860 $1,863 $5,581 $5,589 
Interest cost2,659 2,452 7,977 7,360 
Expected return on plan assets(2,036)(3,250)(6,107)(9,748)
Recognized net actuarial loss989 1,219 2,966 3,654 
Amortization of prior service cost— 1 — 2 
Net periodic pension cost$3,472 $2,285 $10,417 $6,857 

The Company contributed $26.0 million to the two Company-sponsored pension plans during the first nine months of 2022 and does not anticipate making additional contributions during the fourth quarter of 2022.

During the first nine months of 2022, the Company began the process of terminating the Primary Plan. During 2023, the Company expects to offer a lump sum benefit payout option to certain plan participants prior to completing the purchase of group annuity contracts that will transfer the pension benefit obligation to an insurance company.

Postretirement Benefits

The Company provides postretirement benefits for employees meeting specified criteria. The Company recognizes the cost of postretirement benefits, which consist principally of medical benefits, during employees’ periods of active service. The Company does not prefund these benefits and has the right to modify or terminate certain of these benefits in the future.
The components of net periodic postretirement benefit cost were as follows:

Third QuarterFirst Nine Months
(in thousands)2022202120222021
Service cost$383 $403 $1,150 $1,209 
Interest cost474 447 1,423 1,342 
Recognized net actuarial loss92 186 275 557 
Net periodic postretirement benefit cost$949 $1,036 $2,848 $3,108