Pension plans and other postretirement benefits

3 Months Ended

Mar. 31, 2023

Compensation And Retirement Disclosure [Abstract]

Pension plans and other postretirement benefits

7. Pension plans and other postretirement benefits

The Company provides defined benefit pension and other postretirement benefits (including health care and life insurance benefits) to qualified retired employees. Net periodic defined benefit cost for defined benefit plans consisted of the following:

	Pension Benefits						Other Postretirement Benefits
	Three Months Ended March 31
	2023			2022			2023			2022
	(In thousands)
Service cost	$	2,723		$	4,271		$	390		$	232
Interest cost on projected benefit obligation		28,835			16,267			744			355
Expected return on plan assets		(50,400	)		(37,150	)		—			—
Amortization of prior service cost (credit)		50			125			(525	)		(1,075	)
Amortization of net actuarial loss (gain)		(900	)		4,625			(650	)		(325	)
Net periodic cost (benefit)	$	(19,692	)	$	(11,862	)	$	(41	)	$	(813	)

7. Pension plans and other postretirement benefits, continued

Service cost is reflected in salaries and employee benefits expense in the consolidated statement of income. The other components of net periodic benefit cost are reflected in other costs of operations. Expenses incurred in connection with the Company's defined contribution pension and retirement savings plans totaled $44 million and $31 million for the three months ended March 31, 2023 and 2022, respectively.