Pension plans and other postretirement benefits

9 Months Ended

Sep. 30, 2014

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 September 30
	2014			2013			2014			2013
	(in thousands)
Service cost	$	5,130			6,090			151			186
Interest cost on projected benefit obligation		17,290			15,032			695			673
Expected return on plan assets		(22,892	)		(21,838	)		—			—
Amortization of prior service cost		(1,638	)		(1,639	)		(340	)		(340	)
Amortization of net actuarial loss		3,624			10,269			—			90
Net periodic benefit cost	$	1,514			7,914			506			609

	Pension benefits						Other postretirement benefits
	Nine months ended September 30
	2014			2013			2014			2013
	(in thousands)
Service cost	$	15,390			18,270			453			557
Interest cost on projected benefit obligation		51,871			45,097			2,084			2,018
Expected return on plan assets		(68,676	)		(65,515	)		—			—
Amortization of prior service cost		(4,914	)		(4,917	)		(1,019	)		(1,019	)
Amortization of net actuarial loss		10,871			30,807			—			270
Net periodic benefit cost	$	4,542			23,742			1,518			1,826

Expense incurred in connection with the Company’s defined contribution pension and retirement savings plans totaled $13,558,000 and $12,440,000 for the three months ended September 30, 2014 and 2013, respectively, and $41,963,000 and $40,757,000 for the nine months ended September 30, 2014 and 2013, respectively.