Pension plans and other postretirement benefits

9 Months Ended

Sep. 30, 2020

Compensation And Retirement Disclosure [Abstract]

Pension plans and other postretirement benefits

6. 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
	2020			2019			2020			2019
	(In thousands)
Service cost	$	4,986			4,324			242		215
Interest cost on projected benefit obligation		17,855			20,394			436			586
Expected return on plan assets		(31,378	)		(30,534	)		—			—
Amortization of prior service cost (credit)		125			139			(1,175	)		(1,182	)
Amortization of net actuarial loss (gain)		13,950			5,498			(300	)		(312	)
Net periodic cost (benefit)	$	5,538			(179	)		(797	)		(693	)
	Pension Benefits						Other Postretirement Benefits
	Nine Months Ended September 30
	2020			2019			2020			2019
	(In thousands)
Service cost	$	14,958			12,970			727			644
Interest cost on projected benefit obligation		53,565			61,184			1,306			1,758
Expected return on plan assets		(94,134	)		(91,604	)		—			—
Amortization of prior service cost (credit)		404			418			(3,544	)		(3,547	)
Amortization of net actuarial loss (gain)		42,998			16,494			(918	)		(935	)
Net periodic cost (benefit)	$	17,791			(538	)		(2,429	)		(2,080	)

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 $23 million and $21 million for the three months ended September 30, 2020 and 2019, respectively, and $73 million and $61 million for the nine months ended September 30, 2020 and 2019, respectively, and are included in salaries and employee benefits expense.