Pension plans and other postretirement benefits

3 Months Ended

Mar. 31, 2021

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
	2021			2020			2021			2020
	(In thousands)
Service cost	$	5,023			4,714			248		223
Interest cost on projected benefit obligation		15,434			17,886			327			419
Expected return on plan assets		(35,950	)		(31,475	)		—			—
Amortization of prior service cost (credit)		125			125			(1,175	)		(1,175	)
Amortization of net actuarial loss (gain)		22,150			13,950			(300	)		(300	)
Net periodic cost (benefit)	$	6,782			5,200			(900	)		(833	)

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 $33 million and $27 million for the three months ended March 31, 2021 and 2020, respectively, and are included in salaries and employee benefits expense.