Pension and postretirement benefits

9 Months Ended

Sep. 30, 2019

Compensation And Retirement Disclosure [Abstract]

Pension and postretirement benefits

Note 31 – Pension and postretirement benefits

The Corporation has a non-contributory defined benefit pension plan and supplementary pension benefit restoration plans for regular employees of certain of its subsidiaries (the “Pension Plans”). The accrual of benefits under the Pension Plans is frozen to all participants. The Corporation also provides certain postretirement health care benefits for retired employees of certain subsidiaries (the “OPEB Plan”)

The components of net periodic cost for the Pension Plans and the OPEB Plan for the periods presented were as follows:

		Pension Plans				OPEB Plan
		Quarters ended September 30,				Quarters ended September 30,
(In thousands)		2019		2018		2019		2018
Personnel Cost:
Service cost	$	-	$	-	$	190	$	257
Other operating expenses:
Interest cost		7,109		6,373		1,489		1,390
Expected return on plan assets		(8,096)		(10,060)		-		-
Amortization of prior service cost/(credit)		-		-		-		(868)
Amortization of net loss		5,877		5,065		-		321
Total net periodic pension cost	$	4,890	$	1,378	$	1,679	$	1,100

		Pension Plans				OPEB Plan
		Nine months ended September 30,				Nine months ended September 30,
(In thousands)		2019		2018		2019		2018
Personnel Cost:
Service cost	$	-	$	-	$	570	$	771
Other operating expenses:
Interest cost		21,329		19,119		4,466		4,171
Expected return on plan assets		(24,288)		(30,180)		-		-
Amortization prior service cost/(credit)		-		-		-		(2,603)
Amortization of net loss		17,629		15,195		-		962
Total net periodic pension cost	$	14,670	$	4,134	$	5,036	$	3,301

The Corporation paid the following contributions to the plans during the quarter ended September 30, 2019 and expects to pay the following contributions for the year ending December 31, 2019.

	For the quarters ended		For the year ending
(In thousands)	30-Sep-19		31-Dec-19
Pension Plans	$	20,057	$	20,229
OPEB Plan	$	1,472	$	8,128