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Pensions and Other Postretirement Benefit Plans
 6 Months Ended
Jun. 30, 2022
Retirement Benefits [Abstract]  
Pensions and Other Postretirement Benefit Plans Pensions and Other Postretirement Benefit Plans
The Company has defined benefit pension plans covering certain U.S. and non-U.S. employees. The Company also provides certain postretirement benefits to retired employees in the U.S. and Canada. The Company accrues the cost of providing these benefits during the active service period of the employees.
The composition of the net periodic benefit cost for the six months ended June 30, 2022 and 2021, was as follows:
Pension plans
Other postretirement benefits
(in thousands)
2022202120222021
Components of net periodic benefit cost:
Service cost
$708 $1,090 $57 $66 
Interest cost2,828 2,674 611 551 
Expected return on assets
(3,405)(3,211)— — 
Amortization of prior service cost/(credit)(1)7 (2,244)(2,244)
Amortization of net actuarial loss
997 1,087 941 1,130 
Net periodic benefit cost$1,127 $1,647 $(635)$(497)
The amount of net periodic benefit cost is determined at the beginning of each year and generally only varies from quarter to quarter when a significant event occurs, such as a curtailment or a settlement. There were no such events in the first six months of 2022 or 2021.
Service cost for defined benefit pension and postretirement plans are reported in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. Other components of net periodic benefit cost are included in the line item Other (income)/expense, net in the Consolidated Statements of Income.