Pension Plans and Other Postretirement Benefits

6 Months Ended

Jun. 30, 2020

Retirement Benefits [Abstract]

Pension Plans and Other Postretirement Benefits

Pension Plans and Other Postretirement Benefits:

The components of pension and postretirement benefits cost (credit) for the three-month and six-month periods ended June 30, 2020 and 2019 were as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Pension Benefits Cost (Credit):
Service cost	$	1,207	$	1,123	$	2,421	$	2,253
Interest cost	6,666		8,220		13,353		16,540
Expected return on assets	(10,028)		(9,445)		(20,091)		(18,897)
Amortization of prior service benefit	69		6		18		12
Total net pension benefits credit	$	(2,086)	$	(96)	$	(4,299)	$	(92)
Postretirement Benefits Cost:
Service cost	$	26	$	25	$	52	$	49
Interest cost	467		549		935		1,098
Total net postretirement benefits cost	$	493	$	574	$	987	$	1,147
Total net pension and postretirement benefits (credit) cost	$	(1,593)	$	478	$	(3,312)	$	1,055

All components of net benefit cost (credit), other than service cost, are included in Other (expenses) income, net on the consolidated statements of income.

During the three-month and six-month periods ended June 30, 2020, we made contributions of $2.1 million and $5.2 million, respectively, to our qualified and nonqualified pension plans. During the three-month and six-month periods ended June 30, 2019, we made contributions of $3.8 million and $6.5 million, respectively, to our qualified and nonqualified pension plans.

We paid $0.8 million and $1.5 million in premiums to the U.S. postretirement benefit plan during the three-month and six-month periods ended June 30, 2020, respectively. During the three-month and six-month periods ended June 30, 2019, we paid $0.4 million and $1.3 million, respectively, in premiums to the U.S. postretirement benefit plan.