Pension Plans and Other Postretirement Benefits

9 Months Ended

Sep. 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 nine-month periods ended September 30, 2020 and 2019 were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Pension Benefits Cost (Credit):
Service cost	$	1,202	$	1,118	$	3,623	$	3,371
Interest cost	6,696		8,314		20,049		24,854
Expected return on assets	(10,065)		(9,414)		(30,156)		(28,311)
Amortization of prior service benefit	9		(5)		27		7
Total net pension benefits (credit) cost	$	(2,158)	$	13	$	(6,457)	$	(79)
Postretirement Benefits Cost:
Service cost	$	27	$	24	$	79	$	73
Interest cost	468		549		1,403		1,647
Total net postretirement benefits cost	$	495	$	573	$	1,482	$	1,720
Total net pension and postretirement benefits (credit) cost	$	(1,663)	$	586	$	(4,975)	$	1,641

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

During the three-month and nine-month periods ended September 30, 2020, we made contributions of $2.7 million and $7.9 million, respectively, to our qualified and nonqualified pension plans. During the three-month and nine-month periods ended September 30, 2019, we made contributions of $2.1 million and $8.6 million, respectively, to our qualified and nonqualified pension plans.

We paid $0.9 million and $2.5 million in premiums to the U.S. postretirement benefit plan during the three-month and nine-month periods ended September 30, 2020, respectively. During the three-month and nine-month periods ended September 30, 2019, we paid $0.8 million and $2.1 million, respectively, in premiums to the U.S. postretirement benefit plan.