Pension Plans and Other Postretirement Benefits

9 Months Ended

Sep. 30, 2021

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, 2021 and 2020 were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Pension Benefits Cost (Credit):
Service cost	$	1,425	$	1,202	$	3,776	$	3,623
Interest cost	5,113		6,696		15,352		20,049
Expected return on assets	(10,893)		(10,065)		(32,687)		(30,156)
Amortization of prior service benefit	29		9		87		27
Total net pension benefits credit	$	(4,326)	$	(2,158)	$	(13,472)	$	(6,457)
Postretirement Benefits Cost:
Service cost	$	31	$	27	$	93	$	79
Interest cost	309		468		928		1,403
Total net postretirement benefits cost	$	340	$	495	$	1,021	$	1,482
Total net pension and postretirement benefits credit	$	(3,986)	$	(1,663)	$	(12,451)	$	(4,975)

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

During the three-month and nine-month periods ended September 30, 2021, we made contributions of $3.2 million and $22.1 million, respectively, to our qualified and nonqualified pension plans. 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.

We paid $0.7 million and $2.1 million, respectively, in premiums to the U.S. postretirement benefit plan during the three-month and nine-month periods ended September 30, 2021, respectively. During the three-month and nine-month periods ended September 30, 2020, we paid $0.9 million and $2.5 million, respectively, in premiums to the U.S. postretirement benefit plan.