Pension Plans and Other Postretirement Benefits

9 Months Ended

Sep. 30, 2022

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, 2022 and 2021 were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Pension Benefits Cost (Credit):
Service cost	$	959	$	1,425	$	2,914	$	3,776
Interest cost	5,530		5,113		16,703		15,352
Expected return on assets	(10,884)		(10,893)		(33,028)		(32,687)
Amortization of prior service benefit	21		29		68		87
Total net pension benefits credit	$	(4,374)	$	(4,326)	$	(13,343)	$	(13,472)
Postretirement Benefits Cost:
Service cost	$	21	$	31	$	64	$	93
Interest cost	327		309		980		928
Total net postretirement benefits cost	$	348	$	340	$	1,044	$	1,021
Total net pension and postretirement benefits credit	$	(4,026)	$	(3,986)	$	(12,299)	$	(12,451)

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

During the three-month and nine-month periods ended September 30, 2022, the Company made contributions of $2.5 million and $8.9 million, respectively, to its qualified and nonqualified pension plans. During the three-month and nine-month periods ended September 30, 2021, the Company made contributions of $3.2 million and $22.1 million, respectively, to its qualified and nonqualified pension plans. The contributions made in 2021 included deferred contributions from the prior year resulting from uncertainty during the COVID-19 pandemic.

The Company paid $0.7 million and $2.1 million in premiums to the U.S. postretirement benefit plan during the three-month and nine-month periods ended September 30, 2022, respectively. During the three-month and nine-month periods ended September 30, 2021, the Company paid $0.7 million and $2.1 million, respectively, in premiums to the U.S. postretirement benefit