Pension Plans and Other Postretirement Benefits

3 Months Ended

Mar. 31, 2024

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 periods ended March 31, 2024 and 2023 were as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Pension Benefits Cost (Credit):
Service cost	$	1,566	$	1,321
Interest cost	8,145		8,542
Expected return on assets	(8,830)		(8,409)
Amortization of prior service benefit	20		20
Total net pension benefits cost	$	901	$	1,474
Postretirement Benefits Cost:
Service cost	$	12	$	12
Interest cost	360		468
Total net postretirement benefits cost	$	372	$	480
Total net pension and postretirement benefits cost	$	1,273	$	1,954

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

During the three-month periods ended March 31, 2024 and 2023, the Company made contributions of $4.8 million and $2.8 million, respectively, to its qualified and nonqualified pension plans and the U.S. postretirement benefit plan.