Pension Plans and Other Postretirement Benefits

6 Months Ended

Jun. 30, 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 and six-month periods ended June 30, 2024 and 2023 were as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Pension Benefits Cost (Credit):
Service cost	$	1,563	$	1,334	$	3,129	$	2,655
Interest cost	8,140		8,558		16,285		17,100
Expected return on assets	(8,838)		(8,415)		(17,668)		(16,824)
Amortization of prior service benefit	19		21		39		41
Total net pension benefits cost	$	884	$	1,498	$	1,785	$	2,972
Postretirement Benefits Cost:
Service cost	$	11	$	12	$	23	$	24
Interest cost	361		469		721		937
Total net postretirement benefits cost	$	372	$	481	$	744	$	961
Total net pension and postretirement benefits cost	$	1,256	$	1,979	$	2,529	$	3,933

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

During the three-month and six-month periods ended June 30, 2024, the Company made contributions of $4.6 million and $9.4 million, respectively, to its qualified and nonqualified pension plans and the U.S. postretirement benefit plan. During the three-month and six-month periods ended June 30, 2023, the Company made contributions of $5.8 million and $8.6 million, respectively, to its qualified and nonqualified pension plans and the U.S. postretirement benefit plan.