Pension Plans and Other Postretirement Benefits

9 Months Ended

Sep. 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 nine-month periods ended September 30, 2024 and 2023 were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Pension Benefits Cost (Credit):
Service cost	$	1,576	$	1,340	$	4,705	$	3,995
Interest cost	8,163		8,587		24,448		25,687
Expected return on assets	(8,854)		(8,434)		(26,522)		(25,258)
Amortization of prior service benefit	20		20		59		61
Total net pension benefits cost	$	905	$	1,513	$	2,690	$	4,485
Postretirement Benefits Cost:
Service cost	$	12	$	12	$	35	$	36
Interest cost	360		467		1,081		1,404
Total net postretirement benefits cost	$	372	$	479	$	1,116	$	1,440
Total net pension and postretirement benefits cost	$	1,277	$	1,992	$	3,806	$	5,925

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

During the three-month and nine-month periods ended September 30, 2024, the Company made contributions of $3.9 million and $13.3 million, respectively, to its qualified and nonqualified pension plans and the U.S. postretirement benefit plan. During the three-month and nine-month periods ended September 30, 2023, the Company made contributions of $3.6 million and $12.2 million, respectively, to its qualified and nonqualified pension plans and the U.S. postretirement benefit plan.