Employee Benefit Plans

3 Months Ended

Mar. 31, 2023

Employee Benefit Plans

Employee Benefit Plans

13. Employee Benefit Plans

The following table details the components of pension benefit credit:

	Three Months Ended March 31,
	2023		2022
	(In thousands)
Interest cost(1)	$	1,534	$	1,093
Expected return on plan assets(1)		(1,518)		(1,432)
Pension settlement(1)		—		—
Amortization of prior service credits (1)		(37)		(53)
Amortization of other actuarial losses (gains) (1)		(195)		—
Net benefit credit	$	(216)	$	(392)

The following table details the components of other postretirement benefit credit:

	Three Months Ended March 31,
	2023		2022
	(In thousands)
Service cost	$	58	$	71
Interest cost(1)		674		501
Amortization of other actuarial gains (1)		(2,422)		(627)
Net benefit credit	$	(1,690)	$	(55)

(1) In accordance with the adoption of ASU 2017-07, “Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” these costs are recorded within Nonoperating expenses in the Condensed Consolidated Income Statements on the line item “Non-service related pension and postretirement benefit costs.”

In February 2022, the Board of Directors approved the termination of the Company’s Cash Balance Pension Plan.  The Company has executed plan amendments regarding the termination and filed an Application for Determination for Terminating Pension Plan with the Internal Revenue Service ("IRS"), which was approved by the IRS during the first quarter of 2023.  The Company also prepared and filed appropriate notices and documents related to the Pension Plan's termination and wind-down with the Pension Benefit Guaranty Corporation ("PBGC"). Anticipated distributions to participants are anticipated during the second half of 2023.  In order to complete the termination of the plan, the Company anticipates making a final contribution to the plan of approximately $7.5 million.