Employee Benefit Plans

6 Months Ended

Jun. 30, 2018

Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]

Employee Benefit Plans

Employee Benefit Plans

The following table details the components of pension benefit costs (credits):

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
	(In thousands)
Interest cost(1)	$	2,270		$	2,991		$	4,541		$	5,982
Expected return on plan assets(1)	(3,080		)	(4,499		)	(6,161		)	(8,996		)
Pension settlement(1)	(1,371		)	(487		)	(1,371		)	(487		)
Net benefit credit	$	(2,181	)	$	(1,995	)	$	(2,991	)	$	(3,501	)

During the second quarter of 2018, the Company recorded a pension settlement related to its cash balance pension plan as the qualifying distributions from the plan exceeded the annual service and interest costs of the plan. Additionally, in accordance with accounting guidance, the Company revalued the cash balance pension plan liability which reduced the liability by approximately $5.0 million with the offset to accumulated other comprehensive income. The discount rate used for the revaluation was 4.11%.

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
	(In thousands)
Service cost	$	139	$	171	$	279	$	341
Interest cost(1)	919		1,059		1,837		2,117
Net benefit cost	$	1,058	$	1,230	$	2,116	$	2,458

(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.” For additional information about the adoption of the standard, see Note 2, “Accounting Policies” in the Condensed Consolidated Financial Statements.