Pension and Other Postretirement Benefit Plans

3 Months Ended

Mar. 31, 2013

Pension and Other Postretirement Benefit Plans

Pension and Other Postretirement Benefit Plans

The components of net periodic cost are as follows:

	Three Months Ended March 31,
(in thousands)	Pension Benefits						Other Postretirement Benefits
	2013			2012			2013			2012
Service cost	$	1,529		$	3,495		$	27		$	29
Interest cost	9,410			9,334			125			127
Expected return on plan assets	(13,212		)	(12,830		)	—			—
Amortization of prior service cost	(6		)	100			(59		)	(59		)
Amortization of net loss (gain)	3,164			4,843			(35		)	(21		)
Settlements	—			(27		)	—			—
Net periodic cost	$	885		$	4,915		$	58		$	76

The Company expects, based on current actuarial calculations, to contribute approximately $15 million to its defined benefit plans and $1 million to its other postretirement benefit plans in 2013, of which $2.7 million and $0.1 million have been contributed during the first three months of 2013, respectively. The Company contributed $4 million to its defined benefit plans and $1 million to its other postretirement benefit plans in 2012. Cash contributions for subsequent years will depend on a number of factors, including the impact of the Pension Protection Act signed into law in 2006, changes in minimum funding requirements, long-term interest rates, the investment performance of plan assets and changes in employee census data affecting the Company’s projected benefit obligations.