Pension and Other Postretirement Benefit Plans

6 Months Ended

Jun. 30, 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 June 30,												Six Months Ended June 30,
(in thousands)	Pension Benefits						Other Postretirement Benefits						Pension Benefits						Other Postretirement Benefits
	2013			2012			2013			2012			2013			2012			2013			2012
Service cost	$	1,498		$	3,495		$	18		$	29		$	3,027		$	6,990		$	45		$	58
Interest cost	8,878			9,334			62			127			18,289			18,668			186			254
Expected return on plan assets	(12,728		)	(12,830		)	—			—			(25,941		)	(25,660		)	—			—
Amortization of prior service cost	13			100			(59		)	(59		)	7			200			(118		)	(118		)
Amortization of net loss (gain)	3,723			4,816			12			(21		)	6,887			9,623			(23		)	(42		)
Net periodic cost	$	1,384		$	4,915		$	33		$	76		$	2,269		$	9,821		$	90		$	152

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 $10.2 million and $0.3 million have been contributed during the first six 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.