Pension and Other Postretirement Benefit Plans

3 Months Ended

Mar. 31, 2014

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, 2014
(in thousands)	Pension Benefits						Other Postretirement Benefits
	2014			2013			2014			2013
Service cost	$	1,258		$	1,529		$	17		$	27
Interest cost	10,234			9,410			101			125
Expected return on plan assets	(15,713		)	(13,212		)	—			—
Amortization of prior service cost	30			(6		)	(59		)	(59		)
Amortization of net loss (gain)	1,257			3,164			(33		)	(35		)
Net periodic cost	$	(2,934	)	$	885		$	26		$	58

The Company expects, based on current actuarial calculations, to contribute approximately $24 million to its defined benefit plans and $1 million to its other postretirement benefit plans in 2014, of which $2.6 million and $0.3 million have been contributed during the first three months of 2014, respectively. The Company contributed $15 million to its defined benefit plans and $1 million to its other postretirement benefit plans in 2013. 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.