Pension plans and other postretirement benefits

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Pension plans and other postretirement benefits

7. Pension plans and other postretirement benefits

The Company provides defined benefit pension and other postretirement benefits (including health care and life insurance benefits) to qualified retired employees. Net periodic defined benefit cost for defined benefit plans consisted of the following:

	Pension Benefits						Other Postretirement Benefits
	Three Months Ended June 30
	2023			2022			2023			2022
	(In thousands)
Service cost	$	2,952		$	4,543		$	410		$	993
Interest cost on projected benefit obligation		28,888			22,080			662			671
Expected return on plan assets		(50,230	)		(50,083	)		—			—
Amortization of prior service cost (credit)		53			133			(505	)		(311	)
Amortization of net actuarial loss (gain)		(173	)		5,322			(734	)		(416	)
Net periodic cost (benefit)	$	(18,510	)	$	(18,005	)	$	(167	)	$	937

	Pension Benefits						Other Postretirement Benefits
	Six Months Ended June 30
	2023			2022			2023			2022
	(In thousands)
Service cost	$	5,675		$	8,814		$	800		$	1,225
Interest cost on projected benefit obligation		57,723			38,347			1,406			1,026
Expected return on plan assets		(100,630	)		(87,233	)		—			—
Amortization of prior service cost (credit)		103			258			(1,030	)		(1,386	)
Amortization of net actuarial loss (gain)		(1,073	)		9,947			(1,384	)		(741	)
Net periodic cost (benefit)	$	(38,202	)	$	(29,867	)	$	(208	)	$	124

Service cost is reflected in salaries and employee benefits expense in the Consolidated Statement of Income. The other components of net periodic benefit cost are reflected in other costs of operations. Expenses incurred in connection with the Company's defined contribution pension and retirement savings plans totaled $36 million and $35 million for the three months ended June 30, 2023 and 2022, respectively, and $80 million and $66 million for the six months ended June 30, 2023 and 2022, respectively, and are included in salaries and employee benefits expense.