Pension plans and other postretirement benefits

9 Months Ended

Sep. 30, 2011

Pension plans and other postretirement 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:

		(16,718)			(16,718)			(16,718)		(16,718)
	Pension benefits						Other postretirement benefits
	Three months ended September 30
	2011			2010			2011		2010
	(in thousands)
Service cost	$	8,557			4,918			148		101
Interest cost on projected benefit obligation		16,155			12,031			1,038		782
Expected return on plan assets		(16,718	)		(12,722	)		—		—
Amortization of prior service cost		(1,640	)		(1,640	)		27		44
Amortization of net actuarial loss		5,132			3,388			9		(2	)
Net periodic benefit cost	$	11,486			5,975			1,222		925

		(43,981)			(43,981)			(43,981)		(43,981)
	Pension benefits						Other postretirement benefits
	Nine months ended September 30
	2011			2010			2011		2010
	(in thousands)
Service cost	$	20,270			14,753			388		303
Interest cost on projected benefit obligation		42,391			36,092			2,722		2,347
Expected return on plan assets		(43,981	)		(38,165	)		—		—
Amortization of prior service cost		(4,919	)		(4,919	)		81		132
Amortization of net actuarial loss		15,397			10,164			27		(7	)
Net periodic benefit cost	$	29,158			17,925			3,218		2,775

Expense incurred in connection with the Company’s defined contribution pension and retirement savings plans totaled $10,455,000 and $9,461,000 for the three months ended September 30, 2011 and 2010, respectively, and $30,521,000 and $29,926,000 for the nine months ended September 30, 2011 and 2010, respectively. The Company is not required to make any minimum contributions to the qualified defined benefit pension plan in 2011, however, during the third quarter of 2011 the Company elected to contribute $70 million to that plan.