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Pension plans and other postretirement benefits
6 Months Ended
Jun. 30, 2017
Compensation And Retirement Disclosure [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

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

5,189

 

 

 

6,137

 

 

 

202

 

 

340

 

Interest cost on projected benefit obligation

 

 

19,943

 

 

 

20,822

 

 

 

778

 

 

 

1,281

 

Expected return on plan assets

 

 

(27,062

)

 

 

(26,423

)

 

 

 

 

 

 

Amortization of prior service cost (credit)

 

 

154

 

 

 

(789

)

 

 

(329

)

 

 

(330

)

Amortization of net actuarial loss (gain)

 

 

7,831

 

 

 

6,773

 

 

 

(469

)

 

 

30

 

Net periodic benefit cost

 

$

6,055

 

 

 

6,520

 

 

 

182

 

 

 

1,321

 

 

 

 

 

Pension

Benefits

 

 

Other

Postretirement

Benefits

 

 

 

Six Months Ended June 30

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

10,097

 

 

 

12,519

 

 

 

585

 

 

 

798

 

Interest cost on projected benefit obligation

 

 

39,634

 

 

 

41,705

 

 

 

1,858

 

 

 

2,486

 

Expected return on plan assets

 

 

(54,262

)

 

 

(54,237

)

 

 

 

 

 

 

Amortization of prior service cost (credit)

 

 

279

 

 

 

(1,614

)

 

 

(679

)

 

 

(680

)

Amortization of net actuarial loss (gain)

 

 

14,631

 

 

 

15,073

 

 

 

(494

)

 

 

30

 

Net periodic benefit cost

 

$

10,379

 

 

 

13,446

 

 

 

1,270

 

 

 

2,634

 

 

Expense incurred in connection with the Company's defined contribution pension and retirement savings plans totaled $17,623,000 and $15,274,000 for the three months ended June 30, 2017 and 2016, respectively, and $37,042,000 and $32,964,000 for the six months ended June 30, 2017 and 2016, respectively.