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Pension plans and other postretirement benefits
6 Months Ended
Jun. 30, 2018
Compensation And Retirement Disclosure [Abstract]  
Pension plans and other postretirement benefits

6. 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

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

5,069

 

 

 

5,189

 

 

 

243

 

 

202

 

Interest cost on projected benefit obligation

 

 

18,548

 

 

 

19,943

 

 

 

589

 

 

 

778

 

Expected return on plan assets

 

 

(30,688

)

 

 

(27,062

)

 

 

 

 

 

 

Amortization of prior service cost (credit)

 

 

153

 

 

 

154

 

 

 

(1,189

)

 

 

(329

)

Amortization of net actuarial loss (gain)

 

 

10,796

 

 

 

7,831

 

 

 

(213

)

 

 

(469

)

Net periodic benefit cost

 

$

3,878

 

 

 

6,055

 

 

 

(570

)

 

 

182

 

 

 

 

Pension

Benefits

 

 

Other

Postretirement

Benefits

 

 

 

Six Months Ended June 30

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

10,172

 

 

 

10,097

 

 

 

469

 

 

 

585

 

Interest cost on projected benefit obligation

 

 

37,353

 

 

 

39,634

 

 

 

1,146

 

 

 

1,858

 

Expected return on plan assets

 

 

(61,563

)

 

 

(54,262

)

 

 

 

 

 

 

Amortization of prior service cost (credit)

 

 

278

 

 

 

279

 

 

 

(2,364

)

 

 

(679

)

Amortization of net actuarial loss (gain)

 

 

21,896

 

 

 

14,631

 

 

 

(413

)

 

 

(494

)

Net periodic benefit cost

 

$

8,136

 

 

 

10,379

 

 

 

(1,162

)

 

 

1,270

 

 

Service cost is reflected in salaries and employee benefits expense. 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 $17,194,000 and $17,623,000 for the three months ended June 30, 2018 and 2017, respectively, and $38,468,000 and $37,042,000 for the six months ended June 30, 2018 and 2017, respectively, and are included in salaries and employee benefits expense.