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Pension plans and other postretirement benefits
9 Months Ended
Sep. 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 September 30

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

5,086

 

 

 

5,048

 

 

 

234

 

 

293

 

Interest cost on projected benefit obligation

 

 

18,676

 

 

 

19,818

 

 

 

573

 

 

 

929

 

Expected return on plan assets

 

 

(30,781

)

 

 

(27,131

)

 

 

 

 

 

 

Amortization of prior service cost (credit)

 

 

139

 

 

 

139

 

 

 

(1,182

)

 

 

(340

)

Amortization of net actuarial loss (gain)

 

 

10,948

 

 

 

7,316

 

 

 

(206

)

 

 

(247

)

Net periodic benefit cost

 

$

4,068

 

 

 

5,190

 

 

 

(581

)

 

 

635

 

 

 

 

Pension

Benefits

 

 

Other

Postretirement

Benefits

 

 

 

Nine Months Ended September 30

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

15,258

 

 

 

15,145

 

 

 

703

 

 

 

878

 

Interest cost on projected benefit obligation

 

 

56,029

 

 

 

59,452

 

 

 

1,719

 

 

 

2,787

 

Expected return on plan assets

 

 

(92,344

)

 

 

(81,393

)

 

 

 

 

 

 

Amortization of prior service cost (credit)

 

 

417

 

 

 

418

 

 

 

(3,546

)

 

 

(1,019

)

Amortization of net actuarial loss (gain)

 

 

32,844

 

 

 

21,947

 

 

 

(619

)

 

 

(741

)

Net periodic benefit cost

 

$

12,204

 

 

 

15,569

 

 

 

(1,743

)

 

 

1,905

 

 

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 $16,907,000 and $16,085,000 for the three months ended September 30, 2018 and 2017, respectively, and $55,375,000 and $53,127,000 for the nine months ended September 30, 2018 and 2017, respectively, and are included in salaries and employee benefits expense.