Pension plans and other postretirement benefits

9 Months Ended

Sep. 30, 2019

Compensation And Retirement Disclosure [Abstract]

Pension plans and other postretirement benefits

8. 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
	2019			2018			2019			2018
	(In thousands)
Service cost	$	4,324			5,086			215		234
Interest cost on projected benefit obligation		20,394			18,676			586			573
Expected return on plan assets		(30,534	)		(30,781	)		—			—
Amortization of prior service cost (credit)		139			139			(1,182	)		(1,182	)
Amortization of net actuarial loss (gain)		5,498			10,948			(312	)		(206	)
Net periodic cost (benefit)	$	(179	)		4,068			(693	)		(581	)

	Pension Benefits						Other Postretirement Benefits
	Nine Months Ended September 30
	2019			2018			2019			2018
	(In thousands)
Service cost	$	12,970			15,258			644			703
Interest cost on projected benefit obligation		61,184			56,029			1,758			1,719
Expected return on plan assets		(91,604	)		(92,344	)		—			—
Amortization of prior service cost (credit)		418			417			(3,547	)		(3,546	)
Amortization of net actuarial loss (gain)		16,494			32,844			(935	)		(619	)
Net periodic cost (benefit)	$	(538	)		12,204			(2,080	)		(1,743	)

Service cost is reflected in salaries and employee benefits expense in the consolidated statement of income. The other components of net periodic cost (benefit) are reflected in other costs of operations. Expenses incurred in connection with the Company's defined contribution pension and retirement savings plans totaled $21 million and $17 million for the three months ended September 30, 2019 and 2018, respectively, and $61 million and $55 million for the nine months ended September 30, 2019 and 2018, respectively, and are included in salaries and employee benefits expense.