Pension plans and other postretirement benefits

6 Months Ended

Jun. 30, 2021

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
	2021			2020			2021			2020
	(In thousands)
Service cost	$	5,234			5,258			258			262
Interest cost on projected benefit obligation		15,502			17,824			329			451
Expected return on plan assets		(35,774	)		(31,281	)		—			—
Amortization of prior service cost (credit)		151			154			(1,194	)		(1,194	)
Amortization of net actuarial loss (gain)		22,359			15,098			(347	)		(318	)
Net periodic cost (benefit)	$	7,472			7,053			(954	)		(799	)

	Pension Benefits						Other Postretirement Benefits
	Six Months Ended June 30
	2021			2020			2021			2020
	(In thousands)
Service cost	$	10,257			9,972			506			485
Interest cost on projected benefit obligation		30,936			35,710			656			870
Expected return on plan assets		(71,724	)		(62,756	)		—			—
Amortization of prior service cost (credit)		276			279			(2,369	)		(2,369	)
Amortization of net actuarial loss (gain)		44,509			29,048			(647	)		(618	)
Net periodic cost (benefit)	$	14,254			12,253			(1,854	)		(1,632	)

Service cost is reflected in salaries and employee benefits expense in the consolidated statement of income. 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 $25 million and $23 million for the three months ended June 30, 2021 and 2020, respectively, and $58 million and $51 million for the six months ended June 30, 2021 and 2020, respectively, and are included in salaries and employee benefits expense.