Pension plans and other postretirement benefits

9 Months Ended

Sep. 30, 2021

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
	2021			2020			2021			2020
	(In thousands)
Service cost	$	5,128			4,986			254			242
Interest cost on projected benefit obligation		15,468			17,855			328			436
Expected return on plan assets		(35,862	)		(31,378	)		—			—
Amortization of prior service cost (credit)		139			125			(1,185	)		(1,175	)
Amortization of net actuarial loss (gain)		22,254			13,950			(324	)		(300	)
Net periodic cost (benefit)	$	7,127			5,538			(927	)		(797	)

	Pension Benefits						Other Postretirement Benefits
	Nine Months Ended September 30
	2021			2020			2021			2020
	(In thousands)
Service cost	$	15,385			14,958			760			727
Interest cost on projected benefit obligation		46,404			53,565			984			1,306
Expected return on plan assets		(107,586	)		(94,134	)		—			—
Amortization of prior service cost (credit)		415			404			(3,554	)		(3,544	)
Amortization of net actuarial loss (gain)		66,763			42,998			(971	)		(918	)
Net periodic cost (benefit)	$	21,381			17,791			(2,781	)		(2,429	)

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 $23 million for each of the three-month periods ended September 30, 2021 and 2020 and $81 million and $73 million for the nine-month periods ended September 30, 2021 and 2020, respectively, and are included in salaries and employee benefits expense.