Pension plans and other postretirement benefits

3 Months Ended

Mar. 31, 2022

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 March 31
	2022			2021			2022			2021
	(In thousands)
Service cost	$	4,271		$	5,023		$	232		$	248
Interest cost on projected benefit obligation		16,267			15,434			355			327
Expected return on plan assets		(37,150	)		(35,950	)		—			—
Amortization of prior service cost (credit)		125			125			(1,075	)		(1,175	)
Amortization of net actuarial loss (gain)		4,625			22,150			(325	)		(300	)
Net periodic cost (benefit)	$	(11,862	)	$	6,782		$	(813	)	$	(900	)

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 $31 million and $33 million for the three months ended March 31, 2022 and 2021, respectively, and are included in salaries and employee benefits expense.