Benefit Plans

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Benefit Plans

Benefit Plans

Tables 10.1 and 10.2 provide the components of net periodic benefit cost for our pension, supplemental executive retirement and other postretirement benefit plans for the three and nine months ended September 30, 2022 and 2021.

Components of net periodic benefit cost
Table	10.1
		Three Months Ended September 30,
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefit Plans
(In thousands)		2022		2021		2022		2021
Service cost		$	1,813	$	1,908	$	327	$	377
Interest cost		2,863		2,794		173		163
Expected return on plan assets		(4,907)		(5,229)		(2,625)		(2,216)
Amortization of net actuarial losses (gains)		1,266		1,403		(776)		(425)
Amortization of prior service cost (credit)		(57)		(60)		123		53
Settlements and curtailments		5,671		4,732		—		—
Net periodic benefit cost (benefit)		$	6,649	$	5,548	$	(2,778)	$	(2,048)
Components of net periodic benefit cost
Table	10.2
		Nine Months Ended September 30,
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefit Plans
(In thousands)		2022		2021		2022		2021
Service cost		$	5,439	$	5,724	$	981	$	1,131
Interest cost		8,588		8,383		521		487
Expected return on plan assets		(14,723)		(15,687)		(7,876)		(6,647)
Amortization of net actuarial losses (gains)		3,798		4,208		(2,328)		(1,273)
Amortization of prior service cost (credit)		(163)		(179)		367		159
Settlements and curtailments		5,671		4,732		—		—
Net periodic benefit cost (benefit)		$	8,610	$	7,181	$	(8,335)	$	(6,143)

Contributions of $6.3 million have been made to our qualified pension plan in 2022.

Beginning January 1, 2023, participants in the defined benefit pension plan and supplemental executive retirement plan will not accrue any future benefits due to pay and/or service. As a result of freezing plan benefits and lump sum settlements paid through September 2022, we recorded a pension settlement accounting charge, net of curtailments, of $5.7 million in the third quarter of 2022. The net curtailment credit relates to the recognition of prior service costs (credits) previously recognized in accumulated other comprehensive income. We recorded a pension settlement accounting charge of $4.7 million in the third quarter of 2021.