Pension and Postretirement Benefits

9 Months Ended

Sep. 30, 2019

Compensation And Retirement Disclosure [Abstract]

7.	Pension and Postretirement Benefits

The estimated components of the recorded net periodic benefit cost (credit) for pension and postretirement benefits are as follows:

	Pension						Postretirement Benefits
	Three Months Ended September 30,
	2019			2018			2019			2018
	(Dollars in Thousands)
Service cost	$	7,711		$	7,911		$	15		$	19
Interest cost		9,424			8,307			131			130
Expected return on assets		(11,929	)		(11,516	)		—			—
Amortization of:
Prior service cost (credit)		2			27			(190	)		(519	)
Actuarial loss (gain)		3,927			3,206			(114	)		(53	)
Settlement charge		—			2,692			—			—
Net periodic benefit cost (credit)	$	9,135		$	10,627		$	(158	)	$	(423	)

	Pension						Postretirement Benefits
	Nine Months Ended September 30,
	2019			2018			2019			2018
	(Dollars in Thousands)
Service cost	$	23,133		$	23,732		$	44		$	58
Interest cost		28,280			24,921			437			389
Expected return on assets		(35,864	)		(34,549	)		—			—
Amortization of:
Prior service cost (credit)		5			77			(571	)		(1,556	)
Actuarial loss (gain)		11,852			9,621			(387	)		(158	)
Settlement charge		—			2,692			—			—
Net periodic benefit cost (credit)	$	27,406		$	26,494		$	(477	)	$	(1,267	)

The service cost component of net periodic benefit cost (credit) is included in cost of revenues – products and services and selling, general and administrative expenses. All other components are included in other nonoperating income, net, in the consolidated statements of earnings and comprehensive earnings.

In the quarter ended September 30, 2019, the Company made $50 million of discretionary contributions to its qualified pension plan. No additional contributions to the qualified pension plan are expected to be made for the remainder of 2019. The Company currently estimates that it will contribute a total of $7.5 million for the year ending December 31, 2019 to satisfy required payments under the unfunded nonqualified pension plans.