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BENEFIT PLANS | 9 Months Ended
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Sep. 30, 2024
Retirement Benefits [Abstract] |
BENEFIT PLANS | BENEFIT PLANS PENSION PLANS We sponsor two qualified, noncontributory defined benefit pension plans, the Vulcan Materials Company Pension Plan (VMC Pension Plan) and the CMG Hourly Pension Plan (CMG Pension Plan). The VMC Pension Plan has been closed to new entrants since 2007, and benefit accruals ceased in 2005 for hourly participants and in 2013 for salaried participants. The CMG Pension Plan is closed to new entrants other than through one small union, and benefits continue to accrue equal to a flat dollar amount for each year of service. In addition to these qualified plans, we sponsor three unfunded, nonqualified pension plans. The following table sets forth the components of net periodic pension benefit cost:
| Three Months Ended September 30 | Nine Months Ended September 30
in millions | 2024 | 2023 | 2024 | 2023
Service cost | $ | 0.4 |  | $ | 0.6 |  | $ | 1.8 |  | $ | 1.9 |
Interest cost | 8.2 |  | 8.5 |  | 24.7 |  | 25.4 |
Expected return on plan assets | (7.0) |  | (6.9) |  | (21.1) |  | (20.7) |
Amortization of prior service cost | 0.2 |  | 0.4 |  | 0.7 |  | 1.1 |
Amortization of actuarial loss | 1.4 |  | 1.4 |  | 3.8 |  | 4.2 |
Net periodic pension benefit cost | $ | 3.2 |  | $ | 4.0 |  | $ | 9.9 |  | $ | 11.9 |
Pretax amortization from AOCI | $ | 1.6 |  | $ | 1.8 |  | $ | 4.5 |  | $ | 5.3 |
The contributions to pension plans for the nine months ended September 30, 2024 and 2023, as reflected on the Condensed Consolidated Statements of Cash Flows, pertain to benefit payments under nonqualified plans for both periods and a qualified plan contribution of $2.0 million in the third quarter of 2024. POSTRETIREMENT PLANS In addition to pension benefits, we provide certain healthcare and life insurance benefits for some retired employees. Substantially all of our salaried employees and, where applicable, certain of our hourly employees may become eligible for these benefits if they reach a qualifying age and meet certain service requirements. Generally, Company-provided healthcare benefits end when covered individuals become eligible for Medicare benefits, become eligible for other group insurance coverage or reach age 65, whichever occurs first. The following table sets forth the components of net periodic other postretirement benefit cost:
| Three Months Ended September 30 | Nine Months Ended September 30
in millions | 2024 | 2023 | 2024 | 2023
Service cost | $ | 0.4 |  | $ | 0.5 |  | $ | 1.6 |  | $ | 1.5 |
Interest cost | 0.6 |  | 0.5 |  | 1.7 |  | 1.5 |
Amortization of prior service cost | 0.3 |  | 0.4 |  | 1.1 |  | 1.1 |
Amortization of actuarial gain | (0.1) |  | (0.4) |  | (0.5) |  | (1.2) |
Net periodic postretirement benefit cost | $ | 1.2 |  | $ | 1.0 |  | $ | 3.9 |  | $ | 2.9 |
Pretax amortization from AOCI | $ | 0.2 |  | $ | 0.0 |  | $ | 0.6 |  | $ | (0.1) |
DEFINED CONTRIBUTION PLANS In addition to our pension and postretirement plans, we sponsor four defined contribution plans. Substantially all salaried and non-union hourly employees are eligible to be covered by one of these plans. Under these plans, we match employees’ eligible contributions at established rates. Expense recognized in connection with these matching obligations totaled $67.2 million and $58.6 million for the nine months ended September 30, 2024 and 2023, respectively.

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