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Pension and Other Postretirement Employee Benefits | 3 Months Ended
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Mar. 31, 2023
Retirement Benefits, Description [Abstract] |
Pension and Other Postretirement Employee Benefits | NOTE 11. PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS The following table details the components of net periodic cost (benefit) of our pension plans and other postretirement employee benefits (OPEB):
|  | Three Months Ended March 31, |
|  | Pension |  |  | OPEB |
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Service cost |  | $ | 1,356 |  |  | $ | 1,849 |  |  | $ | 27 |  |  | $ | 79 |
Interest cost |  |  | 3,138 |  |  |  | 2,812 |  |  |  | 294 |  |  |  | 229 |
Expected return on plan assets |  |  | (3,028 | ) |  |  | (3,145 | ) |  |  | — |  |  |  | — |
Amortization of prior service cost |  |  | 11 |  |  |  | 18 |  |  |  | — |  |  |  | 156 |
Amortization of actuarial (gain) loss |  |  | (21 | ) |  |  | 1,954 |  |  |  | (166 | ) |  |  | (95 | )
Net periodic cost before pension settlement charge |  |  | 1,456 |  |  |  | 3,488 |  |  |  | 155 |  |  |  | 369 |
Pension settlement charge |  |  | — |  |  |  | 14,165 |  |  |  | — |  |  |  | — |
Total net periodic cost |  | $ | 1,456 |  |  | $ | 17,653 |  |  | $ | 155 |  |  | $ | 369 |
During the three months ended March 31, 2023 and 2022, funding of pension and other postretirement employee benefit plans was $1.1 million and $1.3 million, respectively. Pension Annuitization In March 2022, we transferred $75.6 million of our qualified pension plan (the Plan) assets to an insurance company for the purchase of a group annuity contract. As a result of the transaction, the insurance company assumed responsibility for annuity administration and benefit payments to select retirees and terminated vested participants, with no change to participants' pension benefits. We recorded a non-cash pretax settlement charge of $14.2 million in non-operating expense, net, as a result of accelerating the recognition of actuarial losses included in Accumulated Other Comprehensive Income (Loss) that would have been recognized in future periods. The settlement triggered a remeasurement of plan assets and liabilities resulting in a reduction in the funded status of the Plan of approximately $6.2 million during the first quarter of 2022.

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