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Pensions and Other Postretirement Benefit Plans | 9 Months Ended
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Sep. 30, 2022
Retirement Benefits [Abstract] |
Pensions and Other Postretirement Benefit Plans | Pensions and Other Postretirement Benefit Plans The Company has defined benefit pension plans covering certain U.S. and non-U.S. employees. The Company also provides certain postretirement benefits to retired employees in the U.S. and Canada. The Company accrues the cost of providing these benefits during the active service period of the employees. The composition of the net periodic benefit cost for the nine months ended September 30, 2022 and 2021, was as follows:
| Pension plans | Other postretirement benefits
(in thousands) | 2022 | 2021 | 2022 | 2021
Components of net periodic benefit cost: |  |  |  |
Service cost | $ | 1,061 |  | $ | 1,630 |  | $ | 86 |  | $ | 99 |
Interest cost | 4,235 |  | 3,999 |  | 916 |  | 827 |
Expected return on assets | (5,099) |  | (4,802) |  | — |  | — |
Amortization of prior service cost/(credit) | (2) |  | 10 |  | (3,366) |  | (3,366) |
Amortization of net actuarial loss | 1,493 |  | 1,625 |  | 1,412 |  | 1,695 |
Net periodic benefit cost/(credit) | $ | 1,688 |  | $ | 2,462 |  | $ | (952) |  | $ | (745) |
Settlement charge | 49,128 |  | — |  | — |  | — |
Net benefit cost/(credit) | $ | 50,816 |  | $ | 2,462 |  | $ | (952) |  | $ | (745) |
The amount of net benefit cost/(credit) is determined at the beginning of each year and generally only varies from quarter to quarter when a significant event occurs, such as a curtailment or a settlement. In the third quarter, we took actions to settle certain pension plan liabilities for a plan in the U.S., leading to charges totaling $49.1 million. No similar charges were incurred in the prior year. Service cost for defined benefit pension and postretirement plans are reported in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. Other components of net periodic benefit cost are included in the line item Other (income)/expense, net in the Consolidated Statements of Income.

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