Employee and Retiree Benefit Plans

3 Months Ended

Mar. 31, 2015

Employee and Retiree Benefit Plans [Abstract]

Employee and Retiree Benefit Plans

Note G – Employee and Retiree Benefit Plans

The Company has defined benefit pension plans that are principally noncontributory and cover most full-time employees.  All pension plans are funded except for the U.S. and Canadian nonqualified supplemental plans and the U.S. directors’ plan.  All U.S. tax qualified plans meet the funding requirements of federal laws and regulations.  Contributions to foreign plans are based on local laws and tax regulations.  The Company also sponsors health care and life insurance benefit plans, which are not funded, that cover most active and retired U.S. employees.  Additionally, most U.S. retired employees are covered by a life insurance benefit plan.  The health care benefits are contributory; the life insurance benefits are noncontributory.

Note G – Employee and Retiree Benefit Plans(Contd.)

The table that follows provides the components of net periodic benefit expense for the three-month periods ended March 31, 2015 and 2014.

	Three Months Ended March 31,
	Pension Benefits			Other Postretirement Benefits
(Thousands of dollars)		2015	2014	2015		2014
Service cost	$	5,081	6,556		828		672
Interest cost		7,950	8,215		1,192		1,278
Expected return on plan assets		(8,687)	(8,480)		–		–
Amortization of prior service cost		195	225		(21)		(21)
Amortization of transitional asset		271	208		–		1
Recognized actuarial loss		3,891	1,733		195		59
Net periodic benefit expense	$	8,701	8,457		2,194		1,989

During the three-month period ended March 31, 2015, the Company made contributions of $26.3 million to its defined benefit pension and postretirement benefit plans.  Remaining required funding in 2015 for the Company’s defined benefit pension and postretirement plans is anticipated to be $9.9million.