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Employee and Retiree Benefit Plans
 6 Months Ended
Jun. 30, 2018
Employee and Retiree Benefit Plans [Abstract]  
Employee and Retiree Benefit Plans

Note H – Employee and Retiree Benefit Plans

The Company has defined benefit pension plans that are principally noncontributory and cover most North American full-time employees.  All pension plans are funded except for the U.S. nonqualified supplemental 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.  The health care benefits are contributory; the life insurance benefits are noncontributory.

The table that follows provides the components of net periodic benefit expense for the three-month and six-month periods ended June 30, 2018 and 2017.







 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



Three Months Ended June 30,



Pension Benefits

 

Other Postretirement Benefits

(Thousands of dollars)

 

2018

 

 

2017

 

2018

 

2017

Service cost

$

 2,254 

 

 

 2,030 

 

 

 493 

 

 

 424 

Interest cost

 

 6,707 

 

 

 6,287 

 

 

 874 

 

 

 967 

Expected return on plan assets

 

 (7,453)

 

 

 (6,475)

 

 

– 

 

 

– 

Amortization of prior service cost (credit)

 

 256 

 

 

 254 

 

 

 (9)

 

 

 (19)

Recognized actuarial loss

 

 5,181 

 

 

 3,509 

 

 

– 

 

 

– 

Net periodic benefit expense

$

 6,945 

 

 

 5,605 

 

 

 1,358 

 

 

 1,372 



 

 

 

 

 

 

 

 

 

 

 



Six Months Ended June 30,



Pension Benefits

 

Other Postretirement Benefits

(Thousands of dollars)

 

2018

 

 

2017

 

2018

 

2017

Service cost

$

 4,509 

 

 

 4,062 

 

 

 987 

 

 

 849 

Interest cost

 

 13,444 

 

 

 13,006 

 

 

 1,748 

 

 

 1,933 

Expected return on plan assets

 

 (14,959)

 

 

 (13,660)

 

 

– 

 

 

– 

Amortization of prior service cost (credit)

 

 513 

 

 

 508 

 

 

 (19)

 

 

 (37)

Recognized actuarial loss

 

 10,396 

 

 

 7,063 

 

 

– 

 

 

– 

Net periodic benefit expense

$

 13,903 

 

 

 10,979 

 

 

 2,716 

 

 

 2,745 

The components of net periodic benefit expense other than the service cost component are included in the line item “Interest and other income (loss)” in Consolidated Statements of Operations.

During the six-month period ended June 30, 2018, the Company made contributions of $13.2 million to its defined benefit pension and postretirement benefit plans.  Remaining funding in 2018 for the Company’s defined benefit pension and postretirement plans is anticipated to be $16.5 million.