XML 27 R16.htm IDEA: XBRL DOCUMENT v3.19.2
Employee and Retiree Benefit Plans
 6 Months Ended
Jun. 30, 2019
Retirement Benefits [Abstract]  
Employee and Retiree Benefit Plans 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 plan and the U.S. director’s 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 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, 2019 and 2018.

Three Months Ended June 30,

Pension Benefits
 
Other Postretirement Benefits
(Thousands of dollars)
2019
 
2018
 
2019
 
2018
Service cost
$
2,062

 
2,254

 
420

 
493

Interest cost
7,100

 
6,707

 
943

 
874

Expected return on plan assets
(6,370
)
 
(7,453
)
 
—

 
—

Amortization of prior service cost (credit)
246

 
256

 
(97
)
 
(9
)
Recognized actuarial loss
3,508

 
5,181

 
—

 
—

Net periodic benefit expense
$
6,546

 
6,945

 
1,266

 
1,358


 
Six Months Ended June 30,
 
Pension Benefits
 
Other Postretirement Benefits
(Thousands of dollars)
2019
 
2018
 
2019
 
2018
Service cost
$
4,124

 
4,509

 
840

 
987

Interest cost
14,251

 
13,444

 
1,888

 
1,748

Expected return on plan assets
(12,830
)
 
(14,959
)
 
—

 
—

Amortization of prior service cost (credit)
493

 
513

 
(195
)
 
(19
)
Recognized actuarial loss
7,022

 
10,396

 
—

 
—

Net periodic benefit expense
$
13,060

 
13,903

 
2,533

 
2,716



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, 2019, the Company made contributions of $14.1 million to its defined benefit pension and postretirement benefit plans.  Remaining funding in 2019 for the Company’s defined benefit pension and postretirement plans is anticipated to be $18.3 million.