XML 61 R16.htm IDEA: XBRL DOCUMENT v3.19.3
Employee and Retiree Benefit Plans
 9 Months Ended
Sep. 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 and nine-month periods ended September 30, 2019 and 2018.

Three Months Ended September 30,

Pension Benefits
 
Other Postretirement Benefits
(Thousands of dollars)
2019
 
2018
 
2019
 
2018
Service cost
$
2,064

 
2,252

 
421

 
492

Interest cost
7,151

 
6,716

 
945

 
874

Expected return on plan assets
(6,455
)
 
(7,476
)
 
—

 
—

Amortization of prior service cost (credit)
248

 
254

 
(98
)
 
(10
)
Recognized actuarial loss
3,516

 
5,197

 
—

 
—

Net periodic benefit expense
$
6,524

 
6,943

 
1,268

 
1,356


 
Nine Months Ended September 30,
 
Pension Benefits
 
Other Postretirement Benefits
(Thousands of dollars)
2019
 
2018
 
2019
 
2018
Service cost
$
6,188

 
6,761

 
1,261

 
1,479

Interest cost
21,402

 
20,160

 
2,833

 
2,622

Expected return on plan assets
(19,285
)
 
(22,435
)
 
—

 
—

Amortization of prior service cost (credit)
741

 
767

 
(293
)
 
(29
)
Recognized actuarial loss
10,538

 
15,593

 
—

 
—

Net periodic benefit expense
$
19,584

 
20,846

 
3,801

 
4,072



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 nine-month period ended September 30, 2019, the Company made contributions of $24.1 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 $8.3 million.