Employee and Retiree Benefit Plans

6 Months Ended

Jun. 30, 2021

Retirement Benefits [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 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, 2021 and 2020.

	Three Months Ended June 30,
	Pension Benefits			Other Postretirement Benefits
(Thousands of dollars)	2021		2020	2021	2020
Service cost	$	1,768	2,166	327	446
Interest cost	4,300		5,763	521	794
Expected return on plan assets	(6,155)		(6,297)	—	—
Amortization of prior service cost (credit)	156		183	—	—
Recognized actuarial loss	5,281		4,264	(8)	—
Net periodic benefit expense	5,350		6,079	840	1,240
Other - curtailment	—		586	—	(1,825)
Other - special termination benefits	—		8,435	—	—
Total net periodic benefit expense	$	5,350	15,100	840	(585)
	Six Months Ended June 30,
	Pension Benefits			Other Postretirement Benefits
(Thousands of dollars)	2021		2020	2021	2020
Service cost	$	3,536	4,332	653	893
Interest cost	8,586		11,554	1,042	1,588
Expected return on plan assets	(12,288)		(12,641)	—	—
Amortization of prior service cost (credit)	312		366	—	—
Recognized actuarial loss	10,560		8,533	(15)	—
Net periodic benefit expense	$	10,706	12,144	1,680	2,481
Other - curtailment	—		586	—	(1,825)
Other - special termination benefits	—		8,435	—	—
Total net periodic benefit expense	$	10,706	21,165	1,680	656

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

During the six-month period ended June 30, 2021, the Company made contributions of $19.5 million to its defined benefit pension and postretirement benefit plans.  Remaining funding in 2021 for the Company’s defined benefit pension and postretirement plans is anticipated to be $22.4 million.