Employee and Retiree Benefit Plans

9 Months Ended

Sep. 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 nine-month periods ended September 30, 2021 and 2020.

	Three Months Ended September 30,
	Pension Benefits			Other Postretirement Benefits
(Thousands of dollars)	2021		2020	2021	2020
Service cost	$	1,770	1,664	328	342
Interest cost	4,258		4,827	521	612
Expected return on plan assets	(6,038)		(5,773)	—	—
Amortization of prior service cost (credit)	155		149	—	—
Recognized actuarial loss	5,269		5,690	(8)	(24)
Net periodic benefit expense	$	5,414	6,557	841	930
	Nine Months Ended September 30,
	Pension Benefits			Other Postretirement Benefits
(Thousands of dollars)	2021		2020	2021	2020
Service cost	$	5,306	5,996	981	1,235
Interest cost	12,844		16,381	1,563	2,200
Expected return on plan assets	(18,326)		(18,414)	—	—
Amortization of prior service cost (credit)	467		515	—	—
Recognized actuarial loss	15,829		14,223	(23)	(24)
Net periodic benefit expense	$	16,120	18,701	2,521	3,411
Other - curtailment	—		586	—	(1,825)
Other - special termination benefits	—		8,435	—	—
Total net periodic benefit expense	$	16,120	27,722	2,521	1,586

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 nine-month period ended September 30, 2021, the Company made contributions of $31.0 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 $10.9 million.