Employee and Retiree Benefit Plans

6 Months Ended

Jun. 30, 2022

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, 2022 and 2021.

	Three Months Ended June 30,
	Pension Benefits			Other Postretirement Benefits
(Thousands of dollars)	2022		2021	2022	2021
Service cost	$	2,129	1,768	292	327
Interest cost	5,139		4,300	574	521
Expected return on plan assets	(7,954)		(6,155)	—	—
Amortization of prior service cost (credit)	579		156	(133)	—
Recognized actuarial loss (gain)	3,822		5,281	(78)	(8)
Net periodic benefit expense	$	3,715	5,350	655	840
	Six Months Ended June 30,
	Pension Benefits			Other Postretirement Benefits
(Thousands of dollars)	2022		2021	2022	2021
Service cost	$	4,258	3,536	584	653
Interest cost	10,382		8,586	1,148	1,042
Expected return on plan assets	(16,092)		(12,288)	—	—
Amortization of prior service cost (credit)	1,179		312	(266)	—
Recognized actuarial loss (gain)	7,644		10,560	(155)	(15)
Net periodic benefit expense	$	7,371	10,706	1,311	1,680

The components of net periodic benefit expense, other than the service cost, are recorded in Other income (expense) in the Consolidated Statements of Operations.

During the six-month period ended June 30, 2022, the Company made contributions of $18.4 million to its defined benefit pension and postretirement benefit plans. Remaining funding in 2022 for the Company’s defined benefit pension and postretirement plans is anticipated to be $24.4 million.