Employee and Retiree Benefit Plans

9 Months Ended

Sep. 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 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, 2022 and 2021.

	Three Months Ended September 30,
	Pension Benefits			Other Postretirement Benefits
(Thousands of dollars)	2022		2021	2022		2021
Service cost	$	2,129	1,770	$	292	328
Interest cost	5,163		4,258	574		521
Expected return on plan assets	(7,999)		(6,038)	—		—
Amortization of prior service cost (credit)	582		155	(133)		—
Recognized actuarial loss (gain)	3,822		5,269	(77)		(8)
Net periodic benefit expense	$	3,697	5,414	$	656	841
	Nine Months Ended September 30,
	Pension Benefits			Other Postretirement Benefits
(Thousands of dollars)	2022		2021	2022		2021
Service cost	$	6,387	5,306	$	876	981
Interest cost	15,545		12,844	1,722		1,563
Expected return on plan assets	(24,091)		(18,326)	—		—
Amortization of prior service cost (credit)	1,761		467	(399)		—
Recognized actuarial loss (gain)	11,466		15,829	(232)		(23)
Net periodic benefit expense	$	11,068	16,120	$	1,967	2,521

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 nine-month period ended September 30, 2022, the Company made contributions of $30.7 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 $11.9 million.