Health Care, Pension and Other Benefits

9 Months Ended

Sep. 30, 2016

Compensation and Retirement Disclosure [Abstract]

HEALTH CARE, PENSION AND OTHER BENEFITS

HEALTH CARE, PENSION AND OTHER BENEFITS

Shown below are the components of the Company’s net periodic benefit cost (credit) for domestic defined benefit pension plans, foreign defined benefit pension plans and postretirement benefits other than pensions:

(Thousands of dollars)	Domestic Defined Benefit Pension Plans						Foreign Defined Benefit Pension Plans						Postretirement Benefits Other than Pensions
	2016			2015			2016			2015			2016			2015
Three Months Ended September 30:
Net periodic benefit cost (credit):
Service cost	$	5,741		$	5,754		$	955		$	1,326		$	562		$	621
Interest cost	6,587			6,236			1,788			2,271			2,752			2,795
Expected return on assets	(12,514		)	(13,023		)	(1,581		)	(2,431		)
Amortization of:
Prior service cost (credit)	302			327									(1,645		)	(1,132		)
Actuarial loss	1,094			844			230			485						253
Net periodic benefit cost (credit)	$	1,210		$	138		$	1,392		$	1,651		$	1,669		$	2,537
Nine Months Ended September 30:
Net periodic benefit cost (credit):
Service cost	$	16,719		$	17,263		$	3,494		$	3,976		$	1,684		$	1,863
Interest cost	19,873			18,710			5,949			6,813			8,257			8,386
Expected return on assets	(37,648		)	(39,071		)	(5,273		)	(7,292		)
Amortization of:
Prior service cost (credit)	904			982									(4,935		)	(3,396		)
Actuarial loss	3,399			2,530			1,095			1,454						759
Settlement costs							4,038
Net periodic benefit cost (credit)	$	3,247		$	414		$	9,303		$	4,951		$	5,006		$	7,612

The settlement charge recognized in the first quarter of 2016 relates to the wind up of an acquired Canada plan. For further details on the Company’s health care, pension and other benefits, see Note 6 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.