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EMPLOYEE BENEFITS
 9 Months Ended
Sep. 30, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS
 
The Company has a postretirement healthcare benefits plan that provides coverage for a majority of its U.S. employees hired prior to January 1, 2013. Effective January 1, 2018, the Company implemented plan design changes, which moved all post-65 Medicare eligible retirees to healthcare exchanges and provides them a subsidy, based on years of service, to purchase insurance.

The net periodic benefits for the Company's postretirement healthcare benefits plan, which are valued at the measurement date of January 1 for each year and recognized evenly throughout the year, consisted of the following (in thousands of dollars):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
Selling, general and administrative expenses
 
 
 
 
 
 
 
Service cost
$
1,629

 
$
1,856

 
$
4,887

 
$
5,649

Other income (expense)
 
 
 
 
 
 
 
Interest cost
1,712

 
2,026

 
5,136

 
6,323

Expected return on assets
(3,315
)
 
(2,957
)
 
(9,945
)
 
(8,670
)
Amortization of unrecognized gains
(840
)
 
(609
)
 
(2,520
)
 
(1,919
)
Amortization of prior service credits
(2,424
)
 
(1,893
)
 
(7,272
)
 
(5,139
)
Net periodic benefit
$
(3,238
)
 
$
(1,577
)
 
$
(9,714
)
 
$
(3,756
)

 
The Company has established a Group Benefit Trust (Trust) to fund postretirement healthcare plan obligations and process benefit payments. The Company has no minimum funding requirement and did not make a contribution to the Trust during the nine months ended September 30, 2018.