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Employee and Retiree Benefit Plans | 6 Months Ended
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Jun. 30, 2017
Employee and Retiree Benefit Plans [Abstract] |
Employee and Retiree Benefit Plans | ﻿ ﻿ Note F – Employee and Retiree Benefit Plans ﻿ The Company has defined benefit pension plans that are principally noncontributory and cover most North American full-time employees. All pension plans are funded except for the U.S. nonqualified s upplemental 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 active and retired U.S. employees. Additionally, most U.S. retired employees are covered by a life insurance benefit plan. 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 period s ended June 30, 201 7 and 2016. ﻿ ﻿
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﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ | Three Months Ended June 30,
﻿ | Pension Benefits |  | Other Postretirement Benefits
﻿(Thousands of dollars) |  | 2017 |  |  | 2016 |  | 2017 |  | 2016
﻿Service cost | $ | 2,030 |  |  | 2,770 |  |  | 424 |  |  | 675
﻿Interest cost |  | 6,287 |  |  | 8,865 |  |  | 967 |  |  | 1,107
﻿Expected return on plan assets |  | (6,475) |  |  | (9,698) |  |  | – |  |  | –
﻿Amortization of prior service cost (credit) |  | 254 |  |  | 321 |  |  | (19) |  |  | (20)
﻿Amortization of transitional asset |  | – |  |  | – |  |  | – |  |  | 2
﻿Recognized actuarial loss |  | 3,509 |  |  | 3,718 |  |  | – |  |  | 36
﻿Net periodic benefit expense | $ | 5,605 |  |  | 5,976 |  |  | 1,372 |  |  | 1,800
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ | Six Months Ended June 30,
﻿ | Pension Benefits |  | Other Postretirement Benefits
﻿(Thousands of dollars) |  | 2017 |  |  | 2016 |  | 2017 |  | 2016
﻿Service cost | $ | 4,062 |  |  | 5,923 |  |  | 849 |  |  | 1,348
﻿Interest cost |  | 13,006 |  |  | 14,473 |  |  | 1,933 |  |  | 2,215
﻿Expected return on plan assets |  | (13,660) |  |  | (15,083) |  |  | – |  |  | –
﻿Amortization of prior service cost (credit) |  | 508 |  |  | 640 |  |  | (37) |  |  | (41)
﻿Amortization of transitional asset |  | – |  |  | – |  |  | – |  |  | 2
﻿Recognized actuarial loss |  | 7,063 |  |  | 7,247 |  |  | – |  |  | 75
﻿Curtailments |  | – |  |  | 822 |  |  | – |  |  | (19)
﻿Net periodic benefit expense | $ | 10,979 |  |  | 14,022 |  |  | 2,745 |  |  | 3,580
﻿ During the six-month period ended June 30, 201 7, the Company made contributions of $16.1 million to its defined benefit pension and postretirement benefit plans. Remaining required funding in 2017 for the Company’s defined benefit pension and postretirement plans is anticipated to be $14.7 million. C urtailment expense for the six months ended June 30, 2016, shown in the table above relate to restructuring activities in the U.S. undertaken by the Company in the first quarter 2016.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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