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v3.23.2

Employee and Retiree Benefit Plans | 6 Months Ended
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Jun. 30, 2023
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 meet the requirements of 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, 2023 and 2022.
| Three Months Ended June 30,
| Pension Benefits |  | Other Postretirement Benefits
(Thousands of dollars) | 2023 |  | 2022 |  | 2023 |  | 2022
Service cost | $ | 1,650 |  |  | $ | 2,129 |  |  | $ | 132 |  |  | $ | 292 |
Interest cost | 8,564 |  |  | 5,139 |  |  | 874 |  |  | 574 |
Expected return on plan assets | (8,254) |  |  | (7,954) |  |  | – |  |  | – |
Estimated defined contribution provision | 54 |  |  | – |  |  | – |  |  | – |
Amortization of prior service cost (credit) | 155 |  |  | 579 |  |  | (133) |  |  | (133) |
Recognized actuarial loss (gain) | 2,414 |  |  | 3,822 |  |  | (767) |  |  | (78) |
Total net periodic benefit expense | $ | 4,583 |  |  | 3,715 |  |  | 106 |  |  | 655 |
| Six Months Ended June 30,
| Pension Benefits |  | Other Postretirement Benefits
(Thousands of dollars) | 2023 |  | 2022 |  | 2023 |  | 2022
Service cost | $ | 3,300 |  |  | $ | 4,258 |  |  | $ | 264 |  |  | $ | 584 |
Interest cost | 17,071 |  |  | 10,382 |  |  | 1,748 |  |  | 1,148 |
Expected return on plan assets | (16,448) |  |  | (16,092) |  |  | – |  |  | – |
Estimated defined contribution provision | 108 |  |  | — |  |  | – |  |  | – |
Amortization of prior service cost (credit) | 310 |  |  | 1,179 |  |  | (266) |  |  | (266) |
Recognized actuarial loss (gain) | 4,815 |  |  | 7,644 |  |  | (1,548) |  |  | (155) |
Total net periodic benefit expense | $ | 9,156 |  |  | $ | 7,371 |  |  | $ | 198 |  |  | $ | 1,311 |
The components of net periodic benefit expense, other than the service cost, are recorded in “Other (expenses) income” in the Consolidated Statements of Operations. During the six-month period ended June 30, 2023, the Company made contributions of $18.9 million to its defined benefit pension and postretirement benefit plans. Remaining funding in 2023 for the Company’s defined benefit pension and postretirement plans is anticipated to be $18.2 million.

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