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Employee and Retiree Benefit Plans | 3 Months Ended
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Mar. 31, 2024
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 periods ended March 31, 2024 and 2023.
| Three Months Ended March 31,
| Pension Benefits |  | Other Postretirement Benefits
(Thousands of dollars) | 2024 |  | 2023 |  | 2024 |  | 2023
Service cost | $ | 1,706 |  |  | $ | 1,650 |  |  | $ | 135 |  |  | $ | 132 |
Interest cost | 8,391 |  |  | 8,507 |  |  | 782 |  |  | 874 |
Expected return on plan assets | (8,357) |  |  | (8,194) |  |  | – |  |  | – |
Estimated defined contribution provision | 55 |  |  | – |  |  | – |  |  | – |
Amortization of prior service cost (credit) | 579 |  |  | 155 |  |  | (133) |  |  | (133) |
Recognized actuarial loss (gain) | 2,360 |  |  | 2,401 |  |  | (812) |  |  | (781) |
Total net periodic benefit expense | $ | 4,734 |  |  | $ | 4,519 |  |  | $ | (28) |  |  | $ | 92 |
The components of net periodic benefit expense, other than the service cost, are recorded in “Other income (loss)” in the Consolidated Statements of Operations. During the three-month period ended March 31, 2024, the Company made contributions of $9.5 million to its defined benefit pension and postretirement benefit plans. Remaining funding in 2024 for the Company’s defined benefit pension and postretirement plans is anticipated to be $31.7 million.

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