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Note D - Pension And Other Postretirement Benefits

9 Months Ended

Sep. 30, 2013

Compensation and Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

NOTE D - PENSION AND OTHER POSTRETIREMENT BENEFITS

The Company sponsors a defined benefit pension plan (“Plan”) covering certain domestic employees. Benefits are based on each covered employee’s years of service and compensation. The Plan is funded in conformity with the funding requirements of applicable U.S. regulations. The Plan was closed to new participants effective January 1, 2008. Employees hired after this date participate in an enhanced 401(k) plan instead of the defined benefit pension plan.

Additionally, the Company sponsors defined contribution pension plans available to all domestic employees and all Canadian employees.

The Company also sponsors a non-contributory defined benefit health care plan that provides health benefits to certain domestic and Canadian retirees and their spouses. The Company funds the cost of these benefits as incurred.

Due to continuing lump-sum retirement payments, the Company recorded a GAAP-required $490,000 non-cash pension settlement charge during the third quarter of 2013 relating to its defined benefit pension plan. The Company has recorded $3.5 million in non-cash pension settlement charges during the first nine months of 2013. These required charges were driven by exceeding the actuarial payments threshold relating to retirees electing to receive lump-sum distributions during 2013.

The following tables present the components of net periodic benefit cost:

	Pension Benefits						Postretirement Benefits
(Thousands of dollars)	Three Months Ended September 30,						Three Months Ended September 30,
	2013			2012			2013			2012
Service cost	$	748		$	797		$	288		$	288
Interest cost		734			700			182			218
Expected return on plan assets		(1,229	)		(1,148	)		-			-
Recognized actuarial loss (gain)		478			611			(181	)		(161	)
Settlement loss		490			-			-			-
Net periodic benefit cost	$	1,221		$	960		$	289		$	345

	Pension Benefits						Postretirement Benefits
(Thousands of dollars)	Nine Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Service cost	$	2,408		$	2,391		$	865		$	866
Interest cost		2,097			2,102			545			653
Expected return on plan assets		(3,828	)		(3,443	)		-			-
Recognized actuarial loss (gain)		1,622			1,831			(542	)		(485	)
Settlement loss		3,477			-			-			-
Net periodic benefit cost	$	5,776		$	2,881		$	868		$	1,034