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Note D - Pensions and Other Postretirement Benefits

3 Months Ended

Mar. 31, 2014

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, in eligible locations, participate in an enhanced 401(k) plan instead of the defined benefit pension plan. Employees hired prior to this date continue to accrue benefits.

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

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

	Pension Benefits						Postretirement Benefits
(Thousands of dollars)	Three Months Ended March 31,						Three Months Ended March 31,
	2014			2013			2014			2013
Service cost	$	726		$	849		$	227		$	288
Interest cost		720			666			212			182
Expected return on plan assets		(1,208	)		(1,293	)		-			-
Recognized actuarial loss (gain)		458			612			(197	)		(181	)
Settlement loss		-			1,386			-			-
Net periodic benefit cost	$	696		$	2,220		$	242		$	289