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Note E - Pension and Other Postretirement Benefits
 6 Months Ended
Jun. 30, 2014
Compensation and Retirement Disclosure [Abstract]  
Pension and Other Postretirement Benefits Disclosure [Text Block]

NOTE E - 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 June 30,

   

Three Months Ended June 30,

 
   

2014

   

2013

   

2014

   

2013

 

Service cost

  $ 726     $ 811     $ 226     $ 289  

Interest cost

    728       697       212       181  

Expected return on plan assets

    (1,170 )     (1,306 )     -       -  

Recognized actuarial loss (gain)

    457       532       (380 )     (180 )

Settlement loss

    -       1,601       -       -  

Net periodic benefit cost

  $ 741     $ 2,335     $ 58     $ 290  

   

Pension Benefits

   

Postretirement Benefits

 

(Thousands of dollars)

 

Six Months Ended June 30,

   

Six Months Ended June 30,

 
   

2014

   

2013

   

2014

   

2013

 

Service cost

  $ 1,452     $ 1,660     $ 453     $ 577  

Interest cost

    1,448       1,363       424       363  

Expected return on plan assets

    (2,378 )     (2,599 )     -       -  

Recognized actuarial loss (gain)

    915       1,144       (577 )     (361 )

Settlement loss

    -       2,987       -       -  

Net periodic benefit cost

  $ 1,437     $ 4,555     $ 300     $ 579