v3.25.2
Employee and Retiree Benefit Plans
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Employee and Retiree Benefit Plans
Note H – Employee and Retiree Benefit Plans
The Company has defined benefit pension plans that are principally noncontributory and cover most full-time employees. All pension plans are funded except for the U.S. and Canadian nonqualified supplemental plans and the U.S. directors’ plan. All U.S. tax qualified plans meet the funding requirements of federal laws and regulations. Contributions to foreign plans are based on local laws and tax regulations. The Company also sponsors other postretirement benefits such as 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, 2025 and 2024.
Three Months Ended June 30,
Pension BenefitsOther Postretirement Benefits
(Thousands of dollars)2025202420252024
Service cost$1,683 $1,706 $84 $135 
Interest cost8,482 8,393 708 782 
Expected return on plan assets(8,953)(8,359)— — 
Estimated defined contribution provision62 54 — — 
Amortization of prior service cost (credit)492 579 (133)(133)
Recognized actuarial loss (gain)1,914 2,361 (1,057)(812)
Total net periodic benefit expense$3,680 $4,734 $(398)$(28)
Six Months Ended June 30,
Pension BenefitsOther Postretirement Benefits
(Thousands of dollars)2025202420252024
Service cost$3,366 $3,412 $168 $270 
Interest cost16,880 16,784 1,416 1,564 
Expected return on plan assets(17,824)(16,716)— — 
Estimated defined contribution provision122 109 — — 
Amortization of prior service cost (credit)983 1,158 (266)(266)
Recognized actuarial loss (gain)3,805 4,721 (2,113)(1,624)
         Total net periodic benefit expense$7,332 $9,468 $(795)$(56)
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 six-month period ended June 30, 2025, the Company made contributions of $18.6 million to its defined benefit pension and postretirement benefit plans. Remaining funding in 2025 for the Company’s defined benefit pension and postretirement plans is anticipated to be $12.3 million.