v3.26.1
Employee and Retiree Benefit Plans
 6 Months Ended
Jun. 30, 2026
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 and six months ended June 30, 2026 and 2025.
Three Months Ended June 30,
Pension BenefitsOther Postretirement Benefits
(Thousands of dollars)2026202520262025
Service cost$1,865 $1,683 $102 $84 
Interest cost7,752 8,482 750 708 
Expected return on plan assets(8,792)(8,953)— — 
Estimated defined contribution provision70 62 — — 
Amortization of prior service cost (credit)432 492 (133)(133)
Recognized actuarial (gain) loss 1,644 1,914 (387)(1,057)
Total net periodic benefit cost (credit)$2,971 $3,680 $332 $(398)
Six Months Ended June 30,
Pension BenefitsOther Postretirement Benefits
(Thousands of dollars)2026202520262025
Service cost$3,730 $3,366 $204 $168 
Interest cost15,504 16,880 1,500 1,416 
Expected return on plan assets(17,584)(17,824)— — 
Estimated defined contribution provision140 122 — — 
Amortization of prior service cost (credit) 864 983 (266)(266)
Recognized actuarial (gain) loss3,288 3,805 (774)(2,113)
         Total net periodic benefit cost (credit)$5,942 $7,332 $664 $(795)
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 months ended June 30, 2026, the Company made contributions of $15.4 million to its defined benefit pension and postretirement benefit plans. Remaining funding in 2026 for the Company’s defined benefit pension and postretirement plans is anticipated to be $15.1 million.