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Employee and Retiree Benefit Plans
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Employee and Retiree Benefit Plans
Note H – Employee and Retiree Benefit Plans
The Company has defined benefit pension plans that are noncontributory and cover most full-time employees. All pension plans are funded except for the U.S. and Canadian nonqualified supplemental plan and the U.S. director’s plan. All U.S. tax qualified plans meet the funding requirements of federal laws and regulations. Contributions to foreign plans meet the requirements of local laws and tax regulations. The Company also sponsors 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, 2024 and 2023.
Three Months Ended June 30,
Pension BenefitsOther Postretirement Benefits
(Thousands of dollars)2024202320242023
Service cost$1,706 $1,650 $135 $132 
Interest cost8,393 8,564 782 874 
Expected return on plan assets(8,359)(8,254)– – 
Estimated defined contribution provision54 54 – – 
Amortization of prior service cost (credit)579 155 (133)(133)
Recognized actuarial loss (gain)2,361 2,414 (812)(767)
Total net periodic benefit expense$4,734 $4,583 $(28)$106 
Six Months Ended June 30,
Pension BenefitsOther Postretirement Benefits
(Thousands of dollars)2024202320242023
Service cost$3,412 $3,300 $270 $264 
Interest cost16,784 17,071 1,564 1,748 
Expected return on plan assets(16,716)(16,448)– – 
Estimated defined contribution provision109 108 – – 
Amortization of prior service cost (credit)1,158 310 (266)(266)
Recognized actuarial loss (gain)4,721 4,815 (1,624)(1,548)
         Total net periodic benefit expense$9,468 $9,156 $(56)$198 
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, 2024, the Company made contributions of $18.9 million to its defined benefit pension and postretirement benefit plans. Remaining funding in 2024 for the Company’s defined benefit pension and postretirement plans is anticipated to be $22.3 million.