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Health Care, Pension and Other Benefits
 9 Months Ended
Sep. 30, 2017
Retirement Benefits [Abstract]  
HEALTH CARE, PENSION AND OTHER BENEFITS
HEALTH CARE, PENSION AND OTHER BENEFITS
Shown below are the components of the Company’s net periodic benefit cost (credit) for domestic defined benefit pension plans, foreign defined benefit pension plans and postretirement benefits other than pensions:
 
(Thousands of dollars)
Domestic Defined
Benefit Pension Plans
 
Foreign Defined
Benefit Pension Plans
 
Postretirement
Benefits Other than
Pensions
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Three Months Ended September 30:
 
 
 
 
 
 
 
 
 
 
 
Net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
5,356

 
$
5,741

 
$
2,052

 
$
955

 
$
524

 
$
562

Interest cost
8,734

 
6,587

 
2,240

 
1,788

 
2,755

 
2,752

Expected return on assets
(13,351
)
 
(12,514
)
 
(2,488
)
 
(1,581
)
 
 
 
 
Amortization of:
 
 
 
 
 
 
 
 
 
 
 
Prior service cost (credit)
341

 
302

 
 
 
 
 
(1,645
)
 
(1,645
)
Actuarial loss
1,334

 
1,094

 
474

 
230

 
8

 
 
Net periodic benefit cost
$
2,414

 
$
1,210

 
$
2,278

 
$
1,392

 
$
1,642

 
$
1,669

 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30:
 
 
 
 
 
 
 
 
 
 
 
Net periodic benefit cost (credit):
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
16,128

 
$
16,719

 
$
6,257

 
$
3,494

 
$
1,538

 
$
1,684

Interest cost
22,335

 
19,873

 
5,742

 
5,949

 
7,991

 
8,257

Expected return on assets
(34,959
)
 
(37,648
)
 
(6,260
)
 
(5,273
)
 
 
 
 
Amortization of:
 
 
 
 
 
 
 
 
 
 
 
Prior service cost (credit)
1,022

 
904

 
 
 
 
 
(4,935
)
 
(4,935
)
Actuarial loss
4,657

 
3,399

 
324

 
1,095

 
24

 
 
Settlement (gain) loss
 
 
 
 


 
4,038

 
(9,332
)
 
 
Net periodic benefit cost (credit)
$
9,183

 
$
3,247

 
$
6,063

 
$
9,303

 
$
(4,714
)
 
$
5,006


The Company acquired new benefit plans in each category above as a result of the Valspar acquisition. The costs (credits) for these plans subsequent to the acquisition date are included in the tables above and are not significant.
The settlement gain recognized in the nine months ended September 30, 2017 relates to the termination of a life insurance benefit plan during the second quarter. The settlement loss recognized in the nine months ended September 30, 2016 relates to the wind up of an acquired Canada plan. For further details on the Company’s health care, pension and other benefits, see Note 6 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.