Assets and Liabilities Measured at Fair Value

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value

Assets and Liabilities Measured at Fair Value

The Company carries certain assets and liabilities at fair value in its Consolidated Balance Sheets. The fair value hierarchy is based on the quality of inputs used to measure fair value, with Level 1 being the highest quality and Level 3 being the lowest quality. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included within Level 1. Level 3 inputs are unobservable inputs which reflect assumptions about pricing by market participants.

The Company's available-for-sale marketable securities consist of high quality, investment grade securities from diverse issuers. We value these securities at the closing price in the principal active markets as of the last business day of the reporting period. The fair values of the Company's marketable securities by asset class are described in Note 5 "Marketable Securities" in these consolidated financial statements for the period ended December 31, 2025. We value the deferred compensation plan assets, which consist of money market and mutual funds, based on quoted prices in active markets at the measurement date. For additional information on deferred compensation plans see also Note 13 "Employee and Retirement Benefit Plans" in these consolidated financial statements for the period ended December 31, 2025.

At the balance sheet date, the fair value of commodity derivatives contracts was determined using NYMEX quoted values. The carrying value of the Company’s Cash and cash equivalents, Accounts receivable-trade and Trade accounts payable and accrued liabilities approximates fair value. See also Note 14 "Financial Instruments and Risk Management" in these consolidated financial statements for the period ended December 31, 2025, for more information.

Financial assets and liabilities measured at fair value on a recurring basis

The following table presents the Company's financial assets and liabilities measured at fair value on a recurring basis, as of December 31, 2025 and 2024:

	December 31, 2025
(Millions of dollars)	Level 1		Level 2		Level 3		Fair Value
Financial assets
Prepaid expenses and other current assets
Fuel derivative	$	—	$	—	$	—	$	—
Other assets
Deferred compensation plan assets	18.6		—		—		18.6

	December 31, 2025
(Millions of dollars)	Level 1		Level 2		Level 3		Fair Value
Financial liabilities
Deferred credits and other liabilities
Deferred compensation plan liabilities	(26.7)		—		—		(26.7)
	$	(8.1)	$	—	$	—	$	(8.1)

	December 31, 2024
(Millions of dollars)	Level 1		Level 2		Level 3		Fair Value
Financial assets
Prepaid expenses and other current assets
Fuel derivative	—		—		0.2		0.2
Other assets
Deferred compensation plan assets	14.9		—		—		14.9
Financial liabilities
Deferred credits and other liabilities
Deferred compensation plan liabilities	(26.3)		—		—		(26.3)
	$	(11.4)	$	—	$	0.2	$	(11.2)

Fair value of financial instruments not recognized at fair value

The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The table below excludes Cash and cash equivalents, Accounts receivable-trade, and Trade accounts payable and accrued liabilities, all of which had fair values approximating carrying amounts. The fair value of Current and Long-Term debt was estimated based on rates offered to the Company at that time for debt of the same maturities. The Company has off-balance sheet exposures relating to certain financial guarantees and letters of credit. The fair value of these, which represents fees associated with obtaining the instruments, was nominal.

The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at December 31, 2025 and 2024.

	December 31, 2025				December 31, 2024
	Carrying		Level 2		Carrying		Level 2
(Millions of dollars)	Amount		Fair Value		Amount		Fair Value
Financial liabilities
Current and long-term debt, excluding finance leases	$	(2,064.1)	$	(2,081.2)	$	(1,728.7)	$	(1,717.5)