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Incentive Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Plans, Amounts Recognized in the Financial Statements
Amounts recognized in the financial statements with respect to share-based plans for each of the three years presented are shown in the following table.
(Thousands of dollars)
202320222021
Compensation charged against income before income tax benefit$58,760 $74,587 $43,660 
Related income tax benefit recognized in income9,330 12,710 7,196 
Schedule of Changes in PSUs and RSUs Outstanding
Changes in PSUs outstanding for each of the last three years are presented in the following table.
(Number of stock units)
202320222021
Outstanding at beginning of year2,148,467 2,670,756 2,207,429 
Granted409,160 595,700 1,156,800 
Vested and issued(408,135)(654,177)(642,473)
Forfeited(331,304)(463,812)(51,000)
Outstanding at end of year1,818,188 2,148,467 2,670,756 
Changes in RSUs outstanding for each of the last three years are presented in the following table.
(Number of share units)
202320222021
Outstanding at beginning of year1,227,792 1,451,438 1,383,043 
Granted556,100 416,492 573,907 
Vested and issued(517,047)(462,418)(476,012)
Forfeited(47,261)(177,720)(29,500)
Outstanding at end of year1,219,584 1,227,792 1,451,438 
Schedule of Assumptions used in Valuation of Performance Awards Granted The assumptions used in the valuation of the performance awards granted in 2023, 2022 and 2021 are presented in the following table.
202320222021
Fair value per share at grant date
$60.46
$37.77 - $47.37
$16.03
Assumptions
Expected volatility
81.00%
79.00% - 81.00%
74.00%
Risk-free interest rate
3.90%
1.39% -2.85%
0.18%
Stock beta
1.034
1.195 - 1.200
1.169
Expected life3.0 years3.0 years3.0 years
Schedule of Stock Unit Awards
The fair value of the time-based restricted stock units awarded for each of the last three years are presented in the following table.
Type of PlanValuation Methodology202320222021
Non-Employee Directors 1
Closing Stock Price at Grant Date$43.27$32.84
$13.14 - $23.58
Long-Term Incentive Plan 2
Average Low/High Stock Price at Grant Date$42.20
$29.80 - $49.86
$12.30
1 Under the 2021 NED Plan, RSUs granted in 2023 are scheduled to vest in February 2024.
2 The RSUs granted under the 2018 and 2020 Long-Term Plan generally vest on the third anniversary of the date of grant.
Schedule of Changes in Stock Options Outstanding
Changes in stock options outstanding during the last three years are presented in the following table.
Number of
Shares		Average
Exercise
Price
Outstanding at December 31, 2020
2,048,400 40.14 
Exercised
(170,000)17.57
Forfeited
(558,900)52.61
Outstanding at December 31, 20211,319,500 37.77
Exercised(760,500)23.29
Forfeited(546,000)49.65
Outstanding at December 31, 202213,000 28.51
Exercised(11,000)28.51
Forfeited(2,000)28.51
Outstanding at December 31, 2023– –
Exercisable at December 31, 20202,048,400 37.88 
Exercisable at December 31, 20211,319,500 34.25 
Exercisable at December 31, 202213,000 28.51 
Exercisable at December 31, 2023– –