XML 45 R34.htm IDEA: XBRL DOCUMENT v3.24.3
Incentive Plans (Tables)
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Awards Granted
During the nine months ended September 30, 2024, the Committee granted the following awards from the 2020 Long-Term Plan:
Type of AwardNumber of Awards GrantedGrant DateGrant Date
Fair Value		Valuation Methodology
Performance-based RSUs (TSR) 1
423,640 February 6, 2024$41.95 Monte Carlo
Performance-based RSUs (ROACE) 1
105,980 February 6, 2024$38.08 Average Stock Price
Time-based RSUs (Stock-Settled) 2
658,420 February 6, 2024$38.08 Average Stock Price
Time-based RSUs (Cash-Settled) 2
102,900 February 6, 2024$38.08 Average Stock Price
Performance-based RSUs (TSR) 1
5,830 April 1, 2024$50.81 Monte Carlo
Performance-based RSUs (ROACE) 1
1,450 April 1, 2024$45.98 Average Stock Price
Time-based RSUs (Stock-Settled) 2
4,840 April 1, 2024$45.98 Average Stock Price
Time-based RSUs (Cash-Settled) 2
460 April 1, 2024$45.98 Average Stock Price
Time-based RSUs (Stock-Settled) 2
22,990 August 19, 2024$37.78 Average Stock Price
1 Performance-based RSUs are tied to the achievement of Total Shareholder Return (TSR) and Return on Average Capital Employed (ROACE) performance goals and are scheduled to vest three years from the date of grant if performance conditions are met.
2 Time-based RSUs generally vest on the third anniversary of the date of grant.
During the nine months ended September 30, 2024, the Committee granted the following awards to Non-Employee Directors under the 2021 NED Plan:
Type of AwardNumber of Awards GrantedGrant DateGrant Date Fair ValueValuation Methodology
Time-Based RSUs 1
47,412 February 07, 2024$37.97 Closing Stock Price
Time-Based RSUs 2
1,230 March 28, 2024$45.70 Closing Stock Price
Time-Based RSUs 2
1,364 June 28, 2024$41.24 Closing Stock Price
Time-Based RSUs 2
1,668 September 30, 2024$33.74 Closing Stock Price
1 Non-employee directors time-based RSUs are scheduled to vest on the first anniversary of the date of grant. Non-employee directors may elect to defer settlement of their vested time-based RSUs until (1) termination of service from the Board or (2) a future date selected by the director at the time of their deferral election. These unvested time-based RSUs are included in the table above, will vest in one year, and become deferred RSUs.
2 Effective January 1, 2024, non-employee directors can elect to receive their annual cash retainers in the form of deferred RSUs. Director fees which are deferred into RSUs are calculated and expensed each quarter by taking fees earned in respect of the applicable quarter and dividing by the closing price of our common stock on the last trading day of the quarter. Each deferred RSU represents the right to receive one share of common stock following (1) termination of service from the Board or (2) a future date selected by the director at the time of their deferral election.
Share-Based Plans, Amounts Recognized in the Financial Statements
Amounts recognized in the financial statements with respect to share-based plans are shown in the following table:
Nine Months Ended
September 30,
(Thousands of dollars)20242023
Compensation charged against income before tax benefit$27,044 $42,912 
Related income tax benefit recognized in income3,627 7,244