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Incentive Plans (Tables)
 12 Months Ended
Dec. 31, 2024
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)
202420232022
Compensation charged against income before income tax benefit$40,831 $58,760 $74,587 
Related income tax benefit recognized in income5,513 9,330 12,710 
Schedule of Assumptions used in Valuation of Performance Awards Granted The assumptions used in the valuation of the performance awards granted in 2024, 2023 and 2022 are presented in the following table.
202420232022
Fair value per share at grant date$41.95$60.46
$37.77 - $47.37
Assumptions
Expected volatility50.00%81.00%
79.00% - 81.00%
Risk-free interest rate4.14%3.90%
1.39% - 2.85%
Stock beta1.0621.034
1.195 - 1.200
Expected life3.0 years3.0 years3.0 years
Schedule of Changes in PSUs and RSUs Outstanding
The fair value of the PSUs based on ROACE was estimated based on the average high/low price of the Company’s stock on the grant date.
Changes in PSUs outstanding for each of the last three years are presented in the following table.
(Number of stock units)
202420232022
Outstanding at beginning of year1,818,188 2,148,467 2,670,756 
Granted536,900 409,160 595,700 
Vested and issued(938,599)(408,135)(654,177)
Forfeited(24,068)(331,304)(463,812)
Outstanding at end of year1,392,421 1,818,188 2,148,467 
Changes in RSUs outstanding for each of the last three years are presented in the following table.
(Number of share units)
202420232022
Outstanding at beginning of year1,219,584 1,227,792 1,451,438 
Granted741,228 556,100 416,492 
Vested and issued(330,444)(517,047)(462,418)
Forfeited(71,768)(47,261)(177,720)
Outstanding at end of year1,558,600 1,219,584 1,227,792 
Schedule of Stock Unit Awards
The fair value of the time-based RSUs awarded for each of the last three years is presented in the following table.
Type of PlanValuation Methodology202420232022
Non-Employee Directors 1
Closing Stock Price at Grant Date
$30.26 - $45.70
$43.27$32.84
Long-Term Incentive Plan 2
Average High/Low Stock Price at Grant Date
$37.78 - $45.98
$42.20
$29.80 - $49.86
1 Under the 2021 NED Plan, RSUs granted in 2024 are scheduled to vest in February 2025.
2 The RSUs granted under the 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, 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, 20211,319,500 34.25 
Exercisable at December 31, 202213,000 28.51