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Employee and Retiree Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Plans' Benefit Obligations and Fair Value of Assets and Statement of Funded Status
The tables that follow provide a reconciliation of the changes in the plans’ benefit obligations, fair value of assets and funded status for the respective periods presented.
Pension
Benefits		Other
Postretirement
Benefits
(Thousands of dollars)
2024202320242023
Change in benefit obligation
Obligation at January 1$699,151 $663,073 $63,808 $67,679 
Service cost7,042 6,542 436 495 
Interest cost33,554 34,140 2,923 3,241 
Participant contributions— — 2,730 2,629 
Actuarial (gain) loss 1
(35,417)26,625 825 (5,567)
Medicare Part D subsidy— — 358 299 
Exchange rate changes(3,263)6,089 (14)2 
Benefits paid(45,743)(56,296)(16,072)(4,970)
Plan amendments 2
— 18,978 — — 
Obligation at December 31655,324 699,151 54,994 63,808 
Change in plan assets
Fair value of plan assets at January 1477,809 450,944 — — 
Actual return on plan assets27,317 39,953 — — 
Employer contributions35,477 37,546 12,984 2,042 
Participant contributions— — 2,730 2,629 
Medicare Part D subsidy— — 358 299 
Exchange rate changes(2,740)5,662 — — 
Benefits paid(45,743)(56,296)(16,072)(4,970)
Fair value of plan assets at December 31492,120 477,809 — — 
Funded status and amounts recognized in the Consolidated Balance Sheets at December 31
Deferred charges and other assets1,819 3,192 — — 
Other accrued liabilities(10,617)(10,219)(4,237)(4,433)
Deferred credits and other liabilities(154,406)(214,315)(50,757)(59,375)
Fund Status and net plan liability recognized at December 31$(163,204)$(221,342)$(54,994)$(63,808)
1 Actuarial gains in 2024 primarily relate to the increase in the discount rate assumption, which decreases the pension benefit obligation.
2 At December 31, 2023, the Company recognized an increase to its domestic plan benefit obligation related to a plan amendment. The amendment provides a permanent increase to benefits for retirees and beneficiaries who commenced payments prior to 2020.
The preceding tables in this note include the following amounts related to foreign benefit plans.
Pension
Benefits		Other
Postretirement
Benefits
(Thousands of dollars)
2024202320242023
Benefit obligation at December 31$115,428 $133,822 $106 $115 
Fair value of plan assets at December 31103,445 119,236 — — 
Net plan liabilities recognized(11,983)(14,586)(106)(115)
Net periodic benefit expense (benefit)1,480 1,387 (44)(44)
Schedule of Amounts Included in Accumulated Other Comprehensive Loss Not Recognized in Net Periodic Benefit Expense
At December 31, 2024, amounts included in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets, before reduction for associated deferred income taxes, which have not been recognized in net periodic benefit expense are shown in the following table.
(Thousands of dollars)
Pension
Benefits		Other
Postretirement
Benefits
Net actuarial gain (loss)$(163,218)$39,742 
Prior service (credit) cost(18,233)3,405 
$(181,451)$43,147 
Schedule of Projected Benefit Obligations, Accumulated Benefit Obligations and Fair Value of Plan Assets
The table that follows includes projected benefit obligations, accumulated benefit obligations and fair value of plan assets for plans where the accumulated benefit obligation exceeded the fair value of plan assets.
Projected
Benefit Obligations		Accumulated
Benefit Obligations		Fair Value
of Plan Assets
(Thousands of dollars)
202420232024202320242023
Funded qualified plans where accumulated benefit obligation exceeds fair value of plan assets$497,947 $534,751 $489,225 $523,096 $477,983 $461,363 
Unfunded nonqualified and directors’ plans where accumulated benefit obligation exceeds fair value of plan assets145,058 151,146 143,859 148,661 — — 
Unfunded other postretirement plans54,994 63,808 54,994 63,808 — — 
Schedule of Components of Net Periodic Benefit Expense
The table that follows provides the components of net periodic benefit expense for each of the three years presented.
Pension BenefitsOther
Postretirement Benefits
(Thousands of dollars)
202420232022202420232022
Service cost$7,042 $6,542 $7,875 $436 $495 $968 
Interest cost33,554 34,140 22,747 2,923 3,241 2,211 
Expected return on plan assets(33,427)(32,839)(36,458)— — — 
Amortization of prior service cost (credit)2,316 620 (684)(532)(532)(532)
Recognized actuarial loss (gain)
9,438 9,776 16,098 (3,586)(3,512)(615)
Net periodic benefit expense18,923 18,239 9,578 (759)(308)2,032 
Other pension costs251 219 — — — — 
Total net periodic benefit expense$19,174 $18,458 $9,578 $(759)$(308)$2,032 
Schedule of Weighted-Average Assumptions used in Measurement of Benefit Obligations and Net Periodic Benefit Expense
The following table provides the weighted-average assumptions used in the measurement of the Company’s benefit obligations at December 31, 2024 and 2023 and net periodic benefit expense for 2024 and 2023.
Benefit ObligationsNet Periodic Benefit Expense
Pension
Benefits		Other
Postretirement
Benefits		Pension
Benefits		Other
Postretirement
Benefits
December 31,December 31,YearYear
20242023202420232024202320242023
Discount rate on obligation, interest cost and service cost
5.58 %5.03 %5.65 %5.15 %5.17 %5.27 %5.15 %5.41 %
Rate of compensation increase3.38 %3.52 %— — 3.50 %3.52 %— — 
Cash balance interest credit rate3.20 %3.20 %— — — — — — 
Expected return on plan assets— — — — 7.19 %7.35 %— — 
Schedule of Benefit Payments Expected to be Paid in Future Years
Benefit payments, reflecting expected future service as appropriate, which are expected to be paid in future years from the assets of the plans or by the Company, are shown in the following table.
(Thousands of dollars)
Pension
Benefits		Other
Postretirement
Benefits
2025$49,406 $4,237 
202650,193 4,252 
202751,634 4,267 
202851,632 4,386 
202951,457 4,278 
2030-2034261,891 20,594 
Schedule of Weighted Average Asset Allocation for Funded Pension Benefit Plans
The weighted average asset allocation for the Company’s funded pension benefit plans at the respective balance sheet dates are shown in the following table.
December 31,
20242023
Equity securities57.3 %62.6 %
Fixed income securities36.2 %29.1 %
Alternatives3.7 %5.1 %
Cash equivalents2.8 %3.2 %
100.0 %100.0 %
Schedule of Fair Value Measurements of Retirement Plan Assets
At December 31, 2024, the fair value measurements of retirement plan assets within the fair value hierarchy are included in the table that follows.
Fair Value Measurements Using
(Thousands of dollars)
Fair Value at December 31,
2024		Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Domestic Plans
Equity securities:
U.S. core equity$87,124 $87,124 $— $— 
U.S. small/midcap51,978 51,978 — — 
Other alternative strategies965 — — 965 
International equity22,724 22,724 — — 
Emerging market equity7,638 7,638 — — 
Fixed income securities:
U.S. fixed income208,755 105,302 103,453 — 
Cash and equivalents9,491 9,491 — — 
Total Domestic Plans388,675 284,256 103,453 965 
Foreign Plans
Equity securities funds14,377 — 14,377 — 
Fixed income securities funds26,500 — 26,500 — 
Diversified pooled fund41,054 — 41,054 — 
Other17,049 — — 17,049 
Cash and equivalents4,465 — 4,465 — 
Total Foreign Plans103,445 — 86,396 17,049 
Total$492,120 $284,256 $189,849 $18,014 
At December 31, 2023, the fair value measurements of retirement plan assets within the fair value hierarchy are included in the table that follows.
Fair Value Measurements Using
(Thousands of dollars)
Fair Value at December 31,
2023		Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Domestic Plans
Equity securities:
U.S. core equity$105,212 $105,212 $— $— 
U.S. small/midcap64,165 64,165 — — 
Other alternative strategies3,831 — — 3,831 
International equity31,820 31,820 — — 
Emerging market equity10,525 10,525 — — 
Fixed income securities:
U.S. fixed income132,608 56,381 76,227 — 
Cash and equivalents10,412 10,412 — — 
Total Domestic Plans358,573 278,515 76,227 3,831 
Foreign Plans
Equity securities funds24,389 — 24,389 — 
Fixed income securities funds23,930 — 23,930 — 
Diversified pooled fund45,162 — 45,162 — 
Other20,623 — — 20,623 
Cash and equivalents5,133 — 5,133 — 
Total Foreign Plans119,236 — 98,613 20,623 
Total$477,809 $278,515 $174,841 $24,454 
Schedule of Effects of Fair Value Measurements Using Significant Unobservable Inputs on Changes in Level 3 Plan Assets
The effects of fair value measurements using significant unobservable inputs on changes in Level 3 plan assets are outlined below:
(Thousands of dollars)
Hedged Funds and Other
Alternative Strategies
Total at December 31, 2022$32,734 
Actual return on plan assets:
Relating to assets held at the reporting date711 
Purchases, sales and settlements(8,991)
Total at December 31, 202324,454 
Actual return on plan assets:
Relating to assets held at the reporting date(3,574)
Relating to assets sold during the period(2,865)
Total at December 31, 2024$18,015