Incentive Plans (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Awards Granted

During the nine months ended September 30, 2025, the Committee granted the following awards from the 2020 Long-Term Plan and the 2025 Long-Term Plan:

Type of Award	Number of Awards Granted	Grant Date	Grant Date Fair Value		Valuation Methodology
Performance-based RSUs (TSR) 1	520,150	February 4, 2025	$	22.11	Monte Carlo
Performance-based RSUs (ROACE) 1	129,990	February 4, 2025	$	25.98	Average Stock Price
Time-based RSUs (Stock-Settled) 2	470,440	February 4, 2025	$	25.98	Average Stock Price
Time-based RSUs (Cash-Settled) 2	771,390	February 4, 2025	$	25.98	Average Stock Price
Performance-based RSUs (TSR) 1	6,070	August 11, 2025	$	19.65	Monte Carlo
Performance-based RSUs (ROACE) 1	1,520	August 11, 2025	$	23.09	Average Stock Price
Time-based RSUs (Stock-Settled) 2	5,060	August 11, 2025	$	23.09	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, 2025, the Committee granted the following awards to Non-Employee Directors under the 2021 NED Plan:

Type of Award	Number of Awards Granted	Grant Date	Grant Date Fair Value		Valuation Methodology
Time-Based RSUs 1	74,970	February 5, 2025	$	26.68	Closing Stock Price
Time-Based RSUs 2	2,114	March 31, 2025	$	28.40	Closing Stock Price
Time-Based RSUs 2	2,668	June 30, 2025	$	22.50	Closing Stock Price
Time-Based RSUs 2	2,112	September 30, 2025	$	28.41	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 retainers in the form of deferred RSUs. Director fees that 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.

Schedule of 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)	2025		2024
Compensation charged against income before tax benefit	$	33,884	$	27,044
Related income tax benefit recognized in income	4,882		3,627