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Incentive Plans (Tables)
 12 Months Ended
Dec. 31, 2025
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)
202520242023
Compensation charged against income before income tax benefit$50,107 $40,831 $58,760 
Related income tax benefit recognized in income6,438 5,513 9,330 
Schedule of Assumptions used in Valuation of Performance Awards Granted The assumptions used in the valuation of the performance awards granted in 2025, 2024 and 2023 are presented in the following table.
202520242023
Fair value per share at grant date
$19.65 - $22.11
$41.95$60.46
Assumptions
Expected volatility40.00%50.00%81.00%
Risk-free interest rate4.25%4.14%3.90%
Stock beta0.9801.0621.034
Expected life3.0 years3.0 years3.0 years
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 Methodology202520242023
Non-Employee Directors 1
Closing Stock Price at Grant Date
$22.50 - $31.25
$30.26 - $45.70
$43.27
Long-Term Incentive Plan 2
Average High/Low Stock Price at Grant Date
$23.09 - $25.98
$37.78 - $45.98
$42.20
1 Under the 2021 NED Plan, RSUs granted in 2025 are scheduled to vest in February 2026.
2 The RSUs granted under the 2020 Long-Term Plan and the 2025 Long-Term Plan generally vest on the third anniversary of the date of grant.
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)
202520242023
Outstanding at beginning of year1,392,421 1,818,188 2,148,467 
Granted657,730 536,900 409,160 
Vested and issued(481,670)(938,599)(408,135)
Forfeited(104,966)(24,068)(331,304)
Outstanding at end of year1,463,515 1,392,421 1,818,188 
Changes in RSUs outstanding for each of the last three years are presented in the following table.
(Number of share units)
202520242023
Outstanding at beginning of year1,558,600 1,219,584 1,227,792 
Granted559,284 741,228 556,100 
Vested and issued(360,281)(330,444)(517,047)
Forfeited(95,951)(71,768)(47,261)
Outstanding at end of year1,661,652 1,558,600 1,219,584