XML 108 R44.htm IDEA: XBRL DOCUMENT v3.25.4
Employee and Retiree Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
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)
2025202420252024
Change in benefit obligation
Obligation at January 1$655,324 $699,151 $54,994 $63,808 
Service cost7,094 7,042 382 436 
Interest cost33,798 33,554 3,261 2,923 
Participant contributions— — 2,762 2,730 
Actuarial (gain) loss 1
1,175 (35,417)17,681 825 
Medicare Part D subsidy— — 383 358 
Exchange rate changes8,010 (3,263)9 (14)
Benefits paid(45,907)(45,743)(16,073)(16,072)
Obligation at December 31659,494 655,324 63,399 54,994 
Change in plan assets
Fair value of plan assets at January 1492,120 477,809 — — 
Actual return on plan assets48,285 27,317 — — 
Employer contributions25,067 35,477 12,928 12,984 
Participant contributions— — 2,762 2,730 
Medicare Part D subsidy— — 383 358 
Exchange rate changes7,514 (2,740)— — 
Benefits paid(45,907)(45,743)(16,073)(16,072)
Fair value of plan assets at December 31527,079 492,120 — — 
Funded status and amounts recognized in the Consolidated Balance Sheets at December 31
Deferred charges and other assets14,925 1,819 — — 
Other accrued liabilities(10,354)(10,617)(4,663)(4,237)
Deferred credits and other liabilities(136,986)(154,406)(58,736)(50,757)
Fund Status and net plan liability recognized at December 31$(132,415)$(163,204)$(63,399)$(54,994)
1 Actuarial losses in 2025 for other post retirement benefits primarily relate to trend rate increases for incurred claims. Actuarial gains for pension benefits in 2024 primarily relate to the increase in the discount rate assumption, which decreases the pension benefit obligation.
The preceding tables in this note include the following amounts related to foreign benefit plans.
Pension
Benefits		Other
Postretirement
Benefits
(Thousands of dollars)
2025202420252024
Benefit obligation at December 31$109,883 $115,428 $90 $106 
Fair value of plan assets at December 31110,280 103,445 — — 
Net plan liabilities recognized397 (11,983)(90)(106)
Net periodic benefit (credit) expense
2,131 1,480 (35)(44)
Schedule of Amounts Included in Accumulated Other Comprehensive Loss Not Recognized in Net Periodic Benefit Expense
At December 31, 2025, amounts included in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets, before reduction for associated deferred income taxes, which have not been recognized in net periodic benefit expense are shown in the following table.
(Thousands of dollars)
Pension
Benefits		Other
Postretirement
Benefits
Net actuarial gain (loss)$(148,280)$18,862 
Prior service (credit) cost(16,320)2,873 
$(164,600)$21,735 
Schedule of Projected Benefit Obligations, Accumulated Benefit Obligations and Fair Value of Plan Assets
The table that follows includes projected benefit obligations, accumulated benefit obligations and fair value of plan assets for plans where the accumulated benefit obligation exceeded the fair value of plan assets.
Projected
Benefit Obligations		Accumulated
Benefit Obligations		Fair Value
of Plan Assets
(Thousands of dollars)
202520242025202420252024
Funded qualified plans where accumulated benefit obligation exceeds fair value of plan assets$— $497,947 $— $489,225 $— $477,983 
Unfunded nonqualified and directors’ plans where accumulated benefit obligation exceeds fair value of plan assets147,339 145,058 145,545 143,859 — — 
Unfunded other postretirement plans63,399 54,994 63,399 54,994 — — 
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)
202520242023202520242023
Service cost$7,094 $7,042 $6,542 $382 $436 $495 
Interest cost33,798 33,554 34,140 3,261 2,923 3,241 
Expected return on plan assets(35,511)(33,427)(32,839)— — — 
Amortization of prior service cost (credit)
1,967 2,316 620 (532)(532)(532)
Recognized actuarial (gain) loss
7,262 9,438 9,776 (3,182)(3,586)(3,512)
Net periodic benefit cost (credit)
14,610 18,923 18,239 (71)(759)(308)
Other pension costs276 251 219 — — — 
Total net periodic benefit cost (credit)
$14,886 $19,174 $18,458 $(71)$(759)$(308)
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, 2025 and 2024 and net periodic benefit expense for 2025 and 2024.
Benefit ObligationsNet Periodic Benefit Expense
Pension
Benefits		Other
Postretirement
Benefits		Pension
Benefits		Other
Postretirement
Benefits
December 31,December 31,YearYear
20252024202520242025202420252024
Discount rate on obligation, interest cost and service cost
5.41 %5.58 %5.48 %5.65 %5.54 %5.17 %5.66 %5.15 %
Rate of compensation increase3.50 %3.38 %— — 3.50 %3.50 %— — 
Cash balance interest credit rate3.70 %3.20 %— — — — — — 
Expected return on plan assets— — — — 7.29 %7.19 %— — 
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
2026$49,819 $4,663 
202751,276 4,710 
202851,786 4,872 
202951,646 4,772 
203053,230 4,752 
2031-2035260,581 23,671 
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,
20252024
Equity securities45.2 %57.3 %
Fixed income securities42.7 %36.2 %
Alternatives7.4 %3.7 %
Cash equivalents4.7 %2.8 %
100.0 %100.0 %
Schedule of Fair Value Measurements of Retirement Plan Assets
At December 31, 2025, 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,
2025		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$83,956 $73,999 $— $9,957 
U.S. small/midcap56,699 56,699 — — 
Other alternative strategies21,032 — — 21,032 
International equity27,772 27,772 — — 
Emerging market equity13,518 13,518 — — 
Fixed income securities:
U.S. fixed income186,995 119,205 67,790 — 
International commingled trust fund7,047 — 7,047 — 
Cash and equivalents19,779 19,779 — — 
Total Domestic Plans416,798 310,972 74,837 30,989 
Foreign Plans
Equity securities funds13,946 — 13,946 — 
Fixed income securities funds30,986 — 30,986 — 
Diversified pooled fund42,124 — 42,124 — 
Other18,454 — 532 17,922 
Cash and equivalents4,771 — 4,771 — 
Total Foreign Plans110,281 — 92,359 17,922 
Total$527,079 $310,972 $167,196 $48,911 
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 
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, 2023$24,454 
Actual return (loss) on plan assets 1:
Relating to assets held at the reporting date(3,574)
Purchases, sales and settlements(2,865)
Total at December 31, 202418,015 
Actual return on plan assets 1:
Relating to assets held at the reporting date2,394 
Purchases, sales and settlements
28,502 
Total at December 31, 2025$48,911 
1 Gains and losses on Level 3 plan assets are recognized in the Consolidated Statements of Comprehensive Income (Loss) under the caption "Retirement and postretirement benefit plans.”