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EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2022

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Pension and postretirement benefit plans obligations and fair value of plan assets

The following table sets forth our retirement and other postretirement benefit plans benefit obligations and fair value of plan assets for the periods indicated:

						Retirement Benefits												Other Postretirement Benefits
						December 31,												December 31,
						2022						2021						2022						2021
Change in benefit obligation						(Thousands of dollars)
Benefit obligation, beginning of period						$	567,011					$	583,072					$	51,027					$	54,515
Service cost						6,808						8,314						307						421
Interest cost						17,788						16,900						1,480						1,454
Plan participants’ contributions						—						—						824						1,092
Actuarial gain						(148,988)						(22,792)						(11,554)						(2,496)
Benefits paid						(19,845)						(18,483)						(4,461)						(3,959)
Benefit obligation, end of period (a)						422,774						567,011						37,623						51,027
Change in plan assets
Fair value of plan assets, beginning of period						413,183						379,092						24,397						20,874
Actual return on plan assets						(71,705)						41,374						(3,957)						5,919
Employer contributions						—						11,200						—						—
Plan participants’ contributions						—						—						824						1,092
Benefits paid						(19,845)						(18,483)						(4,461)						(3,488)
Fair value of plan assets, end of period (b)						321,633						413,183						16,803						24,397
Balance at December 31						$	(101,141)					$	(153,828)					$	(20,820)					$	(26,630)
Current liabilities						$	(5,036)					$	(5,219)					$	—					$	—
Noncurrent liabilities						(96,105)						(148,609)						(20,820)						(26,630)
Balance at December 31						$	(101,141)					$	(153,828)					$	(20,820)					$	(26,630)

(a) - The benefit obligation for Retirement Benefits at December 31, 2022 and 2021, include the supplemental executive retirement plan obligation.

(b) - Fair value of plan assets for Retirement Benefits exclude the assets of our supplemental executive retirement plan, which totaled $91.8 million and $111.2 million at December 31, 2022 and 2021, respectively, and are included in other assets on the Consolidated Balance Sheets. These assets are maintained in a rabbi trust and are not treated as assets of the supplemental executive retirement plan.

Components of net periodic benefit cost for pension and postretirement benefit plans

The following table sets forth the components of net periodic benefit cost for our retirement and other postretirement benefit plans for the periods indicated:

						Retirement Benefits																		Other Postretirement Benefits
						Years Ended December 31,																		Years Ended December 31,
						2022						2021						2020						2022						2021						2020
						(Thousands of dollars)
Components of net periodic benefit cost
Service cost						$	6,808					$	8,314					$	8,154					$	307					$	421					$	460
Interest cost						17,788						16,900						18,318						1,480						1,454						1,771
Expected return on plan assets						(24,469)						(25,109)						(24,964)						(1,493)						(1,364)						(2,894)
Amortization of prior service cost						114						114						114						—						—						—
Amortization of net loss						13,050						19,673						18,306						1,932						3,692						5
Net periodic benefit cost (income)						$	13,291					$	19,892					$	19,928					$	2,226					$	4,203					$	(658)

Amounts recognized in other comprehensive income (loss)

The following table sets forth the amounts recognized in other comprehensive income (loss) related to our retirement and other postretirement benefits for the periods indicated:

						Retirement Benefits																		Other Postretirement Benefits
						Years Ended December 31,																		Years Ended December 31,
						2022						2021						2020						2022						2021						2020
						(Thousands of dollars)
Net gain (loss) (a)						$	47,577					$	34,529					$	(31,016)					$	5,629					$	7,052					$	(21,453)
Prior service cost						—						—						—						—						—						—
Amortization of prior service cost						114						114						114						—						—						—
Amortization of net loss						13,050						19,673						18,306						1,932						3,692						5
Deferred income taxes						(13,970)						(12,493)						2,897						(1,739)						(2,471)						4,933
Total recognized in other comprehensive income (loss)						$	46,771					$	41,823					$	(9,699)					$	5,822					$	8,273					$	(16,515)

(a) - Other Postretirement Benefits for the year ended December 31, 2020, includes a $13.2 million tax loss incurred from the exit of an investment in an insurance contract.

Amounts in accumulated other comprehensive income (loss)

The table below sets forth the amounts in accumulated other comprehensive loss that had not yet been recognized as components of net periodic benefit expense for the periods indicated:

						Retirement Benefits												Other Postretirement Benefits
						December 31,												December 31,
						2022						2021						2022						2021
						(Thousands of dollars)
Prior service cost						$	(260)					$	(374)					$	—					$	—
Accumulated loss						(70,833)						(131,460)						(7,255)						(14,815)
Accumulated other comprehensive loss						(71,093)						(131,834)						(7,255)						(14,815)
Deferred income taxes						22,788						36,759						2,113						3,852
Accumulated other comprehensive loss, net of tax						$	(48,305)					$	(95,075)					$	(5,142)					$	(10,963)

Weighted-average assumptions used to determine benefit obligations and net periodic benefit costs

The following table sets forth the weighted-average assumptions used to determine benefit obligations for retirement and other postretirement benefits for the periods indicated:

						Retirement Benefits												Other Postretirement Benefits
						December 31,												December 31,
						2022						2021						2022						2021
Discount rate						5.75%						3.25%						5.75%						3.00%
Compensation increase rate						3.60%						3.60%						NA						NA

The following table sets forth the weighted-average assumptions used to determine net periodic benefit costs for the periods indicated:

						Years Ended December 31,
						2022						2021						2020
Discount rate - retirement plans						3.25%						3.00%						3.50%
Discount rate - other postretirement plans						3.00%						2.75%						3.50%
Expected long-term return on plan assets						6.50%						7.00%						7.50%
Compensation increase rate						3.60%						3.60%						3.70%

Assumed health care cost trend rates

The following table sets forth the assumed health care cost-trend rates for the periods indicated:

						2022						2021
Health care cost-trend rate assumed for next year						7.00%						6.50%
Rate to which the cost-trend rate is assumed to decline (the ultimate trend rate)						5.00%						5.00%
Year that the rate reaches the ultimate trend rate						2026						2025

Schedule of allocation of plan assets

The target allocation for the assets of our retirement plan as of December 31, 2022, is as follows:

Domestic and international equities						42		%
Long duration fixed income						30		%
Return-seeking credit						11		%
Hedge funds						10		%
Real estate funds						7		%
Total						100		%

As part of our risk management for the plans, minimums and maximums have been set for each of the asset classes listed above.

The following tables set forth the plan assets by fair value category as of the measurement date for our defined benefit pension and other postretirement benefit plans:

						Pension Benefits
						December 31, 2022
Asset Category						Level 1						Level 2						Level 3						Subtotal						Measured at NAV (d)						Total
						(Thousands of dollars)
Investments:
Equity securities						$	40					$	—					$	—					$	40					$	—					$	40
Common/collective trusts
Equity securities (a)						—						—						—						—						99,511						99,511
Real estate funds						—						—						—						—						26,196						26,196
Government obligations						—						—						—						—						57,328						57,328
Corporate obligations (b)						—						—						—						—						101,723						101,723
Short-term investments						—						—						—						—						5,576						5,576
Other investments (c)						—						—						—						—						31,259						31,259
Fair value of plan assets						$	40					$	—					$	—					$	40					$	321,593					$	321,633

(a) - This category represents securities of the respective market sector from diverse industries.

(b) - This category represents bonds from diverse industries.

(c) - This category represents alternative investments in limited partnerships, which can be redeemed with a 30-day notice with no further restrictions. There are no unfunded capital commitments. These limited partnerships invest through multi-strategy programs in broadly diversified portfolios of private investment funds, hedge funds and/or separate accounts to seek equity-like returns with low market correlation, reduced volatility and limited risk.

(d) - Plan asset investments measured at fair value using the net asset value per share.

						Pension Benefits
						December 31, 2021
Asset Category						Level 1						Level 2						Level 3						Subtotal						Measured at NAV (d)						Total
						(Thousands of dollars)
Investments:
Equity securities						$	42					$	—					$	—					$	42					$	—					$	42
Common/collective trusts
Equity securities (a)						—						—						—						—						166,132						166,132
Real estate funds						—						—						—						—						30,491						30,491
Government obligations						—						—						—						—						49,444						49,444
Corporate obligations (b)						—						—						—						—						120,877						120,877
Short-term investments						—						—						—						—						4,243						4,243
Other investments (c)						—						—						—						—						41,954						41,954
Fair value of plan assets						$	42					$	—					$	—					$	42					$	413,141					$	413,183

(a) - This category represents securities of the respective market sector from diverse industries.

(b) - This category represents bonds from diverse industries.

(c) - This category represents alternative investments in limited partnerships, which can be redeemed with a 30-day notice with no further restrictions. There are no unfunded capital commitments. These limited partnerships invest through multi-strategy programs in broadly diversified portfolios of private investment funds, hedge funds and/or separate accounts to seek equity-like returns with low market correlation, reduced volatility and limited risk.

(d) - Plan asset investments measured at fair value using the net asset value per share.

						Other Postretirement Benefits
						December 31, 2022
Asset Category						Level 1						Level 2						Level 3						Total
						(Thousands of dollars)
Investments:
Equity securities (a)						$	11,906					$	—					$	—					$	11,906
Money market funds						2						761						—						763
Municipal obligations						4,134						—						—						4,134
Fair value of plan assets						$	16,042					$	761					$	—					$	16,803

(a) - This category represents securities of the respective market sector from diverse industries.

						Other Postretirement Benefits
						December 31, 2021
Asset Category						Level 1						Level 2						Level 3						Total
						(Thousands of dollars)
Investments:
Equity securities (a)						$	17,953					$	—					$	—					$	17,953
Money market funds						—						480						—						480
Municipal obligations						5,964						—						—						5,964
Fair value of plan assets						$	23,917					$	480					$	—					$	24,397

(a) - This category represents securities of the respective market sector from diverse industries.

Pension benefits and postretirement benefit payments expected to be paid

The following table sets forth the defined benefit pension and other postretirement benefits payments expected to be paid in 2023 through 2032:

						Pension Benefits						Other Postretirement Benefits
Benefits to be paid in:						(Thousands of dollars)
2023						$	26,771					$	3,293
2024						$	27,746					$	3,230
2025						$	28,728					$	3,217
2026						$	29,618					$	3,172
2027						$	30,358					$	3,092
2028 through 2032						$	158,013					$	14,927

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