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Assets and Liabilities Measured at Fair Value
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value Assets and Liabilities Measured at Fair Value
 
The Company carries certain assets and liabilities at fair value in its Consolidated Balance Sheets. The fair value hierarchy is based on the quality of inputs used to measure fair value, with Level 1 being the highest quality and Level 3 being the lowest quality. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included within Level 1. Level 3 inputs are unobservable inputs which reflect assumptions about pricing by market participants.

The Company's available-for-sale marketable securities consist of high quality, investment grade securities from diverse issuers. We value these securities at the closing price in the principal active markets as of the last business day of the reporting period. The fair values of the Company's marketable securities by asset class are described in Note 4 "Marketable Securities" in these consolidated financial statements for the period ended March 31, 2025. We value the deferred compensation plan assets, which consist of money market and mutual funds, based on quoted prices in active markets at the measurement date. For additional information on deferred compensation plans see also Note 13 "Employee and Retirement Benefit Plans" in the audited consolidated financial statements for the year ended December 31, 2024 included in our Annual Report on Form 10-K for more information.

At the balance sheet date, the fair value of commodity derivatives contracts was determined using NYMEX quoted values. The carrying value of the Company’s Cash and cash equivalents, Accounts receivable-trade, Trade accounts payable, and accrued liabilities approximates fair value. See also Note 10 "Financial Instruments and Risk Management" in these consolidated financial statements for the period ended March 31, 2025, for more information.
Financial assets and liabilities measured at fair value on a recurring basis

The following tables present the Company's financial assets and liabilities measured at fair value on a recurring basis, as of March 31, 2025 and December 31, 2024:  

 March 31, 2025
(Millions of dollars)Level 1Level 2Level 3Fair Value
Financial assets
Prepaid expenses and other current assets:
Fuel derivative$— $— $0.2 $0.2 
Other assets
Deferred compensation plan assets15.2 — — 15.2 
Financial liabilities
Deferred credits and other liabilities
Deferred compensation plan liabilities(25.8)— — (25.8)
$(10.6)$— $0.2 $(10.4)

 December 31, 2024
(Millions of dollars)Level 1Level 2Level 3Fair Value
Financial assets
Prepaid expenses and other current assets:
Fuel derivative$— $— $0.2 $0.2 
Other assets
Deferred compensation plan assets14.9 — — 14.9 
Financial liabilities
Deferred credits and other liabilities
Deferred compensation plan liabilities(26.3)— — (26.3)
$(11.4)$— $0.2 $(11.2)

Fair value of financial instruments not recognized at fair value
The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The table below excludes Cash and cash equivalents, Accounts receivable-trade, and Trade accounts payable and accrued liabilities, all of which had fair values approximating carrying amounts. The fair value of Current and Long-term debt was estimated based on rates offered to the Company at that time for debt of the same maturities. The Company has off-balance sheet exposures relating to certain financial guarantees and letters of credit. The fair value of these, which represents fees associated with obtaining the instruments, was nominal.

The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at March 31, 2025 and December 31, 2024.

 At March 31, 2025At December 31, 2024
(Millions of dollars)Carrying
Amount		Fair ValueCarrying
Amount		Fair Value
Financial liabilities    
Current and long-term debt, excluding finance leases$(1,872.7)$(1,867.2)$(1,728.7)$(1,717.5)