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Incentive Plans (Tables) | 12 Months Ended
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Dec. 31, 2017
Incentive Plans [Abstract] |
Share-Based Plans, Amounts Recognized |
﻿ |  |  |  |  |  |
﻿ |  |  |  |  |  |
﻿(Thousands of dollars) | 2017 |  | 2016 |  | 2015
﻿Compensation charged against income (loss) before income tax benefit | $ | 40,365 |  | 46,300 |  | 44,021
﻿Related income tax benefit recognized in income |  | 5,017 |  | 15,244 |  | 13,583
﻿
Fair Value of Option Award Estimated on Date of Grant using Black-Scholes Pricing Model |
﻿ |  |  |  |  |
﻿ |  |  |  |  |
﻿ | 2017 |  | 2016 |  | 2015
﻿ |  |  |  |  |
﻿Fair value per option grant | $7.96 |  | $5.03 |  | $10.97 – $11.08
﻿Assumptions |  |  |  |  |
﻿ Dividend yield | 3.60% |  | 4.00% |  | 2.40% – 2.50%
﻿ Expected volatility | 41.00% |  | 45.00% |  | 29.00% – 30.00%
﻿ Risk-free interest rate | 1.97% |  | 1.32% |  | 1.34% – 1.60%
﻿ Expected life | 5.30 yrs. |  | 5.20 yrs. |  | 5.30 yrs.
﻿
Changes in Stock Options Outstanding |
﻿ |  |  |  |
﻿ |  |  |  |
﻿ | Number of Shares |  | Average Exercise Price
﻿Outstanding at December 31, 2014 | 5,602,250 |  | $ | 57.95
﻿Granted at FMV | 991,000 |  |  | 49.67
﻿Exercised | (32,349) |  |  | 40.80
﻿Forfeited | (1,117,613) |  |  | 31.99
﻿Outstanding at December 31, 2015 | 5,443,288 |  |  | 52.93
﻿Granted at FMV | 862,000 |  |  | 17.57
﻿Exercised | – |  |  | –
﻿Forfeited | (547,853) |  |  | 44.23
﻿Outstanding at December 31, 2016 | 5,757,435 |  |  | 48.46
﻿Granted at FMV | 603,000 |  |  | 28.51
﻿Exercised | – |  |  | –
﻿Forfeited | (1,459,166) |  |  | 49.34
﻿Outstanding at December 31, 2017 | 4,901,269 |  |  | 45.74
﻿Exercisable at December 31, 2014 | 3,030,105 |  | $ | 53.10
﻿Exercisable at December 31, 2015 | 3,542,352 |  |  | 52.26
﻿Exercisable at December 31, 2016 | 3,830,535 |  |  | 53.80
﻿Exercisable at December 31, 2017 | 3,197,269 |  |  | 54.22
﻿
Additional Information about Stock Options Outstanding |
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﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | Options Outstanding |  | Options Exercisable
﻿Range of Exercise Prices per Option |  | No. of Options |  | Avg. Life Remaining in Years |  | Aggregate Intrinsic Value |  | No. of Options |  | Avg. Life Remaining in Years |  | Aggregate Intrinsic Value
﻿$17.00 to $30.00 |  | 1,320,000 |  | 5.5 |  | $ | 11,652,680 |  | – |  | – |  | $ | –
﻿$31.00 to $50.00 |  | 823,350 |  | 3.9 |  |  | – |  | 439,350 |  | 3.8 |  |  | –
﻿$51.00 to $65.00 |  | 2,757,919 |  | 1.6 |  |  | – |  | 2,757,919 |  | 1.6 |  |  | –
﻿ |  | 4,901,269 |  | 3.0 |  | $ | 11,652,680 |  | 3,197,269 |  | 1.9 |  | $ | –
﻿
Changes in Performance-Based RSU Outstanding |
﻿ |  |  |  |  |
﻿ |  |  |  |  |
﻿(Number of share units) | 2017 |  | 2016 |  | 2015
﻿Outstanding at beginning of year | 992,573 |  | 1,103,986 |  | 1,397,040
﻿Granted | 560,000 |  | 394,000 |  | 455,000
﻿Awarded | (272,725) |  | (361,096) |  | (521,800)
﻿Forfeited | (91,927) |  | (144,317) |  | (226,254)
﻿ Outstanding at end of year | 1,187,921 |  | 992,573 |  | 1,103,986
﻿
Assumptions used in Valuation of Performance Awards Granted |
﻿ |  |  |  |  |
﻿ |  |  |  |  |
﻿ | 2017 |  | 2016 |  | 2015
﻿ |  |  |  |  |
﻿Fair value per share at grant date | $24.10 – $28.28 |  | $12.21 – $16.34 |  | $44.03 – $48.12
﻿Assumptions |  |  |  |  |
﻿ Expected volatility | 47.00% |  | 33.00% |  | 26.00%
﻿ Risk-free interest rate | 1.46% |  | 0.93% |  | 0.85%
﻿ Stock beta | 1.058 |  | 0.863 |  | 0.813
﻿ Expected life | 3.0 yrs. |  | 3.0 yrs. |  | 3.0 yrs.
﻿
Changes in Time-Lapse Restricted Stock and Restricted Stock Units Outstanding |
﻿ |  |  |  |  |
﻿ |  |  |  |  |
﻿(Number of share units) | 2017 |  | 2016 |  | 2015
﻿ |  |  |  |  |
﻿Outstanding at beginning of year | 923,282 |  | 477,244 |  | 321,789
﻿Granted | 419,720 |  | 503,555 |  | 282,065
﻿Vested and issued | (217,633) |  | (32,092) |  | (69,610)
﻿Forfeited | (89,389) |  | (25,425) |  | (57,000)
﻿ Outstanding at end of year | 1,035,980 |  | 923,282 |  | 477,244
﻿

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- Definition Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5047-113901 + Details
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