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Employee and Retiree Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
Retirement Benefits [Abstract] |
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 and fair value of assets for the years ended December 31, 2020 and 2019 and a statement of the funded status as of December 31, 2020 and 2019.
| Pension Benefits |  | Other Postretirement Benefits
(Thousands of dollars) | 2020 |  | 2019 |  | 2020 |  | 2019
Change in benefit obligation |  |  |  |  |  |  |
Obligation at January 1 | $ | 883,269 |  |  | 777,645 |  |  | 108,401 |  |  | 94,779 |
Service cost | 7,967 |  |  | 7,964 |  |  | 1,373 |  |  | 1,559 |
Interest cost | 21,127 |  |  | 27,835 |  |  | 2,626 |  |  | 3,864 |
Participant contributions | — |  |  | 11 |  |  | 2,225 |  |  | 1,930 |
Actuarial loss (gain) | 107,258 |  |  | 103,374 |  |  | 3,758 |  |  | 10,503 |
Medicare Part D subsidy | — |  |  | — |  |  | 243 |  |  | 234 |
Exchange rate changes | 7,074 |  |  | 7,687 |  |  | 13 |  |  | 30 |
Benefits paid | (46,066) |  |  | (41,247) |  |  | (4,238) |  |  | (4,498) |
Curtailments | (7,596) |  |  | — |  |  | (6,023) |  |  | — |
Special termination benefits | 8,434 |  |  | — |  |  | — |  |  | — |
Obligation at December 31 | 981,467 |  |  | 883,269 |  |  | 108,378 |  |  | 108,401 |
Change in plan assets |  |  |  |  |  |  |
Fair value of plan assets at January 1 | 547,484 |  |  | 487,094 |  |  | — |  |  | — |
Actual return on plan assets | 48,115 |  |  | 70,893 |  |  | — |  |  | — |
Employer contributions | 30,178 |  |  | 25,915 |  |  | 1,770 |  |  | 2,333 |
Participant contributions | — |  |  | 11 |  |  | 2,225 |  |  | 1,930 |
Medicare Part D subsidy | — |  |  | — |  |  | 243 |  |  | 234 |
Exchange rate changes | 7,009 |  |  | 7,328 |  |  | — |  |  | — |
Benefits paid | (46,066) |  |  | (41,247) |  |  | (4,238) |  |  | (4,497) |
Other | — |  |  | (2,510) |  |  | — |  |  | — |
Fair value of plan assets at December 31 | 586,720 |  |  | 547,484 |  |  | — |  |  | — |
Funded status and amounts recognized in the Consolidated Balance Sheets at December 31 |  |  |  |  |  |  |
Deferred charges and other assets | 4,572 |  |  | 5,353 |  |  | — |  |  | — |
Other accrued liabilities | (9,468) |  |  | (8,810) |  |  | (5,298) |  |  | (5,234) |
Deferred credits and other liabilities | (389,851) |  |  | (332,328) |  |  | (103,080) |  |  | (103,167) |
Fund Status and net plan liability recognized at December 31 | $ | (394,747) |  |  | (335,785) |  |  | (108,378) |  |  | (108,401) |
The preceding tables in this note include the following amounts related to foreign benefit plans.
| Pension Benefits |  | Other Postretirement Benefits
(Thousands of dollars) | 2020 |  | 2019 |  | 2020 |  | 2019
Benefit obligation at December 31 | $ | 230,101 |  |  | 209,923 |  |  | 492 |  |  | 387 |
Fair value of plan assets at December 31 | 221,463 |  |  | 197,965 |  |  | — |  |  | — |
Net plan liabilities recognized | (8,638) |  |  | (11,957) |  |  | 492 |  |  | 387 |
Net periodic benefit expense (benefit) | 437 |  |  | (933) |  |  | 46 |  |  | 147 |
Amounts Included in Accumulated Other Comprehensive Loss Not Recognized in Net Periodic Benefit Expense | At December 31, 2020, amounts included in Accumulated other comprehensive loss (AOCL) 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) | $ | (313,317) |  |  | 3,707 |
Prior service cost | (2,731) |  |  | — |
| $ | (316,048) |  |  | 3,707 |
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) | 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
Funded qualified plans where accumulated benefit obligation exceeds fair value of plan assets | $ | 762,134 |  |  | 688,249 |  |  | 753,475 |  |  | 676,177 |  |  | 564,238 |  |  | 525,108 |
Unfunded nonqualified and directors’ plans where accumulated benefit obligation exceeds fair value of plan assets | 201,372 |  |  | 177,999 |  |  | 198,792 |  |  | 171,934 |  |  | — |  |  | — |
Unfunded other postretirement plans | 108,378 |  |  | 108,401 |  |  | 108,378 |  |  | 108,401 |  |  | — |  |  | — |
Components of Net Periodic Benefit Expense | The table that follows provides the components of net periodic benefit expense for each of the three years ended December 31, 2020.
| Pension Benefits |  | Other Postretirement Benefits
(Thousands of dollars) | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Service cost | $ | 7,967 |  |  | 7,964 |  |  | 8,994 |  |  | 1,373 |  |  | 1,559 |  |  | 1,965 |
Interest cost | 21,127 |  |  | 27,835 |  |  | 26,168 |  |  | 2,626 |  |  | 3,864 |  |  | 3,427 |
Expected return on plan assets | (24,316) |  |  | (25,719) |  |  | (29,236) |  |  | — |  |  | — |  |  | — |
Amortization of prior service cost (credit) | 640 |  |  | 964 |  |  | 1,021 |  |  | — |  |  | — |  |  | (38) |
Recognized actuarial loss | 22,828 |  |  | 14,106 |  |  | 21,893 |  |  | (31) |  |  | (193) |  |  | — |
Net periodic benefit expense | 28,246 |  |  | 25,150 |  |  | 28,840 |  |  | 3,968 |  |  | 5,230 |  |  | 5,354 |
Termination benefits expense | 8,434 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Curtailment expense | 586 |  |  | — |  |  | — |  |  | (1,825) |  |  | — |  |  | — |
Total net periodic benefit expense | $ | 37,266 |  |  | 25,150 |  |  | 28,840 |  |  | 2,143 |  |  | 5,230 |  |  | 5,354 |
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, 2020 and 2019 and net periodic benefit expense for 2020 and 2019.
| Benefit Obligations |  | Net Periodic Benefit Expense
| Pension Benefits |  | Other Postretirement Benefits |  | Pension Benefits |  | Other Postretirement Benefits
| December 31, |  | December 31, |  | Year |  | Year
| 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
Discount rate | 2.25 | % |  | 3.85 | % |  | 2.50 | % |  | 3.42 | % |  | 2.75 | % |  | 3.35 | % |  | 3.16 | % |  | 4.42 | %
Expected return on plan assets | 4.43 | % |  | 5.05 | % |  | — |  |  | — |  |  | 4.43 | % |  | 5.05 | % |  | — |  |  | — |
Rate of compensation increase | 3.04 | % |  | 3.28 | % |  | — |  |  | — |  |  | 3.28 | % |  | 3.52 | % |  | — |  |  | — |
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
2021 | $ | 45,903 |  |  | 5,298 |
2022 | 47,205 |  |  | 5,268 |
2023 | 46,996 |  |  | 5,251 |
2024 | 47,589 |  |  | 5,224 |
2025 | 47,346 |  |  | 5,182 |
2026-2031 | 242,700 |  |  | 25,954 |
Weighted Average Asset Allocation for Funded Pension Benefit Plans | The following table provides the asset allocation of each plan on December 31, 2020.
| Allocation of Plan Assets
| Domestic Plan |  | Canadian Plan |  | U.K. Plan
| Target |  | Allocation at |  | Target |  | Allocation at |  | Target |  | Allocation at
| Allocation |  | December 31, 2020 |  | Allocation |  | December 31, 2020 |  | Allocation |  | December 31, 2020
Equity securities | 40-70% |  | 56.0% |  | —% |  | 31.0% |  | N/A |  | 65.0%
Fixed income securities | 28-60% |  | 28.0% |  | 98% |  | 68.0% |  | N/A |  | 11.7%
Alternatives | 0-18% |  | 11.4% |  | —% |  | —% |  | N/A |  | 18.0%
Cash and equivalents | 0-15% |  | 4.6% |  | 2% |  | 1.0% |  | N/A |  | 5.3%
The weighted average asset allocation for the Company’s funded pension benefit plans at December 31, 2020 and 2019 are presented in the following table.
| December 31,
| 2020 |  | 2019
Equity securities | 58.1 | % |  | 54.9 | %
Fixed income securities | 24.0 |  |  | 26.2 |
Alternatives | 13.2 |  |  | 17.3 |
Cash equivalents | 4.7 |  |  | 1.6 |
| 100.0 | % |  | 100.0 | %
Fair Value Measurements of Retirement Plan Assets | At December 31, 2020, 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, 2020 |  | 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 | $ | 67,326 |  |  | 67,326 |  |  | — |  |  | — |
U.S. small/midcap | 28,953 |  |  | 28,953 |  |  | — |  |  | — |
Hedged funds and other alternative strategies | 42,040 |  |  | — |  |  | — |  |  | 42,040 |
International commingled trust fund | 76,095 |  |  | 987 |  |  | 55,433 |  |  | 19,675 |
Emerging market commingled equity fund | 32,058 |  |  | 10,480 |  |  | 21,578 |  |  | — |
Fixed income securities: |  |  |  |  |  |  |
U.S. fixed income | 92,668 |  |  | — |  |  | 92,668 |  |  | — |
International commingled trust fund | 9,456 |  |  | — |  |  | 9,456 |  |  | — |
Cash and equivalents | 16,661 |  |  | 16,661 |  |  | — |  |  | — |
Total Domestic Plans | 365,257 |  |  | 124,407 |  |  | 179,135 |  |  | 61,715 |
Foreign Plans |  |  |  |  |  |  |
Equity securities funds | 74,393 |  |  | — |  |  | 74,393 |  |  | — |
Fixed income securities funds | 45,240 |  |  | — |  |  | 45,240 |  |  | — |
Diversified pooled fund | 54,871 |  |  | — |  |  | 54,871 |  |  | — |
Other | 35,970 |  |  | — |  |  | — |  |  | 35,970 |
Cash and equivalents | 10,989 |  |  | — |  |  | 10,989 |  |  | — |
Total Foreign Plans | 221,463 |  |  | — |  |  | 185,493 |  |  | 35,970 |
Total | $ | 586,720 |  |  | 124,407 |  |  | 364,628 |  |  | 97,685 |
At December 31, 2019, 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, 2019 |  | 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 | $ | 63,169 |  |  | 63,169 |  |  | — |  |  | — |
U.S. small/midcap | 26,062 |  |  | 26,062 |  |  | — |  |  | — |
Hedged funds and other alternative strategies | 58,864 |  |  | — |  |  | — |  |  | 58,864 |
International commingled trust fund | 73,783 |  |  | 924 |  |  | 55,798 |  |  | 17,061 |
Emerging market commingled equity fund | 25,911 |  |  | 8,011 |  |  | 17,900 |  |  | — |
Fixed income securities: |  |  |  |  |  |  |
U.S. fixed income | 88,525 |  |  | — |  |  | 88,525 |  |  | — |
International commingled trust fund | 8,720 |  |  | — |  |  | 8,720 |  |  | — |
Cash and equivalents | 4,485 |  |  | 4,485 |  |  | — |  |  | — |
Total Domestic Plans | 349,519 |  |  | 102,651 |  |  | 170,943 |  |  | 75,925 |
Foreign Plans |  |  |  |  |  |  |
Equity securities funds | 68,878 |  |  | — |  |  | 68,878 |  |  | — |
Fixed income securities funds | 46,582 |  |  | — |  |  | 46,582 |  |  | — |
Diversified pooled fund | 42,582 |  |  | — |  |  | 42,582 |  |  | — |
Other | 35,661 |  |  | — |  |  | — |  |  | 35,661 |
Cash and equivalents | 4,262 |  |  | — |  |  | 4,262 |  |  | — |
Total Foreign Plans | 197,965 |  |  | — |  |  | 162,304 |  |  | 35,661 |
Total | $ | 547,484 |  |  | 102,651 |  |  | 333,247 |  |  | 111,586 |
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, 2018 | $ | 35,029 |
Actual return on plan assets: |
Relating to assets held at the reporting date | 20,811 |
Purchases, sales and settlements | 55,746 |
Total at December 31, 2019 | 111,586 |
Actual return on plan assets: |
Relating to assets held at the reporting date | 5,694 |
Purchases, sales and settlements | (19,595) |
Total at December 31, 2020 | $ | 97,685 |

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