XML 73 R44.htm IDEA: XBRL DOCUMENT
v3.22.4

Employee and Retiree Benefit Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
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, 2022 and 2021 and a statement of the funded status as of December 31, 2022 and 2021.
| Pension Benefits |  | Other Postretirement Benefits
(Thousands of dollars) | 2022 |  | 2021 |  | 2022 |  | 2021
Change in benefit obligation |  |  |  |  |  |  |
Obligation at January 1 | $ | 939,380 |  |  | $ | 981,467 |  |  | $ | 96,133 |  |  | $ | 108,378 |
Service cost | 7,875 |  |  | 8,199 |  |  | 968 |  |  | 1,295 |
Interest cost | 22,747 |  |  | 14,784 |  |  | 2,211 |  |  | 2,071 |
Participant contributions | — |  |  | — |  |  | 2,283 |  |  | 2,648 |
Actuarial loss (gain) | (238,407) |  |  | (24,440) |  |  | (29,533) |  |  | (9,519) |
Medicare Part D subsidy | — |  |  | — |  |  | 331 |  |  | 300 |
Exchange rate changes | (21,018) |  |  | (1,764) |  |  | (20) |  |  | 3 |
Benefits paid | (47,504) |  |  | (38,866) |  |  | (4,694) |  |  | (4,041) |
Plan amendments | — |  |  | — |  |  | — |  |  | (5,002) |
Obligation at December 31 | 663,073 |  |  | 939,380 |  |  | 67,679 |  |  | 96,133 |
Change in plan assets |  |  |  |  |  |  |
Fair value of plan assets at January 1 | 611,302 |  |  | 586,720 |  |  | — |  |  | — |
Actual return on plan assets | (133,395) |  |  | 33,687 |  |  | — |  |  | — |
Employer contributions | 41,145 |  |  | 31,607 |  |  | 2,080 |  |  | 1,093 |
Participant contributions | — |  |  | — |  |  | 2,283 |  |  | 2,648 |
Medicare Part D subsidy | — |  |  | — |  |  | 331 |  |  | 300 |
Exchange rate changes | (20,604) |  |  | (1,846) |  |  | — |  |  | — |
Benefits paid | (47,504) |  |  | (38,866) |  |  | (4,694) |  |  | (4,041) |
Fair value of plan assets at December 31 | 450,944 |  |  | 611,302 |  |  | — |  |  | — |
Funded status and amounts recognized in the Consolidated Balance Sheets at December 31 |  |  |  |  |  |  |
Deferred charges and other assets | 3,584 |  |  | 5,535 |  |  | — |  |  | — |
Other accrued liabilities | (9,693) |  |  | (10,144) |  |  | (4,830) |  |  | (4,867) |
Deferred credits and other liabilities | (206,020) |  |  | (323,469) |  |  | (62,849) |  |  | (91,266) |
Fund Status and net plan liability recognized at December 31 | $ | (212,129) |  |  | $ | (328,078) |  |  | $ | (67,679) |  |  | $ | (96,133) |
The preceding tables in this note include the following amounts related to foreign benefit plans.
| Pension Benefits |  | Other Postretirement Benefits
(Thousands of dollars) | 2022 |  | 2021 |  | 2022 |  | 2021
Benefit obligation at December 31 | $ | 122,915 |  |  | $ | 225,117 |  |  | $ | 107 |  |  | $ | 526 |
Fair value of plan assets at December 31 | 115,862 |  |  | 218,746 |  |  | — |  |  | — |
Net plan liabilities recognized | (7,053) |  |  | (6,371) |  |  | (107) |  |  | (526) |
Net periodic benefit expense (benefit) | (5,322) |  |  | 598 |  |  | 62 |  |  | 64 |
Amounts Included in Accumulated Other Comprehensive Loss Not Recognized in Net Periodic Benefit Expense | At December 31, 2022, 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) | $ | (194,735) |  |  | $ | 42,129 |
Prior service (credit) cost | (2,181) |  |  | 4,470 |
| $ | (196,916) |  |  | $ | 46,599 |
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) | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
Funded qualified plans where accumulated benefit obligation exceeds fair value of plan assets | $ | 511,375 |  |  | $ | 734,375 |  |  | $ | 499,338 |  |  | $ | 723,887 |  |  | $ | 434,283 |  |  | $ | 589,529 |
Unfunded nonqualified and directors’ plans where accumulated benefit obligation exceeds fair value of plan assets | 141,917 |  |  | 188,713 |  |  | 139,634 |  |  | 188,530 |  |  | — |  |  | — |
Unfunded other postretirement plans | 67,679 |  |  | 96,133 |  |  | 67,679 |  |  | 96,133 |  |  | — |  |  | — |
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, 2022.
| Pension Benefits |  | Other Postretirement Benefits
(Thousands of dollars) | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Service cost | $ | 7,875 |  |  | $ | 8,199 |  |  | $ | 7,967 |  |  | $ | 968 |  |  | $ | 1,295 |  |  | $ | 1,373 |
Interest cost | 22,747 |  |  | 14,784 |  |  | 21,127 |  |  | 2,211 |  |  | 2,071 |  |  | 2,626 |
Expected return on plan assets | (36,458) |  |  | (19,222) |  |  | (24,316) |  |  | — |  |  | — |  |  | — |
Amortization of prior service cost (credit) | (684) |  |  | 591 |  |  | 640 |  |  | (532) |  |  | — |  |  | — |
Amortization of transitional (asset) liability | 231 |  |  | — |  |  | — |  |  | (587) |  |  | — |  |  | — |
Recognized actuarial (gain) loss | 15,867 |  |  | 20,565 |  |  | 22,828 |  |  | (28) |  |  | (29) |  |  | (31) |
Net periodic benefit expense | 9,578 |  |  | 24,917 |  |  | 28,246 |  |  | 2,032 |  |  | 3,337 |  |  | 3,968 |
Termination benefits expense | — |  |  | — |  |  | 8,434 |  |  | — |  |  | — |  |  | — |
Curtailment expense | — |  |  | — |  |  | 586 |  |  | — |  |  | — |  |  | (1,825) |
Total net periodic benefit expense | $ | 9,578 |  |  | $ | 24,917 |  |  | $ | 37,266 |  |  | $ | 2,032 |  |  | $ | 3,337 |  |  | $ | 2,143 |
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, 2022 and 2021 and net periodic benefit expense for 2022 and 2021.
| Benefit Obligations |  | Net Periodic Benefit Expense
| Pension Benefits |  | Other Postretirement Benefits |  | Pension Benefits |  | Other Postretirement Benefits
| December 31, |  | December 31, |  | Year |  | Year
| 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
Discount rate | 5.30 | % |  | 2.54 | % |  | 5.41 | % |  | 2.86 | % |  | 3.13 | % |  | 2.24 | % |  | 2.86 | % |  | 2.51 | %
Rate of compensation increase | 3.50 | % |  | 3.04 | % |  | — |  |  | — |  |  | 3.00 | % |  | 3.04 | % |  | — |  |  | — |
Cash balance interest credit rate | 3.20 | % |  | 1.89 | % |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Expected return on plan assets | — |  |  | — |  |  | — |  |  | — |  |  | 6.24 | % |  | 4.25 | % |  | — |  |  | — |
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
2023 | $ | 45,104 |  |  | $ | 4,830 |
2024 | 46,418 |  |  | 4,858 |
2025 | 46,240 |  |  | 4,808 |
2026 | 47,003 |  |  | 4,820 |
2027 | 47,293 |  |  | 4,778 |
2028-2032 | 244,253 |  |  | 23,648 |
Weighted Average Asset Allocation for Funded Pension Benefit Plans | The weighted average asset allocation for the Company’s funded pension benefit plans at December 31, 2022 and 2021 are presented in the following table.
| December 31,
| 2022 |  | 2021
Equity securities | 65.7 | % |  | 60.9 | %
Fixed income securities | 23.4 | % |  | 21.7 | %
Alternatives | 7.3 | % |  | 13.5 | %
Cash equivalents | 3.6 | % |  | 3.9 | %
| 100.0 | % |  | 100.0 | %
Fair Value Measurements of Retirement Plan Assets | At December 31, 2022, 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, 2022 |  | 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 | $ | 96,433 |  |  | $ | 96,433 |  |  | $ | — |  |  | $ | — |
U.S. small/midcap | 64,421 |  |  | 64,421 |  |  | — |  |  | — |
Other alternative strategies | 12,106 |  |  | — |  |  | — |  |  | 12,106 |
International equity | 44,672 |  |  | 44,672 |  |  | — |  |  | — |
Emerging market equity | 13,541 |  |  | 13,541 |  |  | — |  |  | — |
Fixed income securities: |  |  |  |  |  |  |
U.S. fixed income | 85,190 |  |  | 35,661 |  |  | 49,528 |  |  | — |
International commingled trust fund | — |  |  | — |  |  | — |  |  | — |
Emerging market mutual fund | — |  |  | — |  |  | — |  |  | — |
Cash and equivalents | 18,719 |  |  | 18,719 |  |  | — |  |  | — |
Total Domestic Plans | 335,082 |  |  | 273,447 |  |  | 49,528 |  |  | 12,106 |
Foreign Plans |  |  |  |  |  |  |
Equity securities funds | 23,877 |  |  | — |  |  | 23,877 |  |  | — |
Fixed income securities funds | 30,727 |  |  | — |  |  | 30,727 |  |  | — |
Diversified pooled fund | 31,246 |  |  | — |  |  | 31,246 |  |  | — |
Other | 20,628 |  |  | — |  |  | — |  |  | 20,628 |
Cash and equivalents | 9,384 |  |  | — |  |  | 9,384 |  |  | — |
Total Foreign Plans | 115,862 |  |  | — |  |  | 95,234 |  |  | 20,628 |
Total | $ | 450,944 |  |  | $ | 273,447 |  |  | $ | 144,763 |  |  | $ | 32,734 |
At December 31, 2021, 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, 2021 |  | 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 | $ | 108,422 |  |  | $ | 108,422 |  |  | $ | — |  |  | $ | — |
U.S. small/midcap | 73,222 |  |  | 73,222 |  |  | — |  |  | — |
Other alternative strategies | 47,248 |  |  | — |  |  | — |  |  | 47,248 |
International equity | 47,546 |  |  | 47,546 |  |  | — |  |  | — |
Emerging market equity | 14,937 |  |  | 14,937 |  |  | — |  |  | — |
Fixed income securities: |  |  |  |  |  |  |
U.S. fixed income | 92,231 |  |  | 36,888 |  |  | 55,343 |  |  | — |
Cash and equivalents | 8,951 |  |  | 8,951 |  |  | — |  |  | — |
Total Domestic Plans | 392,557 |  |  | 289,966 |  |  | 55,343 |  |  | 47,248 |
Foreign Plans |  |  |  |  |  |  |
Equity securities funds | 73,642 |  |  | — |  |  | 73,642 |  |  | — |
Fixed income securities funds | 40,610 |  |  | — |  |  | 40,610 |  |  | — |
Diversified pooled fund | 54,317 |  |  | — |  |  | 54,317 |  |  | — |
Other | 35,606 |  |  | — |  |  | — |  |  | 35,606 |
Cash and equivalents | 14,570 |  |  | — |  |  | 14,570 |  |  | — |
Total Foreign Plans | 218,745 |  |  | — |  |  | 183,139 |  |  | 35,606 |
Total | $ | 611,302 |  |  | $ | 289,966 |  |  | $ | 238,482 |  |  | $ | 82,854 |
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, 2020 | $ | 97,685 |
Actual return on plan assets: |
Relating to assets held at the reporting date | 5,206 |
Purchases, sales and settlements | (20,037) |
Total at December 31, 2021 | 82,854 |
Actual return on plan assets: |
Relating to assets held at the reporting date | (38,389) |
Purchases, sales and settlements | (11,731) |
Total at December 31, 2022 | $ | 32,734 |

X
- Definition Unfunded Commitments. + References No definition available. + Details
Name: | mur_UnfundedCommitmentsTableTextBlock
Namespace Prefix: | mur_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets of pension plans and/or other employee benefit plans for the period. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(02) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income or loss that have not yet been recognized as components of net periodic benefit cost, such as the net gain (loss), net prior service cost or credit, and net transition asset or obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (j) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetPeriodicBenefitCostNotYetRecognizedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration