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Incentive Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-Based Plans, Amounts Recognized in the Financial Statements | Amounts recognized in the financial statements with respect to share-based plans for each of the three years presented are shown in the following table.
(Thousands of dollars) | 2023 |  | 2022 |  | 2021
Compensation charged against income before income tax benefit | $ | 58,760 |  |  | $ | 74,587 |  |  | $ | 43,660 |
Related income tax benefit recognized in income | 9,330 |  |  | 12,710 |  |  | 7,196 |
Schedule of Changes in PSUs and RSUs Outstanding | Changes in PSUs outstanding for each of the last three years are presented in the following table.
(Number of stock units) | 2023 |  | 2022 |  | 2021
Outstanding at beginning of year | 2,148,467 |  |  | 2,670,756 |  |  | 2,207,429 |
Granted | 409,160 |  |  | 595,700 |  |  | 1,156,800 |
Vested and issued | (408,135) |  |  | (654,177) |  |  | (642,473) |
Forfeited | (331,304) |  |  | (463,812) |  |  | (51,000) |
Outstanding at end of year | 1,818,188 |  |  | 2,148,467 |  |  | 2,670,756 |
Changes in RSUs outstanding for each of the last three years are presented in the following table.
(Number of share units) | 2023 |  | 2022 |  | 2021
Outstanding at beginning of year | 1,227,792 |  |  | 1,451,438 |  |  | 1,383,043 |
Granted | 556,100 |  |  | 416,492 |  |  | 573,907 |
Vested and issued | (517,047) |  |  | (462,418) |  |  | (476,012) |
Forfeited | (47,261) |  |  | (177,720) |  |  | (29,500) |
Outstanding at end of year | 1,219,584 |  |  | 1,227,792 |  |  | 1,451,438 |
Schedule of Assumptions used in Valuation of Performance Awards Granted | The assumptions used in the valuation of the performance awards granted in 2023, 2022 and 2021 are presented in the following table.
| 2023 |  | 2022 |  | 2021
Fair value per share at grant date | $60.46 |  | $37.77 - $47.37 |  | $16.03
Assumptions |  |  |  |  |
Expected volatility | 81.00% |  | 79.00% - 81.00% |  | 74.00%
Risk-free interest rate | 3.90% |  | 1.39% -2.85% |  | 0.18%
Stock beta | 1.034 |  | 1.195 - 1.200 |  | 1.169
Expected life | 3.0 years |  | 3.0 years |  | 3.0 years
Schedule of Stock Unit Awards | The fair value of the time-based restricted stock units awarded for each of the last three years are presented in the following table.
Type of Plan | Valuation Methodology |  | 2023 |  |  | 2022 |  | 2021
Non-Employee Directors 1 | Closing Stock Price at Grant Date |  | $43.27 |  |  | $32.84 |  | $13.14 - $23.58
Long-Term Incentive Plan 2 | Average Low/High Stock Price at Grant Date |  | $42.20 |  |  | $29.80 - $49.86 |  | $12.30
1 Under the 2021 NED Plan, RSUs granted in 2023 are scheduled to vest in February 2024. 2 The RSUs granted under the 2018 and 2020 Long-Term Plan generally vest on the third anniversary of the date of grant.
Schedule of Changes in Stock Options Outstanding | Changes in stock options outstanding during the last three years are presented in the following table.
| Number of Shares |  | Average Exercise Price
Outstanding at December 31, 2020 | 2,048,400 |  |  | 40.14 |
Exercised | (170,000) |  |  | 17.57
Forfeited | (558,900) |  |  | 52.61
Outstanding at December 31, 2021 | 1,319,500 |  |  | 37.77
Exercised | (760,500) |  |  | 23.29
Forfeited | (546,000) |  |  | 49.65
Outstanding at December 31, 2022 | 13,000 |  |  | 28.51
Exercised | (11,000) |  |  | 28.51
Forfeited | (2,000) |  |  | 28.51
Outstanding at December 31, 2023 | – |  |  | –
Exercisable at December 31, 2020 | 2,048,400 |  |  | 37.88 |
Exercisable at December 31, 2021 | 1,319,500 |  |  | 34.25 |
Exercisable at December 31, 2022 | 13,000 |  |  | 28.51 |
Exercisable at December 31, 2023 | – |  |  | –

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