XML 83 R43.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Employee and Retiree Benefit Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of 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, fair value of assets and funded status for the respective periods presented.
| Pension Benefits |  | Other Postretirement Benefits
(Thousands of dollars) | 2023 |  | 2022 |  | 2023 |  | 2022
Change in benefit obligation |  |  |  |  |  |  |
Obligation at January 1 | $ | 663,073 |  |  | $ | 939,380 |  |  | $ | 67,679 |  |  | $ | 96,133 |
Service cost | 6,542 |  |  | 7,875 |  |  | 495 |  |  | 968 |
Interest cost | 34,140 |  |  | 22,747 |  |  | 3,241 |  |  | 2,211 |
Participant contributions | – |  |  | – |  |  | 2,629 |  |  | 2,283 |
Actuarial loss (gain) | 26,625 |  |  | (238,407) |  |  | (5,567) |  |  | (29,533) |
Medicare Part D subsidy | – |  |  | – |  |  | 299 |  |  | 331 |
Exchange rate changes | 6,089 |  |  | (21,018) |  |  | 2 |  |  | (20) |
Benefits paid | (56,296) |  |  | (47,504) |  |  | (4,970) |  |  | (4,694) |
Plan amendments 1 | 18,978 |  |  | – |  |  | – |  |  | – |
Obligation at December 31 | 699,151 |  |  | 663,073 |  |  | 63,808 |  |  | 67,679 |
Change in plan assets |  |  |  |  |  |  |
Fair value of plan assets at January 1 | 450,944 |  |  | 611,302 |  |  | – |  |  | – |
Actual return on plan assets | 39,953 |  |  | (133,395) |  |  | – |  |  | – |
Employer contributions | 37,546 |  |  | 41,145 |  |  | 2,042 |  |  | 2,080 |
Participant contributions | – |  |  | – |  |  | 2,629 |  |  | 2,283 |
Medicare Part D subsidy | – |  |  | – |  |  | 299 |  |  | 331 |
Exchange rate changes | 5,662 |  |  | (20,604) |  |  | – |  |  | – |
Benefits paid | (56,296) |  |  | (47,504) |  |  | (4,970) |  |  | (4,694) |
Fair value of plan assets at December 31 | 477,809 |  |  | 450,944 |  |  | – |  |  | – |
Funded status and amounts recognized in the Consolidated Balance Sheets at December 31 |  |  |  |  |  |  |
Deferred charges and other assets | 3,192 |  |  | 3,584 |  |  | – |  |  | – |
Other accrued liabilities | (10,219) |  |  | (9,693) |  |  | (4,433) |  |  | (4,830) |
Deferred credits and other liabilities | (214,315) |  |  | (206,020) |  |  | (59,375) |  |  | (62,849) |
Fund Status and net plan liability recognized at December 31 | $ | (221,342) |  |  | $ | (212,129) |  |  | $ | (63,808) |  |  | $ | (67,679) |
1 At December 31, 2023, the Company recognized an increase to its domestic plan benefit obligation related to a plan amendment. The amendment provides a permanent increase to benefits for retirees and beneficiaries who commenced payments prior to 2020. The preceding tables in this note include the following amounts related to foreign benefit plans.
| Pension Benefits |  | Other Postretirement Benefits
(Thousands of dollars) | 2023 |  | 2022 |  | 2023 |  | 2022
Benefit obligation at December 31 | $ | 133,822 |  |  | $ | 122,915 |  |  | $ | 115 |  |  | $ | 107 |
Fair value of plan assets at December 31 | 119,236 |  |  | 115,862 |  |  | – |  |  | – |
Net plan liabilities recognized | (14,586) |  |  | (7,053) |  |  | (115) |  |  | (107) |
Net periodic benefit expense (benefit) | 1,387 |  |  | (5,322) |  |  | (44) |  |  | 62 |
Schedule of Amounts Included in Accumulated Other Comprehensive Loss Not Recognized in Net Periodic Benefit Expense | At December 31, 2023, 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) | $ | (202,868) |  |  | $ | 44,165 |
Prior service (credit) cost | (20,561) |  |  | 3,937 |
| $ | (223,429) |  |  | $ | 48,102 |
Schedule of 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) | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Funded qualified plans where accumulated benefit obligation exceeds fair value of plan assets | $ | 534,751 |  |  | $ | 511,375 |  |  | $ | 523,096 |  |  | $ | 499,338 |  |  | $ | 461,363 |  |  | $ | 434,283 |
Unfunded nonqualified and directors’ plans where accumulated benefit obligation exceeds fair value of plan assets | 151,146 |  |  | 141,917 |  |  | 148,661 |  |  | 139,634 |  |  | – |  |  | – |
Unfunded other postretirement plans | 63,808 |  |  | 67,679 |  |  | 63,808 |  |  | 67,679 |  |  | – |  |  | – |
Schedule of Components of Net Periodic Benefit Expense | The table that follows provides the components of net periodic benefit expense for each of the three years presented.
| Pension Benefits |  | Other Postretirement Benefits
(Thousands of dollars) | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Service cost | $ | 6,542 |  |  | $ | 7,875 |  |  | $ | 8,199 |  |  | $ | 495 |  |  | $ | 968 |  |  | $ | 1,295 |
Interest cost | 34,140 |  |  | 22,747 |  |  | 14,784 |  |  | 3,241 |  |  | 2,211 |  |  | 2,071 |
Expected return on plan assets | (32,839) |  |  | (36,458) |  |  | (19,222) |  |  | – |  |  | – |  |  | – |
Amortization of prior service cost (credit) | 620 |  |  | (684) |  |  | 591 |  |  | (532) |  |  | (532) |  |  | – |
Recognized actuarial (gain) loss | 9,776 |  |  | 16,098 |  |  | 20,565 |  |  | (3,512) |  |  | (615) |  |  | (29) |
Net periodic benefit expense | 18,239 |  |  | 9,578 |  |  | 24,917 |  |  | (308) |  |  | 2,032 |  |  | 3,337 |
Curtailment expense | 219 |  |  | – |  |  | – |  |  | – |  |  | – |  |  | – |
Total net periodic benefit expense | $ | 18,458 |  |  | $ | 9,578 |  |  | $ | 24,917 |  |  | $ | (308) |  |  | $ | 2,032 |  |  | $ | 3,337 |
Schedule of 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, 2023 and 2022 and net periodic benefit expense for 2023 and 2022.
| Benefit Obligations |  | Net Periodic Benefit Expense
| Pension Benefits |  | Other Postretirement Benefits |  | Pension Benefits |  | Other Postretirement Benefits
| December 31, |  | December 31, |  | Year |  | Year
| 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Discount rate on obligation, interest cost and service cost | 5.03 | % |  | 5.30 | % |  | 5.15 | % |  | 5.41 | % |  | 5.27 | % |  | 3.13 | % |  | 5.41 | % |  | 2.86 | %
Rate of compensation increase | 3.52 | % |  | 3.50 | % |  | – |  |  | – |  |  | 3.52 | % |  | 3.00 | % |  | – |  |  | – |
Cash balance interest credit rate | 3.20 | % |  | 3.20 | % |  | – |  |  | – |  |  | – |  |  | – |  |  | – |  |  | – |
Expected return on plan assets | – |  |  | – |  |  | – |  |  | – |  |  | 7.35 | % |  | 6.24 | % |  | – |  |  | – |
Schedule of 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
2024 | $ | 47,042 |  |  | $ | 4,433 |
2025 | 47,424 |  |  | 4,456 |
2026 | 48,004 |  |  | 4,479 |
2027 | 48,481 |  |  | 4,491 |
2028 | 49,834 |  |  | 4,614 |
2029-2033 | 248,023 |  |  | 22,037 |
Schedule of Weighted Average Asset Allocation for Funded Pension Benefit Plans | The weighted average asset allocation for the Company’s funded pension benefit plans at the respective balance sheet dates are shown in the following table.
| December 31,
| 2023 |  | 2022
Equity securities | 62.6 | % |  | 65.7 | %
Fixed income securities | 29.1 | % |  | 23.4 | %
Alternatives | 5.1 | % |  | 7.3 | %
Cash equivalents | 3.2 | % |  | 3.6 | %
| 100.0 | % |  | 100.0 | %
Schedule of Fair Value Measurements of Retirement Plan Assets | At December 31, 2023, 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, 2023 |  | 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 | $ | 105,212 |  |  | $ | 105,212 |  |  | $ | – |  |  | $ | – |
U.S. small/midcap | 64,165 |  |  | 64,165 |  |  | – |  |  | – |
Other alternative strategies | 3,831 |  |  | – |  |  | – |  |  | 3,831 |
International equity | 31,820 |  |  | 31,820 |  |  | – |  |  | – |
Emerging market equity | 10,525 |  |  | 10,525 |  |  | – |  |  | – |
Fixed income securities: |  |  |  |  |  |  |
U.S. fixed income | 132,608 |  |  | 56,381 |  |  | 76,227 |  |  | – |
Cash and equivalents | 10,412 |  |  | 10,412 |  |  | — |  |  | – |
Total Domestic Plans | 358,573 |  |  | 278,515 |  |  | 76,227 |  |  | 3,831 |
Foreign Plans |  |  |  |  |  |  |
Equity securities funds | 24,389 |  |  | – |  |  | 24,389 |  |  | – |
Fixed income securities funds | 23,930 |  |  | – |  |  | 23,930 |  |  | – |
Diversified pooled fund | 45,162 |  |  | – |  |  | 45,162 |  |  | – |
Other | 20,623 |  |  | – |  |  | – |  |  | 20,623 |
Cash and equivalents | 5,133 |  |  | – |  |  | 5,133 |  |  | – |
Total Foreign Plans | 119,236 |  |  | – |  |  | 98,613 |  |  | 20,623 |
Total | $ | 477,809 |  |  | $ | 278,515 |  |  | $ | 174,841 |  |  | $ | 24,454 |
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 |  |  | – |
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 |
Schedule of 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, 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 |
Actual return on plan assets: |
Relating to assets held at the reporting date | 711 |
Relating to assets sold during the period | (8,991) |
Total at December 31, 2023 | $ | 24,454 |

X
- Definition Unfunded Commitments. + References No definition available. + Details
Name: | mur_UnfundedCommitmentsTableTextBlock
Namespace Prefix: | mur_
Data Type: | dtr-types1: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 -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + 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 -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + 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 -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + 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 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-2 + 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 -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(02) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + 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 -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + 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 -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + 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 -Topic 715 -SubTopic 20 -Subparagraph (j) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfNetPeriodicBenefitCostNotYetRecognizedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration