XML 45 R33.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Incentive Plans (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Awards Granted | During the three months ended March 31, 2024, the Committee granted the following awards from the 2020 Long-Term Plan:
Type of Award |  | Number of Awards Granted |  | Grant Date |  | Grant Date Fair Value |  | Valuation Methodology
Performance-based RSUs (TSR) 1 |  | 423,640 |  |  | February 6, 2024 |  | $ | 41.95 |  |  | Monte Carlo
Performance-based RSUs (ROACE) 1 |  | 105,980 |  |  | February 6, 2024 |  | $ | 38.08 |  |  | Average Stock Price
Time-based RSUs (Stock-Settled) 2 |  | 658,420 |  |  | February 6, 2024 |  | $ | 38.08 |  |  | Average Stock Price
Time-based RSUs (Cash-Settled) 2 |  | 102,900 |  |  | February 6, 2024 |  | $ | 38.08 |  |  | Average Stock Price
1 Performance-based RSUs are tied to the achievement of TSR and ROACE performance goals and scheduled to vest over a three-year performance period. 2 Time-based RSUs generally vest on the third anniversary of the date of grant. During the three months ended March 31, 2024, the Committee granted the following awards to Non-Employee Directors under the 2021 NED Plan:
Type of Award |  | Number of Awards Granted |  | Grant Date |  | Grant Date Fair Value |  | Valuation Methodology
Time-Based RSUs 1 |  | 47,412 |  |  | February 07, 2024 |  | $ | 37.97 |  |  | Closing Stock Price
Time-Based RSUs 2 |  | 1,230 |  |  | March 28, 2024 |  | $ | 45.70 |  |  | Closing Stock Price
1 Non-employee directors time-based RSUs are scheduled to vest on the first anniversary of the date of grant. Non-employee directors may elect to defer settlement of their vested time-based RSUs until (1) termination of service from the Board or (2) a future date selected by the director at the time of their deferral election. These unvested time-based RSUs are included in the table above, will vest in one year and become deferred RSUs. 2 Effective January 1, 2024, non-employee directors can elect to receive their annual cash retainers in the form of deferred RSUs. Director fees which are deferred into RSUs are calculated and expensed each quarter by taking fees earned in respect of the applicable quarter and dividing by the closing price of our common stock on the last trading day of the quarter. Each deferred RSU represents the right to receive one share of common stock following (1) termination of service from the Board or (2) a future date selected by the director at the time of their deferral election.
Share-Based Plans, Amounts Recognized in the Financial Statements | Amounts recognized in the financial statements with respect to share-based plans are shown in the following table:
| Three Months Ended March 31,
(Thousands of dollars) | 2024 |  | 2023
Compensation charged against income before tax benefit | $ | 8,937 |  |  | $ | 11,196 |
Related income tax benefit recognized in income | 1,014 |  |  | 1,581 |

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

X
- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration