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Financial Instruments and Risk Management (Tables) | 3 Months Ended
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Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Carrying Value of Assets and Liabilities Recorded at Fair Value on Recurring Basis | The fair value measurements for these assets and liabilities at March 31, 2024 and December 31, 2023, are shown in the following table.
|  | March 31, 2024 |  | December 31, 2023
(Thousands of dollars) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nonqualified employee savings plan |  | $ | 17,688 |  |  | $ | – |  |  | $ | – |  |  | $ | 17,688 |  |  | $ | 17,785 |  |  | $ | – |  |  | $ | – |  |  | $ | 17,785 |
|  | $ | 17,688 |  |  | $ | – |  |  | $ | – |  |  | $ | 17,688 |  |  | $ | 17,785 |  |  | $ | – |  |  | $ | – |  |  | $ | 17,785 |
Carrying Amounts and Estimated Fair Values of Financial Instruments | The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at March 31, 2024 and December 31, 2023. The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The table excludes cash and cash equivalents, trade accounts receivable, trade accounts payable and accrued expenses, all of which had fair values approximating carrying amounts. The fair value of current and long-term debt was estimated based on rates offered to the Company at that time for debt of the same maturities. Substantially all of the Company’s long-term debt is actively traded in open markets, and accordingly, is classified as Level 1 in the fair value hierarchy. The Company has off-balance sheet exposures relating to certain letters of credit. The fair value of these, which represents fees associated with obtaining the instruments, was nominal.
| March 31, |  | December 31,
| 2024 |  | 2023
(Thousands of dollars) | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Financial liabilities: |  |  |  |  |  |  |
Current and long-term debt | $ | 1,329,399 |  |  | $ | 1,284,012 |  |  | $ | 1,329,075 |  |  | $ | 1,265,185 |

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- Definition Carrying Value and Fair Value of Financial Instruments Disclosure. + References No definition available. + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -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
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