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Employee and Retiree Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
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) | 2024 |  | 2023 |  | 2024 |  | 2023
Change in benefit obligation |  |  |  |  |  |  |
Obligation at January 1 | $ | 699,151 |  |  | $ | 663,073 |  |  | $ | 63,808 |  |  | $ | 67,679 |
Service cost | 7,042 |  |  | 6,542 |  |  | 436 |  |  | 495 |
Interest cost | 33,554 |  |  | 34,140 |  |  | 2,923 |  |  | 3,241 |
Participant contributions | — |  |  | — |  |  | 2,730 |  |  | 2,629 |
Actuarial (gain) loss 1 | (35,417) |  |  | 26,625 |  |  | 825 |  |  | (5,567) |
Medicare Part D subsidy | — |  |  | — |  |  | 358 |  |  | 299 |
Exchange rate changes | (3,263) |  |  | 6,089 |  |  | (14) |  |  | 2 |
Benefits paid | (45,743) |  |  | (56,296) |  |  | (16,072) |  |  | (4,970) |
Plan amendments 2 | — |  |  | 18,978 |  |  | — |  |  | — |
Obligation at December 31 | 655,324 |  |  | 699,151 |  |  | 54,994 |  |  | 63,808 |
Change in plan assets |  |  |  |  |  |  |
Fair value of plan assets at January 1 | 477,809 |  |  | 450,944 |  |  | — |  |  | — |
Actual return on plan assets | 27,317 |  |  | 39,953 |  |  | — |  |  | — |
Employer contributions | 35,477 |  |  | 37,546 |  |  | 12,984 |  |  | 2,042 |
Participant contributions | — |  |  | — |  |  | 2,730 |  |  | 2,629 |
Medicare Part D subsidy | — |  |  | — |  |  | 358 |  |  | 299 |
Exchange rate changes | (2,740) |  |  | 5,662 |  |  | — |  |  | — |
Benefits paid | (45,743) |  |  | (56,296) |  |  | (16,072) |  |  | (4,970) |
Fair value of plan assets at December 31 | 492,120 |  |  | 477,809 |  |  | — |  |  | — |
Funded status and amounts recognized in the Consolidated Balance Sheets at December 31 |  |  |  |  |  |  |
Deferred charges and other assets | 1,819 |  |  | 3,192 |  |  | — |  |  | — |
Other accrued liabilities | (10,617) |  |  | (10,219) |  |  | (4,237) |  |  | (4,433) |
Deferred credits and other liabilities | (154,406) |  |  | (214,315) |  |  | (50,757) |  |  | (59,375) |
Fund Status and net plan liability recognized at December 31 | $ | (163,204) |  |  | $ | (221,342) |  |  | $ | (54,994) |  |  | $ | (63,808) |
1 Actuarial gains in 2024 primarily relate to the increase in the discount rate assumption, which decreases the pension benefit obligation. 2 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) | 2024 |  | 2023 |  | 2024 |  | 2023
Benefit obligation at December 31 | $ | 115,428 |  |  | $ | 133,822 |  |  | $ | 106 |  |  | $ | 115 |
Fair value of plan assets at December 31 | 103,445 |  |  | 119,236 |  |  | — |  |  | — |
Net plan liabilities recognized | (11,983) |  |  | (14,586) |  |  | (106) |  |  | (115) |
Net periodic benefit expense (benefit) | 1,480 |  |  | 1,387 |  |  | (44) |  |  | (44) |
Schedule of Amounts Included in Accumulated Other Comprehensive Loss Not Recognized in Net Periodic Benefit Expense | At December 31, 2024, amounts included in “Accumulated other comprehensive loss” 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) | $ | (163,218) |  |  | $ | 39,742 |
Prior service (credit) cost | (18,233) |  |  | 3,405 |
| $ | (181,451) |  |  | $ | 43,147 |
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) | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Funded qualified plans where accumulated benefit obligation exceeds fair value of plan assets | $ | 497,947 |  |  | $ | 534,751 |  |  | $ | 489,225 |  |  | $ | 523,096 |  |  | $ | 477,983 |  |  | $ | 461,363 |
Unfunded nonqualified and directors’ plans where accumulated benefit obligation exceeds fair value of plan assets | 145,058 |  |  | 151,146 |  |  | 143,859 |  |  | 148,661 |  |  | — |  |  | — |
Unfunded other postretirement plans | 54,994 |  |  | 63,808 |  |  | 54,994 |  |  | 63,808 |  |  | — |  |  | — |
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) | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Service cost | $ | 7,042 |  |  | $ | 6,542 |  |  | $ | 7,875 |  |  | $ | 436 |  |  | $ | 495 |  |  | $ | 968 |
Interest cost | 33,554 |  |  | 34,140 |  |  | 22,747 |  |  | 2,923 |  |  | 3,241 |  |  | 2,211 |
Expected return on plan assets | (33,427) |  |  | (32,839) |  |  | (36,458) |  |  | — |  |  | — |  |  | — |
Amortization of prior service cost (credit) | 2,316 |  |  | 620 |  |  | (684) |  |  | (532) |  |  | (532) |  |  | (532) |
Recognized actuarial loss (gain) | 9,438 |  |  | 9,776 |  |  | 16,098 |  |  | (3,586) |  |  | (3,512) |  |  | (615) |
Net periodic benefit expense | 18,923 |  |  | 18,239 |  |  | 9,578 |  |  | (759) |  |  | (308) |  |  | 2,032 |
Other pension costs | 251 |  |  | 219 |  |  | — |  |  | — |  |  | — |  |  | — |
Total net periodic benefit expense | $ | 19,174 |  |  | $ | 18,458 |  |  | $ | 9,578 |  |  | $ | (759) |  |  | $ | (308) |  |  | $ | 2,032 |
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, 2024 and 2023 and net periodic benefit expense for 2024 and 2023.
| Benefit Obligations |  | Net Periodic Benefit Expense
| Pension Benefits |  | Other Postretirement Benefits |  | Pension Benefits |  | Other Postretirement Benefits
| December 31, |  | December 31, |  | Year |  | Year
| 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Discount rate on obligation, interest cost and service cost | 5.58 | % |  | 5.03 | % |  | 5.65 | % |  | 5.15 | % |  | 5.17 | % |  | 5.27 | % |  | 5.15 | % |  | 5.41 | %
Rate of compensation increase | 3.38 | % |  | 3.52 | % |  | — |  |  | — |  |  | 3.50 | % |  | 3.52 | % |  | — |  |  | — |
Cash balance interest credit rate | 3.20 | % |  | 3.20 | % |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Expected return on plan assets | — |  |  | — |  |  | — |  |  | — |  |  | 7.19 | % |  | 7.35 | % |  | — |  |  | — |
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
2025 | $ | 49,406 |  |  | $ | 4,237 |
2026 | 50,193 |  |  | 4,252 |
2027 | 51,634 |  |  | 4,267 |
2028 | 51,632 |  |  | 4,386 |
2029 | 51,457 |  |  | 4,278 |
2030-2034 | 261,891 |  |  | 20,594 |
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,
| 2024 |  | 2023
Equity securities | 57.3 | % |  | 62.6 | %
Fixed income securities | 36.2 | % |  | 29.1 | %
Alternatives | 3.7 | % |  | 5.1 | %
Cash equivalents | 2.8 | % |  | 3.2 | %
| 100.0 | % |  | 100.0 | %
Schedule of Fair Value Measurements of Retirement Plan Assets | At December 31, 2024, 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, 2024 |  | 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 | $ | 87,124 |  |  | $ | 87,124 |  |  | $ | — |  |  | $ | — |
U.S. small/midcap | 51,978 |  |  | 51,978 |  |  | — |  |  | — |
Other alternative strategies | 965 |  |  | — |  |  | — |  |  | 965 |
International equity | 22,724 |  |  | 22,724 |  |  | — |  |  | — |
Emerging market equity | 7,638 |  |  | 7,638 |  |  | — |  |  | — |
Fixed income securities: |  |  |  |  |  |  |
U.S. fixed income | 208,755 |  |  | 105,302 |  |  | 103,453 |  |  | — |
Cash and equivalents | 9,491 |  |  | 9,491 |  |  | — |  |  | — |
Total Domestic Plans | 388,675 |  |  | 284,256 |  |  | 103,453 |  |  | 965 |
Foreign Plans |  |  |  |  |  |  |
Equity securities funds | 14,377 |  |  | — |  |  | 14,377 |  |  | — |
Fixed income securities funds | 26,500 |  |  | — |  |  | 26,500 |  |  | — |
Diversified pooled fund | 41,054 |  |  | — |  |  | 41,054 |  |  | — |
Other | 17,049 |  |  | — |  |  | — |  |  | 17,049 |
Cash and equivalents | 4,465 |  |  | — |  |  | 4,465 |  |  | — |
Total Foreign Plans | 103,445 |  |  | — |  |  | 86,396 |  |  | 17,049 |
Total | $ | 492,120 |  |  | $ | 284,256 |  |  | $ | 189,849 |  |  | $ | 18,014 |
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 |
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, 2022 | $ | 32,734 |
Actual return on plan assets: |
Relating to assets held at the reporting date | 711 |
Purchases, sales and settlements | (8,991) |
Total at December 31, 2023 | 24,454 |
Actual return on plan assets: |
Relating to assets held at the reporting date | (3,574) |
Relating to assets sold during the period | (2,865) |
Total at December 31, 2024 | $ | 18,015 |

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