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Incentive Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
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) | 2024 |  | 2023 |  | 2022
Compensation charged against income before income tax benefit | $ | 40,831 |  |  | $ | 58,760 |  |  | $ | 74,587 |
Related income tax benefit recognized in income | 5,513 |  |  | 9,330 |  |  | 12,710 |
Schedule of Assumptions used in Valuation of Performance Awards Granted | The assumptions used in the valuation of the performance awards granted in 2024, 2023 and 2022 are presented in the following table.
| 2024 |  | 2023 |  | 2022
Fair value per share at grant date | $41.95 |  | $60.46 |  | $37.77 - $47.37
Assumptions |  |  |  |  |
Expected volatility | 50.00% |  | 81.00% |  | 79.00% - 81.00%
Risk-free interest rate | 4.14% |  | 3.90% |  | 1.39% - 2.85%
Stock beta | 1.062 |  | 1.034 |  | 1.195 - 1.200
Expected life | 3.0 years |  | 3.0 years |  | 3.0 years
Schedule of Changes in PSUs and RSUs Outstanding | The fair value of the PSUs based on ROACE was estimated based on the average high/low price of the Company’s stock on the grant date. Changes in PSUs outstanding for each of the last three years are presented in the following table.
(Number of stock units) | 2024 |  | 2023 |  | 2022
Outstanding at beginning of year | 1,818,188 |  |  | 2,148,467 |  |  | 2,670,756 |
Granted | 536,900 |  |  | 409,160 |  |  | 595,700 |
Vested and issued | (938,599) |  |  | (408,135) |  |  | (654,177) |
Forfeited | (24,068) |  |  | (331,304) |  |  | (463,812) |
Outstanding at end of year | 1,392,421 |  |  | 1,818,188 |  |  | 2,148,467 |
Changes in RSUs outstanding for each of the last three years are presented in the following table.
(Number of share units) | 2024 |  | 2023 |  | 2022
Outstanding at beginning of year | 1,219,584 |  |  | 1,227,792 |  |  | 1,451,438 |
Granted | 741,228 |  |  | 556,100 |  |  | 416,492 |
Vested and issued | (330,444) |  |  | (517,047) |  |  | (462,418) |
Forfeited | (71,768) |  |  | (47,261) |  |  | (177,720) |
Outstanding at end of year | 1,558,600 |  |  | 1,219,584 |  |  | 1,227,792 |
Schedule of Stock Unit Awards | The fair value of the time-based RSUs awarded for each of the last three years is presented in the following table.
Type of Plan | Valuation Methodology |  | 2024 |  |  | 2023 |  | 2022
Non-Employee Directors 1 | Closing Stock Price at Grant Date |  | $30.26 - $45.70 |  |  | $43.27 |  | $32.84
Long-Term Incentive Plan 2 | Average High/Low Stock Price at Grant Date |  | $37.78 - $45.98 |  |  | $42.20 |  | $29.80 - $49.86
1 Under the 2021 NED Plan, RSUs granted in 2024 are scheduled to vest in February 2025. 2 The RSUs granted under the 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, 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, 2021 | 1,319,500 |  |  | 34.25 |
Exercisable at December 31, 2022 | 13,000 |  |  | 28.51 |

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