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Incentive Plans (Tables) | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Awards Granted | During the three months ended March 31, 2025, 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 |  | 520,150 |  | February 4, 2025 |  | $ | 22.11 |  |  | Monte Carlo
Performance-based RSUs (ROACE) 1 |  | 129,990 |  | February 4, 2025 |  | $ | 25.98 |  |  | Average Stock Price
Time-based RSUs (Stock-Settled) 2 |  | 470,440 |  | February 4, 2025 |  | $ | 25.98 |  |  | Average Stock Price
Time-based RSUs (Cash-Settled) 2 |  | 771,390 |  | February 4, 2025 |  | $ | 25.98 |  |  | Average Stock Price
1 Performance-based RSUs are tied to the achievement of Total Shareholder Return (TSR) and Return on Average Capital Employed (ROACE) performance goals and are scheduled to vest three years from the date of grant if performance conditions are met. 2 Time-based RSUs generally vest on the third anniversary of the date of grant. During the three months ended March 31, 2025, the Committee granted the following awards to NEDs under the 2021 NED Plan:
Type of Award |  | Number of Awards Granted |  | Grant Date |  | Grant Date Fair Value |  | Valuation Methodology
Time-Based RSUs 1 |  | 74,970 |  | February 5, 2025 |  | $ | 26.68 |  |  | Closing Stock Price
Time-Based RSUs 2 |  | 2,114 |  | March 31, 2025 |  | $ | 28.40 |  |  | Closing Stock Price
1 NED’s time-based RSUs are scheduled to vest on the first anniversary of the date of grant. NEDs 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, NEDs can elect to receive their annual 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.
Schedule of 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) | 2025 |  | 2024
Compensation charged against income before tax benefit | $ | 8,864 |  |  | $ | 8,937 |
Related income tax benefit recognized in income | 1,175 |  |  | 1,014 |

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- 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
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