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Incentive Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
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:
(Thousands of dollars)
202020192018
Compensation charged against income (loss) before income tax benefit$24,812 50,170 34,467 
Related income tax benefit recognized in income2,672 7,389 4,383 
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, 20174,901,269 $45.74 
Exercised(72,000)17.57 
Forfeited(834,674)53.36 
Outstanding at December 31, 20183,994,595 44.66 
Exercised(57,500)17.57 
Forfeited(1,016,685)48.29 
Outstanding at December 31, 20192,920,410 43.93 
Exercised(47,000)17.57 
Forfeited(825,010)54.85 
Outstanding at December 31, 20202,048,400 40.14 
Exercisable at December 31, 20173,197,269 $54.22 
Exercisable at December 31, 20183,182,345 49.10 
Exercisable at December 31, 20192,694,410 43.51 
Exercisable at December 31, 20202,048,400 37.88 
Additional Information about Stock Options Outstanding
Additional information about stock options outstanding at December 31, 2020 is shown below.
Options OutstandingOptions Exercisable
Range of Exercise
Prices per Option		No. of
Options		Avg. Life
Remaining
in Years		Aggregate
Intrinsic
Value		No. of
Options		Avg. Life
Remaining
in Years		Aggregate
Intrinsic
Value
$17.00 to $30.99
984,500 2.5$— 984,500 2.5$— 
$31.00 to $50.99
655,000 1.1— 655,000 1.1— 
$51.00 to $65.00
408,900 0.1— 408,900 0.1— 
2,048,400 1.6$— 2,048,400 1.6$— 
Changes in Performance-Based RSU Outstanding
Changes in PSUs outstanding for each of the last three years are presented in the following table.
(Number of stock units)
202020192018
Outstanding at beginning of year2,129,733 1,660,417 1,187,921 
Granted999,700 957,600 905,500 
Vested and issued(429,194)(331,917)(311,866)
Forfeited(492,810)(156,367)(121,138)
Outstanding at end of year2,207,429 2,129,733 1,660,417 
Assumptions used in Valuation of Performance Awards Granted The assumptions used in the valuation of the performance awards granted in 2020, 2019 and 2018 are presented in the following table.
202020192018
Fair value per share at grant date21.51$28.09
$22.99 - $30.56
Assumptions
Expected volatility39.00%46.00%48.00%
Risk-free interest rate1.40%2.50%2.30%
Stock beta0.8641.0371.103
Expected life3.0 years3.0 years3.0 years
Changes in Time-Lapse Restricted Stock and Restricted Stock Units Outstanding
Changes in RSUs outstanding for each of the last three years are presented in the following table.
(Number of share units)
202020192018
Outstanding at beginning of year1,535,080 1,538,854 1,035,980 
Granted446,848 409,692 823,803 
Vested and issued(271,285)(275,738)(233,456)
Forfeited(327,600)(137,728)(87,473)
Outstanding at end of year1,383,043 1,535,080 1,538,854