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Employee and Retiree Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
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 and fair value of assets for the years ended December 31, 2020 and 2019 and a statement of the funded status as of December 31, 2020 and 2019.
Pension
Benefits		Other
Postretirement
Benefits
(Thousands of dollars)
2020201920202019
Change in benefit obligation
Obligation at January 1$883,269 777,645 108,401 94,779 
Service cost7,967 7,964 1,373 1,559 
Interest cost21,127 27,835 2,626 3,864 
Participant contributions— 11 2,225 1,930 
Actuarial loss (gain)107,258 103,374 3,758 10,503 
Medicare Part D subsidy— — 243 234 
Exchange rate changes7,074 7,687 13 30 
Benefits paid(46,066)(41,247)(4,238)(4,498)
Curtailments(7,596)— (6,023)— 
Special termination benefits8,434 — — — 
Obligation at December 31981,467 883,269 108,378 108,401 
Change in plan assets
Fair value of plan assets at January 1547,484 487,094 — — 
Actual return on plan assets48,115 70,893 — — 
Employer contributions30,178 25,915 1,770 2,333 
Participant contributions— 11 2,225 1,930 
Medicare Part D subsidy— — 243 234 
Exchange rate changes7,009 7,328 — — 
Benefits paid(46,066)(41,247)(4,238)(4,497)
Other— (2,510)— — 
Fair value of plan assets at December 31586,720 547,484 — — 
Funded status and amounts recognized in the Consolidated Balance Sheets at December 31
Deferred charges and other assets4,572 5,353 — — 
Other accrued liabilities(9,468)(8,810)(5,298)(5,234)
Deferred credits and other liabilities(389,851)(332,328)(103,080)(103,167)
Fund Status and net plan liability recognized at December 31$(394,747)(335,785)(108,378)(108,401)
The preceding tables in this note include the following amounts related to foreign benefit plans.
Pension
Benefits		Other
Postretirement
Benefits
(Thousands of dollars)
2020201920202019
Benefit obligation at December 31$230,101 209,923 492 387 
Fair value of plan assets at December 31221,463 197,965 — — 
Net plan liabilities recognized(8,638)(11,957)492 387 
Net periodic benefit expense (benefit)437 (933)46 147 
Amounts Included in Accumulated Other Comprehensive Loss Not Recognized in Net Periodic Benefit Expense
At December 31, 2020, amounts included in Accumulated other comprehensive loss (AOCL) in the Consolidated Balance Sheets, before reduction for associated deferred income taxes, which have not been recognized in net periodic benefit expense are shown in the following table.
(Thousands of dollars)
Pension
Benefits		Other
Postretirement
Benefits
Net actuarial gain (loss)$(313,317)3,707 
Prior service cost(2,731)— 
$(316,048)3,707 
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)
202020192020201920202019
Funded qualified plans where accumulated benefit obligation exceeds fair value of plan assets$762,134 688,249 753,475 676,177 564,238 525,108 
Unfunded nonqualified and directors’ plans where accumulated benefit obligation exceeds fair value of plan assets
201,372 177,999 198,792 171,934 — — 
Unfunded other postretirement plans108,378 108,401 108,378 108,401 — — 
Components of Net Periodic Benefit Expense
The table that follows provides the components of net periodic benefit expense for each of the three years ended December 31, 2020.
Pension BenefitsOther
Postretirement Benefits
(Thousands of dollars)
202020192018202020192018
Service cost$7,967 7,964 8,994 1,373 1,559 1,965 
Interest cost21,127 27,835 26,168 2,626 3,864 3,427 
Expected return on plan assets(24,316)(25,719)(29,236)— — — 
Amortization of prior service cost (credit)640 964 1,021 — — (38)
Recognized actuarial loss22,828 14,106 21,893 (31)(193)— 
Net periodic benefit expense28,246 25,150 28,840 3,968 5,230 5,354 
Termination benefits expense8,434 — — — — — 
Curtailment expense586 — — (1,825)— — 
Total net periodic benefit expense$37,266 25,150 28,840 2,143 5,230 5,354 
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, 2020 and 2019 and net periodic benefit expense for 2020 and 2019.
Benefit ObligationsNet Periodic Benefit Expense
Pension
Benefits		Other
Postretirement
Benefits		Pension
Benefits		Other
Postretirement
Benefits
December 31,December 31,YearYear
20202019202020192020201920202019
Discount rate2.25 %3.85 %2.50 %3.42 %2.75 %3.35 %3.16 %4.42 %
Expected return on plan assets4.43 %5.05 %— — 4.43 %5.05 %— — 
Rate of compensation increase3.04 %3.28 %— — 3.28 %3.52 %— — 
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
2021$45,903 5,298 
202247,205 5,268 
202346,996 5,251 
202447,589 5,224 
202547,346 5,182 
2026-2031242,700 25,954 
Weighted Average Asset Allocation for Funded Pension Benefit Plans
The following table provides the asset allocation of each plan on December 31, 2020.
Allocation of Plan Assets
Domestic PlanCanadian PlanU.K. Plan
TargetAllocation atTargetAllocation atTargetAllocation at
AllocationDecember 31, 2020AllocationDecember 31, 2020AllocationDecember 31, 2020
Equity securities
40-70%
56.0%
—%
31.0%N/A65.0%
Fixed income securities
28-60%
28.0%
98%
68.0%N/A11.7%
Alternatives
0-18%
11.4%—%—%N/A18.0%
Cash and equivalents
0-15%
4.6%
2%
1.0%N/A5.3%
The weighted average asset allocation for the Company’s funded pension benefit plans at December 31, 2020 and 2019 are presented in the following table.
December 31,
20202019
Equity securities58.1 %54.9 %
Fixed income securities24.0 26.2 
Alternatives13.2 17.3 
Cash equivalents4.7 1.6 
100.0 %100.0 %
Fair Value Measurements of Retirement Plan Assets At December 31, 2020, 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,
2020		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$67,326 67,326 — — 
U.S. small/midcap28,953 28,953 — — 
Hedged funds and other alternative strategies42,040 — — 42,040 
International commingled trust fund76,095 987 55,433 19,675 
Emerging market commingled equity fund32,058 10,480 21,578 — 
Fixed income securities:
U.S. fixed income92,668 — 92,668 — 
International commingled trust fund9,456 — 9,456 — 
Cash and equivalents16,661 16,661 — — 
Total Domestic Plans365,257 124,407 179,135 61,715 
Foreign Plans
Equity securities funds74,393 — 74,393 — 
Fixed income securities funds45,240 — 45,240 — 
Diversified pooled fund54,871 — 54,871 — 
Other35,970 — — 35,970 
Cash and equivalents10,989 — 10,989 — 
Total Foreign Plans221,463 — 185,493 35,970 
Total$586,720 124,407 364,628 97,685 
At December 31, 2019, 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,
2019		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$63,169 63,169 — — 
U.S. small/midcap26,062 26,062 — — 
Hedged funds and other alternative strategies58,864 — — 58,864 
International commingled trust fund73,783 924 55,798 17,061 
Emerging market commingled equity fund25,911 8,011 17,900 — 
Fixed income securities:
U.S. fixed income88,525 — 88,525 — 
International commingled trust fund8,720 — 8,720 — 
Cash and equivalents4,485 4,485 — — 
Total Domestic Plans349,519 102,651 170,943 75,925 
Foreign Plans
Equity securities funds68,878 — 68,878 — 
Fixed income securities funds46,582 — 46,582 — 
Diversified pooled fund42,582 — 42,582 — 
Other35,661 — — 35,661 
Cash and equivalents4,262 — 4,262 — 
Total Foreign Plans197,965 — 162,304 35,661 
Total$547,484 102,651 333,247 111,586 
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, 2018$35,029 
Actual return on plan assets:
Relating to assets held at the reporting date20,811 
Purchases, sales and settlements55,746 
Total at December 31, 2019111,586 
Actual return on plan assets:
Relating to assets held at the reporting date5,694 
Purchases, sales and settlements(19,595)
Total at December 31, 2020$97,685