XML 73 R44.htm IDEA: XBRL DOCUMENT v3.22.4
Employee and Retiree Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
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, 2022 and 2021 and a statement of the funded status as of December 31, 2022 and 2021.
Pension
Benefits		Other
Postretirement
Benefits
(Thousands of dollars)
2022202120222021
Change in benefit obligation
Obligation at January 1$939,380 $981,467 $96,133 $108,378 
Service cost7,875 8,199 968 1,295 
Interest cost22,747 14,784 2,211 2,071 
Participant contributions— — 2,283 2,648 
Actuarial loss (gain)(238,407)(24,440)(29,533)(9,519)
Medicare Part D subsidy— — 331 300 
Exchange rate changes(21,018)(1,764)(20)3 
Benefits paid(47,504)(38,866)(4,694)(4,041)
Plan amendments— — — (5,002)
Obligation at December 31663,073 939,380 67,679 96,133 
Change in plan assets
Fair value of plan assets at January 1611,302 586,720 — — 
Actual return on plan assets(133,395)33,687 — — 
Employer contributions41,145 31,607 2,080 1,093 
Participant contributions— — 2,283 2,648 
Medicare Part D subsidy— — 331 300 
Exchange rate changes(20,604)(1,846)— — 
Benefits paid(47,504)(38,866)(4,694)(4,041)
Fair value of plan assets at December 31450,944 611,302 — — 
Funded status and amounts recognized in the Consolidated Balance Sheets at December 31
Deferred charges and other assets3,584 5,535 — — 
Other accrued liabilities(9,693)(10,144)(4,830)(4,867)
Deferred credits and other liabilities(206,020)(323,469)(62,849)(91,266)
Fund Status and net plan liability recognized at December 31$(212,129)$(328,078)$(67,679)$(96,133)
The preceding tables in this note include the following amounts related to foreign benefit plans.
Pension
Benefits		Other
Postretirement
Benefits
(Thousands of dollars)
2022202120222021
Benefit obligation at December 31$122,915 $225,117 $107 $526 
Fair value of plan assets at December 31115,862 218,746 — — 
Net plan liabilities recognized(7,053)(6,371)(107)(526)
Net periodic benefit expense (benefit)(5,322)598 62 64 
Amounts Included in Accumulated Other Comprehensive Loss Not Recognized in Net Periodic Benefit Expense
At December 31, 2022, amounts included in “Accumulated other comprehensive loss” (AOCL) in the Consolidated Balance Sheets, before reduction for associated deferred income taxes, which have not been recognized in net periodic benefit expense are shown in the following table.
(Thousands of dollars)
Pension
Benefits		Other
Postretirement
Benefits
Net actuarial gain (loss)$(194,735)$42,129 
Prior service (credit) cost(2,181)4,470 
$(196,916)$46,599 
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)
202220212022202120222021
Funded qualified plans where accumulated benefit obligation exceeds fair value of plan assets$511,375 $734,375 $499,338 $723,887 $434,283 $589,529 
Unfunded nonqualified and directors’ plans where accumulated benefit obligation exceeds fair value of plan assets141,917 188,713 139,634 188,530 — — 
Unfunded other postretirement plans67,679 96,133 67,679 96,133 — — 
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, 2022.
Pension BenefitsOther
Postretirement Benefits
(Thousands of dollars)
202220212020202220212020
Service cost$7,875 $8,199 $7,967 $968 $1,295 $1,373 
Interest cost22,747 14,784 21,127 2,211 2,071 2,626 
Expected return on plan assets(36,458)(19,222)(24,316)— — — 
Amortization of prior service cost (credit)(684)591 640 (532)— — 
Amortization of transitional (asset) liability231 — — (587)— — 
Recognized actuarial (gain) loss15,867 20,565 22,828 (28)(29)(31)
Net periodic benefit expense9,578 24,917 28,246 2,032 3,337 3,968 
Termination benefits expense— — 8,434 — — — 
Curtailment expense— — 586 — — (1,825)
Total net periodic benefit expense$9,578 $24,917 $37,266 $2,032 $3,337 $2,143 
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, 2022 and 2021 and net periodic benefit expense for 2022 and 2021.
Benefit ObligationsNet Periodic Benefit Expense
Pension
Benefits		Other
Postretirement
Benefits		Pension
Benefits		Other
Postretirement
Benefits
December 31,December 31,YearYear
20222021202220212022202120222021
Discount rate5.30 %2.54 %5.41 %2.86 %3.13 %2.24 %2.86 %2.51 %
Rate of compensation increase3.50 %3.04 %— — 3.00 %3.04 %— — 
Cash balance interest credit rate3.20 %1.89 %— — — — — — 
Expected return on plan assets— — — — 6.24 %4.25 %— — 
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
2023$45,104 $4,830 
202446,418 4,858 
202546,240 4,808 
202647,003 4,820 
202747,293 4,778 
2028-2032244,253 23,648 
Weighted Average Asset Allocation for Funded Pension Benefit Plans The weighted average asset allocation for the Company’s funded pension benefit plans at December 31, 2022 and 2021 are presented in the following table.
December 31,
20222021
Equity securities65.7 %60.9 %
Fixed income securities23.4 %21.7 %
Alternatives7.3 %13.5 %
Cash equivalents3.6 %3.9 %
100.0 %100.0 %
Fair Value Measurements of Retirement Plan Assets At December 31, 2022, 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,
2022		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$96,433 $96,433 $— $— 
U.S. small/midcap64,421 64,421 — — 
Other alternative strategies12,106 — — 12,106 
International equity44,672 44,672 — — 
Emerging market equity13,541 13,541 — — 
Fixed income securities:
U.S. fixed income85,190 35,661 49,528 — 
International commingled trust fund— — — — 
Emerging market mutual fund— — — — 
Cash and equivalents18,719 18,719 — — 
Total Domestic Plans335,082 273,447 49,528 12,106 
Foreign Plans
Equity securities funds23,877 — 23,877 — 
Fixed income securities funds30,727 — 30,727 — 
Diversified pooled fund31,246 — 31,246 — 
Other20,628 — — 20,628 
Cash and equivalents9,384 — 9,384 — 
Total Foreign Plans115,862 — 95,234 20,628 
Total$450,944 $273,447 $144,763 $32,734 
At December 31, 2021, 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,
2021		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$108,422 $108,422 $— $— 
U.S. small/midcap73,222 73,222 — — 
Other alternative strategies47,248 — — 47,248 
International equity47,546 47,546 — — 
Emerging market equity14,937 14,937 — — 
Fixed income securities:
U.S. fixed income92,231 36,888 55,343 — 
Cash and equivalents8,951 8,951 — — 
Total Domestic Plans392,557 289,966 55,343 47,248 
Foreign Plans
Equity securities funds73,642 — 73,642 — 
Fixed income securities funds40,610 — 40,610 — 
Diversified pooled fund54,317 — 54,317 — 
Other35,606 — — 35,606 
Cash and equivalents14,570 — 14,570 — 
Total Foreign Plans218,745 — 183,139 35,606 
Total$611,302 $289,966 $238,482 $82,854 
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, 2020$97,685 
Actual return on plan assets:
Relating to assets held at the reporting date5,206 
Purchases, sales and settlements(20,037)
Total at December 31, 202182,854 
Actual return on plan assets:
Relating to assets held at the reporting date(38,389)
Purchases, sales and settlements(11,731)
Total at December 31, 2022$32,734