Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Awards Granted

During the three months ended March 31, 2024, 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	423,640	February 6, 2024	$	41.95	Monte Carlo
Performance-based RSUs (ROACE) 1	105,980	February 6, 2024	$	38.08	Average Stock Price
Time-based RSUs (Stock-Settled) 2	658,420	February 6, 2024	$	38.08	Average Stock Price
Time-based RSUs (Cash-Settled) 2	102,900	February 6, 2024	$	38.08	Average Stock Price

1 Performance-based RSUs are tied to the achievement of TSR and ROACE performance goals and scheduled to vest over a three-year performance period.

2 Time-based RSUs generally vest on the third anniversary of the date of grant.

During the three months ended March 31, 2024, the Committee granted the following awards to Non-Employee Directors under the 2021 NED Plan:

Type of Award	Number of Awards Granted	Grant Date	Grant Date Fair Value		Valuation Methodology
Time-Based RSUs 1	47,412	February 07, 2024	$	37.97	Closing Stock Price
Time-Based RSUs 2	1,230	March 28, 2024	$	45.70	Closing Stock Price

1 Non-employee directors time-based RSUs are scheduled to vest on the first anniversary of the date of grant. Non-employee directors 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, non-employee directors can elect to receive their annual cash 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.

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)	2024		2023
Compensation charged against income before tax benefit	$	8,937	$	11,196
Related income tax benefit recognized in income	1,014		1,581