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Financial Instruments and Risk Management (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Carrying Value of Assets and Liabilities Recorded at Fair Value on Recurring Basis
The fair value measurements for these assets and liabilities at March 31, 2024 and December 31, 2023, are shown in the following table.
March 31, 2024December 31, 2023
(Thousands of dollars)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Liabilities:
Nonqualified employee savings plan$17,688 $– $– $17,688 $17,785 $– $– $17,785 
$17,688 $– $– $17,688 $17,785 $– $– $17,785 
Carrying Amounts and Estimated Fair Values of Financial Instruments
The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at March 31, 2024 and December 31, 2023. The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The table excludes
cash and cash equivalents, trade accounts receivable, trade accounts payable and accrued expenses, all of which had fair values approximating carrying amounts. The fair value of current and long-term debt was estimated based on rates offered to the Company at that time for debt of the same maturities. Substantially all of the Company’s long-term debt is actively traded in open markets, and accordingly, is classified as Level 1 in the fair value hierarchy. The Company has off-balance sheet exposures relating to certain letters of credit. The fair value of these, which represents fees associated with obtaining the instruments, was nominal.
March 31,December 31,
20242023
(Thousands of dollars)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Financial liabilities:
Current and long-term debt$1,329,399 $1,284,012 $1,329,075 $1,265,185