Employee and Retiree Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2011

Amounts Included in Accumulated Other Comprehensive Income (AOCI), Before Reduction for Associated Deferred Income Taxes, which have not been Recognized in Net Periodic Benefit Expense

At December 31, 2011, amounts included in accumulated other comprehensive income (AOCI), 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 loss	$	(216,276	)		(35,336	)
Prior service (cost) credit		(5,262	)		1,130
Transitional asset (liability)		1,609			(17	)
	$	(219,929	)		(34,223	)

Amounts Included in AOCI that are Expected to be Amortized into Net Periodic Benefit Expense

Amounts included in AOCI at December 31, 2011 that are expected to be amortized into net periodic benefit expense during 2012 are shown in the following table.

(Thousands of dollars)	Pension Benefits			Other Postretirement Benefits
Net actuarial loss	$	(16,872	)		(1,846	)
Prior service (cost) credit		(1,258	)		173
Transitional asset (liability)		535			(8	)
	$	(17,595	)		(1,681	)

Projected Benefit Obligations, Accumulated Benefit Obligations and Fair Value of Plan Assets for Plans where Accumulated Benefit Obligation Exceeded 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.

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	Projected Benefit Obligations				Accumulated Benefit Obligations				Fair Value of Plan Assets
(Thousands of dollars)	2011		2010		2011		2010		2011		2010
Funded qualified plans where accumulated benefit obligation exceeds fair value of plan assets	$	513,444		478,234		459,556		431,668		374,360		383,683
Unfunded nonqualified and directors’ plans where accumulated benefit obligation exceeds fair value of plan assets		96,754		78,667		82,642		69,104		0		0
Unfunded other postretirement plans		114,962		122,879		114,962		122,879		0		0

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, 2011.

	Pension Benefits									Other Postretirement Benefits
(Thousands of dollars)	2011			2010			2009			2011			2010			2009
Service cost	$	22,406			20,706			17,052			4,547			4,133			3,121
Interest cost		30,785			30,144			28,767			6,141			6,211			5,688
Expected return on plan assets		(25,919	)		(24,199	)		(20,375	)		0			0			0
Amortization of prior service cost		1,314			1,558			1,635			(240	)		(263	)		(263	)
Amortization of transitional asset (liability)		(536	)		(514	)		(466	)		8			8			0
Recognized actuarial loss		12,484			12,257			10,305			2,329			2,790			1,551
		40,534			39,952			36,918			12,785			12,879			10,097
Termination benefits expense		695			0			1,867			0			0			0
Curtailment expense		1,036			0			575			(605	)		0			397
Net periodic benefit expense	$	42,265			39,952			39,360			12,180			12,879			10,494

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, 2011 and 2010 and net periodic benefit expense for 2011 and 2010.

	Benefit Obligations												Net Periodic Benefit Expense
	Pension Benefits						Other Postretirement Benefits						Pension Benefits						Other Postretirement Benefits
	December 31						December 31						Year						Year
	2011			2010			2011			2010			2011			2010			2011			2010
Discount rate		5.00	%		5.66	%		4.87	%		5.66	%		5.50	%		5.88	%		5.50	%		5.90	%
Expected return on plan assets		6.48	%		6.56	%		0	%		0	%		6.48	%		6.56	%		0	%		0	%
Rate of compensation increase		4.22	%		4.19	%		0	%		0	%		4.22	%		4.19	%		0	%		0	%

Benefit Payments Reflecting Expected Future Service as Appropriate which are Expected to be Paid in Future Years from Assets of Plans or by Company

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
2012	$	28,688		5,835
2013		29,911		6,072
2014		31,237		6,262
2015		32,001		6,449
2016		32,738		6,747
2017-2021		185,062		38,516

1% Change in Assumed Health Care Cost Trend Rates

Assumed health care cost trend rates have a significant effect on the expense and obligation reported for the postretirement benefit plan. A 1% change in assumed health care cost trend rates would have the following effects.

(Thousands of dollars)	1% Increase		1% Decrease
Effect on total service and interest cost components of net periodic postretirement benefit expense for the year ended December 31, 2011	$	2,033		(1,594	)
Effect on the health care component of the accumulated postretirement benefit obligation at December 31, 2011		17,041		(13,810	)

Domestic Plans

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, 2011 and 2010 and a statement of the funded status as of December 31, 2011 and 2010.

	Pension Benefits						Other Postretirement Benefits
(Thousands of dollars)	2011			2010			2011			2010
Change in benefit obligation
Obligation at January 1	$	575,300			521,471			122,879			101,750
Service cost		22,406			20,706			4,547			4,133
Interest cost		30,785			30,144			6,141			6,211
Plan amendments		483			0			0			0
Participant contributions		35			33			1,049			956
Actuarial loss		66,010			30,544			4,791			14,646
Medicare Part D subsidy		0			0			555			528
Exchange rate changes		(2,109	)		(1,357	)		(11	)		22
Benefits paid		(27,745	)		(26,241	)		(5,667	)		(5,367	)
Reduction due to sale of the Superior refinery		(23,021	)		0			0			0
Special termination benefits		695			0			0			0
Curtailments		(13,271	)		0			(19,322	)		0
Obligation at December 31		629,568			575,300			114,962			122,879
Change in plan assets
Fair value of plan assets at January 1		416,272			375,947			0			0
Actual return on plan assets		(1,415	)		46,792			0			0
Employer contributions		38,357			20,651			4,063			3,883
Participant contributions		35			33			1,049			956
Medicare Part D subsidy		0			0			555			528
Exchange rate changes		(1,786	)		(422	)		0			0
Benefits paid		(27,745	)		(26,241	)		(5,667	)		(5,367	)
Distribution to acquirer of the Superior refinery		(18,720	)		0			0			0
Other		(648	)		(488	)		0			0
Fair value of plan assets at December 31		404,350			416,272			0			0
Funded status and amounts recognized in the Consolidated Balance Sheets at December 31
Deferred charges and other assets		10,621			14,191			0			0
Other accrued liabilities		(3,488	)		(3,378	)		(5,022	)		(5,223	)
Deferred credits and other liabilities		(232,351	)		(169,841	)		(109,940	)		(117,656	)
Funded status and net plan liability recognized at December 31		$(225,218)			(159,028	)		(114,962	)		(122,879	)

Foreign Plans

Plans' Benefit Obligations and Fair Value of Assets and Statement of Funded Status

The preceding tables in this note include the following amounts related to foreign benefit plans.

	Pension Benefits				Other Postretirement Benefits
(Thousands of dollars)	2011		2010		2011		2010
Benefit obligation at December 31	$	153,947		133,751		454		430
Fair value of plan assets at December 31		135,608		126,075		0		0
Net plan liabilities recognized		18,339		7,676		454		430
Net periodic benefit expense		8,978		9,784		82		60

Funded Defined Benefit Pension Plans

Asset Allocation for Benefit Plans

The weighted average asset allocation for the Company’s funded pension benefit plans at December 31, 2011 and 2010 are presented in the following table.

	December 31,
	2011			2010.
Equity securities		62.3	%		62.7	%
Fixed income securities		36.5			36.2
Cash equivalents		1.2			1.1
		100.0	%		100.0	%

Other Postretirement Benefits

Asset Allocation for Benefit Plans

At December 31, 2011 and 2010, the fair value measurements of retirement plan assets within the fair value hierarchy were as follows:

			Fair Value Measurements Using
(Thousands of dollars)	Fair Value at December 31, 2011		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	$	73,986		73,986		0		0
U.S. small/midcap		18,236		18,236		0		0
U.S. long/short equity fund		13,860		0		13,860		0
International commingled trust fund		56,156		0		56,156		0
Emerging market commingled equity fund		6,980		0		6,980		0
Fixed income securities:
U.S. fixed income		76,764		0		76,764		0
International commingled trust fund		13,109		0		13,109		0
Emerging market mutual fund		6,448		0		6,448		0
Cash and equivalents		3,203		3,203		0		0
Total Domestic Plans		268,742		95,425		173,317		0
Foreign Plans
Equity securities funds		59,349		0		59,349		0
Fixed income securities funds		44,442		0		44,442		0
Diversified pooled fund		29,990		0		29,990		0
Cash and equivalents		1,827		1,827		0		0
Total Foreign Plans		135,608		1,827		133,781		0
Total	$	404,350		97,252		307,098		0

			Fair Value Measurements Using
(Thousands of dollars)	Fair Value at December  31, 2010		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	$	79,550		79,550		0		0
U.S. small/midcap		17,324		17,324		0		0
U.S. long/short equity fund		14,205		0		14,205		0
International commingled trust fund		61,531		0		61,531		0
Emerging market commingled equity fund		7,131		0		7,131		0
Fixed income securities:
U.S. fixed income		81,989		0		81,989		0
International commingled trust fund		19,833		0		19,833		0
Emerging market mutual fund		7,045		0		7,045		0
Cash and equivalents		1,589		1,589		0		0
Total Domestic Plans		290,197		98,463		191,734		0
Foreign Plans
Equity securities funds		58,353		0		58,353		0
Fixed income securities funds		31,948		0		31,948		0
Diversified pooled fund		32,590		0		32,590		0
Cash and equivalents		3,184		3,184		0		0
Total Foreign Plans		126,075		3,184		122,891		0
Total	$	416,272		101,647		314,625		0