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Postretirement Benefits (Tables) | 3 Months Ended
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Mar. 31, 2025
Retirement Benefits [Abstract] |
Schedule of net benefit costs |
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits |  | Other Postretirement Benefits
| March 31, |  | March 31, |  | March 31,
(Millions of dollars) | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
For the three months ended: |  |  |  |  |  |  |  |  |  |  |
Components of net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | — |  |  | $ | — |  |  | $ | 11 |  |  | $ | 11 |  |  | $ | 16 |  |  | $ | 17 |
Interest cost | 153 |  |  | 156 |  |  | 28 |  |  | 30 |  |  | 31 |  |  | 33 |
Expected return on plan assets | (180) |  |  | (175) |  |  | (40) |  |  | (42) |  |  | (2) |  |  | (2) |
Amortization of prior service cost (credit) | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | (3) |
Net periodic benefit cost (benefit) 1 | $ | (27) |  |  | $ | (19) |  |  | $ | (1) |  |  | $ | (1) |  |  | $ | 44 |  |  | $ | 45 |
1 The service cost component is included in Operating costs. All other components are included in Other income (expense).
Summary of company costs related to U.S. and non-U.S. defined contribution plans | Total company costs related to our defined contribution plans, which are included in Operating costs in the Consolidated Statement of Results of Operations, were as follows:
|  |  | Three Months Ended March 31,
(Millions of dollars) |  |  |  |  | 2025 |  | 2024
U.S. Plans 1 |  |  |  |  | $ | 154 |  |  | $ | 223 |
Non-U.S. Plans |  |  |  |  | 33 |  |  | 30 |
|  |  |  |  | $ | 187 |  |  | $ | 253 |
1 Includes costs related to our non-qualified deferred compensation plans. We utilize total return swaps to economically hedge this exposure to offset the related costs. See Note 5 for additional information.

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- Definition Tabular disclosure of the costs related to the various types of retirement plans including defined benefit pension plan cost, defined contribution plan cost, other postretirement benefit plan cost, and net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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