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Employee Benefit Plans
 9 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
Employee Benefit Plans
Note 15—Employee Benefit Plans
Pension and Postretirement Plans
Millions of Dollars
Pension Benefits
Other Benefits
2025202420252024
U.S.
Int'l.
U.S.
Int'l.
Components of net periodic benefit cost
Three Months Ended September 30
Service cost
$15 7 12 9 — — 
Interest cost
24 32 19 28 2 1 
Expected return on plan assets
(20)(46)(16)(41)
Amortization of prior service cost (credit)
— 1 — — (7)(10)
Recognized net actuarial loss (gain)
3 12 1 15 — — 
Net periodic benefit cost
$22 6 16 11 (5)(9)
Nine Months Ended September 30
Service cost$44 23 37 28 1 1 
Interest cost
70 94 57 85 6 4 
Expected return on plan assets
(58)(135)(49)(122)
Amortization of prior service cost (credit)
— 2 — — (19)(29)
Recognized net actuarial loss (gain)
8 35 5 43 — — 
Settlements
— 1 — — 
Net periodic benefit cost$64 20 50 34 (12)(24)
The components of net periodic benefit cost, other than the service cost component, are included in the "Other expenses" line of our consolidated income statement.
Severance Accrual
During 2025, we announced certain cost reduction initiatives. As part of these initiatives, we are anticipating a reduction in our employee workforce. Severance expense of $238 million was recorded in the third quarter of 2025 reflecting the probable and reasonably estimable portion of the related liability.

The following table summarizes our severance accrual activity for the nine-month period ended September 30, 2025:
Millions of Dollars
Balance at December 31, 2024
$331 
Accruals244
Benefit payments(239)
Foreign currency translation adjustment2 
Balance at September 30, 2025
$338 
Of the balance at September 30, 2025, $329 million is classified as short-term.