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Pension and Postretirement Plans | 6 Months Ended
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Jun. 30, 2020
Retirement Benefits [Abstract] |
Pension and Postretirement Plans | Pension and Postretirement Plans The components of net periodic benefit cost for the three and six months ended June 30, 2020 and 2019, were as follows:
| Millions of Dollars |  |  |  |  |  |  |  |  |  |
| Pension Benefits |  |  |  |  |  |  |  | Other Benefits |  |
| 2020 |  |  |  | 2019 |  |  |  | 2020 |  |  | 2019 |
| U.S. |  | Int’l. |  | U.S. |  | Int’l. |  |  |  |
Components of Net Periodic Benefit Cost |  |  |  |  |  |  |  |  |  |  |
Three Months Ended June 30 |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 34 |  |  | 7 |  |  | 31 |  |  | 6 |  |  | 2 |  |  | 2 |
Interest cost | 24 |  |  | 5 |  |  | 27 |  |  | 7 |  |  | 1 |  |  | 2 |
Expected return on plan assets | (42) |  |  | (12) |  |  | (35) |  |  | (12) |  |  | — |  |  | — |
Amortization of prior service credit | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |
Recognized net actuarial loss | 15 |  |  | 4 |  |  | 13 |  |  | 1 |  |  | — |  |  | — |
Settlements | 39 |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost* | $ | 70 |  |  | 4 |  |  | 38 |  |  | 2 |  |  | 3 |  |  | 3 |
Six Months Ended June 30 |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 67 |  |  | 14 |  |  | 63 |  |  | 12 |  |  | 3 |  |  | 3 |
Interest cost | 49 |  |  | 11 |  |  | 54 |  |  | 13 |  |  | 3 |  |  | 4 |
Expected return on plan assets | (83) |  |  | (25) |  |  | (71) |  |  | (23) |  |  | — |  |  | — |
Amortization of prior service credit | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | (1) |
Recognized net actuarial loss | 29 |  |  | 8 |  |  | 26 |  |  | 3 |  |  | — |  |  | — |
Settlements | 39 |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost* | $ | 101 |  |  | 8 |  |  | 78 |  |  | 5 |  |  | 5 |  |  | 6 |
* Included in the “Operating expenses” and “Selling, general and administrative expenses” line items on our consolidated statement of operations. |  |  |  |  |  |  |  |  |  |  |
During the six months ended June 30, 2020, we contributed $13 million to our U.S. pension and other postretirement benefit plans and $13 million to our international pension plans. We currently expect to make additional contributions of approximately $24 million to our U.S. pension and other postretirement benefit plans and $13 million to our international pension plans during the remainder of 2020. During the six months ended June 30, 2020, we estimated that lump-sum benefit payments will exceed the sum of service and interest costs for the plan year for our U.S. qualified and non-qualified pension plans. As a result, we recognized a portion of prior actuarial losses, or pension settlement expense, of $34 million related to our U.S. qualified pension plan and $5 million related to our U.S. non-qualified pension plan. In conjunction with the recognition of pension settlement expense, the plan assets and projected benefit obligation of our U.S. qualified pension plan were remeasured as of June 30, 2020. At the remeasurement date, the net pension liability increased by $300 million resulting in a corresponding increase to other comprehensive loss. The increase in the net pension liability was primarily due to a decline in the discount rate used to value the projected benefit obligation from 3.3% to 2.7% and a decrease in the fair value of plan assets during the six months ended June 30, 2020.

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