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Retirement Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of Net Benefit Costs | The following table presents additional information about our international pension plans.
| December 31
Millions of dollars | 2023 | 2022
Amounts recognized on the Consolidated Balance Sheets |  |
Other assets | $ | 39 |  | $ | 151 |
Accrued employee compensation and benefits | 10 |  | 7 |
Employee compensation and benefits | 154 |  | 145 |
Pension plans in which projected benefit obligation exceeded plan assets |  |
Projected benefit obligation | $ | 179 |  | $ | 159 |
Fair value of plan assets | 15 |  | 7 |
Pension plans in which accumulated benefit obligation exceeded plan assets |  |
Accumulated benefit obligation | $ | 106 |  | $ | 91 |
Fair value of plan assets | 15 |  | 7 |
Schedule of Allocation of Plan Assets | The following table sets forth the fair values of assets held by our international pension plans by level within the fair value hierarchy.
Millions of dollars | Level 1 | Level 2 | Level 3 | Net Asset Value (a) | Total
Cash and equivalents | $ | 29 |  | $ | 234 |  | $ | — |  | $ | — |  | $ | 263 |
Bond funds (b) | — |  | 159 |  | — |  | 156 |  | 315 |
Real estate funds (d) | — |  | — |  | — |  | 30 |  | 30 |
Other investments (e) | 1 |  | 11 |  | 2 |  | — |  | 14 |
Fair value of plan assets at December 31, 2023 | $ | 30 |  | $ | 404 |  | $ | 2 |  | $ | 186 |  | $ | 622 |
Cash and equivalents | $ | 26 |  | $ | 100 |  | $ | — |  | $ | — |  | $ | 126 |
Bond funds (b) | — |  | 242 |  | — |  | 100 |  | 342 |
Alternatives funds (c) | — |  | — |  | — |  | 145 |  | 145 |
Real estate funds (d) | — |  | — |  | — |  | 31 |  | 31 |
Other investments (e) | 1 |  | 18 |  | 2 |  | — |  | 21 |
Fair value of plan assets at December 31, 2022 | $ | 27 |  | $ | 360 |  | $ | 2 |  | $ | 276 |  | $ | 665 |
(a) | Represents investments measured at fair value using the Net Asset Value (NAV) per share practical expedient and thus has not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total value of our international pension plans assets.
(b) | Strategy of bond funds is to invest in diversified funds of fixed income securities of varying geographies and credit quality.
(c) | Strategy of alternative funds is to invest in a fund of diversifying investments, including but not limited to reinsurance, commodities, and currencies.
(d) | Strategy of real estate funds is to invest in diversified funds of real estate investment trusts and private real estate.
(e) | Other investments primarily include investments in insurance contracts, balanced funds, and government bonds.
Defined Benefit Plan, Assumptions | Certain weighted-average actuarial assumptions used to determine benefit obligations of our international pension plans at December 31 were as follows:
| 2023 | 2022
Discount rate | 5.1% | 5.7%
Rate of compensation increase | 5.6% | 5.5%
Certain weighted-average actuarial assumptions used to determine net periodic benefit cost of our international pension plans for the years ended December 31 were as follows:
| 2023 | 2022 | 2021
Discount rate | 5.6% | 2.3% | 1.8%
Expected long-term return on plan assets | 3.8% | 3.0% | 2.7%
Rate of compensation increase | 5.4% | 5.3% | 5.9%

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