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Retirement Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Net Benefit Costs | The following table presents additional information about our international pension plans.
| December 31,
Millions of dollars | 2024 | 2023
Amounts recognized on the Consolidated Balance Sheets |  |
Other assets | $ | 11 |  | $ | 39 |
Accrued employee compensation and benefits | 11 |  | 10 |
Employee compensation and benefits | 177 |  | 154 |
Pension plans in which projected benefit obligation exceeded plan assets |  |
Projected benefit obligation | $ | 200 |  | $ | 179 |
Fair value of plan assets | 12 |  | 15 |
Pension plans in which accumulated benefit obligation exceeded plan assets |  |
Accumulated benefit obligation | $ | 122 |  | $ | 106 |
Fair value of plan assets | 12 |  | 15 |
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 | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Bond funds (b) | — |  | 11 |  | — |  | — |  | 11 |
Real estate funds (c) | — |  | — |  | — |  | 8 |  | 8 |
Other investments (d) | 1 |  | 9 |  | 565 |  | — |  | 575 |
Fair value of plan assets at December 31, 2024 | $ | 1 |  | $ | 20 |  | $ | 565 |  | $ | 8 |  | $ | 594 |
Cash and equivalents | $ | 29 |  | $ | 234 |  | $ | — |  | $ | — |  | $ | 263 |
Bond funds (e) | — |  | 159 |  | — |  | 156 |  | 315 |
Real estate funds (c) | — |  | — |  | — |  | 30 |  | 30 |
Other investments (d) | 1 |  | 11 |  | 2 |  | — |  | 14 |
Fair value of plan assets at December 31, 2023 | $ | 30 |  | $ | 404 |  | $ | 2 |  | $ | 186 |  | $ | 622 |
(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 fixed income securities meeting certain ratings thresholds focused on mitigating interest rate risk and protecting funded status.
(c) | Strategy of real estate funds is to invest in diversified funds of real estate investment trusts and private real estate.
(d) | Other investments consist of insurance contracts, a buy-in annuity insurance contract, balanced funds, and government bonds. The fair value of the buy-in annuity insurance contract is determined using the quote provided by an insurance company, reflecting prevailing market conditions for similar transactions.
(e) | Strategy of bond funds is to invest in diversified funds of fixed income securities of varying geographies and credit quality.
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:
| 2024 | 2023
Discount rate | 5.3% | 5.1%
Rate of compensation increase | 4.9% | 5.6%
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:
| 2024 | 2023 | 2022
Discount rate | 5.1% | 5.6% | 2.3%
Expected long-term return on plan assets | 4.0% | 3.8% | 3.0%
Rate of compensation increase | 2.9% | 5.4% | 5.3%
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | The following presents our Level 3 Rollforward for buy-in annuity insurance contract for 2024. Level 3 assets in 2023 were immaterial.
Millions of dollars | 2024
Balance at the beginning of the year | $ | 2 |
Purchase of insurance contract | 590 |
Return on assets | (18) |
Payment from the insurance policy | (9) |
Balance at the end of the year | $ | 565 |

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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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