v3.25.4

Retirement Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Retirement Benefits [Abstract] |
Schedule of Net Benefit Costs | The following table presents additional information about our international pension plans.
| December 31,
Millions of dollars | 2025 | 2024
Amounts recognized on the Consolidated Balance Sheets |  |
Other assets | $3 | $11
Accrued employee compensation and benefits | 9 | 11
Employee compensation and benefits | 193 | 177
Pension plans in which projected benefit obligation exceeded plan assets |  |
Projected benefit obligation | $213 | $200
Fair value of plan assets | 11 | 12
Pension plans in which accumulated benefit obligation exceeded plan assets |  |
Accumulated benefit obligation | $127 | $122
Fair value of plan assets | 11 | 12
Schedule of Plan Assets by Level | 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 | $4 | $4 | $— | $— | $8
Bond funds (b) | — | 4 | — | — | 4
Real estate funds (c) | — | — | — | — | —
Other investments (d) | 1 | 9 | 561 | — | 571
Fair value of plan assets at December 31, 2025 | $5 | $17 | $561 | $— | $583
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
(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 plan 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 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, non-US equities, and government bonds. The fair value of the buy-in annuity insurance contract is determined using a quote provided by an insurance company, reflecting prevailing market conditions for similar transactions.
Level 3 Plan Assets Roll Forward | The following presents our Level 3 Rollforward for buy-in annuity insurance contract for 2025 and 2024.
Millions of dollars | 2025 | 2024
Balance at the beginning of the year | $565 | $2
Purchase of insurance contract | — | 590
Return on assets | 23 | (18)
Payment from the insurance policy | (27) | (9)
Balance at the end of the year | $561 | $565
Defined Benefit Plan, Actuarial Assumptions | Certain weighted-average actuarial assumptions used to determine benefit obligations of our international pension plans at December 31 were as follows:
| 2025 | 2024
Discount rate | 5.4% | 5.3%
Rate of compensation increase | 5.1% | 4.9%
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:
| 2025 | 2024 | 2023
Discount rate | 5.3% | 5.1% | 5.6%
Expected long-term return on plan assets | 4.9% | 4.0% | 3.8%
Rate of compensation increase | 4.9% | 2.9% | 5.4%

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (j) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets of pension plans and/or other employee benefit plans for the period. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(02) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (q) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-5 Reference 2: 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
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration