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%

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