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Pension and Other Postretirement Benefit Plans | 9 Months Ended
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Sep. 30, 2021
Retirement Benefits [Abstract] |
Pension and Other Postretirement Benefit Plans | PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS The following table summarizes the components of net periodic pension cost and the cost of other postretirement benefits for the periods presented:
|  | Three Months Ended September 30,
|  | United States Pension Benefits |  | Foreign Pension Benefits |  | Other Postretirement Benefits
Millions of dollars |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Service cost |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |
Interest cost |  | 20 |  |  | 25 |  |  | 4 |  |  | 4 |  |  | 1 |  |  | 1 |
Expected return on plan assets |  | $ | (39) |  |  | $ | (42) |  |  | $ | (9) |  |  | $ | (7) |  |  | $ | — |  |  | $ | — |
Amortization: |  |  |  |  |  |  |  |  |  |  |  |
Actuarial loss |  | $ | 17 |  |  | $ | 15 |  |  | $ | 4 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |
Prior service credit |  | — |  |  | — |  |  | — |  |  | — |  |  | (12) |  |  | (12) |
Settlement and curtailment (gain) loss |  | 2 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |
Net periodic benefit cost (credit) |  | $ | 1 |  |  | $ | (1) |  |  | $ | — |  |  | $ | 2 |  |  | $ | (11) |  |  | $ | (10) |
|  | Nine Months Ended September 30,
|  | United States Pension Benefits |  | Foreign Pension Benefits |  | Other Postretirement Benefits
Millions of dollars |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Service cost |  | $ | 2 |  |  | $ | 2 |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 4 |
Interest cost |  | 58 |  |  | 74 |  |  | 11 |  |  | 13 |  |  | 4 |  |  | 7 |
Expected return on plan assets |  | (118) |  |  | (124) |  |  | (26) |  |  | (22) |  |  | — |  |  | — |
Amortization: |  |  |  |  |  |  |  |  |  |  |  |
Actuarial loss |  | 52 |  |  | 46 |  |  | 14 |  |  | 9 |  |  | — |  |  | — |
Prior service credit |  | — |  |  | — |  |  | — |  |  | — |  |  | (35) |  |  | (16) |
Settlement and curtailment (gain) loss |  | 5 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | (4) |
Net periodic benefit cost (credit) |  | $ | (1) |  |  | $ | (2) |  |  | $ | 3 |  |  | $ | 5 |  |  | $ | (31) |  |  | $ | (9) |
The following table summarizes the net periodic cost recognized in operating profit and interest and sundry (income) expense for the periods presented:
|  | Three Months Ended September 30,
|  | United States Pension Benefits |  | Foreign Pension Benefits |  | Other Postretirement Benefits
Millions of dollars |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Operating profit (loss) |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |
Interest and sundry (income) expense |  | — |  |  | (2) |  |  | (1) |  |  | 1 |  |  | (11) |  |  | (11) |
Net periodic benefit cost |  | $ | 1 |  |  | $ | (1) |  |  | $ | — |  |  | $ | 2 |  |  | $ | (11) |  |  | $ | (10) |
|  | Nine Months Ended September 30,
|  | United States Pension Benefits |  | Foreign Pension Benefits |  | Other Postretirement Benefits
Millions of dollars |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Operating profit (loss) |  | $ | 2 |  |  | $ | 2 |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 4 |
Interest and sundry (income) expense |  | (3) |  |  | (4) |  |  | (1) |  |  | 1 |  |  | (31) |  |  | (13) |
Net periodic benefit cost |  | $ | (1) |  |  | $ | (2) |  |  | $ | 3 |  |  | $ | 5 |  |  | $ | (31) |  |  | $ | (9) |
401(k) Defined Contribution Plan During March 2020, we announced that the company matching contributions for our 401(k) defined contribution plan, equal to up to 7% of participants' eligible compensation, covering substantially all U.S. employees, would be contributed in company stock starting from May 2020. As of January 1, 2021, we have resumed funding our matching contributions with cash. Other Postretirement Benefit Plans During the third quarter of 2020, the Company announced changes to a postretirement medical benefit program for certain groups of retirees. These plan amendments were effective January 1, 2021 and reduced reimbursement amounts available under certain postretirement medical benefit programs and eliminated these benefits effective January 1, 2024 for these same retiree groups. During the second quarter of 2020, the Company announced changes to a postretirement medical benefit program for certain groups of active employees. These plan amendments were effective July 1, 2020 and reduced medical benefits for these pre-Medicare eligible and Medicare-eligible active employees who retired on or after July 1, 2020 and eliminated certain benefits effective January 1, 2024. These plan amendments resulted in a reduction in the accumulated postretirement benefit obligation of approximately $157 million with a corresponding adjustment of $118 million in other comprehensive income, net of $39 million in deferred taxes for the nine months ended September 30, 2020. This amount is being amortized as a reduction of future net periodic cost over approximately 3.4 years, which represents the future remaining service period of eligible active employees. The interim plan remeasurement associated with these amendments resulted in an actuarial loss of $12 million recorded in the Other Comprehensive Income (Loss) for the nine months ended September 30, 2020. For additional information, see Note 11 to the Consolidated Condensed Financial Statements.

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