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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | 6 Months Ended
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Jun. 30, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [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 June 30,
|  | United States Pension Benefits |  | Foreign Pension Benefits |  | Other Postretirement Benefits
Millions of dollars |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Service cost |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
Interest cost |  | 29 |  |  | 20 |  |  | 7 |  |  | 4 |  |  | 2 |  |  | 2 |
Expected return on plan assets |  | (35) |  |  | (36) |  |  | (6) |  |  | (8) |  |  | — |  |  | — |
Amortization: |  |  |  |  |  |  |  |  |  |  |  |
Actuarial loss |  | 9 |  |  | 14 |  |  | 1 |  |  | 2 |  |  | — |  |  | — |
Prior service credit |  | — |  |  | — |  |  | — |  |  | — |  |  | (10) |  |  | (12) |
Settlement and curtailment (gain) loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost (credit) |  | $ | 4 |  |  | $ | (1) |  |  | $ | 3 |  |  | $ | (1) |  |  | $ | (8) |  |  | $ | (10) |
|  | Six Months Ended June 30,
|  | United States Pension Benefits |  | Foreign Pension Benefits |  | Other Postretirement Benefits
Millions of dollars |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Service cost |  | $ | 1 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |
Interest cost |  | 58 |  |  | 41 |  |  | 13 |  |  | 8 |  |  | 3 |  |  | 3 |
Expected return on plan assets |  | (71) |  |  | (73) |  |  | (11) |  |  | (17) |  |  | — |  |  | — |
Amortization: |  |  |  |  |  |  |  |  |  |  |  |
Actuarial loss |  | 19 |  |  | 29 |  |  | 2 |  |  | 5 |  |  | — |  |  | — |
Prior service credit |  | — |  |  | — |  |  | — |  |  | — |  |  | (21) |  |  | (23) |
Settlement and curtailment (gain) loss |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |
Net periodic benefit cost (credit) |  | $ | 7 |  |  | $ | (1) |  |  | $ | 6 |  |  | $ | (1) |  |  | $ | (18) |  |  | $ | (20) |
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 June 30,
|  | United States Pension Benefits |  | Foreign Pension Benefits |  | Other Postretirement Benefits
Millions of dollars |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Operating profit (loss) |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
Interest and sundry (income) expense |  | 3 |  |  | (2) |  |  | 2 |  |  | (2) |  |  | (8) |  |  | (10) |
Net periodic benefit cost |  | $ | 4 |  |  | $ | (1) |  |  | $ | 3 |  |  | $ | (1) |  |  | $ | (8) |  |  | $ | (10) |
|  | Six Months Ended June 30,
|  | United States Pension Benefits |  | Foreign Pension Benefits |  | Other Postretirement Benefits
Millions of dollars |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Operating profit (loss) |  | $ | 1 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |
Interest and sundry (income) expense |  | 6 |  |  | (3) |  |  | 4 |  |  | (3) |  |  | (18) |  |  | (20) |
Net periodic benefit cost |  | $ | 7 |  |  | $ | (1) |  |  | $ | 6 |  |  | $ | (1) |  |  | $ | (18) |  |  | $ | (20) |

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