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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of Obligations and Funded Status
Obligations and Funded Status at End of Year
 United States
Pension Benefits
Foreign
Pension Benefits
Other Postretirement
Benefits
Millions of dollars202320222023202220232022
Funded status
Fair value of plan assets$1,980 $2,072 $29 $30 $ $— 
Benefit obligations2,098 2,211 65 60 123 121 
Funded status$(118)$(139)$(36)$(30)$(123)$(121)
Amounts recognized in the consolidated balance sheets
Noncurrent asset$ $21 $6 $$ $— 
Current liability(8)(9)(5)(4)(16)(25)
Noncurrent liability(110)(151)(37)(33)(107)(96)
Amount recognized$(118)$(139)$(36)$(30)$(123)$(121)
Amounts recognized in accumulated other comprehensive loss (pre-tax)
Net actuarial loss$1,239 $1,266 $206 $111 $(2)$(15)
Prior service (credit) cost1 2 (9)(52)
Amount recognized$1,240 $1,267 $208 $114 $(11)$(67)
Schedule of Changes in Benefit Obligation
Change in Benefit Obligation
 United States
Pension Benefits
Foreign
Pension Benefits
Other Postretirement
Benefits
Millions of dollars202320222023202220232022
Benefit obligation, beginning of year$2,211 $2,968 $60 $924 $121 $166 
Service cost2 3  — 
Interest cost115 82 26 15 7 
Plan participants' contributions —  —  — 
Actuarial (gain) loss 44 (606)53 (262)11 (28)
Benefits paid(274)(230)(30)(28)(19)(18)
Plan amendments — (1)— 2 (5)
Other adjustments —  11  — 
Settlements / curtailment (gain) (6)(6)(7) — 
Foreign currency exchange rates — 29 (82)1 
Reclassification of obligation to held for sale (1)
 — (69)(515) — 
Benefit obligation, end of year$2,098 $2,211 $65 $60 $123 $121 
Accumulated benefit obligation, end of year$2,090 $2,205 $58 $52 N/AN/A
(1) Starting from the fourth quarter of 2022, benefit obligations of our European major domestic appliance business is transferred to assets held for sale. For additional information, see Note 15 to the Consolidated Financial Statements.
Schedule of Changes in Plan Assets
Change in Plan Assets
 United States Pension BenefitsForeign
Pension Benefits
Other Postretirement
Benefits
Millions of dollars202320222023202220232022
Fair value of plan assets, beginning of year$2,072 $2,904 $30 $665 $ $— 
Actual return on plan assets 175 (605)1 (181) — 
Employer contribution7 3 30 19 18 
Plan participants' contributions —  —  — 
Benefits paid(274)(230)(4)(28)(19)(18)
Transfer of plan assets —  —  — 
Other adjustments — (1)—  — 
Settlements (6) (7) — 
Foreign currency exchange rates —  (70) — 
Reclassification of plan assets to held for sale (1)
 —  (379) — 
Fair value of plan assets, end of year$1,980 $2,072 $29 $30 $ $— 
(1) Starting from the fourth quarter of 2022, fair value of plan assets of our European major domestic appliance business is transferred to assets held for sale. For additional information, see Note 15 to the Consolidated Financial Statements.
Schedule of Components of Net Periodic Benefit Cost
Components of Net Periodic Benefit Cost
 United States
Pension Benefits
Foreign
Pension Benefits
Other Postretirement
Benefits
Millions of dollars202320222021202320222021202320222021
Service cost$2 $$$3 $$$ $— $— 
Interest cost115 82 77 26 15 14 7 
Expected return on plan assets(140)(144)(158)(22)(31)(34) — — 
Amortization:
Actuarial loss37 57 69 5 19 (1)— — 
Prior service cost (credit) — —  — — (41)(46)(46)
Curtailment (gain) / loss — —  (1)—  — — 
Settlement loss 1  — — 
Net periodic benefit cost (income)$14 $(1)$(4)$13 $(2)$$(35)$(41)$(41)
Schedule of Net Periodic Cost Recognized in Operating Profit and Interest and Sundry (Income) Expense
The following table summarizes the net periodic cost recognized in operating profit and interest and sundry (income) expense for the years ended December 31, 2023, 2022 and 2021:
 United States
Pension Benefits
Foreign
Pension Benefits
Other Postretirement
Benefits
Millions of dollars202320222021202320222021202320222021
Operating (profit) loss$2 $$$3 $$$ $— $— 
Interest and sundry (income) expense12 (4)(7)10 (6)(35)(41)(41)
Net periodic benefit cost (income)$14 $(1)$(4)$13 $(2)$$(35)$(41)$(41)
Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) (Pre-Tax) in 2023
Millions of dollarsUnited States
Pension Benefits
Foreign
Pension Benefits
Other Postretirement
Benefits
Current year actuarial loss / (gain)$10 $78 $11 
Actuarial (loss) recognized during the year(37)(6)1 
Current year prior service cost (credit) (1)2 
Prior service credit (cost) recognized during the year  41 
Total recognized in other comprehensive income (loss) (pre-tax)$(27)$71 $55 
Total recognized in net periodic benefit costs and other comprehensive income (loss) (pre-tax)$(13)$84 $20 
Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligation and Net Periodic Cost
Weighted-Average Assumptions used to Determine Benefit Obligation at End of Year
 United States
Pension Benefits
Foreign
Pension Benefits (1)
Other Postretirement
Benefits
 202320222023202220232022
Discount rate5.15 %5.55 %4.44 %4.72 %5.72 %6.05 %
Rate of compensation increase4.50 %4.50 %3.58 %3.52 %N/AN/A
Interest crediting rate for cash balance plans3.90 %4.30 %2.81 %2.85 %N/AN/A
(1) Weighted-average assumptions include assumptions related to pension plans classified as held for sale.
Weighted-Average Assumptions used to Determine Net Periodic Cost
 United States
Pension Benefits
Foreign
Pension Benefits (1)
Other Postretirement
Benefits
 202320222021202320222021202320222021
Discount rate5.55%2.85%2.50%4.72%1.89%1.55%6.36%4.27%3.66%
Expected long-term rate of return on plan assets6.00%5.50%6.00%5.33%5.23%5.48%N/AN/AN/A
Rate of compensation increase4.50%4.50%4.50%3.52%3.59%3.47%N/AN/AN/A
Interest crediting rate for cash balance plans4.30%1.60%1.25%2.85%2.36%1.99%N/AN/AN/A
Health care cost trend rate
Initial rateN/AN/AN/AN/AN/AN/A5.50%5.75%6.00%
Ultimate rateN/AN/AN/AN/AN/AN/A5.00%5.00%5.00%
Year that ultimate rate will be reachedN/AN/AN/AN/AN/AN/A202520252025
(1) Weighted-average assumptions include assumptions related to pension plans classified as held for sale.
Schedule of Expected Employer Contributions to Funded Plans
Expected Employer Contributions to Funded Plans
Millions of dollarsUnited States
Pension Benefits
Foreign
Pension Benefits
2024$— $19 
Schedule of Expected Benefit Payments
Expected Benefit Payments
Millions of dollarsUnited States
Pension Benefits
Foreign
Pension Benefits
Other Postretirement Benefits
2024$245 $$16 
2025206 13 
2026201 12 
2027196 10 
2028186 10 
2029-2033$800 $30 $43 
Schedule of Allocation of Plan Assets
The fair values of our pension plan assets at December 31, 2023 and 2022, by asset category were as follows:
December 31,
Quoted prices
(Level 1)
Other significant
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Net Asset ValueTotal
Millions of dollars2023202220232022202320222023202220232022
Cash and cash equivalents$ $— $178 $159 $ $— $ $— $178 $159 
Government and government agency securities (1)
U.S. securities — 75 82  —  — 75 82 
International securities — 39 42  —  — 39 42 
Corporate bonds and notes (1)
U.S. companies — 1,094 1,194  —  — 1,094 1,194 
International companies — 154 187  —  — 154 187 
Equity securities (2)
U.S. companies —  —  —  —  — 
International companies8 11  —  —  — 8 11 
Mutual funds (3)
 — 71 73  —  — 71 73 
Investments at net asset value
U.S. equity securities (4)
 —  —  — 227 166 227 166 
International equity securities (4)
 —  —  — 119 123 119 123 
Short-term investment fund (4)
 —  —  —  —  — 
International debt securities (5)
 —  —  —  —  — 
International equity securities (5)
 —  —  —  —  — 
Real estate (6)
 —  —  —  —  — 
Limited partnerships (7)
U.S. private equity investments —  — 15 17  — 15 17 
Diversified fund of funds —  —   —  
Emerging growth —  — 2  — 2 
All other investments — 27 45  —  — 27 45
$8 $11 $1,638 $1,782 $17 $20 $346 $289 $2,009 $2,102 
(1)Valued using pricing vendors who use proprietary models to estimate the price a dealer would pay to buy a security using significant observable inputs, such as interest rates, yield curves, and credit risk.
(2)Valued using the closing stock price on a national securities exchange, which reflects the last reported sales price on the last business day of the year.
(3)Valued using the net asset value (NAV) of the fund, which is based on the fair value of underlying securities. The fund primarily invests in a diversified portfolio of equity securities, fixed income debt securities and real estate issued by non-U.S. companies.
(4)Common and collective trust funds valued using the NAV of the fund, which is based on the fair value of underlying securities.
(5)Fund of funds valued using the NAV of the fund, which is based on the fair value of underlying securities. International debt securities includes corporate bonds and notes and government and government agency securities.
(6)Valued using the NAV of the fund, which is based on the fair value of underlying assets.
(7)Valued at estimated fair value based on the proportionate share of the limited partnership's fair value, as determined by the general partner.
Schedule of Fair Value Measurements Using Significant Unobservable Inputs
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Millions of dollarsLimited
Partnerships
Balance, December 31, 2022
$20 
Realized gain / (loss) (net) 
Unrealized gain / (loss) (net)(2)
Purchases(1)
Settlements(1)
Balance, December 31, 2023
$16 
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
The projected benefit obligation and fair value of plan assets for pension plans with a projected benefit obligation in excess of plan assets at December 31, 2023 and 2022 were as follows:
 United States
Pension Benefits
Foreign
Pension Benefits
Millions of dollars2023202220232022
Projected benefit obligation$2,098 $1,866 $42 $37 
Fair value of plan assets$1,980 $1,706 $1 $(1)
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2023 and 2022 were as follows:
 United States
Pension Benefits
Foreign
Pension Benefits
Millions of dollars 2023202220232022
Projected benefit obligation$2,098 $1,866 $42 $37 
Accumulated benefit obligation2,090 1,860 39 34 
Fair value of plan assets$1,980 $1,706 $1 $(1)