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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | 6 Months Ended
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Jun. 30, 2024
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 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Service cost |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
Interest cost |  | 25 |  |  | 29 |  |  | 1 |  |  | 7 |  |  | 2 |  |  | 2 |
Expected return on plan assets |  | (37) |  |  | (35) |  |  | — |  |  | (6) |  |  | — |  |  | — |
Amortization: |  |  |  |  |  |  |  |  |  |  |  |
Actuarial loss |  | 10 |  |  | 9 |  |  | — |  |  | 1 |  |  | — |  |  | — |
Prior service credit |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (10) |
Settlement and curtailment (gain) loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost (credit) |  | $ | (1) |  |  | $ | 4 |  |  | $ | 2 |  |  | $ | 3 |  |  | $ | 2 |  |  | $ | (8) |
|  | Six Months Ended June 30,
|  | United States Pension Benefits |  | Foreign Pension Benefits |  | Other Postretirement Benefits
Millions of dollars |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Service cost |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |
Interest cost |  | 51 |  |  | 58 |  |  | 8 |  |  | 13 |  |  | 3 |  |  | 3 |
Expected return on plan assets |  | (73) |  |  | (71) |  |  | (6) |  |  | (11) |  |  | — |  |  | — |
Amortization: |  |  |  |  |  |  |  |  |  |  |  |
Actuarial loss |  | 20 |  |  | 19 |  |  | 1 |  |  | 2 |  |  | — |  |  | — |
Prior service credit |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (21) |
Settlement and curtailment (gain) loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost (credit) |  | $ | (1) |  |  | $ | 7 |  |  | $ | 4 |  |  | $ | 6 |  |  | $ | 3 |  |  | $ | (18) |
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 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Operating profit (loss) |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
Interest and sundry (income) expense |  | (2) |  |  | 3 |  |  | 1 |  |  | 2 |  |  | 2 |  |  | (8) |
Net periodic benefit cost |  | $ | (1) |  |  | $ | 4 |  |  | $ | 2 |  |  | $ | 3 |  |  | $ | 2 |  |  | $ | (8) |
|  | Six Months Ended June 30,
|  | United States Pension Benefits |  | Foreign Pension Benefits |  | Other Postretirement Benefits
Millions of dollars |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Operating profit (loss) |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |
Interest and sundry (income) expense |  | (2) |  |  | 6 |  |  | 3 |  |  | 4 |  |  | 3 |  |  | (18) |
Net periodic benefit cost |  | $ | (1) |  |  | $ | 7 |  |  | $ | 4 |  |  | $ | 6 |  |  | $ | 3 |  |  | $ | (18) |
401(k) Defined Contribution Plan Beginning in March 2024, 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, are contributed in company stock.

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