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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)

6 Months Ended

Jun. 30, 2024

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Schedule of Components of Net Periodic Benefit Cost

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)

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 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)

X

- References

No definition available.

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- Definition

Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 20
-Topic 715
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-4

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-2

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- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (h)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

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