XML 34 R13.htm IDEA: XBRL DOCUMENT
v3.24.3

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | 9 Months Ended
--- | ---
Sep. 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 September 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) |  |  | (1) |  |  | (6) |  |  | — |  |  | — |
Amortization: |  |  |  |  |  |  |  |  |  |  |  |
Actuarial loss |  | 10 |  |  | 9 |  |  | — |  |  | 1 |  |  | — |  |  | — |
Prior service credit |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | (10) |
Settlement and curtailment (gain) loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost (credit) |  | $ | (1) |  |  | $ | 4 |  |  | $ | 1 |  |  | $ | 3 |  |  | $ | 1 |  |  | $ | (8) |
|  | Nine Months Ended September 30,
|  | United States Pension Benefits |  | Foreign Pension Benefits |  | Other Postretirement Benefits
Millions of dollars |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Service cost |  | $ | 2 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |
Interest cost |  | 76 |  |  | 86 |  |  | 9 |  |  | 20 |  |  | 5 |  |  | 5 |
Expected return on plan assets |  | (110) |  |  | (106) |  |  | (7) |  |  | (17) |  |  | — |  |  | — |
Amortization: |  |  |  |  |  |  |  |  |  |  |  |
Actuarial loss |  | 30 |  |  | 28 |  |  | 1 |  |  | 4 |  |  | — |  |  | — |
Prior service credit |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | (31) |
Settlement and curtailment (gain) loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost (credit) |  | $ | (2) |  |  | $ | 10 |  |  | $ | 5 |  |  | $ | 9 |  |  | $ | 4 |  |  | $ | (26) |
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 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Operating profit (loss) |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
Interest and sundry (income) expense |  | (2) |  |  | 3 |  |  | — |  |  | 2 |  |  | 1 |  |  | (8) |
Net periodic benefit cost |  | $ | (1) |  |  | $ | 4 |  |  | $ | 1 |  |  | $ | 3 |  |  | $ | 1 |  |  | $ | (8) |
|  | Nine Months Ended September 30,
|  | United States Pension Benefits |  | Foreign Pension Benefits |  | Other Postretirement Benefits
Millions of dollars |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Operating profit (loss) |  | $ | 2 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |
Interest and sundry (income) expense |  | (4) |  |  | 8 |  |  | 3 |  |  | 7 |  |  | 4 |  |  | (26) |
Net periodic benefit cost |  | $ | (2) |  |  | $ | 10 |  |  | $ | 5 |  |  | $ | 9 |  |  | $ | 4 |  |  | $ | (26) |
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.

X
- References No definition available. + Details
Name: | us-gaap_DefinedBenefitPlansAndOtherPostretirementBenefitPlansDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for retirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 70 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480794/715-70-50-1 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480482/715-20-55-17 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(03) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (q) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/715/tableOfContent Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iii) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (o) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (p) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480266/715-60-50-3 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration