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Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2024

Employee Benefits

Schedule of Plans' assets measured at estimated fair value



		December 31,
(Millions of dollars)		2024			Level 1			Level 2			Level 3
Assets:
Domestic equity securities		$	109		$	109		$	—		$	—
Foreign equity securities			68			68			—			—
Domestic fixed income mutual funds			13			13			—			—
Foreign fixed income mutual funds			6			6			—			—
Money market funds			2			2			—			—
Total assets		$	198		$	198		$	—		$	—



		December 31,
(Millions of dollars)		2023			Level 1			Level 2			Level 3
Assets:
Domestic equity securities		$	81		$	81		$	—		$	—
Foreign equity securities			51			51			—			—
Domestic fixed income mutual funds			26			26			—			—
Foreign fixed income mutual funds			11			11			—			—
Money market funds			2			2			—			—
Total assets		$	171		$	171		$	—		$	—

Schedule of assumptions used in determining pension information for qualified and nonqualified plans



		Years ended December 31,
		2024		2023		2022
Weighted-average assumptions:
Discount rate used to determine obligations		5.72	%	5.26	%	5.38	%
Discount rate used to determine net periodic benefit cost		5.26	%	5.38	%	2.78	%
Expected return on plan assets		7.00	%	6.50	%	6.25	%
Long-term rate of increase in compensation levels		3.78	%	3.80	%	4.00	%

Schedule of aggregate changes in the benefit obligation and fair value of assets for the qualified and nonqualified plans and the funded status



	December 31,
			2024									2023
(Millions of dollars)			Assets exceed accumulated benefits			Accumulated benefits exceed assets			Total			Assets exceed accumulated benefits			Accumulated benefits exceed assets			Total
Reconciliation of benefit obligation:
Benefit obligation at beginning of year		$	113		$	129		$	242		$	129		$	147		$	276
Service cost			2			3			5			3			3			6
Interest cost			6			5			11			7			6			13
Actuarial losses (gains)			(11)			(3)			(14)			(1)			2			1
Plan settlements			—			(13)			(13)			(21)			(25)			(46)
Benefits paid			(4)			(5)			(9)			(4)			(4)			(8)
Benefit obligation at end of year		$	106		$	116		$	222		$	113		$	129		$	242
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of year		$	122		$	49		$	171		$	126		$	56		$	182
Actual return on plan assets			18			7			25			21			9			30
Employer contributions			—			22			22			—			13			13
Plan settlements			—			(13)			(13)			(21)			(25)			(46)
Benefits paid			(4)			(3)			(7)			(4)			(4)			(8)
Fair value of plan assets at end of year		$	136		$	62		$	198		$	122		$	49		$	171
Funded status		$	30		$	(54)		$	(24)		$	9		$	(80)		$	(71)

Schedule of net periodic benefit cost for all plans



			Years ended December 31,
(Millions of dollars)			2024			2023			2022
Components of net periodic benefit cost:
Service cost			$	5		$	6		$	9
Interest cost				11			13			10
Expected return on plan assets				(12)			(11)			(14)
Amortization				1			—			6
Settlement loss recognized				3			1			—
Net periodic benefit cost			$	8		$	9		$	11