Pension and Other Postretirement Benefit Plans

6 Months Ended

Jun. 30, 2015

General Discussion of Pension and Other Postretirement Benefits [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	2015			2014			2015			2014			2015			2014
Service cost	$	—		$	1		$	2		$	2		$	—		$	—
Interest cost	37			42			7			5			5			6
Expected return on plan assets	(47		)	(48		)	(9		)	(3		)	—			—
Amortization:
Actuarial loss	14			10			2			1			—			—
Prior service credit	(1		)	(1		)	—			—			(5		)	(9		)
Settlement and curtailment loss	—			—			4			2			—			—
Net periodic benefit cost (credit)	$	3		$	4		$	6		$	7		$	—		$	(3	)

	Six Months Ended June 30,
	United States Pension Benefits						Foreign Pension Benefits						Other Postretirement Benefits
Millions of dollars	2015			2014			2015			2014			2015			2014
Service cost	$	1		$	1		$	3		$	3		$	1		$	1
Interest cost	75			84			15			9			10			12
Expected return on plan assets	(95		)	(96		)	(17		)	(6		)	—			—
Amortization:
Actuarial loss	27			21			3			3			—			—
Prior service credit	(2		)	(2		)	—			—			(14		)	(19		)
Settlement and curtailment (gain) loss	—			—			12			2			(47		)	—
Net periodic benefit cost (credit)	$	6		$	8		$	16		$	11		$	(50	)	$	(6	)

During the six months endedJune 30, 2015, we recognized approximately $47 million from a curtailment gain due to the elimination of amounts credited to notional retiree health accounts for certain employees under age 50. The curtailment gain was recognized in our Consolidated Condensed Statement of Comprehensive Income with $43 million recorded in cost of products sold and the remaining balance in selling, general and administrative, with an offset to accumulated other comprehensive loss, net of tax.