Pension and Other Postretirement Benefit Plans

6 Months Ended

Jun. 30, 2021

Retirement 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	2021		2020		2021		2020		2021		2020
Service cost	$	—	$	—	$	2	$	1	$	—	$	1
Interest cost	19		24		3		5		2		3
Expected return on plan assets	(40)		(41)		(8)		(7)		—		—
Amortization:
Actuarial loss	18		16		5		3		—		—
Prior service credit	—		—		—		—		(12)		(2)
Settlement and curtailment (gain) loss	3		—		—		—		—		(4)
Net periodic benefit cost (credit)	$	—	$	(1)	$	2	$	2	$	(10)	$	(2)

	Six Months Ended June 30,
	United States Pension Benefits				Foreign Pension Benefits				Other Postretirement Benefits
Millions of dollars	2021		2020		2021		2020		2021		2020
Service cost	$	1	$	1	$	3	$	3	$	—	$	3
Interest cost	38		49		7		9		3		6
Expected return on plan assets	(79)		(82)		(17)		(15)		—		—
Amortization:
Actuarial loss	35		31		10		6		—		—
Prior service credit	—		—		—		—		(23)		(4)
Settlement and curtailment (gain) loss	3		—		—		—		—		(4)
Net periodic benefit cost (credit)	$	(2)	$	(1)	$	3	$	3	$	(20)	$	1

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	2021		2020		2021		2020		2021		2020
Operating profit (loss)	$	—	$	—	$	2	$	1	$	—	$	1
Interest and sundry (income) expense	—		(1)		—		1		(10)		(3)
Net periodic benefit cost	$	—	$	(1)	$	2	$	2	$	(10)	$	(2)

	Six Months Ended June 30,
	United States Pension Benefits				Foreign Pension Benefits				Other Postretirement Benefits
Millions of dollars	2021		2020		2021		2020		2021		2020
Operating profit (loss)	$	1	$	1	$	3	$	3	$	—	$	3
Interest and sundry (income) expense	(3)		(2)		—		—		(20)		(2)
Net periodic benefit cost	$	(2)	$	(1)	$	3	$	3	$	(20)	$	1

401(k) Defined Contribution Plan

During March 2020, we announced that 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, would be contributed in company stock starting from May 2020. As of January 1, 2021, we have resumed funding our matching contributions with cash.