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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of Obligations and Funded Status
Obligations and Funded Status at End of Year
 United States
Pension Benefits		Foreign
Pension Benefits		Other Postretirement
Benefits
Millions of dollars202220212022202120222021
Funded status
Fair value of plan assets$2,072 $2,904 $30 $665 $— $— 
Benefit obligations2,211 2,968 60 924 121 166 
Funded status$(139)$(64)$(30)$(259)$(121)$(166)
Amounts recognized in the consolidated balance sheets
Noncurrent asset$21 $56 $7 $20 $— $— 
Current liability(9)(9)(4)(12)(25)(24)
Noncurrent liability(151)(111)(33)(267)(96)(142)
Amount recognized$(139)$(64)$(30)$(259)$(121)$(166)
Amounts recognized in accumulated other comprehensive loss (pre-tax)
Net actuarial loss$1,266 $1,180 $111 $184 $(15)$14 
Prior service (credit) cost1 1 3 3 (52)(93)
Amount recognized$1,267 $1,181 $114 $187 $(67)$(79)
Schedule of Changes in Benefit Obligation
Change in Benefit Obligation
 United States
Pension Benefits		Foreign
Pension Benefits		Other Postretirement
Benefits
Millions of dollars202220212022202120222021
Benefit obligation, beginning of year$2,968 $3,237 $924 $1,029 $166 $191 
Service cost3 3 4 5 — — 
Interest cost82 77 15 14 5 5 
Plan participants' contributions— — — 1 — — 
Actuarial (gain) loss (606)(99)(262)(45)(28)(8)
Benefits paid(230)(234)(28)(29)(18)(21)
Plan amendments— — — — (5)— 
Transfer of liabilities— — — (23)— — 
Other adjustments— — 11 — — — 
Settlements / curtailment (gain)(6)(16)(7)(18)— — 
Foreign currency exchange rates— — (82)(10)1 (1)
Reclassification of obligation to held for sale— — (515)— — — 
Benefit obligation, end of year$2,211 $2,968 $60 $924 $121 $166 
Accumulated benefit obligation, end of year$2,205 $2,955 $52 $891 N/AN/A
Schedule of Changes in Plan Assets
Change in Plan Assets
 United States Pension BenefitsForeign
Pension Benefits		Other Postretirement
Benefits
Millions of dollars202220212022202120222021
Fair value of plan assets, beginning of year$2,904 $3,103 $665 $632 $— $— 
Actual return on plan assets (605)31 (181)56 — — 
Employer contribution9 20 30 30 18 21 
Plan participants' contributions— — — 1 — — 
Benefits paid(230)(234)(28)(29)(18)(21)
Transfer of plan assets— — — — — — 
Settlements(6)(16)(7)(17)— — 
Foreign currency exchange rates— — (70)(8)— — 
Reclassification of plan assets to held for sale— — (379)— — — 
Fair value of plan assets, end of year (1)
$2,072 $2,904 $30 $665 $— $— 
(1) Decrease in fair value of plan assets was primarily driven by market fluctuations during the current period.
Schedule of Components of Net Periodic Benefit Cost
Components of Net Periodic Benefit Cost
 United States
Pension Benefits		Foreign
Pension Benefits		Other Postretirement
Benefits
Millions of dollars202220212020202220212020202220212020
Service cost$3 $3 $3 $4 $5 $6 $— $— $4 
Interest cost82 77 94 15 14 17 5 5 8 
Expected return on plan assets(144)(158)(165)(31)(34)(30)— — — 
Amortization:
Actuarial loss57 69 62 9 19 12 — — — 
Prior service cost (credit)— — — — — — (46)(46)(28)
Curtailment (gain) / loss— — — (1)— — — — (3)
Settlement loss1 5 39 2 2 11 — — — 
Net periodic benefit cost$(1)$(4)$33 $(2)$6 $16 $(41)$(41)$(19)
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 years ended December 31, 2022, 2021 and 2020:
 United States
Pension Benefits		Foreign
Pension Benefits		Other Postretirement
Benefits
Millions of dollars202220212020202220212020202220212020
Operating profit (loss)$3 $3 $3 $4 $5 $6 $— $— $4 
Interest and sundry (income) expense(4)(7)30 (6)1 10 (41)(41)(23)
Net periodic benefit cost$(1)$(4)$33 $(2)$6 $16 $(41)$(41)$(19)
Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) (Pre-Tax) in 2022
Millions of dollarsUnited States
Pension Benefits		Foreign
Pension Benefits		Other Postretirement
Benefits
Current year actuarial loss / (gain)$145 $(63)$(28)
Actuarial (loss) recognized during the year(58)(10)— 
Current year prior service cost (credit)— — (5)
Prior service credit (cost) recognized during the year— — 46 
Total recognized in other comprehensive income (loss) (pre-tax)$87 $(73)$13 
Total recognized in net periodic benefit costs and other comprehensive income (loss) (pre-tax)$86 $(75)$(27)
Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligation and Net Periodic Cost
Weighted-Average Assumptions used to Determine Benefit Obligation at End of Year
 United States
Pension Benefits
Foreign
Pension Benefits (1)
Other Postretirement
Benefits
 202220212022202120222021
Discount rate5.55 %2.85 %4.72 %1.89 %6.05 %3.41 %
Rate of compensation increase4.50 %4.50 %3.52 %3.59 %N/AN/A
Interest crediting rate for cash balance plans4.30 %1.60 %2.85 %2.36 %N/AN/A
(1) Weighted-average assumptions include assumptions related to pension plans classified as held for sale during the fourth quarter of 2022.
Weighted-Average Assumptions used to Determine Net Periodic Cost
 United States
Pension Benefits
Foreign
Pension Benefits (1)
Other Postretirement
Benefits
 202220212020202220212020202220212020
Discount rate2.85%2.50%3.13%1.89%1.55%2.04%4.27%3.66%3.35%
Expected long-term rate of return on plan assets5.50%6.00%6.25%5.23%5.48%5.39%N/AN/AN/A
Rate of compensation increase4.50%4.50%4.50%3.59%3.47%3.10%N/AN/AN/A
Interest crediting rate for cash balance plans1.60%1.25%2.05%2.36%1.99%1.80%N/AN/AN/A
Health care cost trend rate
Initial rateN/AN/AN/AN/AN/AN/A5.75%6.00%6.25%
Ultimate rateN/AN/AN/AN/AN/AN/A5.00%5.00%5.00%
Year that ultimate rate will be reachedN/AN/AN/AN/AN/AN/A202520252025
(1) Weighted-average assumptions include assumptions related to pension plans classified as held for sale during the fourth quarter of 2022.
Schedule of Expected Employer Contributions to Funded Plans
Expected Employer Contributions to Funded Plans
Millions of dollarsUnited States
Pension Benefits		Foreign
Pension Benefits
2023$— $18 
Schedule of Expected Benefit Payments Expected Benefit Payments
Millions of dollarsUnited States
Pension Benefits		Foreign
Pension Benefits		Other Postretirement Benefits
2023$274 $34 $25 
2024218 6 12 
2025211 8 11 
2026206 6 9 
2027200 9 9 
2028-2032$873 $26 $40 
Schedule of Allocation of Plan Assets
The fair values of our pension plan assets at December 31, 2022 and 2021, by asset category were as follows:
December 31,
Quoted prices
(Level 1)		Other significant
observable inputs
(Level 2)		Significant
unobservable inputs
(Level 3)		Net Asset ValueTotal
Millions of dollars2022202120222021202220212022202120222021
Cash and cash equivalents$— $— $159 $162 $— $— $— $— $159 $162 
Government and government agency securities (1)
U.S. securities— — 82 264 — — — — 82 264 
International securities— — 42 92 — — — — 42 92 
Corporate bonds and notes (1)
U.S. companies— — 1,194 1,585 — — — — 1,194 1,585 
International companies— — 187 286 — — — — 187 286 
Equity securities (2)
U.S. companies— — — — — — — — — — 
International companies11 36 — — — — — — 11 36 
Mutual funds (3)
— — 73 103 — — — — 73 103 
Investments at net asset value
U.S. equity securities (4)
— — — — — — 166 308 166 308 
International equity securities (4)
— — — — — — 123 177 123 177 
Short-term investment fund (4)
— — — — — — — 43 — 43 
International debt securities (5)
— — — — — — — 178 — 178 
International equity securities (5)
— — — — — — — 62 — 62 
Real estate (6)
— — — — — — — 55 — 55 
Limited partnerships (7)
U.S. private equity investments— — — — 17 26 — — 17 26 
Diversified fund of funds— — — — 1 3 — — 1 3 
Emerging growth— — — — 2 3 — — 2 3 
All other investments— — 45 29 — — — 157 45 186 
$11 $36 $1,782 $2,521 $20 $32 $289 $980 $2,102 $3,569 
(1)Valued using pricing vendors who use proprietary models to estimate the price a dealer would pay to buy a security using significant observable inputs, such as interest rates, yield curves, and credit risk.
(2)Valued using the closing stock price on a national securities exchange, which reflects the last reported sales price on the last business day of the year.
(3)Valued using the net asset value (NAV) of the fund, which is based on the fair value of underlying securities. The fund primarily invests in a diversified portfolio of equity securities, fixed income debt securities and real estate issued by non-U.S. companies.
(4)Common and collective trust funds valued using the NAV of the fund, which is based on the fair value of underlying securities.
(5)Fund of funds valued using the NAV of the fund, which is based on the fair value of underlying securities. International debt securities includes corporate bonds and notes and government and government agency securities.
(6)Valued using the NAV of the fund, which is based on the fair value of underlying assets.
(7)Valued at estimated fair value based on the proportionate share of the limited partnership's fair value, as determined by the general partner.
Schedule of Fair Value Measurements Using Significant Unobservable Inputs
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Millions of dollarsLimited
Partnerships
Balance, December 31, 2021
$32 
Realized gain / (loss) (net)2 
Unrealized gain / (loss) (net)(6)
Purchases— 
Settlements(8)
Balance, December 31, 2022
$20 
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
The projected benefit obligation and fair value of plan assets for pension plans with a projected benefit obligation in excess of plan assets at December 31, 2022 and 2021 were as follows:
 United States
Pension Benefits		Foreign
Pension Benefits
Millions of dollars2022202120222021
Projected benefit obligation$1,866 $2,507 $37 $851 
Fair value of plan assets$1,706 $2,386 $(1)$578 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2022 and 2021 were as follows:
 United States
Pension Benefits		Foreign
Pension Benefits
Millions of dollars 2022202120222021
Projected benefit obligation$1,866 $2,507 $37 $851 
Accumulated benefit obligation1,860 2,494 34 831 
Fair value of plan assets$1,706 $2,386 $(1)$578