PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
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| 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 dollars | | 2022 | | 2021 | | 2022 | | 2021 | | 2022 | | 2021 | | Funded status | | | | | | | | | | | | | | Fair value of plan assets | | $ | 2,072 | | | $ | 2,904 | | | $ | 30 | | | $ | 665 | | | $ | — | | | $ | — | | | Benefit obligations | | 2,211 | | | 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) cost | | 1 | | | 1 | | | 3 | | | 3 | | | (52) | | | (93) | | | Amount recognized | | $ | 1,267 | | | $ | 1,181 | | | $ | 114 | | | $ | 187 | | | $ | (67) | | | $ | (79) | |
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| Schedule of Changes in Benefit Obligation |
Change in Benefit Obligation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | United States
Pension Benefits | | Foreign
Pension Benefits | | Other Postretirement
Benefits | | Millions of dollars | | 2022 | | 2021 | | 2022 | | 2021 | | 2022 | | 2021 | | Benefit obligation, beginning of year | | $ | 2,968 | | | $ | 3,237 | | | $ | 924 | | | $ | 1,029 | | | $ | 166 | | | $ | 191 | | | Service cost | | 3 | | | 3 | | | 4 | | | 5 | | | — | | | — | | | Interest cost | | 82 | | | 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/A | | N/A |
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| Schedule of Changes in Plan Assets |
Change in Plan Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | United States Pension Benefits | | Foreign
Pension Benefits | | Other Postretirement
Benefits | | Millions of dollars | | 2022 | | 2021 | | 2022 | | 2021 | | 2022 | | 2021 | | Fair value of plan assets, beginning of year | | $ | 2,904 | | | $ | 3,103 | | | $ | 665 | | | $ | 632 | | | $ | — | | | $ | — | | | Actual return on plan assets | | (605) | | | 31 | | | (181) | | | 56 | | | — | | | — | | | Employer contribution | | 9 | | | 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.
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| 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 dollars | | 2022 | | 2021 | | 2020 | | 2022 | | 2021 | | 2020 | | 2022 | | 2021 | | 2020 | | Service cost | | $ | 3 | | | $ | 3 | | | $ | 3 | | | $ | 4 | | | $ | 5 | | | $ | 6 | | | $ | — | | | $ | — | | | $ | 4 | | | Interest cost | | 82 | | | 77 | | | 94 | | | 15 | | | 14 | | | 17 | | | 5 | | | 5 | | | 8 | | | Expected return on plan assets | | (144) | | | (158) | | | (165) | | | (31) | | | (34) | | | (30) | | | — | | | — | | | — | | | Amortization: | | | | | | | | | | | | | | | | | | | | Actuarial loss | | 57 | | | 69 | | | 62 | | | 9 | | | 19 | | | 12 | | | — | | | — | | | — | | | Prior service cost (credit) | | — | | | — | | | — | | | — | | | — | | | — | | | (46) | | | (46) | | | (28) | | | | | | | | | | | | | | | | | | | | | | Curtailment (gain) / loss | | — | | | — | | | — | | | (1) | | | — | | | — | | | — | | | — | | | (3) | | | Settlement loss | | 1 | | | 5 | | | 39 | | | 2 | | | 2 | | | 11 | | | — | | | — | | | — | | | Net periodic benefit cost | | $ | (1) | | | $ | (4) | | | $ | 33 | | | $ | (2) | | | $ | 6 | | | $ | 16 | | | $ | (41) | | | $ | (41) | | | $ | (19) | |
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| 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 dollars | | 2022 | | 2021 | | 2020 | | 2022 | | 2021 | | 2020 | | 2022 | | 2021 | | 2020 | | 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) | |
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| 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 dollars | | United 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) | |
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| 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 | | | | 2022 | | 2021 | | 2022 | | 2021 | | 2022 | | 2021 | | Discount rate | | 5.55 | % | | 2.85 | % | | 4.72 | % | | 1.89 | % | | 6.05 | % | | 3.41 | % | | Rate of compensation increase | | 4.50 | % | | 4.50 | % | | 3.52 | % | | 3.59 | % | | N/A | | N/A | | Interest crediting rate for cash balance plans | | 4.30 | % | | 1.60 | % | | 2.85 | % | | 2.36 | % | | N/A | | N/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 | | | 2022 | | 2021 | | 2020 | | 2022 | | 2021 | | 2020 | | 2022 | | 2021 | | 2020 | | Discount rate | 2.85% | | 2.50% | | 3.13% | | 1.89% | | 1.55% | | 2.04% | | 4.27% | | 3.66% | | 3.35% | | Expected long-term rate of return on plan assets | 5.50% | | 6.00% | | 6.25% | | 5.23% | | 5.48% | | 5.39% | | N/A | | N/A | | N/A | | Rate of compensation increase | 4.50% | | 4.50% | | 4.50% | | 3.59% | | 3.47% | | 3.10% | | N/A | | N/A | | N/A | | Interest crediting rate for cash balance plans | 1.60% | | 1.25% | | 2.05% | | 2.36% | | 1.99% | | 1.80% | | N/A | | N/A | | N/A | | Health care cost trend rate | | | | | | | | | | | | | | | | | | | Initial rate | N/A | | N/A | | N/A | | N/A | | N/A | | N/A | | 5.75% | | 6.00% | | 6.25% | | Ultimate rate | N/A | | N/A | | N/A | | N/A | | N/A | | N/A | | 5.00% | | 5.00% | | 5.00% | | Year that ultimate rate will be reached | N/A | | N/A | | N/A | | N/A | | N/A | | N/A | | 2025 | | 2025 | | 2025 |
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| Schedule of Expected Employer Contributions to Funded Plans |
Expected Employer Contributions to Funded Plans | | | | | | | | | | | | | | | | Millions of dollars | | United States
Pension Benefits | | Foreign
Pension Benefits | | 2023 | | $ | — | | | $ | 18 | |
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| Schedule of Expected Benefit Payments |
Expected Benefit Payments | | | | | | | | | | | | | | | | | | | | | | Millions of dollars | | United States
Pension Benefits | | Foreign
Pension Benefits | | Other Postretirement Benefits | | 2023 | | $ | 274 | | | $ | 34 | | | $ | 25 | | | 2024 | | 218 | | | 6 | | | 12 | | | 2025 | | 211 | | | 8 | | | 11 | | | 2026 | | 206 | | | 6 | | | 9 | | | 2027 | | 200 | | | 9 | | | 9 | | | 2028-2032 | | $ | 873 | | | $ | 26 | | | $ | 40 | |
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| 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 Value | | Total | | Millions of dollars | | 2022 | 2021 | | 2022 | 2021 | | 2022 | 2021 | | 2022 | 2021 | | 2022 | 2021 | | 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 companies | | 11 | | 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.
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| Schedule of Fair Value Measurements Using Significant Unobservable Inputs |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | | | | | | | | | | Millions of dollars | | Limited
Partnerships | Balance, December 31, 2021 | | $ | 32 | | | Realized gain / (loss) (net) | | 2 | | | Unrealized gain / (loss) (net) | | (6) | | | Purchases | | — | | | Settlements | | (8) | | Balance, December 31, 2022 | | $ | 20 | |
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| 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 dollars | | 2022 | | 2021 | | 2022 | | 2021 | | Projected benefit obligation | | $ | 1,866 | | | $ | 2,507 | | | $ | 37 | | | $ | 851 | | | Fair value of plan assets | | $ | 1,706 | | | $ | 2,386 | | | $ | (1) | | | $ | 578 | |
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| 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 | | 2022 | | 2021 | | 2022 | | 2021 | | Projected benefit obligation | | $ | 1,866 | | | $ | 2,507 | | | $ | 37 | | | $ | 851 | | | Accumulated benefit obligation | | 1,860 | | | 2,494 | | | 34 | | | 831 | | | Fair value of plan assets | | $ | 1,706 | | | $ | 2,386 | | | $ | (1) | | | $ | 578 | |
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