PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

6 Months Ended

Jun. 30, 2023

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [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	2023		2022		2023		2022		2023		2022
Service cost	$	1	$	1	$	1	$	1	$	—	$	—
Interest cost	29		20		7		4		2		2
Expected return on plan assets	(35)		(36)		(6)		(8)		—		—
Amortization:
Actuarial loss	9		14		1		2		—		—
Prior service credit	—		—		—		—		(10)		(12)
Settlement and curtailment (gain) loss	—		—		—		—		—		—
Net periodic benefit cost (credit)	$	4	$	(1)	$	3	$	(1)	$	(8)	$	(10)

	Six Months Ended June 30,
	United States Pension Benefits				Foreign Pension Benefits				Other Postretirement Benefits
Millions of dollars	2023		2022		2023		2022		2023		2022
Service cost	$	1	$	2	$	2	$	2	$	—	$	—
Interest cost	58		41		13		8		3		3
Expected return on plan assets	(71)		(73)		(11)		(17)		—		—
Amortization:
Actuarial loss	19		29		2		5		—		—
Prior service credit	—		—		—		—		(21)		(23)
Settlement and curtailment (gain) loss	—		—		—		1		—		—
Net periodic benefit cost (credit)	$	7	$	(1)	$	6	$	(1)	$	(18)	$	(20)

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	2023		2022		2023		2022		2023		2022
Operating profit (loss)	$	1	$	1	$	1	$	1	$	—	$	—
Interest and sundry (income) expense	3		(2)		2		(2)		(8)		(10)
Net periodic benefit cost	$	4	$	(1)	$	3	$	(1)	$	(8)	$	(10)

	Six Months Ended June 30,
	United States Pension Benefits				Foreign Pension Benefits				Other Postretirement Benefits
Millions of dollars	2023		2022		2023		2022		2023		2022
Operating profit (loss)	$	1	$	2	$	2	$	2	$	—	$	—
Interest and sundry (income) expense	6		(3)		4		(3)		(18)		(20)
Net periodic benefit cost	$	7	$	(1)	$	6	$	(1)	$	(18)	$	(20)