Pension and Other Postretirement Benefits

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Pension and Other Postretirement Plans

Pension and Other Postretirement Benefits

The following summarizes the components of net periodic benefit costs:

	Three Months Ended  March 31,
(Millions of dollars)	2023		2022
Pension Benefits
Service cost	$	49	$	68
Interest cost	29		23
Expected return on plan assets	(42)		(41)
Amortization of prior service credit	(11)		(11)
Amortization of actuarial (gain) loss	(2)		4
Settlement loss	—		2
Net periodic pension benefit cost	$	23	$	45
Other Benefits
Service cost	$	5	$	8
Interest cost	8		5
Amortization of prior service credit	(5)		(5)
Amortization of actuarial loss	—		2
Net periodic other benefit cost	$	8	$	10

The components of net periodic benefit cost other than the service cost component are included in net interest and other financial costs on the consolidated statements of income.

During the three months ended March 31, 2023, we made no contributions to our funded pension plans. Benefit payments related to unfunded pension and other postretirement benefit plans were $3 million and $13 million, respectively, during the three months ended March 31, 2023.