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Postemployment benefit plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Defined benefit plan funded status, components of net amount recognized in financial position and accumulated other comprehensive income
 U.S. Pension BenefitsNon-U.S. 
Pension Benefits		Other Postretirement 
Benefits
(Millions of dollars)202320222023202220232022
Accumulated benefit obligation, end of year
$13,137 $13,069 $3,151 $2,859   
Change in benefit obligation:
Benefit obligation, beginning of year
$13,069 $17,895 $2,956 $4,436 $2,866 $3,736 
Service cost 1
— — 40 50 67 99 
Interest cost656 401 124 69 144 80 
Plan amendments— — — — — (29)
Actuarial loss (gain) 394 (4,231)169 (1,084)(115)(779)
Foreign currency exchange rates— — 178 (333)14 — 
Participant contributions— — 5 5 43 43 
Benefits paid - gross(982)(995)(196)(179)(285)(292)
Less: federal subsidy on benefits paid
— — — — 7 8 
Curtailments, settlements and termination benefits
— (1)(2)(8)— — 
Acquisitions, divestitures and other— — (9)— — — 
Benefit obligation, end of year$13,137 $13,069 $3,265 $2,956 $2,741 $2,866 
Change in plan assets:
Fair value of plan assets, beginning of year
$12,456 $17,227 $3,244 $4,552 $102 $130 
Actual return on plan assets1,220 (3,821)160 (852)33 (25)
Foreign currency exchange rates
— — 190 (328)— — 
Company contributions44 46 66 54 251 246 
Participant contributions— — 5 5 43 43 
Benefits paid(982)(995)(196)(179)(285)(292)
Settlements and termination benefits
— (1)(2)(8)— — 
Fair value of plan assets, end of year
$12,738 $12,456 $3,467 $3,244 $144 $102 
Over (under) funded status
$(399)$(613)$202 $288 $(2,597)$(2,764)
Amounts recognized in Statement 3:      
Other assets (non-current asset)$354 $256 $563 $615 $— $— 
Accrued wages, salaries and employee benefits (current liability)
(52)(48)(20)(18)(162)(224)
Liability for postemployment benefits (non-current liability) 2
(701)(821)(341)(309)(2,435)(2,540)
Net (liability) asset recognized$(399)$(613)$202 $288 $(2,597)$(2,764)
Amounts recognized in AOCI (pre-tax):
Prior service cost (credit)$— $— $21 $20 $(19)$(29)
Weighted-average assumptions used to determine benefit obligation, end of year:
Discount rate5.0 %5.4 %3.9 %4.3 %5.1 %5.4 %
Rate of compensation increase 1
— %— %2.3 %2.3 %4.0 %4.0 %

1 All U.S. pension benefits are frozen, and accordingly there is no longer any service cost and certain assumptions are no longer applicable.
2 The Liability for postemployment benefits reported in Statement 3 includes liabilities for other postemployment benefits and non-qualified deferred compensation plans. For 2023, these liabilities were $56 million and $565 million, respectively. For 2022, these liabilities were $58 million and $475 million, respectively.
Schedule of pension plans with projected benefit obligation in excess of plan assets for all U.S and Non U.S Pension benefits
 U.S. Pension BenefitsNon-U.S. 
Pension Benefits
(Millions of dollars)2023202220232022
Pension plans with projected benefit obligation in excess of plan assets:
Projected benefit obligation$10,557 $10,413 $623 $606 
Fair value of plan assets$9,805 $9,544 $262 $280 
Pension plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation$10,557 $10,413 $534 $482 
Fair value of plan assets$9,805 $9,544 $224 $202 
Components of net periodic benefit cost, other changes in plan assets and benefits obligations
 U.S. Pension BenefitsNon-U.S. Pension BenefitsOther Postretirement Benefits
(Millions of dollars)202320222021202320222021202320222021
Net periodic benefit cost:         
Service cost 1
$— $— $— $40 $50 $57 $67 $99 $100 
Interest cost656 401 330 124 69 53 144 80 64 
Expected return on plan assets(689)(669)(718)(163)(130)(128)(11)(12)(6)
Curtailments, settlements and termination benefits— — — 1 1 (1)— — — 
Amortization of prior service cost (credit) — — — — — — (12)(6)(40)
Actuarial loss (gain) 2
(138)259 (487)172 (132)(115)(131)(733)(231)
Net Periodic benefit cost (benefit) 3
$(171)$(9)$(875)$174 $(142)$(134)$57 $(572)$(113)
Amounts recognized in other comprehensive income (pre-tax):         
Current year prior service cost (credit)
$— $— $— $1 $(3)$— $(2)$(30)$— 
Amortization of prior service (cost) credit — — — — — — 12 6 40 
Total recognized in other comprehensive income
— — — 1 (3)— 10 (24)40 
Total recognized in net periodic cost and other comprehensive income
$(171)$(9)$(875)$175 $(145)$(134)$67 $(596)$(73)
Weighted-average assumptions used to determine net periodic benefit cost:         
Discount rate used to measure service cost 1
— %— %— %3.8 %1.7 %1.4 %5.4 %2.8 %2.5 %
Discount rate used to measure interest cost
5.2 %2.3 %1.8 %4.2 %1.7 %1.2 %5.3 %2.2 %1.6 %
Expected rate of return on plan assets5.8 %4.0 %4.2 %5.2 %3.1 %2.9 %7.4 %6.9 %6.5 %
Rate of compensation increase 1
— %— %— %2.3 %2.0 %2.0 %4.0 %4.0 %4.0 %
1 All U.S. pension benefits are frozen, and accordingly there is no longer any service cost and certain assumptions are no longer applicable.
2 Actuarial loss (gain) represents the effects of actual results differing from our assumptions and the effects of changing assumptions. We recognize actuarial loss (gain) immediately through earnings upon the annual remeasurement in the fourth quarter, or on an interim basis as triggering events warrant remeasurement.
3 The service cost component is included in Operating costs and all other components are included in Other income (expense) in Statement 1.
Schedule of expected contributions, expected benefit payments and gross prescription drug subsidy receipts
The following table presents information about expected contributions and benefit payments for pension and other postretirement benefit plans:
 
(Millions of dollars)2024
Expected employer contributions:   
U.S. Pension Benefits$52 
Non-U.S. Pension Benefits$60 
Other Postretirement Benefits$161 
Expected benefit payments:202420252026202720282029-
2033		Total
U.S. Pension Benefits$1,010 $1,000 $995 $990 $985 $4,750 $9,730 
Non-U.S. Pension Benefits$185 $185 $195 $200 $210 $1,095 $2,070 
Other Postretirement Benefits$245 $245 $240 $240 $240 $1,150 $2,360 
Expected Medicare Part D subsidy:$6 $6 $5 $5 $5 $20 $47 
Fair value of pension and other postretirement benefit plan assets, by category
The fair value of the pension and other postretirement benefit plan assets by category is summarized below:
 
 December 31, 2023
(Millions of dollars)Level 1Level 2Level 3Measured at NAVTotal Assets at Fair Value
U.S. Pension     
Equity securities:     
U.S. equities$1,107 $10 $24 $81 $1,222 
Non-U.S. equities910 — 3 — 913 
Fixed income securities:    
U.S. corporate bonds— 5,706 33 33 5,772 
Non-U.S. corporate bonds— 1,228 — — 1,228 
U.S. government bonds— 2,988 — — 2,988 
U.S. governmental agency mortgage-backed securities— 84 — — 84 
Non-U.S. government bonds— 100 — — 100 
Real estate— — 3 — 3 
Cash, short-term instruments and other99 33 — 296 428 
Total U.S. pension assets$2,116 $10,149 $63 $410 $12,738 
 December 31, 2022
(Millions of dollars)Level 1Level 2Level 3Measured at NAVTotal Assets at Fair Value
U.S. Pension    
Equity securities:    
U.S. equities$1,098 $20 $26 $99 $1,243 
Non-U.S. equities948 — 2 — 950 
Fixed income securities:    
U.S. corporate bonds— 5,460 40 37 5,537 
Non-U.S. corporate bonds— 1,244 — — 1,244 
U.S. government bonds— 2,904 — — 2,904 
U.S. governmental agency mortgage-backed securities— 19 — — 19 
Non-U.S. government bonds— 118 — — 118 
Real estate— — 8 — 8 
Cash, short-term instruments and other108 14 2 309 433 
Total U.S. pension assets$2,154 $9,779 $78 $445 $12,456 


 December 31, 2023
(Millions of dollars)Level 1Level 2Level 3Measured at NAVTotal Assets at Fair Value
Non-U.S. Pension    
Equity securities:    
U.S. equities$73 $— $— $— $73 
Non-U.S. equities228 33 — 21 282 
Global equities 1 
28 — — 20 48 
Fixed income securities:    
U.S. corporate bonds— 91 — — 91 
Non-U.S. corporate bonds— 466 — — 466 
U.S. government bonds— 63 — — 63 
Non-U.S. government bonds— 998 — — 998 
Global fixed income 1 
— 91 — 216 307 
Real estate— 210 — 9 219 
Insurance contracts— — 675 — 675 
Cash, short-term instruments and other 2 
54 191 — — 245 
Total non-U.S. pension assets$383 $2,143 $675 $266 $3,467 
 December 31, 2022
(Millions of dollars)Level 1Level 2Level 3Measured at NAVTotal Assets at Fair Value
Non-U.S. Pension    
Equity securities:    
U.S. equities$61 $— $— $— $61 
Non-U.S. equities208 28 — 21 257 
Global equities 1 
26 10 — 17 53 
Fixed income securities:    
U.S. corporate bonds— 186 — — 186 
Non-U.S. corporate bonds— 631 — — 631 
U.S. government bonds— 66 — — 66 
Non-U.S. government bonds— 1,273 — — 1,273 
Global fixed income 1 
— 82 — 248 330 
Real estate— 198 — — 198 
Cash, short-term instruments and other 2 
72 117 — — 189 
Total non-U.S. pension assets$367 $2,591 $— $286 $3,244 
1 Includes funds that invest in both U.S. and non-U.S. securities.
2 Includes funds that invest in multiple asset classes, hedge funds and other.
 December 31, 2023
(Millions of dollars)Level 1Level 2Level 3Measured at NAVTotal Assets at Fair Value
Other Postretirement Benefits    
Equity securities:    
U.S. equities$65 $— $— $5 $70 
Non-U.S. equities23 — — 2 25 
Fixed income securities:    
U.S. corporate bonds— — — 30 30 
Cash, short-term instruments and other1 — — 18 19 
Total other postretirement benefit assets$89 $— $— $55 $144 
 December 31, 2022
(Millions of dollars)Level 1Level 2Level 3Measured at NAVTotal Assets at Fair Value
Other Postretirement Benefits    
Equity securities:    
U.S. equities$41 $— $— $2 $43 
Non-U.S. equities16 — — 3 19 
Cash, short-term instruments and other3 — — 37 40 
Total other postretirement benefit assets$60 $— $— $42 $102 
Company costs related to U.S. and non-U.S. defined contribution plans
Total company costs related to U.S. and non-U.S. defined contribution plans were as follows:
 
(Millions of dollars)202320222021
U.S. plans$567 $392 $440 
Non-U.S. plans114 114 114 
 $681 $506 $554