Postretirement Benefits (Tables)

9 Months Ended

Sep. 30, 2020

Retirement Benefits [Abstract]

Schedule of net benefit costs

	U.S. Pension Benefits				Non-U.S. Pension Benefits				Other Postretirement Benefits
(Millions of dollars)	September 30				September 30				September 30
	2020		2019		2020		2019		2020		2019
For the three months ended:
Components of net periodic benefit cost:
Service cost	$	—	$	29	$	13	$	20	$	24	$	19
Interest cost	120		150		17		23		26		34
Expected return on plan assets	(197)		(180)		(34)		(37)		(4)		(4)
Amortization of prior service cost (credit)	—		—		—		—		(9)		(10)
(Gain) loss on remeasurement of pension obligations 1	(2)		—		79		—		—		—
Curtailments, settlements and termination benefits 1	—		—		4		—		—		—
Net periodic benefit cost (benefit) 2	$	(79)	$	(1)	$	79	$	6	$	37	$	39
For the nine months ended:
Components of net periodic benefit cost:
Service cost	$	—	$	86	$	41	$	61	$	71	$	60
Interest cost	362		450		57		70		79		102
Expected return on plan assets	(593)		(540)		(107)		(112)		(10)		(14)
Amortization of prior service cost (credit)	—		—		—		—		(28)		(30)
(Gain) loss on remeasurement of pension obligations 1	—		—		(55)		—		—		—
Curtailments, settlements and termination benefits 1	—		—		25		—		—		—
Net periodic benefit cost (benefit) 2	$	(231)	$	(4)	$	(39)	$	19	$	112	$	118

1    Total lump-sum transfers out of certain pension plans exceeded the service and interest cost for 2020, which required us to follow settlement accounting and remeasure the plans' obligations as of March 31, 2020, June 30, 2020 and September 30, 2020.

2    The service cost component is included in Operating costs in the Consolidated Statement of Results of Operations. All other components are included in Other income (expense) in the Consolidated Statement of Results of Operations.

Company costs related to U.S. and non-U.S. defined contribution plans

Total company costs related to our defined contribution plans were as follows:

	Three Months Ended September 30				Nine Months Ended September 30
(Millions of dollars)	2020		2019		2020		2019
U.S. Plans	$	103	$	68	$	248	$	298
Non-U.S. Plans	22		22		65		64
	$	125	$	90	$	313	$	362

The decrease in the U.S. defined contribution benefit costs for the nine months ended September 30, 2020 was primarily due to the fair value adjustments related to our non-qualified deferred compensation plans.