Postretirement Benefits

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Postretirement Benefits

Postretirement benefits

A.  Pension and postretirement benefit costs    

	U.S. Pension Benefits				Non-U.S. Pension Benefits				Other Postretirement Benefits
(Millions of dollars)	March 31				March 31				March 31
	2022		2021		2022		2021		2022		2021
For the three months ended:
Components of net periodic benefit cost:
Service cost	$	—	$	—	$	13	$	14	$	25	$	25
Interest cost	100		82		18		14		20		16
Expected return on plan assets	(167)		(179)		(34)		(32)		(4)		(2)
Amortization of prior service cost (credit)	—		—		—		—		(1)		(10)
Net periodic benefit cost (benefit) 1	$	(67)	$	(97)	$	(3)	$	(4)	$	40	$	29

1    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.

We made $210 million of contributions to our pension and other postretirement plans during the three months ended March 31, 2022. We currently anticipate full-year 2022 contributions of approximately $357 million.

B.  Defined contribution benefit costs

Total company costs related to our defined contribution plans, which are included in Operating Costs in the Consolidated Statement of Results of Operations, were as follows:

	Three Months Ended March 31
(Millions of dollars)	2022		2021
U.S. Plans	$	114	$	125
Non-U.S. Plans	29		26
	$	143	$	151

The decrease in the U.S. defined contribution benefit costs for the three months ended March 31, 2022 was primarily due to the fair value adjustments related to our non-qualified deferred compensation plans.