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Postemployment benefit plans (Tables)
 12 Months Ended
Dec. 31, 2024
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)202420232024202320242023
Accumulated benefit obligation, end of year
$12,171 $13,137 $2,880 $3,151   
Change in benefit obligation:
Benefit obligation, beginning of year
$13,137 $13,069 $3,265 $2,956 $2,741 $2,866 
Service cost 1
— — 43 40 67 67 
Interest cost625 656 118 124 131 144 
Plan amendments— — — — — — 
Actuarial loss (gain) (603)394 (31)169 (202)(115)
Foreign currency exchange rates— — (203)178 (33)14 
Participant contributions— — 5 5 45 43 
Benefits paid - gross(988)(982)(193)(196)(286)(285)
Less: federal subsidy on benefits paid
— — — — 6 7 
Curtailments, settlements and termination benefits
— — (15)(2)— — 
Acquisitions, divestitures and other— — — (9)— — 
Benefit obligation, end of year$12,171 $13,137 $2,989 $3,265 $2,469 $2,741 
Change in plan assets:
Fair value of plan assets, beginning of year
$12,738 $12,456 $3,467 $3,244 $144 $102 
Actual return on plan assets96 1,220 74 160 25 33 
Foreign currency exchange rates
— — (194)190 — — 
Company contributions52 44 59 66 160 251 
Participant contributions— — 5 5 45 43 
Benefits paid(988)(982)(193)(196)(286)(285)
Settlements and termination benefits
— — (15)(2)— — 
Fair value of plan assets, end of year
$11,898 $12,738 $3,203 $3,467 $88 $144 
Over (under) funded status
$(273)$(399)$214 $202 $(2,381)$(2,597)
Amounts recognized in Statement 3:      
Other assets (non-current asset)$354 $354 $541 $563 $— $— 
Accrued wages, salaries and employee benefits (current liability)
(50)(52)(21)(20)(204)(162)
Liability for postemployment benefits (non-current liability) 2
(577)(701)(306)(341)(2,177)(2,435)
Net (liability) asset recognized$(273)$(399)$214 $202 $(2,381)$(2,597)
Amounts recognized in AOCI (pre-tax):
Prior service cost (credit)$— $— $21 $21 $(5)$(19)
Weighted-average assumptions used to determine benefit obligation, end of year:
Discount rate5.6 %5.0 %4.1 %3.9 %5.6 %5.1 %
Rate of compensation increase 1
— %— %2.2 %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1 All U.S. pension benefits are frozen, and accordingly there is no longer any service cost and certain assumptions are no longer applicable.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 2024 and 2023, these liabilities were $697 million and $621 million, respectively.
Schedule of benefit obligation in excess of plan assets
 U.S. Pension BenefitsNon-U.S. 
Pension Benefits
(Millions of dollars)2024202320242023
Pension plans with projected benefit obligation in excess of plan assets:
Projected benefit obligation$627 $10,557 $370 $623 
Fair value of plan assets$— $9,805 $43 $262 
Pension plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation$627 $10,557 $279 $534 
Fair value of plan assets$— $9,805 $7 $224 
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)202420232022202420232022202420232022
Net periodic benefit cost:         
Service cost 1
$— $— $— $43 $40 $50 $67 $67 $99 
Interest cost625 656 401 118 124 69 131 144 80 
Expected return on plan assets(699)(689)(669)(165)(163)(130)(7)(11)(12)
Curtailments, settlements and termination benefits— — — — 1 1 — — — 
Amortization of prior service cost (credit) — — — — — — (14)(12)(6)
Actuarial loss (gain) 2
— (138)259 59 172 (132)(213)(131)(733)
Net periodic benefit cost (benefit) 3
$(74)$(171)$(9)$55 $174 $(142)$(36)$57 $(572)
Amounts recognized in other comprehensive income (pre-tax):         
Current year prior service cost (credit)
$— $— $— $— $1 $(3)$— $(2)$(30)
Amortization of prior service (cost) credit — — — — — — 14 12 6 
Total recognized in other comprehensive income
— — — — 1 (3)14 10 (24)
Total recognized in net periodic cost and other comprehensive income
$(74)$(171)$(9)$55 $175 $(145)$(22)$67 $(596)
Weighted-average assumptions used to determine net periodic benefit cost:         
Discount rate used to measure service cost 1
— %— %— %3.6 %3.8 %1.7 %5.1 %5.4 %2.8 %
Discount rate used to measure interest cost
5.0 %5.2 %2.3 %3.9 %4.2 %1.7 %5.0 %5.3 %2.2 %
Expected rate of return on plan assets5.7 %5.8 %4.0 %5.1 %5.2 %3.1 %7.4 %7.4 %6.9 %
Rate of compensation increase 1
— %— %— %2.3 %2.3 %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)2025
Expected employer contributions:   
U.S. Pension Benefits$49 
Non-U.S. Pension Benefits$53 
Other Postretirement Benefits$252 
Expected benefit payments:202520262027202820292030-2034Total
U.S. Pension Benefits$1,000 $995 $985 $980 $970 $4,640 $9,570 
Non-U.S. Pension Benefits$185 $180 $185 $195 $200 $1,030 $1,975 
Other Postretirement Benefits$235 $230 $230 $230 $225 $1,080 $2,230 
Expected Medicare Part D subsidy:$6 $6 $5 $5 $5 $19 $46 
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, 2024
(Millions of dollars)Level 1Level 2Level 3Measured at NAVTotal Assets at Fair Value
U.S. Pension     
Equity securities:     
U.S. equities$1,087 $— $28 $62 $1,177 
Non-U.S. equities946 — 10 — 956 
Fixed income securities:    
U.S. corporate bonds— 5,396 33 36 5,465 
Non-U.S. corporate bonds— 972 — — 972 
U.S. government bonds— 2,656 — — 2,656 
U.S. governmental agency mortgage-backed securities— 180 — — 180 
Non-U.S. government bonds— 132 — — 132 
Cash, short-term instruments and other48 12 — 300 360 
Total U.S. pension assets$2,081 $9,348 $71 $398 $11,898 
 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, 2024
(Millions of dollars)Level 1Level 2Level 3Measured at NAVTotal Assets at Fair Value
Non-U.S. Pension    
Equity securities:    
U.S. equities$74 $— $— $— $74 
Non-U.S. equities197 26 — 20 243 
Global equities 1 
32 — — 17 49 
Fixed income securities:    
U.S. corporate bonds— 87 — — 87 
Non-U.S. corporate bonds— 468 — — 468 
U.S. government bonds— 61 — — 61 
Non-U.S. government bonds— 916 — — 916 
Global fixed income 1 
— 104 — 193 297 
Real estate— 207 — 9 216 
Insurance contracts— — 601 — 601 
Cash, short-term instruments and other 2 
35 156 — — 191 
Total non-U.S. pension assets$338 $2,025 $601 $239 $3,203 
 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 
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, 2024
(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. equities18 — — 2 20 
Fixed income securities:    
U.S. corporate bonds— — — 20 20 
Cash, short-term instruments and other— — — 5 5 
Total other postretirement benefit assets$59 $— $— $29 $88 
 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 
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)202420232022
U.S. plans 1
$610 $567 $392 
Non-U.S. plans131 114 114 
 $741 $681 $506 
1 Includes costs related to our non-qualified deferred compensation plans. We utilize total return swaps to economically hedge this exposure to offset the related costs. See Note 4 for additional information.