Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs

The following table presents additional information about our international pension plans.

	December 31
Millions of dollars	2019		2018
Amounts recognized on the Consolidated Balance Sheets
Other Assets	$	85	$	39
Accrued employee compensation and benefits	7		8
Employee compensation and benefits	189		150
Pension plans in which projected benefit obligation exceeded plan assets
Projected benefit obligation	$	214	$	176
Fair value of plan assets	18		18
Pension plans in which accumulated benefit obligation exceeded plan assets
Accumulated benefit obligation	$	121	$	105
Fair value of plan assets	18		18

Schedule of Allocation of Plan Assets

The following table sets forth the fair values of assets held by our international pension plans by level within the fair value hierarchy.

Millions of dollars	Level 1		Level 2		Level 3		Net Asset Value (a)		Total
Cash and equivalents	$	—	$	151	$	—	$	—	$	151
Equity funds (b)	—		118		—		—		118
Bond funds (c)	—		292		—		99		391
Alternatives funds (d)	—		—		—		197		197
Real estate funds (e)	—		74		—		29		103
Other investments (f)	6		21		15		—		42
Fair value of plan assets at December 31, 2019	$	6	$	656	$	15	$	325	$	1,002
Cash and equivalents	$	—	$	12	$	—	$	—	$	12
Equity funds (b)	—		137		—		—		137
Bond funds (c)	—		267		21		36		324
Alternatives funds (d)	—		—		—		209		209
Real estate funds (e)	—		80		—		28		108
Other investments (f)	6		21		15		—		42
Fair value of plan assets at December 31, 2018	$	6	$	517	$	36	$	273	$	832

(a) Represents investments measured at fair value using the Net Asset Value (NAV) per share practical expedient and thus has not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total value of our international pension plans assets.

(b) Strategy of equity funds is to invest in diversified funds of global common stocks.

(c) Strategy of bond funds is to invest in diversified funds of fixed income securities of varying geographies and credit quality.

(d) Strategy of alternative funds is to invest in a fund of diversifying investments, including but not limited to reinsurance, commodities and currencies.

(e) Strategy of real estate funds is to invest in diversified funds of real estate investment trusts and private real estate.

(f) Other investments primarily includes investments in insurance contracts.

Defined Benefit Plan, Assumptions

Certain weighted-average actuarial assumptions used to determine benefit obligations of our international pension plans at December 31 were as follows:

	2019	2018
Discount rate	2.5%	3.3%
Rate of compensation increase	6.0%	5.8%

Certain weighted-average actuarial assumptions used to determine net periodic benefit cost of our international pension plans for the years ended December 31 were as follows:

	2019	2018	2017
Discount rate	3.3%	2.8%	2.9%
Expected long-term return on plan assets	4.4%	4.1%	4.2%
Rate of compensation increase	5.8%	5.5%	4.8%