Payables and Accruals

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities Disclosure

Accounts Payable

We have agreements with third parties that allow our participating suppliers to finance payment obligations from us with designated third-party financial institutions who act as our paying agent. We have generally extended our payment terms with suppliers to 90 days. A participating supplier may request a participating financial institution to finance one or more of our payment obligations to such supplier prior to the scheduled due date thereof at a discounted price. We are not required to provide collateral to the financial institutions.

Our obligations to participating suppliers, including amounts due and scheduled payment dates, are not impacted by the suppliers’ decisions to finance amounts due under these financing arrangements. Our outstanding payment obligations under these agreements were $317 million as of December 31, 2024, and $322 million as of December 31, 2023, and are included in accounts payable on the consolidated balance sheets.

The following table presents a rollforward of our supplier finance program obligations:

	December 31,
Millions of dollars	2024		2023
Confirmed obligations outstanding at the beginning of the year	$	322	$	273
Invoices confirmed during the year	1,217		1,257
Confirmed invoices paid during the year	(1,222)		(1,208)
Confirmed obligations outstanding at the end of the year	$	317	$	322