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Employee Benefits (Tables)
12 Months Ended
Dec. 31, 2020
Employee Benefits  
Schedule of Plans' assets measured at estimated fair value

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December 31,

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(Millions of dollars)

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2020

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Level 1

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Level 2

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Level 3

Assets:

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​

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Domestic equity securities

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$

93

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$

93

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$

—

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$

—

Foreign equity securities

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64

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64

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—

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—

Domestic fixed income mutual funds

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32

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32

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—

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—

Foreign fixed income mutual funds

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15

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15

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—

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—

Money market funds

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2

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2

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—

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—

Total assets

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$

206

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$

206

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$

—

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$

—

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December 31,

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(Millions of dollars)

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2019

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Level 1

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Level 2

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Level 3

Assets:

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Domestic equity securities

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$

84

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$

84

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$

—

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$

—

Foreign equity securities

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57

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57

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—

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—

Domestic fixed income mutual funds

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30

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30

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—

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—

Foreign fixed income mutual funds

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12

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12

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—

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—

Money market funds

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2

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2

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—

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—

Total assets

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$

185

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$

185

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$

—

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$

—

Schedule of assumptions used in determining pension information for plans

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Years ended December 31,

 

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2020

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2019

    

2018

 

Weighted average assumptions

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Discount rate used to determine obligations

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0.70

-

2.60

%  

2.15

-

3.50

%  

3.50

-

4.50

%

Discount rate used to determine net periodic benefit cost

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2.15

-

3.50

%  

3.50

-

4.50

%  

2.75

-

3.80

%

Expected return on plan assets

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6.25

%  

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6.25

%  

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6.25

%

Long-term rate of increase in compensation levels

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4.00

%  

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4.00

%  

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4.00

%

Schedule of the funded status

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December 31,

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2020

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2019

    

(Millions of dollars)

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Accumulated benefits exceed assets

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Accumulated benefits exceed assets

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Reconciliation of benefit obligation:

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Benefit obligation at beginning of year

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$

348

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$

293

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Service cost

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9

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8

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Interest cost

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11

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12

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Actuarial losses

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58

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50

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Plan settlements

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(38)

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(9)

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Benefits paid

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(9)

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(9)

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Other

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—

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3

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Benefit obligation at end of year

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$

379

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$

348

​

Reconciliation of fair value of plan assets:

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Fair value of plan assets at beginning of year

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$

185

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$

156

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Actual return on plan assets

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27

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35

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Employer contributions

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38

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9

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Plan settlements

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(38)

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(9)

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Benefits paid

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(6)

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(6)

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Fair value of plan assets at end of year

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$

206

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$

185

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Funded status

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$

(173)

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$

(163)

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Schedule of net periodic benefit cost of plans

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Years ended December 31,

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(Millions of dollars)

    

 

2020

    

2019

    

2018

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Components of net periodic benefit cost:

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Service cost

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$

9

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$

8

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$

10

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Interest cost

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11

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12

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11

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Expected return on plan assets

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(11)

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(10)

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(11)

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Amortization

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7

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5

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6

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Settlement loss recognized

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11

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2

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—

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Net periodic benefit cost

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$

27

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$

17

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$

16

​