Employee Benefits (Tables)

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Cost

The components of net periodic benefit costs for 2024 and 2023 are as follows:

	Three Months Ended June 30					Six Months Ended June 30
	2024		2023			2024		2023
	(Millions of dollars)				(Millions of dollars)
Pension Benefits
United States
Service cost	$	89	$	85		$	178	$	171
Interest cost	116		112			232		224
Expected return on plan assets	(149)		(139)			(298)		(279)
Amortization of prior service costs (credits)	1		1			2		2
Amortization of actuarial losses (gains)	61		50			122		101
Settlement losses	—		—			—		—
Total United States	118		109			236		219
International
Service cost	13		14			27		29
Interest cost	48		49			95		96
Expected return on plan assets	(47)		(51)			(97)		(102)
Amortization of prior service costs (credits)	2		2			5		4
Amortization of actuarial losses (gains)	4		2			9		4
Settlement losses	—		—			—		—
Acquisitions / (divestitures)	—		—			—		(2)
Total International	20		16			39		29
Net Periodic Pension Benefit Costs	$	138	$	125		$	275	$	248
Other Benefits*
Service cost	$	9	$	8		$	17	$	16
Interest cost	25		25			50		49
Amortization of prior service costs (credits)	(6)		(7)			(12)		(13)
Amortization of actuarial losses (gains)	(3)		(4)			(7)		(9)
Net Periodic Other Benefit Costs	$	25	$	22		$	48	$	43

* Includes costs for U.S. and international OPEB plans. Obligations for plans outside the United States are not significant relative to the company’s total OPEB obligation.