Employee Benefits (Tables)

9 Months Ended

Sep. 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 September 30					Nine Months Ended September 30
	2024		2023			2024		2023
	(Millions of dollars)				(Millions of dollars)
Pension Benefits
United States
Service cost	$	90	$	86		$	268	$	257
Interest cost	116		112			348		336
Expected return on plan assets	(149)		(140)			(447)		(419)
Amortization of prior service costs (credits)	1		1			3		3
Amortization of actuarial losses (gains)	60		51			182		152
Settlement losses	—		53			—		53
Total United States	118		163			354		382
International
Service cost	14		15			41		44
Interest cost	48		49			143		145
Expected return on plan assets	(51)		(52)			(148)		(154)
Amortization of prior service costs (credits)	3		2			8		6
Amortization of actuarial losses (gains)	5		2			14		6
Acquisitions / (divestitures)	—		—			—		(2)
Total International	19		16			58		45
Net Periodic Pension Benefit Costs	$	137	$	179		$	412	$	427
Other Benefits*
Service cost	$	8	$	9		$	25	$	25
Interest cost	24		23			74		72
Amortization of prior service costs (credits)	(7)		(6)			(19)		(19)
Amortization of actuarial losses (gains)	(4)		(5)			(11)		(14)
Net Periodic Other Benefit Costs	$	21	$	21		$	69	$	64

* 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.