v3.25.4
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2025
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of Obligations and Funded Status
Obligations and Funded Status at End of Year
 United States
Pension Benefits		Foreign
Pension Benefits		Other Postretirement
Benefits
Millions of dollars202520242025202420252024
Funded status
Fair value of plan assets$1,734 $1,745 $12 $29 $— $— 
Benefit obligations1,764 1,845 58 59 104 110 
Funded status$(30)$(100)$(46)$(30)$(104)$(110)
Amounts recognized in the consolidated balance sheets
Noncurrent asset$23 $— $2 $6 $— $— 
Current liability(6)(10)(5)(4)(12)(14)
Noncurrent liability(47)(90)(43)(32)(92)(96)
Amount recognized$(30)$(100)$(46)$(30)$(104)$(110)
Amounts recognized in accumulated other comprehensive loss (pre-tax)
Net actuarial loss$1,148 $1,232 $25 $23 $(10)$(7)
Prior service (credit) cost1 1 — — (8)(9)
Amount recognized$1,149 $1,233 $25 $23 $(18)$(16)
Schedule of Changes in Benefit Obligation
Change in Benefit Obligation
 United States
Pension Benefits		Foreign
Pension Benefits		Other Postretirement
Benefits
Millions of dollars202520242025202420252024
Benefit obligation, beginning of year$1,845 $2,098 $59 $65 $110 $123 
Service cost2 2 2 2 — — 
Interest cost97 102 4 4 7 7 
Plan participants' contributions— — — — — — 
Actuarial (gain) loss 4 (90)7 2 (6)(7)
Benefits paid(184)(196)(4)(3)(9)(9)
Plan amendments— — — — — — 
Acquisitions/divestitures/transfers— — (11)— — — 
Other adjustments— — — — — — 
Transfer of benefits— (71)— — — — 
Settlements / curtailment (gain)— — (5)(3)— — 
Foreign currency exchange rates— — 6 (8)2 (4)
Benefit obligation, end of year$1,764 $1,845 $58 $59 $104 $110 
Accumulated benefit obligation, end of year$1,752 $1,835 $54 $53 N/AN/A
Schedule of Changes in Plan Assets
Change in Plan Assets
 United States Pension BenefitsForeign
Pension Benefits		Other Postretirement
Benefits
Millions of dollars202520242025202420252024
Fair value of plan assets, beginning of year$1,745 $1,980 $29 $29 $— $— 
Actual return on plan assets 167 26 4 2 — — 
Employer contribution6 6 (2)6 9 9 
Plan participants' contributions— — — — — — 
Benefits paid(184)(196)(4)(3)(9)(9)
Transfer of plan assets— (71)(10)— — — 
Other adjustments— — — — — — 
Settlements— — (5)(3)— — 
Foreign currency exchange rates— — — (2)— — 
Fair value of plan assets, end of year$1,734 $1,745 $12 $29 $— $— 
Schedule of Components of Net Periodic Benefit Cost
Components of Net Periodic Benefit Cost
 United States
Pension Benefits		Foreign
Pension Benefits		Other Postretirement
Benefits
Millions of dollars202520242023202520242023202520242023
Service cost$2 $2 $2 $2 $2 $3 $— $— $— 
Interest cost97 102 115 4 10 26 7 7 7 
Expected return on plan assets(119)(146)(140)(2)(7)(22)— — — 
Amortization:
Actuarial loss40 39 37 1 1 5 (2)(1)(1)
Prior service cost (credit)— — — — — — (1)(1)(41)
Curtailment (gain) / loss— — — — — — — — — 
Settlement loss— — — (2)1 1 — — — 
Net periodic benefit cost (income)$20 $(3)$14 $3 $7 $13 $4 $5 $(35)
Schedule of Net Periodic Cost Recognized in Operating Profit and Interest and Sundry (Income) Expense
The following table summarizes the net periodic cost recognized in operating profit and interest and sundry (income) expense for the years ended December 31, 2025, 2024 and 2023:
 United States
Pension Benefits		Foreign
Pension Benefits		Other Postretirement
Benefits
Millions of dollars202520242023202520242023202520242023
Operating (profit) loss$2 $2 $2 $2 $2 $3 $— $— $— 
Interest and sundry (income) expense18 (5)12 1 5 10 4 5 (35)
Net periodic benefit cost (income)$20 $(3)$14 $3 $7 $13 $4 $5 $(35)
Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) (Pre-Tax) in 2025
Millions of dollarsUnited States
Pension Benefits		Foreign
Pension Benefits		Other Postretirement
Benefits
Current year actuarial loss / (gain)$(44)$1 $(5)
Actuarial (loss) recognized during the year(40)6 2 
Current year prior service cost (credit)— — — 
Prior service credit (cost) recognized during the year— — 1 
Total recognized in other comprehensive income (loss) (pre-tax)$(84)$7 $(2)
Total recognized in net periodic benefit costs and other comprehensive income (loss) (pre-tax)$(64)$10 $2 
Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligation and Net Periodic Cost
Weighted-Average Assumptions used to Determine Benefit Obligation at End of Year
 United States
Pension Benefits		Foreign
Pension Benefits 		Other Postretirement
Benefits
 202520242025202420252024
Discount rate5.35 %5.60 %7.86 %7.93 %6.23 %6.24 %
Rate of compensation increase4.50 %4.50 %4.26 %5.07 %N/AN/A
Interest crediting rate for cash balance plans4.10 %4.35 %3.00 %3.00 %N/AN/A
Weighted-Average Assumptions used to Determine Net Periodic Cost
 United States
Pension Benefits		Foreign
Pension Benefits		Other Postretirement
Benefits
 202520242023202520242023202520242023
Discount rate5.60%5.15%5.55%7.93%4.44%4.72%6.77%6.00%6.36%
Expected long-term rate of return on plan assets6.00%6.50%6.00%6.10%6.03%5.33%N/AN/AN/A
Rate of compensation increase4.50%4.50%4.50%5.07%3.58%3.52%N/AN/AN/A
Interest crediting rate for cash balance plans4.35%3.90%4.30%3.00%2.81%2.85%N/AN/AN/A
Schedule of Expected Employer Contributions to Funded Plans
Expected Employer Contributions to Funded Plans
Millions of dollarsUnited States
Pension Benefits		Foreign
Pension Benefits
2026$— $— 
Schedule of Expected Benefit Payments
Expected Benefit Payments
Millions of dollarsUnited States
Pension Benefits		Foreign
Pension Benefits		Other Postretirement Benefits
2026$215 $6 $12 
2027183 9 11 
2028176 6 10 
2029168 6 9 
2030161 6 9 
2031-2035$688 $30 $40 
Schedule of Fair Value of Pension Plan Assets by Asset Category
The fair values of our pension plan assets at December 31, 2025 and 2024, by asset category were as follows:
December 31,
Quoted prices
(Level 1)		Other significant
observable inputs
(Level 2)		Significant
unobservable inputs
(Level 3)		Net Asset ValueTotal
Millions of dollars2025202420252024202520242025202420252024
Cash and cash equivalents$— $— $143 $146 $— $— $— $— $143 $146 
Government and government agency securities (1)
U.S. securities— — 124 57 — — — — 124 57 
International securities— — 32 43 — — — — 32 43 
Corporate bonds and notes (1)
U.S. companies— — 566 909 — — — — 566 909 
International companies— — 73 105 — — — — 73 105 
Equity securities (2)
International companies6 4 — — — — — — 6 4 
Mutual funds (3)
— — 104 100 — — — — 104 100 
Investments at net asset value
U.S. equity securities (4)
— — — — — — 538 234 538 234 
International equity securities (4)
— — — — — — 133 128 133 128 
U.S. private equity investments— — — — 4 6 — — 4 6 
Emerging growth— — — — — — — — — — 
All other investments1 — 22 41 — — — — 23 41 
$7 $4 $1,064 $1,401 $4 $6 $671 $362 $1,746 $1,773 
(1)Valued using pricing vendors who use proprietary models to estimate the price a dealer would pay to buy a security using significant observable inputs, such as interest rates, yield curves, and credit risk.
(2)Valued using the closing stock price on a national securities exchange, which reflects the last reported sales price on the last business day of the year.
(3)Valued using the NAV of the fund, which is based on the fair value of underlying securities. The fund primarily invests in a diversified portfolio of equity securities, fixed income debt securities and real estate issued by non-U.S. companies.
(4)Common and collective trust funds valued using the NAV of the fund, which is based on the fair value of underlying securities.
Schedule of Fair Value Measurements Using Significant Unobservable Inputs
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Millions of dollarsLimited
Partnerships
Balance, December 31, 2024
$6 
Realized gain / (loss) (net)— 
Unrealized gain / (loss) (net)— 
Purchases— 
Settlements(2)
Balance, December 31, 2025
$4 
Schedule of Projected Benefit Obligation in Excess of Plan Assets
The projected benefit obligation and fair value of plan assets for pension plans with a projected benefit obligation in excess of plan assets at December 31, 2025 and 2024 were as follows:
 United States
Pension Benefits		Foreign
Pension Benefits
Millions of dollars
2025(1)
202420252024
Projected benefit obligation$53 $1,845 $48 $37 
Fair value of plan assets$— $1,745 $— $— 
(1)The decrease in projected benefit obligation and fair value of plan assets for pension plans with a projected benefit obligation in excess of plan assets is primarily due to actuarial gain that occurred in 2025.
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2025 and 2024 were as follows:
 United States
Pension Benefits		Foreign
Pension Benefits
Millions of dollars 
2025(1)
202420252024
Projected benefit obligation$53 $1,845 $48 $37 
Accumulated benefit obligation41 1,835 44 35 
Fair value of plan assets$— $1,745 $— $— 
(1)The decrease in projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with a projected benefit obligation in excess of plan assets is primarily due to actuarial gain that occurred in 2025.