v3.25.4
Pension and Postretirement Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Reconciliation of Projected Benefit Obligations and Plan Assets
The following table provides a reconciliation of the projected benefit obligations and plan assets for our pension plans and accumulated benefit obligations for our other postretirement benefit plans:

 Millions of Dollars
Pension BenefitsOther Benefits
 2025202420252024
U.S.Int’l.U.S.Int’l.
Change in Benefit Obligations
Benefit obligations at January 1$2,349 697 2,260 752 137 150 
Service cost123 12 116 14 3 3 
Interest cost127 35 114 32 7 7 
Plan participant contributions— 4 — 3 7 7 
Actuarial loss (gain)104 (24)68 (48)1 (8)
Benefits paid(291)(35)(209)(34)(22)(22)
Divestiture*— (127)— — — — 
Foreign currency exchange rate change— 60 — (22)— — 
Benefit obligations at December 31$2,412 622 2,349 697 133 137 
Change in Fair Value of Plan Assets
Fair value of plan assets at January 1$2,121 751 2,139 778 — — 
Actual return on plan assets269 34 172 14 — — 
Company contributions150 5 19 5 15 15 
Plan participant contributions— 4 — 3 7 7 
Benefits paid(291)(35)(209)(34)(22)(22)
Divestiture*— (13)— — — — 
Foreign currency exchange rate change— 60 — (15)— — 
Fair value of plan assets at December 31$2,249 806 2,121 751 — — 
Funded Status at December 31$(163)184 (228)54 (133)(137)
* Derecognition in connection with the disposition of 65% of our interest in Germany and Austria Marketing. See Note 9—Investments, Loans and Long-Term Receivables.
Schedule of Amounts Recognized in the Consolidated Balance Sheet
Amounts recognized in the consolidated balance sheet for our pension and other postretirement benefit plans at December 31 include:
Millions of Dollars
Pension BenefitsOther Benefits
2025202420252024
U.S.Int’l.U.S.Int’l.
Amounts Recognized in the Consolidated Balance Sheet
Noncurrent assets$— 199 — 181 — — 
Current liabilities(20)— (60)— (15)(15)
Noncurrent liabilities(143)(15)(168)(127)(118)(122)
Total recognized$(163)184 (228)54 (133)(137)
Schedule of Before Tax Amounts Unrecognized in Net Periodic Benefit Cost Included in Accumulated Other Comprehensive Income
Included in accumulated other comprehensive loss at December 31 were the following before-tax amounts that had not been recognized in net periodic benefit cost:

Millions of Dollars
Pension BenefitsOther Benefits
2025202420252024
U.S.Int’l.U.S.Int’l.
Unrecognized net actuarial loss (gain)$102 (15)141 (16)(48)(54)
Schedule of Sources of Change in Other Comprehensive Income (Loss)
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):

Millions of Dollars
Pension BenefitsOther Benefits
2025202420252024
U.S.Int’l.U.S.Int’l.
Sources of Change in Other Comprehensive Income
Net actuarial gain (loss) arising during the period$14 12 (49)18 (1)8 
Divestiture*— (12)— — — — 
Amortization of net actuarial loss (gain) and settlements25 (1)19 — (5)(5)
Total recognized in other comprehensive income$39 (1)(30)18 (6)3 
* Related to the disposition of 65% of our interest in Germany and Austria Marketing and is included in the “Net gain on dispositions” line item on the consolidated statement of income. See Note 9—Investments, Loans and Long-Term Receivables.
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31 was:

Millions of Dollars
Pension Benefits
20252024
U.S.Int’l.U.S.Int’l.
Accumulated benefit obligations$55 16 100 134 
Fair value of plan assets
— 1 — 13 
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
Information for U.S. and international pension plans with a projected benefit obligation in excess of plan assets at December 31 was:

Millions of Dollars
Pension Benefits
20252024
U.S.Int’l.U.S.Int’l.
Projected benefit obligations$2,412 16 2,349 139 
Fair value of plan assets
2,249 1 2,121 13 
Schedule of Components of Net Periodic Benefit Cost
Components of net periodic benefit cost for all defined benefit plans are presented in the table below:

Millions of Dollars
Pension BenefitsOther Benefits
202520242023202520242023
U.S.Int’l.U.S.Int’l.U.S.Int’l.
Components of Net Periodic Benefit Cost
Service cost$123 12 116 14 108 13 3 3 3 
Interest cost127 35 114 32 118 31 7 7 8 
Expected return on plan assets(151)(46)(153)(45)(126)(43)— — — 
Amortization of net actuarial loss (gain)16 (1)12 — 11 (3)(5)(5)(6)
Settlement losses9 — 7 — 17 — — — — 
Net periodic benefit cost (credit)*$124 — 96 1 128 (2)5 5 5 
* Included in the “Operating expenses” and “Selling, general and administrative expenses” line items on our consolidated statement of income.
Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Costs
The following weighted-average assumptions were used to determine benefit obligations and net periodic benefit costs for the years ended December 31:

Pension BenefitsOther Benefits
 2025202420252024
 U.S.Int’l.U.S.Int’l.
Assumptions Used to Determine Benefit Obligations:
Discount rate5.63 %5.53 5.75 4.99 5.30 5.70 
Rate of compensation increase4.29 3.98 4.25 3.74 — — 
Interest crediting rate on cash balance plan5.34 — 4.88 — — — 
Assumptions Used to Determine Net Periodic Benefit Cost:
Discount rate5.75 %4.99 5.35 4.36 5.70 5.45 
Expected return on plan assets7.50 5.89 7.50 5.86 — — 
Rate of compensation increase4.25 3.74 4.30 3.34 — — 
Interest crediting rate on cash balance plan4.88 — 3.98 — — — 
Schedule of Fair Values of Pension Plan Assets
The fair values of our pension plan assets at December 31, by asset class, were:

 Millions of Dollars
United StatesInternational
 Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
2025
Equity securities$219 — — 219 — — — — 
Government debt securities360 — — 360 — — — — 
Corporate debt securities— 115 — 115 — — — — 
Cash and cash equivalents76 — — 76 6 — — 6 
Insurance contracts— — — — — — 235 235 
Total assets in the fair value hierarchy655 115 — 770 6 — 235 241 
Common/collective trusts measured at NAV1,215 462 
Real estate and infrastructure investments measured at NAV264 103 
Total$655 115 — 2,249 6 — 235 806 
 
 Millions of Dollars
United StatesInternational
 Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
2024
Equity securities$298 — — 298 — — — — 
Government debt securities330 — — 330 — — — — 
Corporate debt securities
— 109 — 109 — — — — 
Cash and cash equivalents28 — — 28 21 — — 21 
Insurance contracts— — — — — — 190 190 
Total assets in the fair value hierarchy656 109 — 765 21 — 190 211 
Common/collective trusts measured at NAV1,079 419 
Real estate and infrastructure investments measured at NAV277 121 
Total$656 109 — 2,121 21 — 190 751 
Schedule of Defined Benefit Plans
The following table is a reconciliation of the changes in our Level 3 plan asset balance:

 Millions of Dollars
 20252024
Balance at January 1$190 13 
Transfer in46 186 
Actual return on plan assets(1)(6)
Divestiture(13)— 
Foreign currency exchange rate change13 (3)
Balance at December 31$235 190 
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid to plan participants in the years indicated:
 
 Millions of Dollars
Pension BenefitsOther Benefits
U.S.Int’l.
2026$225 21 15 
2027222 22 15 
2028221 27 15 
2029224 29 15 
2030224 31 15 
2031-20351,201 164 65