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Postemployment benefit plans (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Schedule of assumptions used to determine benefit obligation
 
 
U.S. Pension Benefits
 
Non-U.S. 
Pension Benefits
 
Other Postretirement 
Benefits
 
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Weighted-average assumptions used to determine benefit obligation, end of year:
 
 

 
 

 
 

 
 

 
 

 
 

Discount rate
 
3.2
%
 
4.2
%
 
1.9
%
 
2.5
%
 
3.2
%
 
4.2
%
Rate of compensation increase 1
 
—
%
 
4.0
%
 
2.0
%
 
3.0
%
 
4.0
%
 
4.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Effective December 31, 2019, all U.S. pension benefits were frozen, and accordingly this assumption is no longer applicable.
 
 
 
 
 
Schedule of changes in projected benefit obligations
 
 
U.S. Pension Benefits
 
Non-U.S. 
Pension Benefits
 
Other Postretirement 
Benefits
(Millions of dollars)
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Accumulated benefit obligation, end of year
 
$
17,773

 
$
15,877

 
$
4,502

 
$
4,038

 
 

 
 

Change in benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation, beginning of year
 
$
15,953

 
$
17,326

 
$
4,215

 
$
4,606

 
$
3,649

 
$
4,002

Service cost
 
115

 
125

 
80

 
89

 
80

 
83

Interest cost
 
600

 
534

 
94

 
96

 
136

 
125

Plan amendments
 
—

 
—

 
(5
)
 
26

 
8

 
(25
)
Actuarial losses (gains)
 
2,090

 
(1,058
)
 
424

 
(88
)
 
350

 
(195
)
Foreign currency exchange rates
 
—

 
—

 
95

 
(205
)
 
(1
)
 
(28
)
Participant contributions
 
—

 
—

 
7

 
6

 
46

 
51

Benefits paid - gross
 
(982
)
 
(971
)
 
(237
)
 
(277
)
 
(316
)
 
(369
)
Less: federal subsidy on benefits paid
 
—

 
—

 
—

 
—

 
9

 
7

Curtailments, settlements and termination benefits
 
(3
)
 
(3
)
 
(7
)
 
(38
)
 
(1
)
 
(2
)
Benefit obligation, end of year
 
$
17,773

 
$
15,953

 
$
4,666

 
$
4,215

 
$
3,960

 
$
3,649

Change in plan assets:
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets, beginning of year
 
$
12,697

 
$
13,416

 
$
4,025

 
$
4,305

 
$
328

 
$
504

Actual return on plan assets
 
2,740

 
(784
)
 
482

 
13

 
71

 
(5
)
Foreign currency exchange rates
 
—

 
—

 
105

 
(187
)
 
—

 
—

Company contributions
 
1,542

 
1,039

 
143

 
165

 
127

 
147

Participant contributions
 
—

 
—

 
7

 
6

 
46

 
51

Benefits paid
 
(982
)
 
(971
)
 
(237
)
 
(277
)
 
(316
)
 
(369
)
Settlements and termination benefits
 
(3
)
 
(3
)
 
—

 
—

 
(1
)
 
—

Fair value of plan assets, end of year
 
$
15,994

 
$
12,697

 
$
4,525

 
$
4,025

 
$
255

 
$
328

 
 
 
 
 
 
 
 
 
 
 
 
 
Over (under) funded status
 
$
(1,779
)
 
$
(3,256
)
 
$
(141
)
 
$
(190
)
 
$
(3,705
)
 
$
(3,321
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Components of net amount recognized in financial position:
 
 

 
 

 
 

 
 

 
 

 
 

Other assets (non-current asset)
 
$
219

 
$
9

 
$
485

 
$
442

 
$
—

 
$
—

Accrued wages, salaries and employee benefits (current liability)
 
(42
)
 
(40
)
 
(19
)
 
(20
)
 
(161
)
 
(173
)
Liability for postemployment benefits (non-current liability) 1
 
(1,956
)
 
(3,225
)
 
(607
)
 
(612
)
 
(3,544
)
 
(3,148
)
Net liability recognized
 
$
(1,779
)
 
$
(3,256
)
 
$
(141
)
 
$
(190
)
 
$
(3,705
)
 
$
(3,321
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Amounts recognized in Accumulated other comprehensive income (pre-tax) consist of:
 
 
 
 
 
 
 
 
 
 
 
 
Prior service cost (credit)
 
$
—

 
$
—

 
$
16

 
$
20

 
$
(78
)
 
$
(126
)
 
 
 
 
 
 
 
 
 
 
 
 
 
1 The Liability for postemployment benefits reported in Statement 3 includes our liability for other postemployment benefits and our liability for non-qualified deferred compensation plans. For 2019, these liabilities were $60 million and $432 million, respectively. For 2018, these liabilities were $119 million and $351 million, respectively.
 
 
 
 
 
 
 
 
 
 
 
 
 
Change in plan assets

 
 
U.S. Pension Benefits
 
Non-U.S. 
Pension Benefits
 
Other Postretirement 
Benefits
(Millions of dollars)
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Accumulated benefit obligation, end of year
 
$
17,773

 
$
15,877

 
$
4,502

 
$
4,038

 
 

 
 

Change in benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation, beginning of year
 
$
15,953

 
$
17,326

 
$
4,215

 
$
4,606

 
$
3,649

 
$
4,002

Service cost
 
115

 
125

 
80

 
89

 
80

 
83

Interest cost
 
600

 
534

 
94

 
96

 
136

 
125

Plan amendments
 
—

 
—

 
(5
)
 
26

 
8

 
(25
)
Actuarial losses (gains)
 
2,090

 
(1,058
)
 
424

 
(88
)
 
350

 
(195
)
Foreign currency exchange rates
 
—

 
—

 
95

 
(205
)
 
(1
)
 
(28
)
Participant contributions
 
—

 
—

 
7

 
6

 
46

 
51

Benefits paid - gross
 
(982
)
 
(971
)
 
(237
)
 
(277
)
 
(316
)
 
(369
)
Less: federal subsidy on benefits paid
 
—

 
—

 
—

 
—

 
9

 
7

Curtailments, settlements and termination benefits
 
(3
)
 
(3
)
 
(7
)
 
(38
)
 
(1
)
 
(2
)
Benefit obligation, end of year
 
$
17,773

 
$
15,953

 
$
4,666

 
$
4,215

 
$
3,960

 
$
3,649

Change in plan assets:
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets, beginning of year
 
$
12,697

 
$
13,416

 
$
4,025

 
$
4,305

 
$
328

 
$
504

Actual return on plan assets
 
2,740

 
(784
)
 
482

 
13

 
71

 
(5
)
Foreign currency exchange rates
 
—

 
—

 
105

 
(187
)
 
—

 
—

Company contributions
 
1,542

 
1,039

 
143

 
165

 
127

 
147

Participant contributions
 
—

 
—

 
7

 
6

 
46

 
51

Benefits paid
 
(982
)
 
(971
)
 
(237
)
 
(277
)
 
(316
)
 
(369
)
Settlements and termination benefits
 
(3
)
 
(3
)
 
—

 
—

 
(1
)
 
—

Fair value of plan assets, end of year
 
$
15,994

 
$
12,697

 
$
4,525

 
$
4,025

 
$
255

 
$
328

 
 
 
 
 
 
 
 
 
 
 
 
 
Over (under) funded status
 
$
(1,779
)
 
$
(3,256
)
 
$
(141
)
 
$
(190
)
 
$
(3,705
)
 
$
(3,321
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Components of net amount recognized in financial position:
 
 

 
 

 
 

 
 

 
 

 
 

Other assets (non-current asset)
 
$
219

 
$
9

 
$
485

 
$
442

 
$
—

 
$
—

Accrued wages, salaries and employee benefits (current liability)
 
(42
)
 
(40
)
 
(19
)
 
(20
)
 
(161
)
 
(173
)
Liability for postemployment benefits (non-current liability) 1
 
(1,956
)
 
(3,225
)
 
(607
)
 
(612
)
 
(3,544
)
 
(3,148
)
Net liability recognized
 
$
(1,779
)
 
$
(3,256
)
 
$
(141
)
 
$
(190
)
 
$
(3,705
)
 
$
(3,321
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Amounts recognized in Accumulated other comprehensive income (pre-tax) consist of:
 
 
 
 
 
 
 
 
 
 
 
 
Prior service cost (credit)
 
$
—

 
$
—

 
$
16

 
$
20

 
$
(78
)
 
$
(126
)
 
 
 
 
 
 
 
 
 
 
 
 
 
1 The Liability for postemployment benefits reported in Statement 3 includes our liability for other postemployment benefits and our liability for non-qualified deferred compensation plans. For 2019, these liabilities were $60 million and $432 million, respectively. For 2018, these liabilities were $119 million and $351 million, respectively.
 
 
 
 
 
 
 
 
 
 
 
 
 
Defined benefit plan funded status, components of net amount recognized in financial position and accumulated other comprehensive income

 
 
U.S. Pension Benefits
 
Non-U.S. 
Pension Benefits
 
Other Postretirement 
Benefits
(Millions of dollars)
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Accumulated benefit obligation, end of year
 
$
17,773

 
$
15,877

 
$
4,502

 
$
4,038

 
 

 
 

Change in benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation, beginning of year
 
$
15,953

 
$
17,326

 
$
4,215

 
$
4,606

 
$
3,649

 
$
4,002

Service cost
 
115

 
125

 
80

 
89

 
80

 
83

Interest cost
 
600

 
534

 
94

 
96

 
136

 
125

Plan amendments
 
—

 
—

 
(5
)
 
26

 
8

 
(25
)
Actuarial losses (gains)
 
2,090

 
(1,058
)
 
424

 
(88
)
 
350

 
(195
)
Foreign currency exchange rates
 
—

 
—

 
95

 
(205
)
 
(1
)
 
(28
)
Participant contributions
 
—

 
—

 
7

 
6

 
46

 
51

Benefits paid - gross
 
(982
)
 
(971
)
 
(237
)
 
(277
)
 
(316
)
 
(369
)
Less: federal subsidy on benefits paid
 
—

 
—

 
—

 
—

 
9

 
7

Curtailments, settlements and termination benefits
 
(3
)
 
(3
)
 
(7
)
 
(38
)
 
(1
)
 
(2
)
Benefit obligation, end of year
 
$
17,773

 
$
15,953

 
$
4,666

 
$
4,215

 
$
3,960

 
$
3,649

Change in plan assets:
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets, beginning of year
 
$
12,697

 
$
13,416

 
$
4,025

 
$
4,305

 
$
328

 
$
504

Actual return on plan assets
 
2,740

 
(784
)
 
482

 
13

 
71

 
(5
)
Foreign currency exchange rates
 
—

 
—

 
105

 
(187
)
 
—

 
—

Company contributions
 
1,542

 
1,039

 
143

 
165

 
127

 
147

Participant contributions
 
—

 
—

 
7

 
6

 
46

 
51

Benefits paid
 
(982
)
 
(971
)
 
(237
)
 
(277
)
 
(316
)
 
(369
)
Settlements and termination benefits
 
(3
)
 
(3
)
 
—

 
—

 
(1
)
 
—

Fair value of plan assets, end of year
 
$
15,994

 
$
12,697

 
$
4,525

 
$
4,025

 
$
255

 
$
328

 
 
 
 
 
 
 
 
 
 
 
 
 
Over (under) funded status
 
$
(1,779
)
 
$
(3,256
)
 
$
(141
)
 
$
(190
)
 
$
(3,705
)
 
$
(3,321
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Components of net amount recognized in financial position:
 
 

 
 

 
 

 
 

 
 

 
 

Other assets (non-current asset)
 
$
219

 
$
9

 
$
485

 
$
442

 
$
—

 
$
—

Accrued wages, salaries and employee benefits (current liability)
 
(42
)
 
(40
)
 
(19
)
 
(20
)
 
(161
)
 
(173
)
Liability for postemployment benefits (non-current liability) 1
 
(1,956
)
 
(3,225
)
 
(607
)
 
(612
)
 
(3,544
)
 
(3,148
)
Net liability recognized
 
$
(1,779
)
 
$
(3,256
)
 
$
(141
)
 
$
(190
)
 
$
(3,705
)
 
$
(3,321
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Amounts recognized in Accumulated other comprehensive income (pre-tax) consist of:
 
 
 
 
 
 
 
 
 
 
 
 
Prior service cost (credit)
 
$
—

 
$
—

 
$
16

 
$
20

 
$
(78
)
 
$
(126
)
 
 
 
 
 
 
 
 
 
 
 
 
 
1 The Liability for postemployment benefits reported in Statement 3 includes our liability for other postemployment benefits and our liability for non-qualified deferred compensation plans. For 2019, these liabilities were $60 million and $432 million, respectively. For 2018, these liabilities were $119 million and $351 million, respectively.
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule of pension plans with projected benefit obligation in excess of plan assets for all U.S and Non U.S Pension benefits

 
 
U.S. Pension Benefits
 
Non-U.S. 
Pension Benefits
(Millions of dollars)
 
2019
 
2018
 
2019
 
2018
Pension plans with projected benefit obligation in excess of plan assets:
 
 
 
 
 
 
 
 
Projected benefit obligation
 
$
14,037

 
$
15,614

 
$
2,010

 
$
1,821

Accumulated benefit obligation
 
$
14,037

 
$
15,541

 
$
1,896

 
$
1,723

Fair value of plan assets
 
$
12,039

 
$
12,349

 
$
1,384

 
$
1,189

 
 
 
 
 
 
 
 
 
Pension plans with accumulated benefit obligation in excess of plan assets:
 
 
 
 
 
 
 
 
Projected benefit obligation
 
$
14,037

 
$
15,614

 
$
1,875

 
$
1,655

Accumulated benefit obligation
 
$
14,037

 
$
15,541

 
$
1,799

 
$
1,603

Fair value of plan assets
 
$
12,039

 
$
12,349

 
$
1,269

 
$
1,047

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

The accumulated postretirement benefit obligation exceeds plan assets for all of our other postretirement benefit plans for all years presented.
Schedule of pension plans with accumulated benefit obligation in excess of plan assets for all U.S and Non U.S Pension benefits

 
 
U.S. Pension Benefits
 
Non-U.S. 
Pension Benefits
(Millions of dollars)
 
2019
 
2018
 
2019
 
2018
Pension plans with projected benefit obligation in excess of plan assets:
 
 
 
 
 
 
 
 
Projected benefit obligation
 
$
14,037

 
$
15,614

 
$
2,010

 
$
1,821

Accumulated benefit obligation
 
$
14,037

 
$
15,541

 
$
1,896

 
$
1,723

Fair value of plan assets
 
$
12,039

 
$
12,349

 
$
1,384

 
$
1,189

 
 
 
 
 
 
 
 
 
Pension plans with accumulated benefit obligation in excess of plan assets:
 
 
 
 
 
 
 
 
Projected benefit obligation
 
$
14,037

 
$
15,614

 
$
1,875

 
$
1,655

Accumulated benefit obligation
 
$
14,037

 
$
15,541

 
$
1,799

 
$
1,603

Fair value of plan assets
 
$
12,039

 
$
12,349

 
$
1,269

 
$
1,047

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

The accumulated postretirement benefit obligation exceeds plan assets for all of our other postretirement benefit plans for all years presented.
Components of net periodic benefit cost, other changes in plan assets and benefits obligations recognized in other comprehensive income and weighted-average assumptions used to determine net cost
 
 
U.S. Pension Benefits
 
Non-U.S. Pension Benefits
 
Other Postretirement Benefits
(Millions of dollars)
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Components of net periodic benefit cost:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Service cost
 
$
115

 
$
125

 
$
115

 
$
80

 
$
89

 
$
95

 
$
80

 
$
83

 
$
78

Interest cost
 
600

 
534

 
525

 
94

 
96

 
101

 
136

 
125

 
130

Expected return on plan assets
 
(721
)
 
(808
)
 
(734
)
 
(148
)
 
(221
)
 
(231
)
 
(18
)
 
(32
)
 
(37
)
Curtailments, settlements and termination benefits
 
(1
)
 
—

 
9

 
(7
)
 
(33
)
 
15

 
—

 
(2
)
 
—

Amortization of prior service cost (credit) 1
 
—

 
—

 
—

 
—

 
—

 
(2
)
 
(40
)
 
(36
)
 
(23
)
Actuarial loss (gain) 2
 
72

 
534

 
481

 
90

 
111

 
(195
)
 
306

 
(150
)
 
15

Net Periodic benefit cost (benefit) 3
 
$
65

 
$
385

 
$
396

 
$
109

 
$
42

 
$
(217
)
 
$
464

 
$
(12
)
 
$
163

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other changes in plan assets and benefit obligations recognized in other comprehensive income (pre-tax):
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Current year prior service cost (credit)
 
$
—

 
$
—

 
$
—

 
$
(4
)
 
$
20

 
$
3

 
$
8

 
$
(20
)
 
$
(77
)
Amortization of prior service (cost) credit 1
 
—

 
—

 
—

 
—

 
—

 
2

 
40

 
36

 
23

Total recognized in other comprehensive income
 
—

 
—

 
—

 
(4
)
 
20

 
5

 
48

 
16

 
(54
)
Total recognized in net periodic cost and other comprehensive income
 
$
65

 
$
385

 
$
396

 
$
105

 
$
62

 
$
(212
)
 
$
512

 
$
4

 
$
109

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average assumptions used to determine net periodic benefit cost:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Discount rate used to measure service cost
 
4.3
%
 
3.7
%
 
4.2
%
 
2.5
%
 
2.3
%
 
2.4
%
 
4.1
%
 
3.5
%
 
3.9
%
Discount rate used to measure interest cost
 
3.9
%
 
3.2
%
 
3.3
%
 
2.3
%
 
2.2
%
 
2.3
%
 
3.9
%
 
3.2
%
 
3.3
%
Expected rate of return on plan assets 4 
 
5.9
%
 
6.3
%
 
6.7
%
 
3.8
%
 
5.2
%
 
5.9
%
 
7.2
%
 
7.5
%
 
7.5
%
Rate of compensation increase
 
4.0
%
 
4.0
%
 
4.0
%
 
3.0
%
 
4.0
%
 
4.0
%
 
4.1
%
 
4.0
%
 
4.0
%
1 
The estimated amount of prior service cost (credit) that will be amortized from Accumulated other comprehensive income (loss) at December 31, 2019 into net periodic benefit cost (pre-tax) in 2020 is a credit of $38 million for Other Postretirement Benefits.
2 
Actuarial loss (gain) represents the effects of actual results differing from our assumptions and the effects of changing assumptions. We recognize actuarial loss (gain) immediately through earnings upon the annual remeasurement in the fourth quarter, or on an interim basis as triggering events warrant remeasurement.
3 
The service cost component is included in Operating costs and all other components are included in Other income (expense) in Statement 1.
4 
The weighted-average rates for 2020 are 5.1 percent and 3.2 percent for U.S. and non-U.S. pension plans, respectively.
 
 
 
 
 
Effects of one-percentage point change in the assumed health care cost trend rates A one-percentage-point change in assumed health care cost trend rates would have had the following effects:

(Millions of dollars)
 
One-percentage-
point increase
 
One-percentage-
point decrease
Effect on 2019 service and interest cost components of other postretirement benefit cost
 
$
13

 
$
(11
)
Effect on accumulated postretirement benefit obligation
 
$
158

 
$
(133
)
 
 
 
 
 
Schedule of expected contributions, expected benefit payments and gross prescription drug subsidy receipts
Information about expected contributions and benefit payments for pension and other postretirement benefit plans is as follows:
 
(Millions of dollars)
 
2020
 
 
 
 
 
 
 
 
 
 
 
 
Expected employer contributions:
 
 

 
 

 
 

 
 
 
 
 
 
 
 
U.S. Pension Benefits
 
$
40

 
 
 
 
 
 
 
 
 
 
 
 
Non-U.S. Pension Benefits
 
$
105

 
 
 
 
 
 
 
 
 
 
 
 
Other Postretirement Benefits
 
$
135

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expected benefit payments:
 
2020
 
2021
 
2022
 
2023
 
2024
 
2025-
2029
 
Total
U.S. Pension Benefits
 
$
1,020

 
$
1,010

 
$
1,010

 
$
1,010

 
$
1,010

 
$
5,005

 
$
10,065

Non-U.S. Pension Benefits
 
$
280

 
$
175

 
$
180

 
$
185

 
$
190

 
$
1,055

 
$
2,065

Other Postretirement Benefits
 
$
290

 
$
285

 
$
280

 
$
275

 
$
270

 
$
1,340

 
$
2,740

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expected Medicare Part D subsidy:
 
$
9

 
$
9

 
$
9

 
$
8

 
$
8

 
$
35

 
$
78

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of pension and other postretirement benefit plan assets, by category

The fair value of the pension and other postretirement benefit plan assets by category is summarized below:
 
 
 
December 31, 2019
(Millions of dollars)
 
Level 1
 
Level 2
 
Level 3
 
Measured at NAV
 
Total Assets at Fair Value
U.S. Pension
 
 

 
 

 
 

 
 

 
 

Equity securities:
 
 

 
 

 
 

 
 

 
 

U.S. equities
 
$
2,578

 
$
—

 
$
23

 
$
133

 
$
2,734

Non-U.S. equities
 
2,068

 
—

 
—

 
—

 
2,068

 
 
 
 
 
 
 
 
 
 
 
Fixed income securities:
 
 

 
 

 
 

 
 
 
 

U.S. corporate bonds
 
—

 
6,577

 
57

 
—

 
6,634

Non-U.S. corporate bonds
 
—

 
1,414

 
—

 
—

 
1,414

U.S. government bonds
 
—

 
2,220

 
—

 
—

 
2,220

U.S. governmental agency mortgage-backed securities
 
—

 
63

 
—

 
—

 
63

Non-U.S. government bonds
 
—

 
96

 
—

 
—

 
96

 
 
 
 
 
 
 
 
 
 
 
Real estate
 
—

 
—

 
10

 
—

 
10

 
 
 
 
 
 
 
 
 
 
 
Cash, short-term instruments and other
 
230

 
10

 
—

 
515

 
755

Total U.S. pension assets
 
$
4,876

 
$
10,380

 
$
90

 
$
648

 
$
15,994

 
 
December 31, 2018
(Millions of dollars)
 
Level 1
 
Level 2
 
Level 3
 
Measured at NAV
 
Total Assets at Fair Value
U.S. Pension
 
 

 
 

 
 

 
 
 
 

Equity securities:
 
 

 
 

 
 

 
 
 
 

U.S. equities
 
$
1,971

 
$
—

 
$
35

 
$
155

 
$
2,161

Non-U.S. equities
 
1,279

 
—

 
1

 
—

 
1,280

 
 
 
 
 
 
 
 
 
 
 
Fixed income securities:
 
 

 
 

 
 

 
 
 
 

U.S. corporate bonds
 
—

 
6,371

 
61

 
52

 
6,484

Non-U.S. corporate bonds
 
—

 
1,332

 
—

 
—

 
1,332

U.S. government bonds
 
—

 
590

 
—

 
—

 
590

U.S. governmental agency mortgage-backed securities
 
—

 
384

 
—

 
—

 
384

Non-U.S. government bonds
 
—

 
79

 
—

 
—

 
79

 
 
 
 
 
 
 
 
 
 
 
Real estate
 
—

 
—

 
10

 
—

 
10

 
 
 
 
 
 
 
 
 
 
 
Cash, short-term instruments and other
 
202

 
9

 
—

 
166

 
377

Total U.S. pension assets
 
$
3,452

 
$
8,765

 
$
107

 
$
373

 
$
12,697

 
 
 
 
 
 
 
 
 
 
 


 
 
December 31, 2019
(Millions of dollars)
 
Level 1
 
Level 2
 
Level 3
 
Measured at NAV
 
Total Assets at Fair Value
Non-U.S. Pension
 
 

 
 

 
 

 
 
 
 

Equity securities:
 
 

 
 

 
 

 
 
 
 

U.S. equities
 
$
58

 
$
—

 
$
—

 
$
—

 
$
58

Non-U.S. equities
 
346

 
29

 
—

 
65

 
440

Global equities 1 
 
26

 
16

 
—

 
111

 
153

 
 
 
 
 
 
 
 
 
 
 
Fixed income securities:
 
 

 
 

 
 

 
 
 
 

U.S. corporate bonds
 
—

 
253

 
—

 
—

 
253

Non-U.S. corporate bonds
 
—

 
808

 
—

 
7

 
815

U.S. government bonds
 
—

 
65

 
—

 
—

 
65

Non-U.S. government bonds
 
—

 
1,952

 
—

 
—

 
1,952

Global fixed income 1 
 
—

 
182

 
—

 
208

 
390

 
 
 
 
 
 
 
 
 
 
 
Real estate
 
—

 
211

 
—

 
—

 
211

 
 
 
 
 
 
 
 
 
 
 
Cash, short-term instruments and other 2 
 
68

 
120

 
—

 
—

 
188

Total non-U.S. pension assets
 
$
498

 
$
3,636

 
$
—

 
$
391

 
$
4,525

 
 
December 31, 2018
(Millions of dollars)
 
Level 1
 
Level 2
 
Level 3
 
Measured at NAV
 
Total Assets at Fair Value
Non-U.S. Pension
 
 

 
 

 
 

 
 
 
 

Equity securities:
 
 

 
 

 
 

 
 
 
 

U.S. equities
 
$
43

 
$
—

 
$
—

 
$
—

 
$
43

Non-U.S. equities
 
259

 
28

 
—

 
53

 
340

Global equities 1 
 
23

 
23

 
—

 
90

 
136

 
 
 
 
 
 
 
 
 
 
 
Fixed income securities:
 
 

 
 

 
 

 
 
 
 

U.S. corporate bonds
 
—

 
206

 
—

 
—

 
206

Non-U.S. corporate bonds
 
—

 
690

 
—

 
6

 
696

U.S. government bonds
 
—

 
74

 
—

 
—

 
74

Non-U.S. government bonds
 
—

 
1,721

 
—

 
—

 
1,721

Global fixed income 1 
 
—

 
261

 
—

 
215

 
476

 
 
 
 
 
 
 
 
 
 
 
Real estate
 
—

 
185

 
—

 
—

 
185

 
 
 
 
 
 
 
 
 
 
 
Cash, short-term instruments and other 2 
 
66

 
82

 
—

 
—

 
148

Total non-U.S. pension assets
 
$
391

 
$
3,270

 
$
—

 
$
364

 
$
4,025

1 Includes funds that invest in both U.S. and non-U.S. securities.
2 Includes funds that invest in multiple asset classes, hedge funds and other.

We have reclassified $143 million from Level 1 to measured at net assets value for 2018. The reclassification did not impact total assets.
 
 
 
 
 
 
 
 
 
 
 


 
 
December 31, 2019
(Millions of dollars)
 
Level 1
 
Level 2
 
Level 3
 
Measured at NAV
 
Total Assets at Fair Value
Other Postretirement Benefits
 
 

 
 

 
 

 
 
 
 

Equity securities:
 
 

 
 

 
 

 
 
 
 

U.S. equities
 
$
119

 
$
—

 
$
—

 
$
—

 
$
119

Non-U.S. equities
 
56

 
—

 
—

 
—

 
56

 
 
 
 
 
 
 
 
 
 
 
Fixed income securities:
 
 

 
 

 
 

 
 
 
 

U.S. corporate bonds
 
—

 
33

 
—

 
—

 
33

Non-U.S. corporate bonds
 
—

 
6

 
—

 
—

 
6

U.S. government bonds
 
—

 
9

 
—

 
—

 
9

U.S. governmental agency mortgage-backed securities
 
—

 
16

 
—

 
—

 
16

Non-U.S. government bonds
 
—

 
3

 
—

 
—

 
3

 
 
 
 
 
 
 
 
 
 
 
Cash, short-term instruments and other
 
2

 
1

 
—

 
10

 
13

Total other postretirement benefit assets
 
$
177

 
$
68

 
$
—

 
$
10

 
$
255

 
 
December 31, 2018
(Millions of dollars)
 
Level 1
 
Level 2
 
Level 3
 
Measured at NAV
 
Total Assets at Fair Value
Other Postretirement Benefits
 
 

 
 

 
 

 
 
 
 

Equity securities:
 
 

 
 

 
 

 
 
 
 

U.S. equities
 
$
151

 
$
1

 
$
—

 
$
—

 
$
152

Non-U.S. equities
 
64

 
—

 
—

 
—

 
64

 
 
 
 
 
 
 
 
 
 
 
Fixed income securities:
 
 

 
 

 
 

 
 
 
 

U.S. corporate bonds
 
—

 
45

 
—

 
—

 
45

Non-U.S. corporate bonds
 
—

 
11

 
—

 
—

 
11

U.S. government bonds
 
—

 
8

 
—

 
—

 
8

U.S. governmental agency mortgage-backed securities
 
—

 
25

 
—

 
—

 
25

Non-U.S. government bonds
 
—

 
3

 
—

 
—

 
3

 
 
 
 
 
 
 
 
 
 
 
Cash, short-term instruments and other
 
3

 
1

 
—

 
16

 
20

Total other postretirement benefit assets
 
$
218

 
$
94

 
$
—

 
$
16

 
$
328

 
 
 
 
 
 
 
 
 
 
 
Roll forward of assets measured at fair value using level 3 inputs
Below are roll-forwards of assets measured at fair value using Level 3 inputs for the years ended December 31, 2019 and 2018.  These instruments were valued using pricing models that, in management’s judgment, reflect the assumptions a market participant would use.
 
(Millions of dollars)
 
Equities
 
Fixed Income
 
Real Estate
U.S. Pension
 
 

 
 

 
 

Balance at December 31, 2017
 
$
20

 
$
60

 
$
10

Unrealized gains (losses)
 
(6
)
 
(12
)
 
—

Realized gains (losses)
 
—

 
—

 
—

Purchases, issuances and settlements, net
 
21

 
11

 
—

Transfers in and/or out of Level 3
 
1

 
2

 
—

Balance at December 31, 2018
 
$
36

 
$
61

 
$
10

Unrealized gains (losses)
 
(9
)
 
—

 
—

Realized gains (losses)
 
7

 
—

 
—

Purchases, issuances and settlements, net
 
(10
)
 
(4
)
 
—

Transfers in and/or out of Level 3
 
(1
)
 
—

 
—

Balance at December 31, 2019
 
$
23

 
$
57

 
$
10

 
 
 
 
 
 
 
Company costs related to U.S. and non-U.S. defined contribution plans
Total company costs related to U.S. and non-U.S. defined contribution plans were as follows:
 
(Millions of dollars)
 
2019
 
2018
 
2017
U.S. plans
 
$
414

 
$
271

 
$
375

Non-U.S. plans
 
83

 
89

 
73

 
 
$
497

 
$
360

 
$
448