Pension and Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2016

Defined Benefit Plans and Other Postretirement Benefit Plans

Reconciliation of the beginning and ending balances of the benefit obligation and the fair value of plan assets

	Qualified and Non-qualified
	Pension Benefits								Postretirement
	United States				International				Benefits
(Millions)	2016		2015		2016		2015		2016		2015
Change in benefit obligation
Benefit obligation at beginning of year	$	15,856	$	16,452	$	6,322	$	6,979	$	2,216	$	2,462
Acquisitions/Transfers		—		—		(5)		94		—		—
Service cost		259		293		133		154		54		75
Interest cost		575		655		171		206		79		98
Participant contributions		—		—		8		9		—		14
Foreign exchange rate changes		—		—		(472)		(589)		7		(22)
Plan amendments		5		—		(4)		(6)		—		(211)
Actuarial (gain) loss		427		(657)		724		(274)		7		(80)
Medicare Part D Reimbursement		—		—		—		—		—		1
Benefit payments		(919)		(874)		(245)		(232)		(104)		(122)
Settlements, curtailments, special termination benefits and other		(1)		(13)		(7)		(19)		—		1
Benefit obligation at end of year	$	16,202	$	15,856	$	6,625	$	6,322	$	2,259	$	2,216
Change in plan assets
Fair value of plan assets at beginning of year	$	13,966	$	14,643	$	5,669	$	5,957	$	1,367	$	1,436
Acquisitions/Transfers		—		—		—		8		—		—
Actual return on plan assets		779		100		512		287		90		36
Company contributions		259		113		121		151		3		3
Participant contributions		—		—		8		9		—		14
Foreign exchange rate changes		—		—		(444)		(498)		—		—
Benefit payments		(919)		(874)		(245)		(232)		(104)		(122)
Settlements, curtailments, special termination benefits and other		(4)		(16)		(4)		(13)		—		—
Fair value of plan assets at end of year	$	14,081	$	13,966	$	5,617	$	5,669	$	1,356	$	1,367
Funded status at end of year	$	(2,121)	$	(1,890)	$	(1,008)	$	(653)	$	(903)	$	(849)

Amounts recognized in the Consolidated Balance Sheet

	Qualified and Non-qualified
	Pension Benefits								Postretirement
	United States				International				Benefits
(Millions)	2016		2015		2016		2015		2016		2015
Amounts recognized in the Consolidated Balance Sheet as of Dec. 31,
Non-current assets	$	4	$	3	$	48	$	185	$	—	$	—
Accrued benefit cost
Current liabilities		(52)		(47)		(10)		(10)		(4)		(3)
Non-current liabilities		(2,073)		(1,846)		(1,046)		(828)		(899)		(846)
Ending balance	$	(2,121)	$	(1,890)	$	(1,008)	$	(653)	$	(903)	$	(849)

Amounts recognized in accumulated other comprehensive income

	Qualified and Non-qualified
	Pension Benefits								Postretirement
	United States				International				Benefits
(Millions)	2016		2015		2016		2015		2016		2015
Amounts recognized in accumulated other comprehensive income as of Dec. 31,
Net transition obligation (asset)	$	—	$	—	$	—	$	(2)	$	—	$	—
Net actuarial loss (gain)		5,704		5,366		1,933		1,610		761		815
Prior service cost (credit)		(198)		(227)		(56)		(68)		(214)		(270)
Ending balance	$	5,506	$	5,139	$	1,877	$	1,540	$	547	$	545

Amounts relating to pension plans with accumulated benefit obligations in excess of plan assets

The following amounts relate to pension plans with accumulated benefit obligations in excess of plan assets as of December 31:

	Qualified and Non-qualified Pension Plans
	United States				International
(Millions)	2016		2015		2016		2015
Projected benefit obligation	$	16,202	$	15,856	$	2,590	$	2,382
Accumulated benefit obligation		15,149		14,834		2,351		2,149
Fair value of plan assets		14,081		13,966		1,635		1,566

Components of net periodic benefit cost (benefit)

Components of net periodic cost and other amounts recognized in other comprehensive income

Net periodic benefit cost is recorded in cost of sales, selling, general and administrative expenses, and research, development and related expenses. Components of net periodic benefit cost and other changes in plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31 follow:

	Qualified and Non-qualified
	Pension Benefits												Postretirement
	United States						International						Benefits
(Millions)	2016		2015		2014		2016		2015		2014		2016		2015		2014
Net periodic benefit cost (benefit)
Service cost	$	259	$	293	$	241	$	133	$	154	$	141	$	54	$	75	$	65
Interest cost		575		655		676		171		206		252		79		98		97
Expected return on plan assets		(1,043)		(1,069)		(1,043)		(308)		(308)		(312)		(90)		(91)		(90)
Amortization of transition (asset) obligation		—		—		—		(1)		(1)		(1)		—		—		—
Amortization of prior service cost (benefit)		(24)		(24)		4		(13)		(13)		(16)		(55)		(42)		(47)
Amortization of net actuarial (gain) loss		354		409		243		91		144		121		61		73		56
Settlements, curtailments, special termination benefits and other		4		2		—		4		(6)		4		—		1		—
Net periodic benefit cost (benefit) after settlements, curtailments, special termination benefits and other	$	125	$	266	$	121	$	77	$	176	$	189	$	49	$	114	$	81
Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss
Amortization of transition (asset) obligation		—		—		—		1		1		1		—		—		—
Prior service cost (benefit)		5		—		(266)		(5)		10		3		—		(212)		—
Amortization of prior service cost (benefit)		24		24		(4)		13		13		16		55		42		47
Net actuarial (gain) loss		692		312		2,167		512		(270)		592		8		(23)		358
Amortization of net actuarial (gain) loss		(354)		(409)		(243)		(91)		(144)		(121)		(61)		(73)		(56)
Foreign currency		—		—		—		(93)		(174)		(215)		—		(1)		(1)
Total recognized in other comprehensive (income) loss	$	367	$	(73)	$	1,654	$	337	$	(564)	$	276	$	2	$	(267)	$	348
Total recognized in net periodic benefit cost (benefit) and other comprehensive (income) loss	$	492	$	193	$	1,775	$	414	$	(388)	$	465	$	51	$	(153)	$	429

Amounts expected to be amortized from accumulated other comprehensive income into net periodic benefit costs over next fiscal year

Amounts expected to be amortized from accumulated other comprehensive income into net periodic benefit costs over the next fiscal year

	Qualified and Non-qualified
	Pension Benefits				Postretirement
(Millions)	United States		International		Benefits
Amortization of transition (asset) obligation	$	—	$	—	$	—
Amortization of prior service cost (benefit)		(23)		(12)		(53)
Amortization of net actuarial (gain) loss		387		119		56
Total amortization expected over the next fiscal year	$	364	$	107	$	3

Weighted-average assumptions used to determine benefit obligations and net cost

Weighted-average assumptions used to determine benefit obligations as of December 31

	Qualified and Non-qualified Pension Benefits												Postretirement
	United States						International						Benefits
	2016		2015		2014		2016		2015		2014		2016		2015		2014
Discount rate	4.21	%	4.47	%	4.10	%	2.54	%	3.12	%	3.11	%	4.26	%	4.48	%	4.07	%
Compensation rate increase	4.10	%	4.10	%	4.10	%	2.90	%	2.90	%	3.33	%	N/A		N/A		N/A

Weighted-average assumptions used to determine net cost for years ended December 31

	Qualified and Non-qualified Pension Benefits												Postretirement
	United States						International						Benefits
	2016		2015		2014		2016		2015		2014		2016		2015		2014
Discount rate - service cost	4.70	%	4.10	%	4.98	%	2.84	%	3.11	%	4.02	%	4.70	%	4.07	%	4.83	%
Discount rate - interest cost	3.73	%	4.10	%	4.98	%	2.72	%	3.11	%	4.02	%	3.80	%	4.07	%	4.83	%
Expected return on assets	7.50	%	7.75	%	7.75	%	5.77	%	5.90	%	5.83	%	6.91	%	6.91	%	7.11	%
Compensation rate increase	4.10	%	4.10	%	4.00	%	2.90	%	3.33	%	3.35	%	N/A		N/A		N/A

Estimated future pension and postretirement benefit payments

Future Pension and Postretirement Benefit Payments

The following table provides the estimated pension and postretirement benefit payments that are payable from the plans to participants.

	Qualified and Non-qualified
	Pension Benefits				Postretirement
(Millions)	United States		International		Benefits
2017 Benefit Payments	$	1,020	$	203	$	129
2018 Benefit Payments		1,040		212		139
2019 Benefit Payments		1,057		228		147
2020 Benefit Payments		1,071		235		157
2021 Benefit Payments		1,088		256		166
Next five years		5,586		1,452		839

United States Qualified and Non-qualified Pension Benefits

Defined Benefit Plans and Other Postretirement Benefit Plans

Fair values of the assets held by the plans by asset category

The fair values of the assets held by the U.S. pension plans by asset class are as follows:

	Fair Value Measurements Using Inputs Considered as												Fair Value at
(Millions)	Level 1				Level 2				Level 3				Dec. 31,
Asset Class	2016		2015		2016		2015		2016		2015		2016		2015
Equities
U.S. equities	$	1,522	$	1,897	$	—	$	—	$	—	$	—	$	1,522	$	1,897
Non-U.S. equities		1,179		1,149		—		—		—		—		1,179		1,149
Index and long/short equity funds*														414		578
Total Equities	$	2,701	$	3,046	$	—	$	—	$	—	$	—	$	3,115	$	3,624
Fixed Income
U.S. government securities	$	1,701	$	1,095	$	560	$	456	$	—	$	—	$	2,261	$	1,551
Non-U.S. government securities		—		—		146		126		—		—		146		126
Preferred and convertible securities		4		4		1		8		—		—		5		12
U.S. corporate bonds		10		9		3,392		2,820		—		—		3,402		2,829
Non-U.S. corporate bonds		—		—		672		616		—		—		672		616
Derivative instruments		(1)		(1)		(31)		40		—		—		(32)		39
Other*														7		11
Total Fixed Income	$	1,714	$	1,107	$	4,740	$	4,066	$	—	$	—	$	6,461	$	5,184
Private Equity
Derivative instruments	$	—	$	—	$	—	$	—	$	(83)	$	(106)	$	(83)	$	(106)
Growth equity		19		24		—		—		—		—		19		24
Partnership investments*														2,188		2,450
Total Private Equity	$	19	$	24	$	—	$	—	$	(83)	$	(106)	$	2,124	$	2,368
Absolute Return
Derivative instruments	$	—	$	—	$	(7)	$	(5)	$	—	$	—	$	(7)	$	(5)
Fixed income and other		29		253		78		46		—		—		107		299
Hedge fund/fund of funds*														1,793		1,409
Partnership investments*														296		355
Total Absolute Return	$	29	$	253	$	71	$	41	$	—	$	—	$	2,189	$	2,058
Cash and Cash Equivalents
Cash and cash equivalents	$	55	$	102	$	—	$	1	$	2	$	—	$	57	$	103
Repurchase agreements and derivative margin activity		—		—		(545)		5		—		—		(545)		5
Cash and cash equivalents, valued at net asset value*														931		783
Total Cash and Cash Equivalents	$	55	$	102	$	(545)	$	6	$	2	$	—	$	443	$	891
Total	$	4,518	$	4,532	$	4,266	$	4,113	$	(81)	$	(106)	$	14,332	$	14,125
Other items to reconcile to fair value of plan assets													$	(251)	$	(159)
Fair value of plan assets													$	14,081	$	13,966

International Qualified and Non-qualified Pension Benefits

Defined Benefit Plans and Other Postretirement Benefit Plans

Fair values of the assets held by the plans by asset category

The fair values of the assets held by the international pension plans by asset class are as follows:

	Fair Value Measurements Using Inputs Considered as												Fair Value at
(Millions)	Level 1				Level 2				Level 3				Dec. 31,
Asset Class	2016		2015		2016		2015		2016		2015		2016		2015
Equities
Growth equities	$	605	$	718	$	214	$	195	$	—	$	—	$	819	$	913
Value equities		575		494		28		27		—		—		603		521
Core equities		55		31		583		671		4		4		642		706
Equities, valued at net asset value*														16		17
Total Equities	$	1,235	$	1,243	$	825	$	893	$	4	$	4	$	2,080	$	2,157
Fixed Income
Domestic government	$	340	$	283	$	202	$	346	$	3	$	4	$	545	$	633
Foreign government		142		—		353		206		—		—		495		206
Corporate debt securities		51		30		888		661		9		10		948		701
Fixed income securities, valued at net asset value*														641		770
Total Fixed Income	$	533	$	313	$	1,443	$	1,213	$	12	$	14	$	2,629	$	2,310
Private Equity
Real estate	$	29	$	1	$	62	$	5	$	3	$	4	$	94	$	10
Real estate, valued at net asset value*														34		126
Partnership investments*														63		24
Total Private Equity	$	29	$	1	$	62	$	5	$	3	$	4	$	191	$	160
Absolute Return
Derivatives	$	(4)	$	(2)	$	—	$	15	$	—	$	—	$	(4)	$	13
Insurance		—		—		—		—		455		456		455		456
Other		—		—		—		4		6		3		6		7
Other, valued at net asset value*														—		1
Hedge funds*														174		119
Total Absolute Return	$	(4)	$	(2)	$	—	$	19	$	461	$	459	$	631	$	596
Cash and Cash Equivalents
Cash and cash equivalents	$	99	$	126	$	18	$	347	$	—	$	—	$	117	$	473
Cash and cash equivalents, valued at net asset value*														4		1
Total Cash and Cash Equivalents	$	99	$	126	$	18	$	347	$	—	$	—	$	121	$	474
Total	$	1,892	$	1,681	$	2,348	$	2,477	$	480	$	481	$	5,652	$	5,697
Other items to reconcile to fair value of plan assets													$	(35)	$	(28)
Fair value of plan assets													$	5,617	$	5,669

Postretirement Benefits

Defined Benefit Plans and Other Postretirement Benefit Plans

Fair values of the assets held by the plans by asset category

The fair values of the assets held by the postretirement benefit plans by asset class are as follows:

	Fair Value Measurements Using Inputs Considered as												Fair Value at
(Millions)	Level 1				Level 2				Level 3				Dec. 31,
Asset Class	2016		2015		2016		2015		2016		2015		2016		2015
Equities
U.S. equities	$	477	$	508	$	—	$	—	$	—	$	—	$	477	$	508
Non-U.S. equities		62		59		—		—		—		—		62		59
Index and long/short equity funds*														40		49
Total Equities	$	539	$	567	$	—	$	—	$	—	$	—	$	579	$	616
Fixed Income
U.S. government securities	$	102	$	71	$	191	$	192	$	—	$	—	$	293	$	263
Non-U.S. government securities		—		—		9		8		—		—		9		8
U.S. corporate bonds		—		—		172		153		—		—		172		153
Non-U.S. corporate bonds		—		—		36		35		—		—		36		35
Derivative instruments		—		—		(1)		2		—		—		(1)		2
Total Fixed Income	$	102	$	71	$	407	$	390	$	—	$	—	$	509	$	461
Private Equity
Derivative instruments	$	—	$	—	$	—	$	—	$	(3)	$	(4)	$	(3)	$	(4)
Growth equity		1		1		—		—		—		—		1		1
Partnership investments*														113		136
Total Private Equity	$	1	$	1	$	—	$	—	$	(3)	$	(4)	$	111	$	133
Absolute Return
Fixed income and other	$	1	$	10	$	3	$	2	$	—	$	—	$	4	$	12
Hedge fund/fund of funds*														72		54
Partnership investments*														12		14
Total Absolute Return	$	1	$	10	$	3	$	2	$	—	$	—	$	88	$	80
Cash and Cash Equivalents
Cash and cash equivalents	$	44	$	38	$	3	$	—	$	—	$	—	$	47	$	38
Repurchase agreements and derivative margin activity		—		—		(22)		—		—		—		(22)		—
Cash and cash equivalents, valued at net asset value*														38		30
Total Cash and Cash Equivalents	$	44	$	38	$	(19)	$	—	$	—	$	—	$	63	$	68
Total	$	687	$	687	$	391	$	392	$	(3)	$	(4)	$	1,350	$	1,358
Other items to reconcile to fair value of plan assets													$	6	$	9
Fair value of plan assets													$	1,356	$	1,367