Pension and Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

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

2017
	Qualified and Non-qualified
	Pension Benefits								Postretirement
	United States				International				Benefits
(Millions)	2018		2017		2018		2017		2018		2017
Change in benefit obligation
Benefit obligation at beginning of year	$	17,360	$	16,202	$	7,502	$	6,625	$	2,410	$	2,259
Acquisitions/Transfers		—		—		(11)		3		—		—
Service cost		288		268		143		142		52		52
Interest cost		563		565		157		157		79		80
Participant contributions		—		—		9		8		—		—
Foreign exchange rate changes		—		—		(387)		667		(13)		3
Plan amendments		—		—		7		6		—		(6)
Actuarial (gain) loss		(1,226)		1,263		(144)		170		(244)		127
Benefit payments		(1,034)		(936)		(304)		(276)		(109)		(105)
Settlements, curtailments, special termination benefits and other		(3)		(2)		(7)		—		—		—
Benefit obligation at end of year	$	15,948	$	17,360	$	6,965	$	7,502	$	2,175	$	2,410
Change in plan assets
Fair value of plan assets at beginning of year	$	15,686	$	14,081	$	6,737	$	5,617	$	1,397	$	1,356
Acquisitions/Transfers		(4)		—		—		2		—		—
Actual return on plan assets		(95)		1,693		(38)		714		(32)		143
Company contributions		254		852		112		112		4		3
Participant contributions		—		—		9		8		—		—
Foreign exchange rate changes		—		—		(346)		560		—		—
Benefit payments		(1,034)		(936)		(304)		(276)		(109)		(105)
Settlements, curtailments, special termination benefits and other		(4)		(4)		—		—		—		—
Fair value of plan assets at end of year	$	14,803	$	15,686	$	6,170	$	6,737	$	1,260	$	1,397
Funded status at end of year	$	(1,145)	$	(1,674)	$	(795)	$	(765)	$	(915)	$	(1,013)

Amounts recognized in the Consolidated Balance Sheet

	Qualified and Non-qualified
	Pension Benefits								Postretirement
	United States				International				Benefits
(Millions)	2018		2017		2018		2017		2018		2017
Amounts recognized in the Consolidated Balance Sheet as of Dec. 31,
Non-current assets	$	—	$	4	$	208	$	233	$	—	$	—
Accrued benefit cost
Current liabilities		(60)		(53)		(13)		(12)		(3)		(4)
Non-current liabilities		(1,085)		(1,625)		(990)		(986)		(912)		(1,009)
Ending balance	$	(1,145)	$	(1,674)	$	(795)	$	(765)	$	(915)	$	(1,013)

Amounts recognized in accumulated other comprehensive income

	Qualified and Non-qualified
	Pension Benefits								Postretirement
	United States				International				Benefits
(Millions)	2018		2017		2018		2017		2018		2017
Amounts recognized in accumulated other comprehensive income as of Dec. 31,
Net actuarial loss (gain)	$	5,374	$	5,921	$	1,713	$	1,720	$	584	$	774
Prior service cost (credit)		(152)		(175)		(20)		(40)		(123)		(163)
Ending balance	$	5,222	$	5,746	$	1,693	$	1,680	$	461	$	611

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)	2018		2017		2018		2017
Projected benefit obligation	$	593	$	17,350	$	2,613	$	2,687
Accumulated benefit obligation		521		16,260		2,415		2,449
Fair value of plan assets		9		15,671		1,633		1,731

Components of net periodic benefit cost (benefit)

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

The service cost component of defined benefit net periodic benefit cost is recorded in cost of sales, selling, general and administrative expenses, and research, development and related expenses. As discussed in Note 6, the other components of net periodic benefit cost are reflected in other expense (income), net. Components of net periodic benefit cost and other supplemental information for the years ended December 31 follow:

	Qualified and Non-qualified
	Pension Benefits												Postretirement
	United States						International						Benefits
(Millions)	2018		2017		2016		2018		2017		2016		2018		2017		2016
Net periodic benefit cost (benefit)
Operating expense
Service cost	$	288	$	268	$	259	$	143	$	142	$	133	$	52	$	52	$	54
Non-operating expense
Interest cost		563		565		575		157		157		171		79		80		79
Expected return on plan assets		(1,087)		(1,035)		(1,043)		(307)		(292)		(309)		(84)		(86)		(90)
Amortization of transition asset		—		—		—		—		—		(1)		—		—		—
Amortization of prior service benefit		(23)		(23)		(24)		(13)		(13)		(13)		(40)		(53)		(55)
Amortization of net actuarial loss		503		388		354		114		126		91		61		56		61
Settlements, curtailments, special termination benefits and other		—		2		4		4		4		4		—		(4)		—
Total non-operating expense (benefit)		(44)		(103)		(134)		(45)		(18)		(57)		16		(7)		(5)
Total net periodic benefit cost (benefit)	$	244	$	165	$	125	$	98	$	124	$	76	$	68	$	45	$	49
Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss
Amortization of transition asset		—		—		—		—		—		1		—		—		—
Prior service cost (benefit)		—		—		5		7		6		(5)		—		(1)		—
Amortization of prior service benefit		23		23		24		13		13		13		40		53		55
Net actuarial (gain) loss		(44)		605		692		190		(248)		512		(127)		69		8
Amortization of net actuarial loss		(503)		(388)		(354)		(114)		(126)		(91)		(61)		(56)		(61)
Foreign currency		—		—		—		(83)		167		(93)		(2)		—		—
Total recognized in other comprehensive (income) loss	$	(524)	$	240	$	367	$	13	$	(188)	$	337	$	(150)	$	65	$	2
Total recognized in net periodic benefit cost (benefit) and other comprehensive (income) loss	$	(280)	$	405	$	492	$	111	$	(64)	$	413	$	(82)	$	110	$	51

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
	2018		2017		2016		2018		2017		2016		2018		2017		2016
Discount rate	4.36	%	3.68	%	4.21	%	2.50	%	2.41	%	2.54	%	4.41	%	3.79	%	4.26	%
Compensation rate increase	4.10	%	4.10	%	4.10	%	2.89	%	2.89	%	2.90	%	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
	2018		2017		2016		2018		2017		2016		2018		2017		2016
Discount rate - service cost	3.78	%	4.42	%	4.70	%	2.27	%	2.32	%	2.84	%	3.86	%	4.50	%	4.70	%
Discount rate - interest cost	3.35	%	3.61	%	3.73	%	2.14	%	2.25	%	2.72	%	3.52	%	3.80	%	3.80	%
Expected return on assets	7.25	%	7.25	%	7.50	%	5.02	%	5.16	%	5.77	%	6.53	%	6.48	%	6.91	%
Compensation rate increase	4.10	%	4.10	%	4.10	%	2.89	%	2.90	%	2.90	%	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
2019 Benefit Payments	$	1,094	$	240	$	122
2020 Benefit Payments		1,097		242		130
2021 Benefit Payments		1,105		258		139
2022 Benefit Payments		1,117		269		147
2023 Benefit Payments		1,130		289		157
Next five years		5,683		1,623		842

Qualified and Non-qualified Pension Benefits | United States

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	2018		2017		2018		2017		2018		2017		2018		2017
Equities
U.S. equities	$	1,369	$	1,568	$	—	$	—	$	—	$	—	$	1,369	$	1,568
Non-U.S. equities		1,234		1,527		—		—		—		—		1,234		1,527
Index and long/short equity funds*														372		422
Total Equities	$	2,603	$	3,095	$	—	$	—	$	—	$	—	$	2,975	$	3,517
Fixed Income
U.S. government securities	$	1,889	$	2,666	$	732	$	484	$	—	$	—	$	2,621	$	3,150
Non-U.S. government securities		—		—		44		168		—		—		44		168
Preferred and convertible securities		—		4		44		2		—		—		44		6
U.S. corporate bonds		9		10		2,941		2,904		—		—		2,950		2,914
Non-U.S. corporate bonds		—		—		475		614		—		—		475		614
Derivative instruments		2		—		111		110		—		—		113		110
Other*														9		8
Total Fixed Income	$	1,900	$	2,680	$	4,347	$	4,282	$	—	$	—	$	6,256	$	6,970
Private Equity
Derivative instruments	$	—	$	—	$	—	$	—	$	—	$	(7)	$	—	$	(7)
Growth equity		45		34		—		—		—		—		45		34
Partnership investments*														2,064		2,062
Total Private Equity	$	45	$	34	$	—	$	—	$	—	$	(7)	$	2,109	$	2,089
Absolute Return
Fixed income and other	$	28	$	31	$	114	$	102	$	—	$	—	$	142	$	133
Hedge fund/fund of funds*														1,866		1,871
Partnership investments*														429		335
Total Absolute Return	$	28	$	31	$	114	$	102	$	—	$	—	$	2,437	$	2,339
Cash and Cash Equivalents
Cash and cash equivalents	$	412	$	109	$	4	$	14	$	—	$	1	$	416	$	124
Repurchase agreements and derivative margin activity		—		—		(1)		(502)		—		—		(1)		(502)
Cash and cash equivalents, valued at net asset value*														870		1,402
Total Cash and Cash Equivalents	$	412	$	109	$	3	$	(488)	$	—	$	1	$	1,285	$	1,024
Total	$	4,988	$	5,949	$	4,464	$	3,896	$	—	$	(6)	$	15,062	$	15,939
Other items to reconcile to fair value of plan assets													$	(259)	$	(253)
Fair value of plan assets													$	14,803	$	15,686

Qualified and Non-qualified Pension Benefits | International

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	2018		2017		2018		2017		2018		2017		2018		2017
Equities
Growth equities	$	460	$	659	$	248	$	289	$	—	$	—	$	708	$	948
Value equities		446		597		42		43		—		—		488		640
Core equities		55		62		742		790		5		4		802		856
Equities, valued at net asset value*														16		21
Total Equities	$	961	$	1,318	$	1,032	$	1,122	$	5	$	4	$	2,014	$	2,465
Fixed Income
Domestic government	$	334	$	362	$	351	$	256	$	5	$	4	$	690	$	622
Foreign government		150		168		321		338		—		—		471		506
Corporate debt securities		56		63		993		1,072		9		10		1,058		1,145
Fixed income securities, valued at net asset value*														961		976
Total Fixed Income	$	540	$	593	$	1,665	$	1,666	$	14	$	14	$	3,180	$	3,249
Private Equity
Real estate	$	5	$	36	$	75	$	74	$	4	$	3	$	84	$	113
Real estate, valued at net asset value*														37		36
Partnership investments*														89		68
Total Private Equity	$	5	$	36	$	75	$	74	$	4	$	3	$	210	$	217
Absolute Return
Derivatives	$	1	$	—	$	1	$	2	$	—	$	—	$	2	$	2
Insurance		—		—		—		—		496		519		496		519
Other		—		—		33		—		8		7		41		7
Other, valued at net asset value*														—		1
Hedge funds*														186		194
Total Absolute Return	$	1	$	—	$	34	$	2	$	504	$	526	$	725	$	723
Cash and Cash Equivalents
Cash and cash equivalents	$	71	$	67	$	22	$	34	$	—	$	—	$	93	$	101
Cash and cash equivalents, valued at net asset value*														1		3
Total Cash and Cash Equivalents	$	71	$	67	$	22	$	34	$	—	$	—	$	94	$	104
Total	$	1,578	$	2,014	$	2,828	$	2,898	$	527	$	547	$	6,223	$	6,758
Other items to reconcile to fair value of plan assets													$	(53)	$	(21)
Fair value of plan assets													$	6,170	$	6,737

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	2018		2017		2018		2017		2018		2017		2018		2017
Equities
U.S. equities	$	356	$	465	$	—	$	—	$	—	$	—	$	356	$	465
Non-U.S. equities		58		71		—		—		—		—		58		71
Index and long/short equity funds*														34		45
Total Equities	$	414	$	536	$	—	$	—	$	—	$	—	$	448	$	581
Fixed Income
U.S. government securities	$	112	$	136	$	213	$	205	$	—	$	—	$	325	$	341
Non-U.S. government securities		—		—		4		9		—		—		4		9
U.S. corporate bonds		—		—		162		159		—		—		162		159
Non-U.S. corporate bonds		—		—		32		35		—		—		32		35
Derivative instruments		—		—		5		4		—		—		5		4
Total Fixed Income	$	112	$	136	$	416	$	412	$	—	$	—	$	528	$	548
Private Equity
Growth equity	$	2	$	2	$	—	$	—	$	—	$	—	$	2	$	2
Partnership investments*														101		109
Total Private Equity	$	2	$	2	$	—	$	—	$	—	$	—	$	103	$	111
Absolute Return
Fixed income and other	$	1	$	1	$	5	$	4	$	—	$	—	$	6	$	5
Hedge fund/fund of funds*														80		76
Partnership investments*														18		14
Total Absolute Return	$	1	$	1	$	5	$	4	$	—	$	—	$	104	$	95
Cash and Cash Equivalents
Cash and cash equivalents	$	47	$	34	$	5	$	1	$	—	$	—	$	52	$	35
Repurchase agreements and derivative margin activity		—		—		—		(20)		—		—		—		(20)
Cash and cash equivalents, valued at net asset value*														37		57
Total Cash and Cash Equivalents	$	47	$	34	$	5	$	(19)	$	—	$	—	$	89	$	72
Total	$	576	$	709	$	426	$	397	$	—	$	—	$	1,272	$	1,407
Other items to reconcile to fair value of plan assets													$	(12)	$	(10)
Fair value of plan assets													$	1,260	$	1,397