Pension and Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

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)	2019		2018		2019		2018		2019		2018
Change in benefit obligation
Benefit obligation at beginning of year	$	15,948	$	17,360	$	6,965	$	7,502	$	2,175	$	2,410
Acquisitions/Transfers		—		—		9		(11)		—		—
Service cost		251		288		131		143		43		52
Interest cost		620		563		156		157		82		79
Participant contributions		—		—		7		9		—		—
Foreign exchange rate changes		—		—		55		(387)		—		(13)
Plan amendments		—		—		3		7		(171)		—
Actuarial (gain) loss		2,209		(1,226)		906		(144)		225		(244)
Benefit payments		(1,128)		(1,034)		(302)		(304)		(112)		(109)
Settlements, curtailments, special termination benefits and other		35		(3)		1		(7)		—		—
Benefit obligation at end of year	$	17,935	$	15,948	$	7,931	$	6,965	$	2,242	$	2,175
Change in plan assets
Fair value of plan assets at beginning of year	$	14,803	$	15,686	$	6,170	$	6,737	$	1,260	$	1,397
Acquisitions/Transfers		—		(4)		4		—		—		—
Actual return on plan assets		2,323		(95)		858		(38)		187		(32)
Company contributions		101		254		106		112		3		4
Participant contributions		—		—		7		9		—		—
Foreign exchange rate changes		—		—		80		(346)		—		—
Benefit payments		(1,128)		(1,034)		(302)		(304)		(112)		(109)
Settlements, curtailments, special termination benefits and other		—		(4)		—		—		—		—
Fair value of plan assets at end of year	$	16,099	$	14,803	$	6,923	$	6,170	$	1,338	$	1,260
Funded status at end of year	$	(1,836)	$	(1,145)	$	(1,008)	$	(795)	$	(904)	$	(915)

Amounts recognized in the Consolidated Balance Sheet

	Qualified and Non-qualified
	Pension Benefits								Postretirement
	United States				International				Benefits
(Millions)	2019		2018		2019		2018		2019		2018
Amounts recognized in the Consolidated Balance Sheet as of Dec. 31,
Non-current assets	$	—	$	—	$	230	$	208	$	—	$	—
Accrued benefit cost
Current liabilities		(48)		(60)		(15)		(13)		(4)		(3)
Non-current liabilities		(1,788)		(1,085)		(1,223)		(990)		(900)		(912)
Ending balance	$	(1,836)	$	(1,145)	$	(1,008)	$	(795)	$	(904)	$	(915)

Amounts recognized in accumulated other comprehensive income

	Qualified and Non-qualified
	Pension Benefits								Postretirement
	United States				International				Benefits
(Millions)	2019		2018		2019		2018		2019		2018
Amounts recognized in accumulated other comprehensive income as of Dec. 31,
Net transition obligation (asset)	$	—	$	—	$	10	$	—	$	—	$	—
Net actuarial loss (gain)		5,899		5,374		1,967		1,713		663		584
Prior service cost (credit)		(128)		(152)		(5)		(20)		(262)		(123)
Ending balance	$	5,771	$	5,222	$	1,972	$	1,693	$	401	$	461

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)	2019		2018		2019		2018
Projected benefit obligation	$	17,935	$	593	$	2,986	$	2,613
Accumulated benefit obligation		17,125		521		2,752		2,415
Fair value of plan assets		16,099		9		1,778		1,633

Components of net periodic benefit cost (benefit)

	Qualified and Non-qualified
	Pension Benefits												Postretirement
	United States						International						Benefits
(Millions)	2019		2018		2017		2019		2018		2017		2019		2018		2017
Net periodic benefit cost (benefit)
Operating expense
Service cost	$	251	$	288	$	268	$	131	$	143	$	142	$	43	$	52	$	52
Non-operating expense
Interest cost		620		563		565		156		157		157		82		79		80
Expected return on plan assets		(1,040)		(1,087)		(1,035)		(299)		(307)		(292)		(81)		(84)		(86)
Amortization of prior service benefit		(24)		(23)		(23)		(12)		(13)		(13)		(33)		(40)		(53)
Amortization of net actuarial loss		366		503		388		78		114		126		34		61		56
Settlements, curtailments, special termination benefits and other		70		—		2		10		4		4		5		—		(4)
Total non-operating expense (benefit)		(8)		(44)		(103)		(67)		(45)		(18)		7		16		(7)
Total net periodic benefit cost (benefit)	$	243	$	244	$	165	$	64	$	98	$	124	$	50	$	68	$	45
Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss
Prior service cost (benefit)	$	—	$	—	$	—	$	3	$	7	$	6	$	(171)	$	—	$	(1)
Amortization of prior service benefit		24		23		23		12		13		13		33		40		53
Net actuarial (gain) loss		926		(44)		607		344		194		(244)		119		(127)		69
Amortization of net actuarial loss		(366)		(503)		(388)		(78)		(114)		(126)		(34)		(61)		(56)
Foreign currency		—		—		—		7		(83)		167		(1)		(2)		—
Settlements and curtailments		(35)		—		(2)		(8)		(4)		(4)		(5)		—		—
Total recognized in other comprehensive (income) loss	$	549	$	(524)	$	240	$	280	$	13	$	(188)	$	(59)	$	(150)	$	65
Total recognized in net periodic benefit cost (benefit) and other comprehensive (income) loss	$	792	$	(280)	$	405	$	344	$	111	$	(64)	$	(9)	$	(82)	$	110

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
	2019		2018		2017		2019		2018		2017		2019		2018		2017
Discount rate	3.25	%	4.36	%	3.68	%	1.81	%	2.50	%	2.41	%	3.27	%	4.41	%	3.79	%
Compensation rate increase	3.21	%	4.10	%	4.10	%	2.88	%	2.89	%	2.89	%	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
	2019		2018		2017		2019		2018		2017		2019		2018		2017
Discount rate - service cost	4.44	%	3.78	%	4.42	%	2.39	%	2.27	%	2.32	%	4.53	%	3.86	%	4.50	%
Discount rate - interest cost	4.02	%	3.35	%	3.61	%	2.26	%	2.14	%	2.25	%	4.15	%	3.52	%	3.80	%
Expected return on assets	7.00	%	7.25	%	7.25	%	4.90	%	5.02	%	5.16	%	6.43	%	6.53	%	6.48	%
Compensation rate increase	4.10	%	4.10	%	4.10	%	2.89	%	2.89	%	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
2020 Benefit Payments	$	1,103	$	246	$	121
2021 Benefit Payments		1,096		253		128
2022 Benefit Payments		1,104		272		136
2023 Benefit Payments		1,106		284		142
2024 Benefit Payments		1,111		302		148
Next five years		5,521		1,656		789

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	2019		2018		2019		2018		2019		2018		2019		2018
Equities
U.S. equities	$	1,575	$	1,369	$	—	$	—	$	—	$	—	$	1,575	$	1,369
Non-U.S. equities		1,585		1,234		—		—		—		—		1,585		1,234
Index and long/short equity funds*														417		372
Total Equities	$	3,160	$	2,603	$	—	$	—	$	—	$	—	$	3,577	$	2,975
Fixed Income
U.S. government securities	$	2,346	$	1,889	$	916	$	732	$	—	$	—	$	3,262	$	2,621
Non-U.S. government securities		—		—		61		44		—		—		61		44
Preferred and convertible securities		—		—		52		44		—		—		52		44
U.S. corporate bonds		10		9		3,566		2,941		—		—		3,576		2,950
Non-U.S. corporate bonds		—		—		759		475		—		—		759		475
Derivative instruments		(5)		2		109		111		—		—		104		113
Other*														—		9
Total Fixed Income	$	2,351	$	1,900	$	5,463	$	4,347	$	—	$	—	$	7,814	$	6,256
Private Equity
Growth equity	$	80	$	45	$	—	$	—	$	—	$	—	$	80	$	45
Partnership investments*														1,865		2,064
Total Private Equity	$	80	$	45	$	—	$	—	$	—	$	—	$	1,945	$	2,109
Absolute Return
Fixed income and other	$	1	$	28	$	117	$	114	$	—	$	—	$	118	$	142
Hedge fund/fund of funds*														2,010		1,866
Partnership investments*														589		429
Total Absolute Return	$	1	$	28	$	117	$	114	$	—	$	—	$	2,717	$	2,437
Cash and Cash Equivalents
Cash and cash equivalents	$	20	$	412	$	5	$	4	$	—	$	—	$	25	$	416
Repurchase agreements and derivative margin activity		—		—		(1)		(1)		—		—		(1)		(1)
Cash and cash equivalents, valued at net asset value*														480		870
Total Cash and Cash Equivalents	$	20	$	412	$	4	$	3	$	—	$	—	$	504	$	1,285
Total	$	5,612	$	4,988	$	5,584	$	4,464	$	—	$	—	$	16,557	$	15,062
Other items to reconcile to fair value of plan assets													$	(458)	$	(259)
Fair value of plan assets													$	16,099	$	14,803

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	2019		2018		2019		2018		2019		2018		2019		2018
Equities
Growth equities	$	638	$	460	$	796	$	248	$	—	$	—	$	1,434	$	708
Value equities		696		446		10		42		—		—		706		488
Core equities		61		55		88		742		5		5		154		802
Equities, valued at net asset value*														18		16
Total Equities	$	1,395	$	961	$	894	$	1,032	$	5	$	5	$	2,312	$	2,014
Fixed Income
Domestic government	$	353	$	334	$	433	$	351	$	4	$	5	$	790	$	690
Foreign government		22		150		603		321		—		—		625		471
Corporate debt securities		3		56		1,599		993		9		9		1,611		1,058
Fixed income securities, valued at net asset value*														449		961
Total Fixed Income	$	378	$	540	$	2,635	$	1,665	$	13	$	14	$	3,475	$	3,180
Private Equity
Real estate	$	6	$	5	$	207	$	75	$	4	$	4	$	217	$	84
Real estate, valued at net asset value*														36		37
Partnership investments*														85		89
Total Private Equity	$	6	$	5	$	207	$	75	$	4	$	4	$	338	$	210
Absolute Return
Derivatives	$	—	$	1	$	3	$	1	$	—	$	—	$	3	$	2
Insurance		—		—		—		—		513		496		513		496
Other		—		—		—		33		5		8		5		41
Other, valued at net asset value*														1		—
Hedge funds*														195		186
Total Absolute Return	$	—	$	1	$	3	$	34	$	518	$	504	$	717	$	725
Cash and Cash Equivalents
Cash and cash equivalents	$	94	$	71	$	39	$	22	$	—	$	—	$	133	$	93
Cash and cash equivalents, valued at net asset value*														1		1
Total Cash and Cash Equivalents	$	94	$	71	$	39	$	22	$	—	$	—	$	134	$	94
Total	$	1,873	$	1,578	$	3,778	$	2,828	$	540	$	527	$	6,976	$	6,223
Other items to reconcile to fair value of plan assets													$	(53)	$	(53)
Fair value of plan assets													$	6,923	$	6,170

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	2019		2018		2019		2018		2019		2018		2019		2018
Equities
U.S. equities	$	337	$	356	$	—	$	—	$	—	$	—	$	337	$	356
Non-U.S. equities		77		58		—		—		—		—		77		58
Index and long/short equity funds*														33		34
Total Equities	$	414	$	414	$	—	$	—	$	—	$	—	$	447	$	448
Fixed Income
U.S. government securities	$	136	$	112	$	242	$	213	$	—	$	—	$	378	$	325
Non-U.S. government securities		—		—		6		4		—		—		6		4
U.S. corporate bonds		—		—		203		162		—		—		203		162
Non-U.S. corporate bonds		—		—		46		32		—		—		46		32
Derivative instruments		—		—		5		5		—		—		5		5
Total Fixed Income	$	136	$	112	$	502	$	416	$	—	$	—	$	638	$	528
Private Equity
Growth equity	$	4	$	2	$	—	$	—	$	—	$	—	$	4	$	2
Partnership investments*														92		101
Total Private Equity	$	4	$	2	$	—	$	—	$	—	$	—	$	96	$	103
Absolute Return
Fixed income and other	$	—	$	1	$	5	$	5	$	—	$	—	$	5	$	6
Hedge fund/fund of funds*														92		80
Partnership investments*														27		18
Total Absolute Return	$	—	$	1	$	5	$	5	$	—	$	—	$	124	$	104
Cash and Cash Equivalents
Cash and cash equivalents	$	33	$	47	$	1	$	5	$	—	$	—	$	34	$	52
Repurchase agreements and derivative margin activity		—		—		—		—		—		—		—		—
Cash and cash equivalents, valued at net asset value*														22		37
Total Cash and Cash Equivalents	$	33	$	47	$	1	$	5	$	—	$	—	$	56	$	89
Total	$	587	$	576	$	508	$	426	$	—	$	—	$	1,361	$	1,272
Other items to reconcile to fair value of plan assets													$	(23)	$	(12)
Fair value of plan assets													$	1,338	$	1,260