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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Funded status of pension and other postretirement benefit plans
The funded status of the company’s pension and OPEB plans for 2020 and 2019 follows:
Pension Benefits
20202019Other Benefits
U.S.Int’l.U.S.Int’l.20202019
Change in Benefit Obligation
Benefit obligation at January 1$14,465 $5,680 $11,726 $4,820 $2,520 $2,430 
Service cost497 130 406 139 38 36 
Interest cost353 175 397 199 71 96 
Plan participants’ contributions— 3 — 4 59 72 
Plan amendments— — — 29 — — 
Actuarial (gain) loss1,782 550 2,922 673 191 125 
Foreign currency exchange rate changes— 158 — 121 (1)2 
Benefits paid(2,045)(368)(1,035)(302)(214)(240)
Divestitures/Acquisitions22 — 49 — — (1)
Curtailment92 (21)— (3)(14)— 
Benefit obligation at December 3115,166 6,307 14,465 5,680 2,650 2,520 
Change in Plan Assets
Fair value of plan assets at January 110,177 4,791 8,532 4,142 — — 
Actual return on plan assets848 500 1,548 566 — — 
Foreign currency exchange rate changes— 174 — 115 — — 
Employer contributions950 263 1,096 266 155 168 
Plan participants’ contributions— 3 — 4 59 72 
Benefits paid(2,045)(368)(1,035)(302)(214)(240)
Divestitures/Acquisitions— — 36 — — — 
Fair value of plan assets at December 319,930 5,363 10,177 4,791 — — 
Funded status at December 31$(5,236)$(944)$(4,288)$(889)$(2,650)$(2,520)
Consolidated Balance Sheet for pension and other postretirement benefit plans
Amounts recognized on the Consolidated Balance Sheet for the company’s pension and OPEB plans at December 31, 2020 and 2019, include:
Pension Benefits
20202019Other Benefits
U.S.Int’l.U.S.Int’l.20202019
Deferred charges and other assets$24 $547 $23 $413 $— $— 
Accrued liabilities(258)(76)(239)(71)(153)(174)
Noncurrent employee benefit plans(5,002)(1,415)(4,072)(1,231)(2,497)(2,346)
Net amount recognized at December 31$(5,236)$(944)$(4,288)$(889)$(2,650)$(2,520)
Before tax basis amount in accumulated other comprehensive loss
Amounts recognized on a before-tax basis in “Accumulated other comprehensive loss” for the company’s pension and OPEB plans were $7,278 and $6,357 at the end of 2020 and 2019, respectively. These amounts consisted of:
Pension Benefits
20202019Other Benefits
U.S.Int’l.U.S.Int’l.20202019
Net actuarial loss$5,714 $1,401 $5,135 $1,269 $260 $74 
Prior service (credit) costs3 86 5 102 (186)(228)
Total recognized at December 31$5,717 $1,487 $5,140 $1,371 $74 $(154)
Pension plans with accumulated benefit obligation in excess of plan assets Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2020 and 2019, was:
Pension Benefits
20202019
U.S.Int’l.U.S.Int’l.
Projected benefit obligations$15,103 $2,084 $14,401 $1,554 
Accumulated benefit obligations13,545 1,622 12,718 1,268 
Fair value of plan assets9,842 600 10,091 278 
Components of net periodic benefit cost and amounts recognized in other comprehensive income
The components of net periodic benefit cost and amounts recognized in the Consolidated Statement of Comprehensive Income for 2020, 2019 and 2018 are shown in the table below:
Pension Benefits
202020192018Other Benefits
U.S.Int’l.U.S.Int’l.U.S.Int’l.202020192018
Net Periodic Benefit Cost
Service cost$497 $130 $406 $139 $480 $141 $38 $36 $42 
Interest cost353 175 397 199 370 206 71 96 94 
Expected return on plan assets(650)(209)(565)(231)(636)(253)— — — 
Amortization of prior service costs (credits)2 10 2 11 2 10 (28)(28)(28)
Recognized actuarial losses385 45 239 21 304 29 3 (3)15 
Settlement losses620 37 259 3 411 33 — — — 
Curtailment losses (gains)92 2 — 16 — 3 (27)— — 
Total net periodic benefit cost1,299 190 738 158 931 169 57 101 123 
Changes Recognized in Comprehensive Income
Net actuarial (gain) loss during period1,584 230 1,939 338 151 12 190 128 (248)
Amortization of actuarial loss(1,005)(98)(498)(24)(715)(62)(4)3 (15)
Prior service (credits) costs during period— — — 29 — 23 — (1)3 
Amortization of prior service (costs) credits(2)(17)(2)(30)(2)(13)42 28 28 
Total changes recognized in other
comprehensive income
577 115 1,439 313 (566)(40)228 158 (232)
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income
$1,876 $305 $2,177 $471 $365 $129 $285 $259 $(109)
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 years ended December 31:
Pension Benefits
202020192018Other Benefits
U.S.Int’l.U.S.Int’l.U.S.Int’l.202020192018
Assumptions used to determine benefit obligations:
Discount rate2.4 %2.4 %3.1 %3.2 %4.2 %4.4 %2.6 %3.2 %4.4 %
Rate of compensation increase4.5 %4.0 %4.5 %4.0 %4.5 %4.0 %N/AN/AN/A
Assumptions used to determine net periodic benefit cost:
Discount rate for service cost3.3 %3.2 %4.4 %4.4 %3.7 %3.9 %3.5 %4.6 %3.9 %
Discount rate for interest cost2.6 %3.2 %3.7 %4.4 %3.0 %3.9 %3.0 %4.2 %3.5 %
Expected return on plan assets6.5 %4.5 %6.8 %5.6 %6.8 %5.5 %N/AN/AN/A
Rate of compensation increase4.5 %4.0 %4.5 %4.0 %4.5 %4.0 %N/AN/AN/A
Fair value measurements of the Company's pension plans The fair value measurements of the company’s pension plans for 2020 and 2019 are as follows:
U.S.Int’l.
TotalLevel 1Level 2Level 3NAVTotal Level 1Level 2Level 3NAV
At December 31, 2019
Equities
U.S.1
$1,769 $1,769 $— $— $— $471 $471 $— $— $— 
International1,958 1,958 — — — 422 421 — 1 — 
Collective Trusts/Mutual Funds2
1,079 52 — — 1,027 184 6 — — 178 
Fixed Income
Government523 — 523 — — 265 144 121 — — 
Corporate1,444 — 1,444 — — 493 — 490 3 — 
Bank Loans120 — 113 7 — — — — — — 
Mortgage/Asset Backed1 — 1 — — 4 — 4 — — 
Collective Trusts/Mutual Funds2
963 — — — 963 2,230 5 — — 2,225 
Mixed Funds3
— — — — — 84 7 77 — — 
Real Estate4
1,089 — — — 1,089 277 — — 55 222 
Alternative Investments924 — — — 924 — — — — — 
Cash and Cash Equivalents235 228 7 — — 338 334 2 — 2 
Other5
72 (5)29 44 4 23 — 21 2 — 
Total at December 31, 2019$10,177 $4,002 $2,117 $51 $4,007 $4,791 $1,388 $715 $61 $2,627 
At December 31, 2020
Equities
U.S.1
$2,286 $2,286 $— $— $— $443 $443 $— $— $— 
International2,211 2,210 — 1 — 373 373 — — — 
Collective Trusts/Mutual Funds2
1,107 48 — — 1,059 192 7 — — 185 
Fixed Income
Government231 — 231 — — 240 125 115 — — 
Corporate778 — 778 — — 578 10 568 — — 
Bank Loans129 — 127 2 — — — — — — 
Mortgage/Asset Backed1 — 1 — — 4 — 4 — — 
Collective Trusts/Mutual Funds2
1,901 13 — — 1,888 2,520 4 — — 2,516 
Mixed Funds3
— — — — — 127 38 89 — — 
Real Estate4
1,018 — — — 1,018 448 — — 45 403 
Alternative Investments— — — — — — — — — — 
Cash and Cash Equivalents221 209 12 — — 417 408 3 — 6 
Other5
47 (19)22 41 3 21 (2)19 4 — 
Total at December 31, 2020$9,930 $4,747 $1,171 $44 $3,968 $5,363 $1,406 $798 $49 $3,110 
1U.S. equities include investments in the company’s common stock in the amount of $4 at December 31, 2020, and $6 at December 31, 2019.
2Collective Trusts/Mutual Funds for U.S. plans are entirely index funds; for International plans, they are mostly unit trust and index funds.
3Mixed funds are composed of funds that invest in both equity and fixed-income instruments in order to diversify and lower risk.
4The year-end valuations of the U.S. real estate assets are based on third-party appraisals that occur at least once a year for each property in the portfolio.
5The “Other” asset class includes net payables for securities purchased but not yet settled (Level 1); dividends and interest- and tax-related receivables (Level 2); insurance contracts (Level 3); and investments in private-equity limited partnerships (NAV).
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period
The effects of fair value measurements using significant unobservable inputs on changes in Level 3 plan assets are outlined below:
EquityFixed Income
InternationalCorporateBank LoansReal EstateOtherTotal
Total at December 31, 2018$1 $21 $5 $56 $46 $129 
Actual Return on Plan Assets:
Assets held at the reporting date(1)1 — — (1)(1)
Assets sold during the period— — — — — — 
Purchases, Sales and Settlements— (19)— (1)1 (19)
Transfers in and/or out of Level 31 — 2 — — 3 
Total at December 31, 2019$1 $3 $7 $55 $46 $112 
Actual Return on Plan Assets:
Assets held at the reporting date— — — — 1 1 
Assets sold during the period— — — (10)— (10)
Purchases, Sales and Settlements— (3)(5)— (2)(10)
Transfers in and/or out of Level 3— — — — — — 
Total at December 31, 2020$1 $— $2 $45 $45 $93 
Benefit payments, which include estimated future service that are expected to be paid by the company in the next 10 years
The following benefit payments, which include estimated future service, are expected to be paid by the company in the next 10 years:
Pension BenefitsOther
U.S.Int’l.Benefits
2021$1,779 $658 $153 
2022919 220 162 
20231,069 225 158 
20241,097 243 154 
20251,068 250 151 
2026-20304,856 1,400 706