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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Funded status of pension and other postretirement benefit plans
The funded status of the company’s pension and OPEB plans for 2021 and 2020 follows:
Pension Benefits
20212020Other Benefits
U.S.Int’l.U.S.Int’l.20212020
Change in Benefit Obligation
Benefit obligation at January 1$15,166 $6,307 $14,465 $5,680 $2,650 $2,520 
Service cost450 123 497 130 43 38 
Interest cost235 137 353 175 53 71 
Plan participants’ contributions— 3 — 3 43 59 
Actuarial (gain) loss(325)(364)1,782 550 (108)191 
Foreign currency exchange rate changes— (85)— 158 (3)(1)
Benefits paid(2,560)(746)(2,045)(368)(189)(214)
Divestitures/Acquisitions— — 22 — — — 
Curtailment— (24)92 (21)— (14)
Benefit obligation at December 3112,966 5,351 15,166 6,307 2,489 2,650 
Change in Plan Assets
Fair value of plan assets at January 19,930 5,363 10,177 4,791 — — 
Actual return on plan assets997 166 848 500 — — 
Foreign currency exchange rate changes— (35)— 174 — — 
Employer contributions1,552 199 950 263 146 155 
Plan participants’ contributions— 3 — 3 43 59 
Benefits paid(2,560)(746)(2,045)(368)(189)(214)
Fair value of plan assets at December 319,919 4,950 9,930 5,363 — — 
Funded status at December 31$(3,047)$(401)$(5,236)$(944)$(2,489)$(2,650)
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, 2021 and 2020, include:
Pension Benefits
20212020Other Benefits
U.S.Int’l.U.S.Int’l.20212020
Deferred charges and other assets$36 $696 $24 $547 $— $— 
Accrued liabilities(303)(142)(258)(76)(151)(153)
Noncurrent employee benefit plans(2,780)(955)(5,002)(1,415)(2,338)(2,497)
Net amount recognized at December 31$(3,047)$(401)$(5,236)$(944)$(2,489)$(2,650)
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 $4,979 and $7,278 at the end of 2021 and 2020, respectively. These amounts consisted of:
Pension Benefits
20212020Other Benefits
U.S.Int’l.U.S.Int’l.20212020
Net actuarial loss$4,007 $920 $5,714 $1,401 $134 $260 
Prior service (credit) costs2 75 3 86 (159)(186)
Total recognized at December 31$4,009 $995 $5,717 $1,487 $(25)$74 
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, 2021 and 2020, was:
Pension Benefits
20212020
U.S.Int’l.U.S.Int’l.
Projected benefit obligations$1,957 $1,097 $15,103 $2,084 
Accumulated benefit obligations1,665 883 13,545 1,622 
Fair value of plan assets55 2 9,842 600 
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 2021, 2020 and 2019 are shown in the table below:
Pension Benefits
202120202019Other Benefits
U.S.Int’l.U.S.Int’l.U.S.Int’l.202120202019
Net Periodic Benefit Cost
Service cost$450 $123 $497 $130 $406 $139 $43 $38 $36 
Interest cost235 137 353 175 397 199 53 71 96 
Expected return on plan assets(596)(171)(650)(209)(565)(231)— — — 
Amortization of prior service costs (credits)2 8 2 10 2 11 (27)(28)(28)
Recognized actuarial losses309 46 385 45 239 21 16 3 (3)
Settlement losses672 7 620 37 259 3 — — — 
Curtailment losses (gains)— (1)92 2 — 16 — (27)— 
Total net periodic benefit cost1,072 149 1,299 190 738 158 85 57 101 
Changes Recognized in Comprehensive Income
Net actuarial (gain) loss during period(725)(408)1,584 230 1,939 338 (111)190 128 
Amortization of actuarial loss(981)(73)(1,005)(98)(498)(24)(15)(4)3 
Prior service (credits) costs during period— — — — — 29 — — (1)
Amortization of prior service (costs) credits(2)(11)(2)(17)(2)(30)27 42 28 
Total changes recognized in other
comprehensive income
(1,708)(492)577 115 1,439 313 (99)228 158 
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income
$(636)$(343)$1,876 $305 $2,177 $471 $(14)$285 $259 
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
202120202019Other Benefits
U.S.Int’l.U.S.Int’l.U.S.Int’l.202120202019
Assumptions used to determine benefit obligations:
Discount rate2.8 %2.8 %2.4 %2.4 %3.1 %3.2 %2.9 %2.6 %3.2 %
Rate of compensation increase4.5 %4.1 %4.5 %4.0 %4.5 %4.0 %N/AN/AN/A
Assumptions used to determine net periodic benefit cost:
Discount rate for service cost3.0 %2.4 %3.3 %3.2 %4.4 %4.4 %3.0 %3.5 %4.6 %
Discount rate for interest cost1.9 %2.4 %2.6 %3.2 %3.7 %4.4 %2.1 %3.0 %4.2 %
Expected return on plan assets6.5 %3.5 %6.5 %4.5 %6.8 %5.6 %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 2021 and 2020 are as follows:
U.S.Int’l.
TotalLevel 1Level 2Level 3NAVTotal Level 1Level 2Level 3NAV
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 
At December 31, 2021
Equities
U.S.1
$1,677 $1,677 $— $— $— $491 $491 $— $— $— 
International1,285 1,284 — 1 — 356 355 — 1 — 
Collective Trusts/Mutual Funds2
2,541 32 — — 2,509 134 6 — — 128 
Fixed Income
Government215 — 215 — — 229 135 94 — — 
Corporate660 — 660 — — 532 2 530 — — 
Bank Loans137 — 136 1 — — — — — — 
Mortgage/Asset Backed1 — 1 — — 4 — 4 — — 
Collective Trusts/Mutual Funds2
1,907 13 — — 1,894 2,388 1 — — 2,387 
Mixed Funds3
— — — — — 99 12 87 — — 
Real Estate4
1,172 — — — 1,172 312 — — 42 270 
Alternative Investments— — — — — — — — — — 
Cash and Cash Equivalents264 263 1 — — 161 89 3 — 69 
Other5
60 (1)14 46 1 244 — 17 113 114 
Total at December 31, 2021$9,919 $3,268 $1,027 $48 $5,576 $4,950 $1,091 $735 $156 $2,968 
1U.S. equities include investments in the company’s common stock in the amount of $0 at December 31, 2021, and $4 at December 31, 2020.
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, 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 
Actual Return on Plan Assets:
Assets held at the reporting date— — — — 4 4 
Assets sold during the period— — — (3)— (3)
Purchases, Sales and Settlements— — (2)— 4 2 
Transfers in and/or out of Level 3— — — — 108 108 
Total at December 31, 2021$1 $— $— $42 $161 $204 
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
2022$826 $296 $151 
2023982 211 149 
20241,025 225 146 
20251,022 232 144 
2026998 245 142 
2027-20314,640 1,367 682