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COMPANY-SPONSORED EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2021

Net Periodic Benefit Cost for Pension and Postretirement Benefit Plans

Information about net periodic benefit cost for the company-sponsored pension and postretirement defined benefit plans is as follows (in millions):


	U.S. Pension Benefits						U.S. Postretirement Medical Benefits						International Pension Benefits
	2021		2020		2019		2021		2020		2019		2021		2020		2019
Net Periodic Benefit Cost:
Service cost	$	1,897	$	1,853	$	1,439	$	28	$	29	$	23	$	76	$	67	$	57
Interest cost	1,948		1,977		2,067		81		91		108		38		40		47
Expected return on plan assets	(3,327)		(3,549)		(3,130)		(5)		(8)		(8)		(68)		(86)		(76)


Amortization of prior service cost	139		218		218		7		7		7		2		2		2
Actuarial (gain) loss	(3,284)		6,211		2,296		24		246		37		(12)		27		54


Net periodic benefit cost	$	(2,627)	$	6,710	$	2,890	$	135	$	365	$	167	$	36	$	50	$	84

Weighted Average Actuarial Assumptions Used Disclosure

The table below provides the weighted-average actuarial assumptions used to determine the net periodic benefit cost:


	U.S. Pension Benefits						U.S. Postretirement Medical Benefits						International Pension Benefits
	2021		2020		2019		2021		2020		2019		2021		2020		2019
Service cost discount rate	2.90	%	3.60	%	4.50	%	2.88	%	3.59	%	4.51	%	2.38	%	3.01	%	3.58	%
Interest cost discount rate	2.90	%	3.60	%	4.50	%	2.88	%	3.59	%	4.51	%	2.22	%	2.67	%	3.25	%
Rate of compensation increase	4.50	%	4.22	%	4.25	%	N/A		N/A		N/A		2.93	%	3.00	%	3.24	%
Expected return on plan assets	6.50	%	7.77	%	7.75	%	3.65	%	7.20	%	7.20	%	3.68	%	5.55	%	5.69	%
Cash balance interest credit rate	2.50	%	2.50	%	2.98	%	N/A		N/A		N/A		2.74	%	2.59	%	3.17	%

The table below provides the weighted-average actuarial assumptions used to determine the benefit obligations of our plans:


	U.S. Pension Benefits				U.S. Postretirement Medical Benefits				International Pension Benefits
	2021		2020		2021		2020		2021		2020
Discount rate	3.13	%	2.90	%	3.28	%	2.88	%	2.33	%	1.94	%
Rate of compensation increase	4.29	%	4.21	%	N/A		N/A		3.17	%	2.93	%
Cash balance interest credit rate	2.50	%	2.50	%	N/A		N/A		2.94	%	2.74	%

Reconciliation of the Changes in the Plans' Benefit Obligations and Fair Value of Plan Assets

The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of plan assets as of the respective measurement dates in each year (in millions):


	U.S. Pension Benefits				U.S. Postretirement Medical Benefits				International Pension Benefits
	2021		2020		2021		2020		2021		2020
Benefit Obligations:
Projected benefit obligation at beginning of year	$	65,922	$	54,039	$	2,759	$	2,616	$	2,177	$	1,906
Service cost	1,897		1,853		28		29		76		67
Interest cost	1,948		1,977		81		91		38		40
Gross benefits paid	(1,906)		(1,846)		(278)		(274)		(46)		(38)
Plan participants’ contributions	—		—		35		32		3		3
Plan amendments	66		171		—		—		—		1
Actuarial (gain)/loss	(6,390)		9,728		(26)		265		(111)		123
Foreign currency exchange rate changes	—		—		—		—		(32)		80
Curtailments and settlements	(159)		—		(7)		—		(3)		(6)
Other	—		—		—		—		4		1
Projected benefit obligation at end of year	$	61,378	$	65,922	$	2,592	$	2,759	$	2,106	$	2,177

	U.S. Pension Benefits				U.S. Postretirement Medical Benefits				International Pension Benefits
	2021		2020		2021		2020		2021		2020
Fair Value of Plan Assets:
Fair value of plan assets at beginning of year	$	52,997	$	46,172	$	49	$	37	$	1,835	$	1,558
Actual return on plan assets	4,706		5,878		(8)		(9)		230		184
Employer contributions	157		2,793		317		263		102		69
Plan participants’ contributions	—		—		35		32		3		3
Gross benefits paid	(1,906)		(1,846)		(278)		(274)		(46)		(38)
Foreign currency exchange rate changes	—		—		—		—		(15)		62
Curtailments and settlements	—		—		—		—		(3)		(3)
Other	—		—		—		—		—		—
Fair value of plan assets at end of year	$	55,954	$	52,997	$	115	$	49	$	2,106	$	1,835

Funded Status as of the Respective Measurement Dates in Each Year and the Amounts Recognized in Balance Sheet

The following table discloses the funded status of our plans and the amounts recognized in our consolidated balance sheets as of December 31 (in millions):


	U.S. Pension Benefits				U.S. Postretirement Medical Benefits				International Pension Benefits
	2021		2020		2021		2020		2021		2020
Funded Status:
Fair value of plan assets	$	55,954	$	52,997	$	115	$	49	$	2,106	$	1,835
Benefit obligation	(61,378)		(65,922)		(2,592)		(2,759)		(2,106)		(2,177)
Funded status	$	(5,424)	$	(12,925)	$	(2,477)	$	(2,710)	$	—	$	(342)
Funded Status Recognized in our Balance Sheet:
Other non-current assets	$	—	$	—	$	—	$	—	$	295	$	51
Other current liabilities	(24)		(22)		(118)		(184)		(7)		(5)
Pension and postretirement benefit obligations	(5,400)		(12,903)		(2,359)		(2,526)		(288)		(388)
Net liability	$	(5,424)	$	(12,925)	$	(2,477)	$	(2,710)	$	—	$	(342)
Amounts Recognized in AOCI:
Unrecognized net prior service cost	$	(682)	$	(753)	$	(3)	$	(9)	$	(9)	$	(11)
Unrecognized net actuarial gain (loss)	(1,949)		(6,592)		(232)		(276)		107		(151)
Gross unrecognized cost	(2,631)		(7,345)		(235)		(285)		98		(162)
Deferred tax assets (liabilities)	642		1,770		55		69		(27)		38
Net unrecognized cost	$	(1,989)	$	(5,575)	$	(180)	$	(216)	$	71	$	(124)

Projected Benefit Obligation, Accumulated Benefit Obligation, and Fair Value of Plan Assets for Pension Plans With an Accumulated Benefit Obligation in Excess of Plan Assets

As of December 31, 2021 and 2020, the projected benefit obligation, the accumulated benefit obligation and the fair value of plan assets for pension plans with benefit obligations in excess of plan assets were as follows (in millions):


	Projected Benefit Obligation Exceeds the Fair Value of Plan Assets				Accumulated Benefit Obligation Exceeds the Fair Value of Plan Assets
	2021		2020		2021		2020
U.S. Pension Benefits:
Projected benefit obligation	$	61,378	$	65,922	$	61,378	$	65,922
Accumulated benefit obligation	60,769		64,937		60,769		64,937
Fair value of plan assets	55,954		52,997		55,954		52,997
International Pension Benefits:
Projected benefit obligation	$	798	$	845	$	408	$	845
Accumulated benefit obligation	696		728		357		728
Fair value of plan assets	503		452		132		452

Fair Values of U.S. Pension and Postretirement Benefit Plan Assets by Asset Category as Well as the Percentage That Each Category Comprises of Total Plan Assets and the Respective Target Allocations

The fair values of U.S. and international pension and postretirement benefit plan assets by asset category as of December 31, 2021 are presented below (in millions), as well as the percentage that each category comprises of our total plan assets and the respective target allocations:


	Total Assets(1)		Level 1		Level 2		Level 3		Percentage of Plan Assets		Target Allocation
Asset Category (U.S. Plans):
Cash and cash equivalents	$	2,671	$	2,564	$	107	$	—	4.8	%	1-7
Equity Securities:
U.S. Large Cap	12,840		8,948		3,892		—
U.S. Small Cap	484		484		—		—
Emerging Markets	2,077		1,483		594		—
Global Equity	3,054		2,901		153		—
International Equity	4,199		1,972		2,227		—
Total Equity Securities	22,654		15,788		6,866		—		40.4		20-45
Fixed Income Securities:
U.S. Government Securities(2)	12,083		25,358		(13,275)		—
Corporate Bonds	6,156		—		6,142		14
Global Bonds	23		—		23		—
Municipal Bonds	19		—		19		—
Total Fixed Income Securities	18,281		25,358		(7,091)		14		32.6		30-70
Other Investments:
Hedge Funds	4,121		—		2,303		—		7.3		5-10
Private Equity	4,822		—		—		—		8.6		1-10
Private Debt	763		—		—		—		1.4		1-10
Real Estate	2,285		313		106		—		4.1		1-10
Structured Products(3)	177		—		177		—		0.3		1-5
Risk Parity Funds	295		—		—		—		0.5		1-10

Total U.S. Plan Assets	$	56,069	$	44,023	$	2,468	$	14	100.0	%
Asset Category (International Plans):
Cash and cash equivalents	$	184	$	135	$	49	$	—	8.7	%	1-10
Equity Securities:
Local Markets Equity	193		—		193		—
U.S. Equity	53		53		—		—
Emerging Markets	35		35		—		—
International / Global Equity	513		195		318		—
Total Equity Securities	794		283		511		—		37.7		20-50
Fixed Income Securities:
Local Government Bonds	61		—		61		—
Corporate Bonds	438		21		417		—
Global Bonds	136		134		2		—
Total Fixed Income Securities	635		155		480		—		30.2		30-50
Other Investments:
Real Estate	172		—		90		24		8.2		5-10

Other	321		—		247		50		15.2		1-20
Total International Plan Assets	$	2,106	$	573	$	1,377	$	74	100.0	%
Total Plan Assets	$	58,175	$	44,596	$	3,845	$	88

(1) Certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy but are included in the category totals.

(2) Level 2 U.S. Government Securities includes repurchase and reverse repurchase agreements.

(3) Represents mortgage and asset-backed securities.

The fair values of U.S. and international pension and postretirement benefit plan assets by asset category as of December 31, 2020 are presented below (in millions), as well as the percentage that each category comprises of our total plan assets and the respective target allocations:


	Total Assets(1)		Level 1		Level 2		Level 3		Percentage of Plan Assets		Target Allocation
Asset Category (U.S. Plans):
Cash and cash equivalents	$	1,593	$	1,510	$	83	$	—	3.0	%	1-5
Equity Securities:
U.S. Large Cap	8,294		4,272		4,022		—
U.S. Small Cap	370		370		—		—
Emerging Markets	2,106		1,503		603		—
Global Equity	3,940		3,624		316		—
International Equity	4,335		2,043		2,292		—
Total Equity Securities	19,045		11,812		7,233		—		35.9		25-55
Fixed Income Securities:
U.S. Government Securities	16,145		14,646		1,499		—
Corporate Bonds	6,146		—		6,143		3
Global Bonds	42		—		42		—
Municipal Bonds	27		—		27		—
Total Fixed Income Securities	22,360		14,646		7,711		3		42.2		35-55
Other Investments:
Hedge Funds	3,518		—		1,652		—		6.6		5-15
Private Equity	3,424		—		—		—		6.5		1-10
Private Debt	695		—		—		—		1.3		1-10
Real Estate	1,986		244		82		—		3.7		1-10
Structured Products(2)	161		—		161		—		0.3		1-5
Risk Parity Funds	264		—		—		—		0.5		1-10
Total U.S. Plan Assets	$	53,046	$	28,212	$	16,922	$	3	100.0	%
Asset Category (International Plans):
Cash and cash equivalents	$	84	$	45	$	39	$	—	4.6	%	1-10
Equity Securities:
Local Markets Equity	214		—		214		—
U.S. Equity	59		—		59		—
Emerging Markets	55		41		14		—
International / Global Equity	534		210		324		—
Total Equity Securities	862		251		611		—		47.0		25-55
Fixed Income Securities:
Local Government Bonds	102		—		102		—
Corporate Bonds	215		22		193		—
Global Bonds	125		125		—		—
Total Fixed Income Securities	442		147		295		—		24.1		20-40
Other Investments:
Real Estate	154		—		80		21		8.3		5-10

Other	293		—		236		41		16.0		1-20
Total International Plan Assets	1,835		$	443	$	1,261	$	62	100.0	%
Total Plan Assets	$	54,881	$	28,655	$	18,183	$	65

(2) Represents mortgage and asset-backed securities.

Fair Value Measurement of Plan Assets Using Significant Unobservable Inputs (Level 3)

The following table presents the changes in the Level 3 instruments measured on a recurring basis for the years ended December 31, 2021 and 2020 (in millions):


	Corporate Bonds		Other		Total
Balance on January 1, 2020	$	—	$	12	$	12
Actual Return on Assets:
Assets Held at End of Year	—		3		3
Assets Sold During the Year	(5)		—		(5)
Purchases	10		51		61
Sales	(2)		(4)		(6)

Transfers Into (Out of) Level 3	—		—		—
Balance on December 31, 2020	$	3	$	62	$	65
Actual Return on Assets:
Assets Held at End of Year	—		5		5
Assets Sold During the Year	(16)		—		(16)
Purchases	33		10		43
Sales	(6)		(3)		(9)

Transfers Into (Out of) Level 3	—		—		—
Balance on December 31, 2021	$	14	$	74	$	88

Expected Cash Flows for Pension and Postretirement Benefit Plans

Information about expected cash flows for the pension and postretirement medical benefit plans is as follows (in millions):


	U.S. Pension Benefits		U.S. Postretirement Medical Benefits		International Pension Benefits
Expected Employer Contributions:
2022 to plan trusts	$	1,887	$	177	$	96
2022 to plan participants	25		49		7
Expected Benefit Payments:
2022	$	1,927	$	229	$	44
2023	2,054		219		49
2024	2,188		208		55
2025	2,323		199		61
2026	2,458		189		68
2027 - 2031	14,160		813		425

schedule of one basis point change in discount rate on the projected benefit obligation [Table Text Block]

As of December 31, 2021, the impact of each basis point change in the discount rate on the projected benefit obligation of our pension and postretirement medical benefit plans is as follows (in millions):


	Increase (Decrease) in the Projected Benefit Obligation
	Pension Benefits		Postretirement Medical Benefits
One basis point increase in discount rate	$	(100)	$	(2)
One basis point decrease in discount rate	$	106	$	3