Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Employee Benefit Plans [Abstract]

Change in Benefit Obligations and Fair Value of Plan Assets

An analysis of the projected benefit obligations for our pension plans and accumulated benefit obligations for

our postretirement health and life insurance plans follows:

Millions of Dollars

Pension Benefits

Other Benefits

2021

2020

2021

2020

U.S.

Int’l.

U.S.

Int’l.

Change in Benefit Obligation

Benefit obligation at January 1

$

2,548

4,403

2,319

3,880

170

216

Service cost

73

61

85

54

2

2

Interest cost

53

79

66

85

4

6

Plan participant contributions

-

-

-

1

16

18

Plan amendments

-

-

-

2

-

(30)

Actuarial (gain) loss

(117)

(176)

319

398

(16)

7

Benefits paid

(654)

(162)

(241)

(151)

(40)

(49)

Curtailment

12

-

-

2

1

-

Recognition of termination benefits

9

-

-

3

-

-

Foreign currency exchange rate change

-

(81)

-

129

-

-

Benefit obligation at December 31

*

$

1,924

4,124

2,548

4,403

137

170

*Accumulated benefit obligation portion of above at

 December 31:

$

1,793

3,658

2,359

4,095

Change in Fair Value of Plan Assets

Fair value of plan assets at January 1

$

1,770

4,793

1,591

4,306

-

-

Actual return on plan assets

97

147

321

416

-

-

Company contributions

451

119

99

60

24

31

Plan participant contributions

-

1

-

1

16

18

Benefits paid

(654)

(162)

(241)

(151)

(40)

(49)

Foreign currency exchange rate change

-

(86)

-

161

-

-

Fair value of plan assets at December 31

$

1,664

4,812

1,770

4,793

-

-

Funded Status

$

(260)

688

(778)

390

(137)

(170)

Amounts Recognized in Balance Sheet and Assumptions

Millions of Dollars

Pension Benefits

Other Benefits

2021

2020

2021

2020

U.S.

Int’l.

U.S.

Int’l.

Amounts Recognized in the 

Consolidated Balance Sheet at 

December 31

Noncurrent assets

$

1

991

-

746

-

-

Current liabilities

(29)

(15)

(56)

(11)

(34)

(39)

Noncurrent liabilities

(232)

(288)

(722)

(345)

(103)

(131)

Total recognized

$

(260)

688

(778)

390

(137)

(170)

Weighted-Average Assumptions Used to 

Determine Benefit Obligations at 

December 31

Discount rate

2.80

%

2.15

2.30

1.80

2.65

2.15

Rate of compensation increase

4.00

3.40

4.00

3.10

Interest crediting rate for applicable benefits

2.50

2.10

Weighted-Average Assumptions Used to 

Determine Net Periodic Benefit Cost for 

Years Ended December 31

Discount rate

2.60

%

1.80

3.05

2.35

2.35

3.10

Expected return on plan assets

5.20

2.50

5.80

3.60

Rate of compensation increase

4.00

3.40

4.00

3.35

Interest crediting rate for applicable benefits

2.10

4.10

Projected and Accumulated Benefit Obligations in Excess of Fair Value

The following tables summarize information related to the Company's pension plans with projected and

accumulated benefit obligations in excess of the fair value of the plans' assets:

Millions of Dollars

Pension Benefits

2021

2020

U.S.

Int’l.

U.S.

Int’l.

Pension Plans with Projected Benefit Obligation in

Excess of Plan Assets

Projected benefit obligation

$

261

362

2,548

391

Fair value of plan assets

-

58

1,770

35

Pension Plans with Accumulated Benefit Obligation in

Excess of Plan Assets

Accumulated benefit obligation

$

234

271

2,359

338

Fair value of plan assets

-

9

1,770

35

Before-Tax Amounts not Recognized in Net Periodic Benefit Cost

Included in accumulated other comprehensive income (loss) at December 31 were the following before-tax 

amounts that had not been recognized in net periodic benefit cost:

Millions of Dollars

Pension Benefits

Other Benefits

2021

2020

2021

2020

U.S.

Int’l.

U.S.

Int’l.

Unrecognized net actuarial loss (gain)

$

188

86

467

326

(1)

14

Unrecognized prior service cost (credit)

-

1

-

-

(145)

(182)

Source of Change in Other Comprehensive Income (Loss)

Millions of Dollars

Pension Benefits

Other Benefits

2021

2020

2021

2020

U.S.

Int’l.

U.S.

Int’l.

Sources of Change in Other 

Comprehensive Income (Loss)

Net gain (loss) arising during the period

$

134

207

(83)

(120)

16

(7)

Amortization of actuarial loss included

in income (loss)*

145

33

95

21

-

1

Net change during the period

$

279

240

12

(99)

16

(6)

Prior service credit (cost) arising during the

period

$

-

-

-

(1)

-

30

Amortization of prior service (credit)

included in income (loss)

-

(1)

-

(1)

(37)

(31)

Net change during the period

$

-

(1)

-

(2)

(37)

(1)

*Includes settlement (gains) losses recognized in 2021 and 2020.

Components of Net Periodic Benefit Cost

The components of net periodic benefit cost of all defined benefit plans are presented in the following table:

Millions of Dollars

Pension Benefits

Other Benefits

2021

2020

2019

2021

2020

2019

U.S.

Int’l.

U.S.

Int’l.

U.S.

Int’l.

Components of Net 

Periodic Benefit Cost

Service cost

$

73

61

85

54

79

69

2

2

1

Interest cost

53

79

66

85

79

97

4

6

8

Expected return on plan

assets

(80)

(120)

(85)

(145)

(74)

(138)

-

-

-

Amortization of prior 

service credit

-

(1)

-

(1)

-

(2)

(37)

(31)

(33)

Recognized net actuarial 

loss (gain)

43

33

51

22

54

32

-

1

(2)

Settlements loss (gain)

102

-

44

(1)

62

-

-

-

-

Curtailment loss

12

-

-

-

-

-

-

-

-

Net periodic benefit cost

$

203

52

161

14

200

58

(31)

(22)

(26)

Fair Values of Pension Plan Assets

The fair values of our pension plan assets at December 31, by asset class were as follows: 

Millions of Dollars

U.S.

International

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

2021

Equity securities

U.S.

$

3

-

5

8

-

-

-

-

International

42

-

-

42

-

-

-

-

Mutual funds

17

-

-

17

236

403

-

639

Debt securities

Corporate

-

1

-

1

-

-

-

-

Mutual funds

-

-

-

-

511

-

-

511

Cash and cash equivalents

-

-

-

-

68

-

-

68

Real estate

-

-

-

-

-

-

157

157

Total in fair value hierarchy

$

62

1

5

68

815

403

157

1,375

Investments measured at net asset value*

Equity securities

Common/collective trusts

$

394

417

Debt securities

Common/collective trusts

1,073

3,015

Cash and cash equivalents

9

-

Real estate

36

1

Total**

$

62

1

5

1,580

815

403

157

4,808

 *In accordance with FASB ASC Topic 715, “Compensation—Retirement Benefits,” certain investments that are to be measured at fair value 

 using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value 

 amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Change in

 Fair Value of Plan Assets.

**Excludes the participating interest in the insurance annuity contract with a net asset of $

83

 million and net receivables related to security 

 transactions of $

5

 million.

The fair values of our pension plan assets at December 31, by asset class were as follows: 

Millions of Dollars

U.S.

International

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

2020

Equity securities

U.S.

$

-

3

5

8

-

-

-

-

International

99

-

-

99

-

-

-

-

Mutual funds

72

-

-

72

235

384

-

619

Debt securities

Corporate

-

1

-

1

-

-

-

-

Mutual funds

-

-

-

-

455

-

-

455

Cash and cash equivalents

-

-

-

-

74

-

-

74

Derivatives

-

-

-

-

6

-

-

6

Real estate

-

-

-

-

-

-

142

142

Total in fair value hierarchy

$

171

4

5

180

770

384

142

1,296

Investments measured at net asset value*

Equity securities

Common/collective trusts

$

678

372

Debt securities

Common/collective trusts

730

3,007

Cash and cash equivalents

8

-

Real estate

79

112

Total**

$

171

4

5

1,675

770

384

142

4,787

 *In accordance with FASB ASC Topic 715, “Compensation—Retirement Benefits,” certain investments that are to be measured at fair value 

 using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value 

 amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Change in 

 Fair Value of Plan Assets.

**Excludes the participating interest in the insurance annuity contract with a net asset of $

94

 million and net receivables related to security 

 transactions of $

7

 million.

Benefit Payments

The following benefit payments, which are exclusive of amounts to be paid from the insurance annuity contract

and which reflect expected future service, as appropriate, are expected to be paid:

Millions of Dollars

Pension

Other

Benefits

Benefits

U.S.

Int’l.

2022

$

369

152

21

2023

185

152

18

2024

176

158

15

2025

154

162

14

2026

144

164

12

2027–2031

557

893

44

Severance Accrual

The following table summarizes our severance accrual activity:

Millions of Dollars

2021

2020

2019

Balance at January 1

$

24

23

48

Accruals

170

14

(1)

Benefit payments

(116)

(13)

(24)

Balance at December 31

$

78

24

23

Compensation Expense

Compensation Expense

—Total share-based compensation expense recognized in net income (loss) and the

associated tax benefit were:

Millions of Dollars

2021

2020

2019

Compensation cost

$

304

159

274

Tax benefit 

76

40

71

Stock Option Activity

The following summarizes our stock option activity for the year ended December 31, 2021:

Millions of Dollars

Weighted-Average

Aggregate

Options

Exercise Price

Intrinsic Value

Outstanding at December 31, 2020

16,922,525

$

55.12

$

22

Exercised

(3,846,361)

51.40

68

Expired or cancelled

(1,102,381)

53.47

Outstanding at December 31, 2021

11,973,783

$

56.46

$

188

Vested at December 31, 2021

11,973,783

$

56.46

$

188

Exercisable at December 31, 2021

11,973,783

$

56.46

$

188

Restricted Stock Unit Activity

The following summarizes our stock -settled stock unit activity for the year ended December 31, 2021:

Weighted-Average

Millions of Dollars

Stock Units

Grant Date Fair Value

Total Fair Value

Outstanding at December 31, 2020

6,431,985

$

58.94

Granted

4,590,103

46.56

Forfeited

(566,047)

48.59

Issued

(2,810,730)

54.74

$

144

Outstanding at December 31, 2021

7,645,311

$

53.81

Not Vested at December 31, 2021

5,509,133

53.81

The following summarizes our cash -settled stock unit activity for the year ended December 31, 2021:

Weighted-Average

Millions of Dollars

Stock Units

Grant Date Fair Value

Total Fair Value

Outstanding at December 31, 2020

614,615

$

39.95

Granted

11,186

57.19

Forfeited

(2,927)

51.43

Issued

(396,398)

50.75

$

20

Outstanding at December 31, 2021

226,476

$

72.18

Not Vested at December 31, 2021

59,443

72.18

Performance Share Program Activity

The following summarizes our stock -settled Performance Share Program activity for the year ended 

December 31, 2021:

Weighted-Average

Millions of Dollars

Stock Units

Grant Date Fair Value

Total Fair Value

Outstanding at December 31, 2020

1,736,728

$

50.56

Issued

(287,881)

49.91

$

18

Outstanding at December 31, 2021

1,448,847

$

50.69

Not Vested at December 31, 2021

3,191

$

48.61

The following summarizes our cash -settled Performance Share Program activity for the year ended 

December 31, 2021:

Weighted-Average

Millions of Dollars

Stock Units

Grant Date Fair Value

Total Fair Value

Outstanding at December 31, 2020

124,529

$

39.95

Granted

1,073,228

46.65

Settled

(1,080,078)

48.13

$

52

Outstanding at December 31, 2021

117,679

$

72.18

Restricted Shares and Units Aggregate Activity

The following summarizes the aggregate activity of these restricted shares and units for the year ended 

December 31, 2021:

Weighted-Average

Millions of Dollars

Stock Units

Grant Date Fair Value

Total Fair Value

Outstanding at December 31, 2020

970,099

$

47.78

Granted

797,704

46.43

Cancelled

(1,948)

27.80

Issued

(149,488)

46.80

$

8

Outstanding at December 31, 2021

1,616,367

$

47.24

Not Vested at December 31, 2021

695,958

$

45.87