Pension and Postretirement Plans (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Reconciliation of Projected Benefit Obligations and Plan Assets

The following table provides a reconciliation of the projected benefit obligations and plan assets for our pension plans and accumulated benefit obligations for our other postretirement benefit plans:

	Millions of Dollars
	Pension Benefits									Other Benefits
	2019					2018				2019		2018
	U.S.			Int’l.		U.S.		Int’l.
Change in Benefit Obligations
Benefit obligations at January 1	$	2,730		1,007		3,043		1,209		220		232
Service cost	127			23		136		29		5		6
Interest cost	109			26		104		28		9		7
Plan participant contributions	—			2		—		2		5		4
Plan amendments	—			—		—		—		(2	)	—
Net actuarial loss (gain)	380			186		(167	)	(165	)	6		(9	)
Benefits paid	(198		)	(31	)	(386	)	(27	)	(17	)	(20	)
Curtailment gain	—			—		—		(5	)	—		—
Foreign currency exchange rate change	—			15		—		(64	)	—		—
Benefit obligations at December 31	$	3,148		1,228		2,730		1,007		226		220
Change in Fair Value of Plan Assets
Fair value of plan assets at January 1	$	2,377		902		2,751		972		—		—
Actual return on plan assets	478			121		(122	)	(29	)	—		—
Company contributions	45			28		134		34		12		16
Plan participant contributions	—			2		—		2		5		4
Benefits paid	(198		)	(31	)	(386	)	(27	)	(17	)	(20	)
Foreign currency exchange rate change	—			24		—		(50	)	—		—
Fair value of plan assets at December 31	$	2,702		1,046		2,377		902		—		—
Funded Status at December 31	$	(446	)	(182	)	(353	)	(105	)	(226	)	(220	)

Amounts Recognized in the Consolidated Balance Sheet

Amounts recognized in the consolidated balance sheet for our pension and other postretirement benefit plans at December 31 include:

	Millions of Dollars
	Pension Benefits									Other Benefits
	2019					2018				2019		2018
	U.S.			Int’l.		U.S.		Int’l.
Amounts Recognized in the Consolidated Balance Sheet
Noncurrent assets	$	—		29		—		78		—		—
Current liabilities	(25		)	—		(25	)	—		(15	)	(16	)
Noncurrent liabilities	(421		)	(211	)	(328	)	(183	)	(211	)	(204	)
Total recognized	$	(446	)	(182	)	(353	)	(105	)	(226	)	(220	)

Before Tax Amounts Unrecognized in Net Periodic Benefit Cost Included in Accumulated Other Comprehensive Income

Included in accumulated other comprehensive loss at December 31 were the following pre-tax amounts that had not been recognized in net periodic benefit cost:

	Millions of Dollars
	Pension Benefits							Other Benefits
	2019				2018			2019		2018
	U.S.		Int’l.		U.S.	Int’l.
Unrecognized net actuarial loss (gain)	$	523	164		539	64		—		(8	)
Unrecognized prior service credit	—		(2	)	—	(3	)	(6	)	(6	)

Sources of Change in Other Comprehensive Income

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):

	Millions of Dollars
	Pension Benefits									Other Benefits
	2019					2018				2019		2018
	U.S.			Int’l.		U.S.		Int’l.
Sources of Change in Other Comprehensive Income (Loss)
Net actuarial gain (loss) arising during the period	$	(45	)	(106	)	(125	)	102		(7	)	9
Curtailment gain	—			—		—		5		—		—
Amortization of net actuarial loss (gain) and settlements	61			6		131		19		(1	)	—
Prior service credit arising during the period	—			—		—		—		2		—
Amortization of prior service credit	—			(1	)	—		(1	)	(2	)	(1	)
Total recognized in other comprehensive income (loss)	$	16		(101	)	6		125		(8	)	8

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31 were:

	Millions of Dollars
	Pension Benefits
	2019			2018
	U.S.		Int’l.	U.S.	Int’l.
Accumulated benefit obligations	$	2,855	396	123	345
Fair value of plan assets	2,702		207	—	182

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

Information for U.S. and international pension plans with a projected benefit obligation in excess of plan assets at December 31 were:

	Millions of Dollars
	Pension Benefits
	2019			2018
	U.S.		Int’l.	U.S.	Int’l.
Projected benefit obligations	$	3,148	419	2,730	365
Fair value of plan assets	2,702		207	2,377	182

Components of Net Periodic Benefit Cost

Components of net periodic benefit cost for all defined benefit plans are presented in the table below:

	Millions of Dollars
	Pension Benefits													Other Benefits
	2019					2018				2017				2019		2018		2017
	U.S.			Int’l.		U.S.		Int’l.		U.S.		Int’l.
Components of Net Periodic Benefit Cost
Service cost	$	127		23		136		29		132		32		5		6		6
Interest cost	109			26		104		28		108		27		9		7		8
Expected return on plan assets	(143		)	(44	)	(169	)	(46	)	(146	)	(40	)	—		—		—
Amortization of prior service cost (credit)	—			(1	)	—		(1	)	3		(1	)	(2	)	(1	)	(2	)
Amortization of net actuarial loss (gain)	53			6		59		19		70		23		(1	)	—		—
Settlements	8			—		72		—		83		—		—		—		—
Total net periodic benefit cost*	$	154		10		202		29		250		41		11		12		12

* Included in the “Operating expenses” and “Selling, general and administrative expenses” line items on our consolidated statement of income.

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					Other Benefits
	2019			2018		2019	2018
	U.S.		Int’l.	U.S.	Int’l.
Assumptions Used to Determine Benefit Obligations:
Discount rate	3.30	%	1.81	4.30	2.59	3.05	4.15
Rate of compensation increase	4.00		3.34	4.00	3.34	—	—
Interest crediting rate on cash balance plan	2.70		—	3.25	—	—	—
Assumptions Used to Determine Net Periodic Benefit Cost:
Discount rate	4.30	%	2.59	3.60	2.36	4.15	3.35
Expected return on plan assets	6.50		4.93	6.50	4.78	—	—
Rate of compensation increase	4.00		3.34	4.00	3.74	—	—
Interest crediting rate on cash balance plan	3.25		—	3.00	—	—	—

Fair Values of Pension Plan Assets

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

	Millions of Dollars
	U.S.					International
	Level 1		Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
2019
Equity securities	$	437	—	—	437	—	—	—	—
Government debt securities	475		—	—	475	—	—	—	—
Corporate debt securities	—		134	—	134	—	—	—	—
Cash and cash equivalents	136		—	—	136	4	—	—	4
Insurance contracts	—		—	—	—	—	—	14	14
Total assets in the fair value hierarchy	1,048		134	—	1,182	4	—	14	18
Common/collective trusts measured at NAV					1,364				938
Real estate funds measured at NAV					156				90
Total	$	1,048	134	—	2,702	4	—	14	1,046

	Millions of Dollars
	U.S.					International
	Level 1		Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
2018
Equity securities	$	421	—	—	421	—	—	—	—
Government debt securities	610		—	—	610	—	—	—	—
Corporate debt securities	—		129	—	129	—	—	—	—
Cash and cash equivalents	50		—	—	50	7	—	—	7
Insurance contracts	—		—	—	—	—	—	14	14
Total assets in the fair value hierarchy	1,081		129	—	1,210	7	—	14	21
Common/collective trusts measured at NAV					1,048				873
Real estate funds measured at NAV					119				8
Total	$	1,081	129	—	2,377	7	—	14	902

Expected Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid to plan participants in the years indicated:

	Millions of Dollars
	Pension Benefits			Other Benefits
	U.S.		Int’l.
2020	$	538	21	26
2021	309		23	27
2022	320		25	27
2023	284		27	26
2024	289		29	24
2025-2029	1,198		176	96