XML 69 R43.htm IDEA: XBRL DOCUMENT

Pension And Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2018

Compensation And Retirement Disclosure [Abstract]

Change In Benefit Obligation Of Pension And Other Postretirement Benefits

		Pension Benefits				Other Postretirement
		U.S.		Non-U.S.		Benefits
		2018	2017	2018	2017	2018	2017
		(percent)
Weighted-average assumptions used to determine
	benefit obligations at December 31
	Discount rate	4.40	3.80	3.00	2.80	4.40	3.80
	Long-term rate of compensation increase	5.75	5.75	4.30	4.30	5.75	5.75

		(millions of dollars)
Change in benefit obligation
	Benefit obligation at January 1	19,310	19,960	27,963	25,196	8,100	7,800
	Service cost	819	784	608	596	152	129
	Interest cost	721	798	754	772	301	317
	Actuarial loss/(gain)	(957)	733	(1,034)	250	(630)	231
	Benefits paid (1) (2)	(1,715)	(2,964)	(1,284)	(1,291)	(528)	(543)
	Foreign exchange rate changes	-	-	(1,664)	2,484	(49)	40
	Amendments, divestments and other	(4)	(1)	35	(44)	125	126
Benefit obligation at December 31		18,174	19,310	25,378	27,963	7,471	8,100
Accumulated benefit obligation at December 31		14,683	15,557	23,350	25,557	-	-

(1) Benefit payments for funded and unfunded plans.

(2) For 2018 and 2017, other postretirement benefits paid are net of $13 million and $16 million of Medicare subsidy receipts, respectively.

Change In Plan Assets Of Pension And Other Postretirement Benefits

		Pension Benefits				Other Postretirement
		U.S.		Non-U.S.		Benefits
		2018	2017	2018	2017	2018	2017
		(millions of dollars)
Change in plan assets
	Fair value at January 1	12,782	12,793	21,461	19,043	427	411
	Actual return on plan assets	(710)	1,831	(15)	1,442	(13)	40
	Foreign exchange rate changes	-	-	(1,320)	1,776	-	-
	Company contribution	491	619	438	440	30	34
	Benefits paid (1)	(1,429)	(2,461)	(903)	(902)	(58)	(58)
	Other	-	-	(175)	(338)	-	-
Fair value at December 31		11,134	12,782	19,486	21,461	386	427

(1) Benefit payments for funded plans.

Summary Of Assets In Excess Of/(Less Than) Benefit Obligation

		Pension Benefits
		U.S.		Non-U.S.
		2018	2017	2018	2017
		(millions of dollars)
Assets in excess of/(less than) benefit obligation
	Balance at December 31
	Funded plans	(4,604)	(3,957)	439	413
	Unfunded plans	(2,436)	(2,571)	(6,331)	(6,915)
Total		(7,040)	(6,528)	(5,892)	(6,502)

Amounts Recorded In Balance Sheet And Other Comprehensive Income

		Pension Benefits				Other Postretirement
		U.S.		Non-U.S.		Benefits
		2018	2017	2018	2017	2018	2017
		(millions of dollars)
Assets in excess of/(less than) benefit obligation
	Balance at December 31 (1)	(7,040)	(6,528)	(5,892)	(6,502)	(7,085)	(7,673)

Amounts recorded in the consolidated balance
	sheet consist of:
	Other assets	-	-	1,174	1,403	-	-
	Current liabilities	(243)	(276)	(314)	(338)	(362)	(360)
	Postretirement benefits reserves	(6,797)	(6,252)	(6,752)	(7,567)	(6,723)	(7,313)
Total recorded		(7,040)	(6,528)	(5,892)	(6,502)	(7,085)	(7,673)

Amounts recorded in accumulated other
	comprehensive income consist of:
	Net actuarial loss/(gain)	3,831	3,982	4,713	5,586	877	1,595
	Prior service cost	6	11	(93)	(143)	(357)	(397)
Total recorded in accumulated other
	comprehensive income	3,837	3,993	4,620	5,443	520	1,198

(1) Fair value of assets less benefit obligation shown on the preceding page.

Schedule Of Assumptions, Components Of Benefit Cost And Amounts Recorded In Accumulated Other Comprehensive Income For Pension And Other Postretirement Benefits

									Other
			Pension Benefits						Postretirement
			U.S.			Non-U.S.			Benefits
			2018	2017	2016	2018	2017	2016	2018	2017	2016
Weighted-average assumptions used to
	determine net periodic benefit cost for
	years ended December 31	(percent)
	Discount rate		3.80	4.25	4.25	2.80	3.00	3.60	3.80	4.25	4.25
	Long-term rate of return on funded assets		6.00	6.50	6.50	4.70	5.20	5.25	6.00	6.50	6.50
	Long-term rate of compensation increase		5.75	5.75	5.75	4.30	4.00	4.80	5.75	5.75	5.75

Components of net periodic benefit cost			(millions of dollars)
	Service cost		819	784	810	608	596	585	152	129	153
	Interest cost		721	798	793	754	772	844	301	317	344
	Expected return on plan assets		(727)	(775)	(726)	(951)	(1,000)	(927)	(23)	(24)	(25)
	Amortization of actuarial loss/(gain)		362	438	492	409	476	536	116	96	153
	Amortization of prior service cost		5	5	6	46	47	54	(40)	(33)	(30)
	Net pension enhancement and
	curtailment/settlement cost		268	609	319	44	19	2	-	-	-
Net periodic benefit cost			1,448	1,859	1,694	910	910	1,094	506	485	595



Changes in amounts recorded in accumulated
	other comprehensive income:
	Net actuarial loss/(gain)		479	(324)	27	(66)	(191)	(156)	(594)	215	(555)
	Amortization of actuarial (loss)/gain		(630)	(1,047)	(811)	(453)	(495)	(538)	(116)	(96)	(153)
	Prior service cost/(credit)		-	-	-	98	111	32	-	-	-
	Amortization of prior service (cost)/credit		(5)	(5)	(6)	(46)	(47)	(54)	40	33	30
	Foreign exchange rate changes		-	-	-	(356)	559	(108)	(8)	8	5
Total recorded in other comprehensive income			(156)	(1,376)	(790)	(823)	(63)	(824)	(678)	160	(673)
Total recorded in net periodic benefit cost and
	other comprehensive income, before tax		1,292	483	904	87	847	270	(172)	645	(78)

Summary Of Change In Accumulated Other Comprehensive Income

		Total Pension and
		Other Postretirement Benefits
		2018	2017	2016
		(millions of dollars)
(Charge)/credit to other comprehensive income, before tax
	U.S. pension	156	1,376	790
	Non-U.S. pension	823	63	824
	Other postretirement benefits	678	(160)	673
Total (charge)/credit to other comprehensive income, before tax		1,657	1,279	2,287
(Charge)/credit to income tax (see Note 4)		(470)	(290)	(692)
(Charge)/credit to investment in equity companies		24	(43)	(16)
(Charge)/credit to other comprehensive income including noncontrolling
	interests, after tax	1,211	946	1,579
Charge/(credit) to equity of noncontrolling interests		(114)	12	24
(Charge)/credit to other comprehensive income attributable to ExxonMobil		1,097	958	1,603

Fair Value Of The Benefit Plan Assets (Pension)

			U.S. Pension						Non-U.S. Pension
			Fair Value Measurement						Fair Value Measurement
			at December 31, 2018, Using:						at December 31, 2018, Using:
							Net							Net
							Asset							Asset
			Level 1	Level 2		Level 3	Value (1)	Total	Level 1		Level 2		Level 3	Value (1)	Total
			(millions of dollars)
Asset category:
	Equity securities
		U.S.	-	-		-	1,397	1,397	-		-		-	2,648	2,648
		Non-U.S.	-	-		-	1,218	1,218	57	(2)	-		-	2,436	2,493
	Private equity		-	-		-	516	516	-		-		-	513	513
	Debt securities
		Corporate	-	4,795	(3)	-	1	4,796	-		102	(3)	-	3,713	3,815
		Government	-	3,085	(3)	-	2	3,087	243	(4)	97	(3)	-	9,326	9,666
		Asset-backed	-	-		-	1	1	-		28	(3)	-	218	246
	Cash		-	-		-	111	111	27		3	(5)	-	54	84
Total at fair value			-	7,880		-	3,246	11,126	327		230		-	18,908	19,465
	Insurance contracts
		at contract value						8							21
Total plan assets								11,134							19,486

(1) Per ASU 2015-07, certain instruments that are measured at fair value using the Net Asset Value (NAV) per share practical expedient have not been categorized 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 total value of plan assets.

(2) For non-U.S. equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges.

(3) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.

(4) For government debt securities that are traded on active exchanges, fair value is based on observable quoted prices.

(5) For cash balances that are subject to withdrawal penalties or other adjustments, the fair value is treated as a Level 2 input.

			U.S. Pension						Non-U.S. Pension
			Fair Value Measurement						Fair Value Measurement
			at December 31, 2017, Using:						at December 31, 2017, Using:
							Net							Net
							Asset							Asset
			Level 1	Level 2		Level 3	Value (1)	Total	Level 1		Level 2		Level 3	Value (1)	Total
			(millions of dollars)
Asset category:
	Equity securities
		U.S.	-	-		-	1,665	1,665	-		-		-	2,967	2,967
		Non-U.S.	-	-		-	1,570	1,570	111	(2)	-		-	2,903	3,014
	Private equity		-	-		-	532	532	-		-		-	522	522
	Debt securities
		Corporate	-	5,260	(3)	-	1	5,261	-		131	(3)	-	5,215	5,346
		Government	-	3,604	(3)	-	2	3,606	237	(4)	32	(3)	-	9,056	9,325
		Asset-backed	-	-		-	1	1	-		34	(3)	-	72	106
	Cash		-	-		-	138	138	54		2	(5)	-	102	158
Total at fair value			-	8,864		-	3,909	12,773	402		199		-	20,837	21,438
	Insurance contracts
		at contract value						9							23
Total plan assets								12,782							21,461

(2) For non-U.S. equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges.

(3) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.

(4) For government debt securities that are traded on active exchanges, fair value is based on observable quoted prices.

(5) For cash balances that are subject to withdrawal penalties or other adjustments, the fair value is treated as a Level 2 input.

Fair Value Of The Benefit Plan Assets (Other Postretirement)

			Other Postretirement
			Fair Value Measurement
			at December 31, 2018, Using:
								Net
								Asset
				Level 1	Level 2		Level 3	Value (1)	Total
				(millions of dollars)
Asset category:
	Equity securities
		U.S.		-	-		-	64	64
		Non-U.S.		-	-		-	41	41
	Debt securities
		Corporate		-	88	(2)	-	-	88
		Government		-	189	(2)	-	-	189
		Asset-backed		-	-		-	-	-
	Cash			-	-		-	4	4
Total at fair value				-	277		-	109	386

(2) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.

			Other Postretirement
			Fair Value Measurement
			at December 31, 2017, Using:
								Net
								Asset
				Level 1	Level 2		Level 3	Value (1)	Total
			(millions of dollars)
Asset category:
	Equity securities
		U.S.		-	-		-	73	73
		Non-U.S.		-	-		-	55	55
	Debt securities
		Corporate		-	99	(2)	-	-	99
		Government		-	197	(2)	-	-	197
		Asset-backed		-	1	(2)	-	-	1
	Cash			-	-		-	2	2
Total at fair value				-	297		-	130	427

(2) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.

Pension Plans With Accumulated Benefit Obligation In Excess Of Plan Assets

		Pension Benefits
		U.S.			Non-U.S.
			2018	2017		2018	2017
		(millions of dollars)
For funded pension plans with an accumulated benefit obligation
	in excess of plan assets:
	Projected benefit obligation		15,738	16,739		4,037	3,384
	Accumulated benefit obligation		13,208	14,022		3,671	3,264
	Fair value of plan assets		11,134	12,782		3,499	3,219

For unfunded pension plans:
	Projected benefit obligation		2,436	2,571		6,331	6,915
	Accumulated benefit obligation		1,475	1,535		5,670	6,208

Estimated Next Year Amortization

					Other
			Pension Benefits		Postretirement
			U.S.	Non-U.S.	Benefits
		(millions of dollars)
Estimated 2019 amortization from accumulated other comprehensive income:
	Net actuarial loss/(gain) (1)		510	357		59
	Prior service cost (2)		5	48		(42)

(1) The Corporation amortizes the net balance of actuarial losses/(gains) as a component of net periodic benefit cost over the average remaining service period of active plan participants.

(2) The Corporation amortizes prior service cost on a straight-line basis as permitted under authoritative guidance for defined benefit pension and other postretirement benefit plans.

Expected Contributions and Benefit Payments for Pension Benefits And Other Postretirement Benefits

		Pension Benefits		Other Postretirement Benefits
					Medicare
		U.S.	Non-U.S.	Gross	Subsidy Receipt
		(millions of dollars)

Contributions expected in 2019		1,020	680	-		-
Benefit payments expected in:
	2019	1,353	1,113	454		19
	2020	1,312	1,111	458		20
	2021	1,310	1,127	461		20
	2022	1,302	1,138	463		22
	2023	1,307	1,156	456		23
	2024 - 2028	6,393	5,806	2,259		126