Pension and Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Defined Benefit Plans and Other Postretirement Benefit Plans

Reconciliation of the beginning and ending balances of the benefit obligation and the fair value of plan assets

	Qualified and Non-qualified
	Pension Benefits								Postretirement
	United States				International				Benefits
(Millions)	2020		2019		2020		2019		2020		2019
Change in benefit obligation
Benefit obligation at beginning of year	$	17,935	$	15,948	$	7,931	$	6,965	$	2,242	$	2,175
Acquisitions/Transfers		—		—		1		9		—		—
Service cost		261		251		152		131		43		43
Interest cost		499		620		117		156		62		82
Participant contributions		—		—		9		7		—		—
Foreign exchange rate changes		—		—		427		55		(14)		—
Plan amendments		—		—		—		3		—		(171)
Actuarial (gain) loss		1,785		2,209		464		906		176		225
Benefit payments		(1,104)		(1,128)		(274)		(302)		(107)		(112)
Settlements, curtailments, special termination benefits and other		—		35		(57)		1		(5)		—
Benefit obligation at end of year	$	19,376	$	17,935	$	8,770	$	7,931	$	2,397	$	2,242
Change in plan assets
Fair value of plan assets at beginning of year	$	16,099	$	14,803	$	6,923	$	6,170	$	1,338	$	1,260
Acquisitions/Transfers		—		—		—		4		—		—
Actual return on plan assets		2,071		2,323		1,102		858		147		187
Company contributions		61		101		92		106		3		3
Participant contributions		—		—		9		7		—		—
Foreign exchange rate changes		—		—		376		80		—		—
Benefit payments		(1,104)		(1,128)		(274)		(302)		(107)		(112)
Settlements, curtailments, special termination benefits and other		—		—		(34)		—		(5)		—
Fair value of plan assets at end of year	$	17,127	$	16,099	$	8,194	$	6,923	$	1,376	$	1,338
Funded status at end of year	$	(2,249)	$	(1,836)	$	(576)	$	(1,008)	$	(1,021)	$	(904)

Amounts recognized in the Consolidated Balance Sheet

	Qualified and Non-qualified
	Pension Benefits								Postretirement
	United States				International				Benefits
(Millions)	2020		2019		2020		2019		2020		2019
Amounts recognized in the Consolidated Balance Sheet as of Dec. 31,
Non-current assets	$	—	$	—	$	630	$	230	$	—	$	—
Accrued benefit cost
Current liabilities		(52)		(48)		(15)		(15)		(4)		(4)
Non-current liabilities		(2,197)		(1,788)		(1,191)		(1,223)		(1,017)		(900)
Ending balance	$	(2,249)	$	(1,836)	$	(576)	$	(1,008)	$	(1,021)	$	(904)

Amounts recognized in accumulated other comprehensive income

	Qualified and Non-qualified
	Pension Benefits								Postretirement
	United States				International				Benefits
(Millions)	2020		2019		2020		2019		2020		2019
Amounts recognized in accumulated other comprehensive income as of Dec. 31,
Net transition obligation (asset)	$	—	$	—	$	9	$	10	$	—	$	—
Net actuarial loss (gain)		6,080		5,899		1,557		1,967		713		663
Prior service cost (credit)		(104)		(128)		(2)		(5)		(230)		(262)
Ending balance	$	5,976	$	5,771	$	1,564	$	1,972	$	483	$	401

Amounts relating to pension plans with accumulated benefit obligations in excess of plan assets

The following amounts relate to pension plans with accumulated benefit obligations in excess of plan assets as of December 31:

	Qualified and Non-qualified Pension Plans
	United States				International
(Millions)	2020		2019		2020		2019
Projected benefit obligation	$	19,376	$	17,935	$	3,385	$	2,986
Accumulated benefit obligation		18,441		17,125		3,119		2,752
Fair value of plan assets		17,127		16,099		2,199		1,778

Components of net periodic benefit cost (benefit)

	Qualified and Non-qualified
	Pension Benefits												Postretirement
	United States						International						Benefits
(Millions)	2020		2019		2018		2020		2019		2018		2020		2019		2018
Net periodic benefit cost (benefit)
Operating expense
Service cost	$	261	$	251	$	288	$	152	$	131	$	143	$	43	$	43	$	52
Non-operating expense
Interest cost		499		620		563		117		156		157		62		82		79
Expected return on plan assets		(1,019)		(1,040)		(1,087)		(306)		(299)		(307)		(79)		(81)		(84)
Amortization of transition asset		—		—		—		2		—		—		—		—		—
Amortization of prior service benefit		(24)		(24)		(23)		(5)		(12)		(13)		(33)		(33)		(40)
Amortization of net actuarial loss		536		366		503		131		78		114		49		34		61
Settlements, curtailments, special termination benefits and other		16		70		—		1		10		4		3		5		—
Total non-operating expense (benefit)		8		(8)		(44)		(60)		(67)		(45)		2		7		16
Total net periodic benefit cost (benefit)	$	269	$	243	$	244	$	92	$	64	$	98	$	45	$	50	$	68
Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss
Amortization of transition asset	$	—	$	—	$	—	$	(2)	$	—	$	—	$	—	$	—	$	—
Prior service cost (benefit)		—		—		—		—		3		7		—		(171)		—
Amortization of prior service benefit		24		24		23		5		12		13		33		33		40
Net actuarial (gain) loss		733		926		(44)		(358)		344		194		108		119		(127)
Amortization of net actuarial loss		(536)		(366)		(503)		(131)		(78)		(114)		(49)		(34)		(61)
Foreign currency		—		—		—		79		7		(83)		(7)		(1)		(2)
Settlements, curtailments, special termination benefits and other		(16)		(35)		—		(1)		(8)		(4)		(3)		(5)		—
Total recognized in other comprehensive (income) loss	$	205	$	549	$	(524)	$	(408)	$	280	$	13	$	82	$	(59)	$	(150)
Total recognized in net periodic benefit cost (benefit) and other comprehensive (income) loss	$	474	$	792	$	(280)	$	(316)	$	344	$	111	$	127	$	(9)	$	(82)

Weighted-average assumptions used to determine benefit obligations and net cost

Weighted-average assumptions used to determine benefit obligations as of December 31

	Qualified and Non-qualified Pension Benefits												Postretirement
	United States						International						Benefits
	2020		2019		2018		2020		2019		2018		2020		2019		2018
Discount rate	2.55	%	3.25	%	4.36	%	1.38	%	1.81	%	2.50	%	2.50	%	3.27	%	4.41	%
Compensation rate increase	3.21	%	3.21	%	4.10	%	2.88	%	2.88	%	2.89	%	N/A		N/A		N/A

Weighted-average assumptions used to determine net cost for years ended December 31

	Qualified and Non-qualified Pension Benefits												Postretirement
	United States						International						Benefits
	2020		2019		2018		2020		2019		2018		2020		2019		2018
Discount rate - service cost	3.41	%	4.44	%	3.78	%	1.61	%	2.39	%	2.27	%	3.45	%	4.53	%	3.86	%
Discount rate - interest cost	2.87	%	4.02	%	3.35	%	1.61	%	2.26	%	2.14	%	3.00	%	4.15	%	3.52	%
Expected return on assets	6.75	%	7.00	%	7.25	%	4.70	%	4.90	%	5.02	%	6.32	%	6.43	%	6.53	%
Compensation rate increase	3.21	%	4.10	%	4.10	%	2.88	%	2.89	%	2.89	%	N/A		N/A		N/A

Estimated future pension and postretirement benefit payments

Future Pension and Postretirement Benefit Payments

The following table provides the estimated pension and postretirement benefit payments that are payable from the plans to participants.

	Qualified and Non-qualified
	Pension Benefits				Postretirement
(Millions)	United States		International		Benefits
2021 Benefit Payments	$	1,127	$	263	$	127
2022 Benefit Payments		1,134		276		133
2023 Benefit Payments		1,135		292		140
2024 Benefit Payments		1,134		311		145
2025 Benefit Payments		1,139		319		152
Next five years		5,619		1,752		792

Qualified and Non-qualified Pension Benefits | United States

Defined Benefit Plans and Other Postretirement Benefit Plans

Fair values of the assets held by the plans by asset category

The fair values of the assets held by the U.S. pension plans by asset class are as follows:

	Fair Value Measurements Using Inputs Considered as												Fair Value at
(Millions)	Level 1				Level 2				Level 3				Dec. 31,
Asset Class	2020		2019		2020		2019		2020		2019		2020		2019
Equities
U.S. equities	$	2,082	$	1,575	$	—	$	—	$	—	$	—	$	2,082	$	1,575
Non-U.S. equities		2,041		1,585		—		—		—		—		2,041		1,585
Index and long/short equity funds*														433		417
Total Equities	$	4,123	$	3,160	$	—	$	—	$	—	$	—	$	4,556	$	3,577
Fixed Income
U.S. government securities	$	1,301	$	2,346	$	978	$	916	$	—	$	—	$	2,279	$	3,262
Non-U.S. government securities		—		—		71		61		—		—		71		61
Preferred and convertible securities		—		—		55		52		—		—		55		52
U.S. corporate bonds		10		10		4,501		3,566		—		—		4,511		3,576
Non-U.S. corporate bonds		—		—		820		759		—		—		820		759
Derivative instruments		(4)		(5)		7		109		—		—		3		104
Other*														71		—
Total Fixed Income	$	1,307	$	2,351	$	6,432	$	5,463	$	—	$	—	$	7,810	$	7,814
Private Equity
Growth equity	$	70	$	80	$	—	$	—	$	—	$	—	$	70	$	80
Partnership investments*														1,801		1,865
Total Private Equity	$	70	$	80	$	—	$	—	$	—	$	—	$	1,871	$	1,945
Absolute Return
Fixed income and other	$	—	$	1	$	134	$	117	$	—	$	—	$	134	$	118
Hedge fund/fund of funds*														2,046		2,010
Partnership investments*														567		589
Total Absolute Return	$	—	$	1	$	134	$	117	$	—	$	—	$	2,747	$	2,717
Cash and Cash Equivalents
Cash and cash equivalents	$	25	$	20	$	12	$	5	$	—	$	—	$	37	$	25
Repurchase agreements and derivative margin activity		—		—		(6)		(1)		—		—		(6)		(1)
Cash and cash equivalents, valued at net asset value*														475		480
Total Cash and Cash Equivalents	$	25	$	20	$	6	$	4	$	—	$	—	$	506	$	504
Total	$	5,525	$	5,612	$	6,572	$	5,584	$	—	$	—	$	17,490	$	16,557
Other items to reconcile to fair value of plan assets													$	(363)	$	(458)
Fair value of plan assets													$	17,127	$	16,099

Qualified and Non-qualified Pension Benefits | International

Defined Benefit Plans and Other Postretirement Benefit Plans

Fair values of the assets held by the plans by asset category

The fair values of the assets held by the international pension plans by asset class are as follows:

	Fair Value Measurements Using Inputs Considered as												Fair Value at
(Millions)	Level 1				Level 2				Level 3				Dec. 31,
Asset Class	2020		2019		2020		2019		2020		2019		2020		2019
Equities
Growth equities	$	547	$	638	$	209	$	796	$	—	$	—	$	756	$	1,434
Value equities		659		696		396		10		—		—		1,055		706
Core equities		46		61		99		88		4		5		149		154
Equities, valued at net asset value*														74		18
Total Equities	$	1,252	$	1,395	$	704	$	894	$	4	$	5	$	2,034	$	2,312
Fixed Income
Domestic government	$	71	$	353	$	1,045	$	433	$	5	$	4	$	1,121	$	790
Foreign government		33		22		476		603		—		—		509		625
Corporate debt securities		34		3		2,470		1,599		11		9		2,515		1,611
Fixed income securities, valued at net asset value*														563		449
Total Fixed Income	$	138	$	378	$	3,991	$	2,635	$	16	$	13	$	4,708	$	3,475
Private Equity
Real estate	$	128	$	6	$	86	$	207	$	5	$	4	$	219	$	217
Real estate, valued at net asset value*														92		36
Partnership investments*														116		85
Total Private Equity	$	128	$	6	$	86	$	207	$	5	$	4	$	427	$	338
Absolute Return
Derivatives	$	—	$	—	$	1	$	3	$	—	$	—	$	1	$	3
Insurance		—		—		—		—		555		513		555		513
Other		8		—		—		—		6		5		14		5
Other, valued at net asset value*														1		1
Hedge funds*														410		195
Total Absolute Return	$	8	$	—	$	1	$	3	$	561	$	518	$	981	$	717
Cash and Cash Equivalents
Cash and cash equivalents	$	149	$	94	$	51	$	39	$	—	$	—	$	200	$	133
Cash and cash equivalents, valued at net asset value*														1		1
Total Cash and Cash Equivalents	$	149	$	94	$	51	$	39	$	—	$	—	$	201	$	134
Total	$	1,675	$	1,873	$	4,833	$	3,778	$	586	$	540	$	8,351	$	6,976
Other items to reconcile to fair value of plan assets													$	(157)	$	(53)
Fair value of plan assets													$	8,194	$	6,923

Postretirement Benefits

Defined Benefit Plans and Other Postretirement Benefit Plans

Fair values of the assets held by the plans by asset category

The fair values of the assets held by the postretirement benefit plans by asset class are as follows:

	Fair Value Measurements Using Inputs Considered as												Fair Value at
(Millions)	Level 1				Level 2				Level 3				Dec. 31,
Asset Class	2020		2019		2020		2019		2020		2019		2020		2019
Equities
U.S. equities	$	347	$	337	$	—	$	—	$	—	$	—	$	347	$	337
Non-U.S. equities		103		77		—		—		—		—		103		77
Index and long/short equity funds*														31		33
Total Equities	$	450	$	414	$	—	$	—	$	—	$	—	$	481	$	447
Fixed Income
U.S. government securities	$	95	$	136	$	214	$	242	$	—	$	—	$	309	$	378
Non-U.S. government securities		—		—		6		6		—		—		6		6
U.S. corporate bonds		1		—		267		203		—		—		268		203
Non-U.S. corporate bonds		—		—		52		46		—		—		52		46
Derivative instruments		—		—		—		5		—		—		—		5
Other*														3		—
Total Fixed Income	$	96	$	136	$	539	$	502	$	—	$	—	$	638	$	638
Private Equity
Growth equity	$	3	$	4	$	—	$	—	$	—	$	—	$	3	$	4
Partnership investments*														95		92
Total Private Equity	$	3	$	4	$	—	$	—	$	—	$	—	$	98	$	96
Absolute Return
Fixed income and other	$	—	$	—	$	7	$	5	$	—	$	—	$	7	$	5
Hedge fund/fund of funds*														100		92
Partnership investments*														28		27
Total Absolute Return	$	—	$	—	$	7	$	5	$	—	$	—	$	135	$	124
Cash and Cash Equivalents
Cash and cash equivalents	$	25	$	33	$	1	$	1	$	—	$	—	$	26	$	34
Cash and cash equivalents, valued at net asset value*														23		22
Total Cash and Cash Equivalents	$	25	$	33	$	1	$	1	$	—	$	—	$	49	$	56
Total	$	574	$	587	$	547	$	508	$	—	$	—	$	1,401	$	1,361
Other items to reconcile to fair value of plan assets													$	(25)	$	(23)
Fair value of plan assets													$	1,376	$	1,338