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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Funded status of pension and other postretirement benefit plans
The funded status of the company’s pension and OPEB plans for 2023 and 2022 follows:
Pension Benefits
20232022Other Benefits
U.S.Int’l.U.S.Int’l.20232022
Change in Benefit Obligation
Benefit obligation at January 1$9,713 $3,354 $12,966 $5,351 $1,938 $2,489 
Service cost342 58 432 83 33 43 
Interest cost448 193 318 137 97 60 
Plan participants’ contributions— 3 — 3 63 62 
Plan amendments— 28 40 38 — 18 
Actuarial (gain) loss603 17 (2,753)(1,559)103 (509)
Foreign currency exchange rate changes— 180 — (423)5 (5)
Benefits paid(714)(218)(1,290)(276)(222)(220)
Divestitures/Acquisitions— (14)— — — — 
Curtailment— 2 — — — — 
Special termination costs— 2 — — — — 
Benefit obligation at December 3110,392 3,605 9,713 3,354 2,017 1,938 
Change in Plan Assets
Fair value of plan assets at January 17,942 3,286 9,919 4,950 — — 
Actual return on plan assets889 46 (1,851)(1,096)— — 
Foreign currency exchange rate changes— 181 — (453)— — 
Employer contributions1,020 100 1,164 158 159 158 
Plan participants’ contributions— 3 — 3 63 62 
Benefits paid(714)(218)(1,290)(276)(222)(220)
Fair value of plan assets at December 319,137 3,398 7,942 3,286 — — 
Funded status at December 31$(1,255)$(207)$(1,771)$(68)$(2,017)$(1,938)
Consolidated Balance Sheet for pension and other postretirement benefit plans
Amounts recognized on the Consolidated Balance Sheet for the company’s pension and OPEB plans at December 31, 2023 and 2022, include:
Pension Benefits
20232022Other Benefits
U.S.Int’l.U.S.Int’l.20232022
Deferred charges and other assets$31 $703 $26 $759 $— $— 
Accrued liabilities(145)(73)(210)(62)(154)(152)
Noncurrent employee benefit plans(1,141)(837)(1,587)(765)(1,863)(1,786)
Net amount recognized at December 31$(1,255)$(207)$(1,771)$(68)$(2,017)$(1,938)
Before tax basis amount in accumulated other comprehensive loss
Amounts recognized on a before-tax basis in “Accumulated other comprehensive loss” for the company’s pension and OPEB plans were $3,792 and $3,446 at the end of 2023 and 2022, respectively. These amounts consisted of:
Pension Benefits
20232022Other Benefits
U.S.Int’l.U.S.Int’l.20232022
Net actuarial loss$3,161 $823 $3,147 $659 $(266)$(392)
Prior service (credit) costs37 126 40 107 (89)(115)
Total recognized at December 31$3,198 $949 $3,187 $766 $(355)$(507)
Pension plans with accumulated benefit obligation in excess of plan assets
Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2023 and 2022, was:
Pension Benefits
20232022
U.S.Int’l.U.S.Int’l.
Projected benefit obligations$1,203 $913 $1,322 $828 
Accumulated benefit obligations1,108 773 1,135 671 
Fair value of plan assets— 4 — 3 
Components of net periodic benefit cost and amounts recognized in other comprehensive income
The components of net periodic benefit cost and amounts recognized in the Consolidated Statement of Comprehensive Income for 2023, 2022 and 2021 are shown in the table below:
Pension Benefits
202320222021Other Benefits
U.S.Int’l.U.S.Int’l.U.S.Int’l.202320222021
Net Periodic Benefit Cost
Service cost$342 $58 $432 $83 $450 $123 $33 $43 $43 
Interest cost448 193 318 137 235 137 97 60 53 
Expected return on plan assets(557)(204)(624)(176)(596)(171)— — — 
Amortization of prior service costs (credits)4 8 2 6 2 8 (25)(27)(27)
Recognized actuarial losses199 8 218 15 309 46 (19)13 16 
Settlement losses56 — 363 (6)672 7 — — — 
Curtailment losses (gains)— 2 — (5)— (1)— — — 
Special termination benefits— 2 — — — — — — — 
Acquisition/Divestiture losses (gains)— (2)— — — — — — — 
Total net periodic benefit cost492 65 709 54 1,072 149 86 89 85 
Changes Recognized in Comprehensive Income
Net actuarial (gain) loss during period270 172 (279)(257)(725)(408)108 (514)(111)
Amortization of actuarial loss(255)(8)(581)(5)(981)(73)19 (13)(15)
Prior service (credits) costs during period— 28 40 38 — — 1 18 — 
Amortization of prior service (costs) credits(4)(8)(2)(6)(2)(11)25 27 27 
Total changes recognized in other
comprehensive income
11 184 (822)(230)(1,708)(492)153 (482)(99)
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income
$503 $249 $(113)$(176)$(636)$(343)$239 $(393)$(14)
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
202320222021Other Benefits
U.S.Int’l.U.S.Int’l.U.S.Int’l.202320222021
Assumptions used to determine benefit obligations:
Discount rate5.0 %5.5 %5.2 %5.8 %2.8 %2.8 %5.1 %5.3 %2.9 %
Rate of compensation increase4.5 %3.9 %4.5 %4.2 %4.5 %4.1 %N/AN/AN/A
Assumptions used to determine net periodic benefit cost:
Discount rate for service cost5.2 %5.8 %3.6 %2.8 %3.0 %2.4 %5.4 %3.1 %3.0 %
Discount rate for interest cost5.0 %5.8 %2.8 %2.8 %1.9 %2.4 %5.2 %2.4 %2.1 %
Expected return on plan assets7.0 %6.1 %6.6 %3.9 %6.5 %3.5 %N/AN/AN/A
Rate of compensation increase4.5 %4.2 %4.5 %4.1 %4.5 %4.0 %N/AN/AN/A
Fair value measurements of the Company's pension plans
The fair value measurements of the company’s pension plans for 2023 and 2022 are as follows:
U.S.Int’l.
TotalLevel 1Level 2Level 3NAVTotal Level 1Level 2Level 3NAV
At December 31, 2022
Equities
U.S.1
$1,358 $1,358 $— $— $— $164 $164 $— $— $— 
International946 946 — — — 120 120 — — — 
Collective Trusts/Mutual Funds2
1,695 4 — — 1,691 87 6 — — 81 
Fixed Income
Government110 — 110 — — 185 127 58 — — 
Corporate680 — 680 — — 343 15 328 — — 
Bank Loans45 — 45 — — — — — — — 
Mortgage/Asset Backed1 — 1 — — 4 — 4 — — 
Collective Trusts/Mutual Funds2
1,616 — — — 1,616 1,750 — — — 1,750 
Mixed Funds3
— — — — — 87 14 73 — — 
Real Estate4
1,184 — — — 1,184 198 — — 38 160 
Alternative Investments— — — — — — — — — — 
Cash and Cash Equivalents200 25 — — 175 80 69 2 — 9 
Other5
107 37 15 54 1 268 — 18 85 165 
Total at December 31, 2022$7,942 $2,370 $851 $54 $4,667 $3,286 $515 $483 $123 $2,165 
At December 31, 2023
Equities
U.S.1
$1,691 $1,689 $1 $1 $— $188 $188 $— $— $— 
International1,128 1,128 — — — 124 124 — — — 
Collective Trusts/Mutual Funds2
1,269 4 — — 1,265 95 6 — — 89 
Fixed Income
Government82 — 82 — — 172 101 71 — — 
Corporate964 — 964 — — 431 4 427 — — 
Bank Loans5 — 5 — — — — — — — 
Mortgage/Asset Backed1 — 1 — — 5 — 5 — — 
Collective Trusts/Mutual Funds2
2,293 — — — 2,293 1,819 — — — 1,819 
Mixed Funds3
— — — — — 85 8 77 — — 
Real Estate4
1,087 — — — 1,087 147 — 24 — 123 
Alternative Investments— — — — — 9 — 9 — — 
Cash and Cash Equivalents548 12 — — 536 81 74 1 — 6 
Other5
69 (2)14 56 1 242 — 11 81 150 
Total at December 31, 2023$9,137 $2,831 $1,067 $57 $5,182 $3,398 $505 $625 $81 $2,187 
1There were no investments in the company’s common stock at December 31, 2023 or December 31, 2022.
2Collective Trusts/Mutual Funds for U.S. plans are entirely index funds; for International plans, they are mostly unit trust and index funds.
3Mixed funds are composed of funds that invest in both equity and fixed-income instruments in order to diversify and lower risk.
4The year-end valuations of the U.S. real estate assets are based on third-party appraisals that occur at least once a year for each property in the portfolio.
5The “Other” asset class includes net payables for securities purchased but not yet settled (Level 1); dividends and interest- and tax-related receivables (Level 2); insurance contracts (Level 3); and investments in private-equity limited partnerships (NAV).
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period
The effects of fair value measurements using significant unobservable inputs on changes in Level 3 plan assets are outlined below:
Equity
U.S.InternationalReal EstateOtherTotal
Total at December 31, 2021$— $1 $42 $161 $204 
Actual Return on Plan Assets:
Assets held at the reporting date— (1)— (18)(19)
Assets sold during the period— — (4)— (4)
Purchases, Sales and Settlements— — — (4)(4)
Transfers in and/or out of Level 3— — — — — 
Total at December 31, 2022$— $— $38 $139 $177 
Actual Return on Plan Assets:
Assets held at the reporting date1 — 5 — 6 
Assets sold during the period— — — (2)(2)
Purchases, Sales and Settlements— — — — — 
Transfers in and/or out of Level 3— — (43)— (43)
Total at December 31, 2023$1 $— $— $137 $138 
Benefit payments, which include estimated future service that are expected to be paid by the company in the next 10 years
The following benefit payments, which include estimated future service, are expected to be paid by the company in the next 10 years:
Pension BenefitsOther
U.S.Int’l.Benefits
2024$886 $216 $154 
2025912 210 151 
2026904 222 149 
2027901 228 147 
2028877 240 146 
2029-20334,248 1,266 716