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Pension And Other Postretirement Benefits | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Pension And Other Postretirement Benefits | Pension and Other Postretirement Benefits The benefit obligations and plan assets associated with the Corporation’s principal benefit plans are measured on December 31.
| Pension Benefits |  | Other Postretirement Benefits
(millions of dollars, except where stated otherwise) | U.S. |  | Non-U.S. |  |
2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Weighted-average assumptions used to determine benefit obligations at December 31 |  |  |  |  |  |  |  |  |  |  |
Discount rate (percent) | 5.70 |  |  | 5.30 |  |  | 4.60 |  |  | 4.30 |  |  | 5.80 |  |  | 5.30 |
Long-term rate of compensation increase (percent) | 4.00 |  |  | 4.50 |  |  | 4.20 |  |  | 4.50 |  |  | 4.00 |  |  | 4.50 |
Change in benefit obligation |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at January 1 | 13,143 |  |  | 12,350 |  |  | 21,327 |  |  | 19,342 |  |  | 5,014 |  |  | 5,211 |
Service cost | 499 |  |  | 466 |  |  | 338 |  |  | 323 |  |  | 81 |  |  | 78 |
Interest cost | 671 |  |  | 664 |  |  | 823 |  |  | 922 |  |  | 250 |  |  | 276 |
Actuarial loss/(gain) (1) | (441) |  |  | 550 |  |  | (658) |  |  | 1,393 |  |  | (81) |  |  | 176 |
Benefits paid (2)(3) | (874) |  |  | (870) |  |  | (1,240) |  |  | (1,214) |  |  | (534) |  |  | (545) |
Foreign exchange rate changes | — |  |  | — |  |  | (1,274) |  |  | 515 |  |  | (40) |  |  | 11 |
Amendments, divestments and other | 1 |  |  | (17) |  |  | (118) |  |  | 46 |  |  | 101 |  |  | (193) |
Benefit obligation at December 31 | 12,999 |  |  | 13,143 |  |  | 19,198 |  |  | 21,327 |  |  | 4,791 |  |  | 5,014 |
Accumulated benefit obligation at December 31 | 11,227 |  |  | 11,033 |  |  | 17,818 |  |  | 19,769 |  |  | — |  |  | — |
(1) Actuarial loss/(gain) primarily reflects higher discount rates.
(2) Benefit payments for funded and unfunded plans.
(3) For 2024 and 2023, other postretirement benefits paid are net of $10 million and $19 million of Medicare subsidy receipts, respectively.
For selection of the discount rate for U.S. plans, several sources of information are considered, including interest rate market indicators and the effective discount rate determined by use of a yield curve based on high-quality, noncallable bonds applied to the estimated cash outflows for benefit payments. For major non-U.S. plans, the discount rate is determined by using a spot yield curve of high-quality, local-currency-denominated bonds at an average maturity approximating that of the liabilities. The measurement of the accumulated postretirement benefit obligation assumes a health care cost trend rate of 4.0 percent in 2026 and subsequent years.
| Pension Benefits |  | Other Postretirement Benefits
(millions of dollars) | U.S. |  | Non-U.S. |  |
2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Change in plan assets |  |  |  |  |  |  |  |  |  |  |
Fair value at January 1 | 11,367 |  |  | 10,989 |  |  | 18,431 |  |  | 16,757 |  |  | 371 |  |  | 348 |
Actual return on plan assets | 286 |  |  | 1,121 |  |  | 862 |  |  | 1,484 |  |  | 20 |  |  | 36 |
Foreign exchange rate changes | — |  |  | — |  |  | (1,051) |  |  | 492 |  |  | — |  |  | — |
Company contribution | 300 |  |  | — |  |  | 288 |  |  | 615 |  |  | 24 |  |  | 38 |
Benefits paid (1) | (709) |  |  | (743) |  |  | (931) |  |  | (878) |  |  | (51) |  |  | (51) |
Other | — |  |  | — |  |  | (221) |  |  | (39) |  |  | — |  |  | — |
Fair value at December 31 | 11,244 |  |  | 11,367 |  |  | 17,378 |  |  | 18,431 |  |  | 364 |  |  | 371 |
(1) Benefit payments for funded plans.
The funding levels of all qualified pension plans are in compliance with standards set by applicable law or regulation. As shown in the table below, certain smaller U.S. pension plans and a number of non-U.S. pension plans are not funded because local applicable tax rules and regulatory practices do not encourage funding of these plans. All defined benefit pension obligations, regardless of the funding status of the underlying plans, are fully supported by the financial strength of the Corporation or the respective sponsoring affiliate.
| Pension Benefits
(millions of dollars) | U.S. |  | Non-U.S.
2024 |  | 2023 |  | 2024 |  | 2023
Assets in excess of/(less than) benefit obligation |  |  |  |  |  |  |
Balance at December 31 |  |  |  |  |  |  |
Funded plans | (267) |  |  | (271) |  |  | 1,679 |  |  | 1,028 |
Unfunded plans | (1,488) |  |  | (1,505) |  |  | (3,499) |  |  | (3,924) |
Total | (1,755) |  |  | (1,776) |  |  | (1,820) |  |  | (2,896) |
The authoritative guidance for defined benefit pension and other postretirement plans requires an employer to recognize the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its Consolidated Balance Sheet and to recognize changes in that funded status in the year in which the changes occur through other comprehensive income.
| Pension Benefits |  | Other Postretirement Benefits
(millions of dollars) | U.S. |  | Non-U.S. |  |  |  |
2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Assets in excess of/(less than) benefit obligation |  |  |  |  |  |  |  |  |  |  |
Balance at December 31 (1) | (1,755) |  |  | (1,776) |  |  | (1,820) |  |  | (2,896) |  |  | (4,427) |  |  | (4,643) |
Amounts recorded in the Consolidated Balance Sheet consist of: |  |  |  |  |  |  |  |  |  |  |
Other assets | 2 |  |  | — |  |  | 2,399 |  |  | 1,895 |  |  | — |  |  | — |
Current liabilities | (213) |  |  | (201) |  |  | (207) |  |  | (225) |  |  | (283) |  |  | (288) |
Postretirement benefits reserves | (1,544) |  |  | (1,575) |  |  | (4,012) |  |  | (4,566) |  |  | (4,144) |  |  | (4,355) |
Total recorded | (1,755) |  |  | (1,776) |  |  | (1,820) |  |  | (2,896) |  |  | (4,427) |  |  | (4,643) |
Amounts recorded in accumulated other comprehensive income consist of: |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss/(gain) | 631 |  |  | 744 |  |  | 557 |  |  | 1,364 |  |  | (1,421) |  |  | (1,453) |
Prior service cost | (252) |  |  | (283) |  |  | 420 |  |  | 401 |  |  | (405) |  |  | (459) |
Total recorded in accumulated other comprehensive income | 379 |  |  | 461 |  |  | 977 |  |  | 1,765 |  |  | (1,826) |  |  | (1,912) |
(1) Fair value of assets less benefit obligation shown on the preceding page.
The long-term expected rate of return on funded assets shown below is established for each benefit plan by developing a forward-looking, long-term return assumption for each asset class, taking into account factors such as the expected real return for the specific asset class and inflation. A single, long-term rate of return is then calculated as the weighted-average of the target asset allocation percentages and the long-term return assumption for each asset class.
| Pension Benefits |  | Other Postretirement Benefits
(millions of dollars, except where stated otherwise) | U.S. |  | Non-U.S. |  |  |  |  |  |
2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate (percent) | 5.30 |  |  | 5.60 |  |  | 3.00 |  |  | 4.30 |  |  | 4.90 |  |  | 2.20 |  |  | 5.30 |  |  | 5.60 |  |  | 3.10 |
Long-term rate of return on funded assets (percent) | 6.80 |  |  | 5.20 |  |  | 4.60 |  |  | 5.50 |  |  | 4.20 |  |  | 3.50 |  |  | 6.00 |  |  | 4.70 |  |  | 3.80 |
Long-term rate of compensation increase (percent) | 4.50 |  |  | 4.50 |  |  | 4.50 |  |  | 4.50 |  |  | 5.20 |  |  | 4.20 |  |  | 4.50 |  |  | 4.50 |  |  | 4.50 |
Components of net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost | 499 |  |  | 466 |  |  | 712 |  |  | 338 |  |  | 323 |  |  | 570 |  |  | 81 |  |  | 78 |  |  | 138 |
Interest cost | 671 |  |  | 664 |  |  | 518 |  |  | 823 |  |  | 922 |  |  | 614 |  |  | 250 |  |  | 276 |  |  | 216 |
Expected return on plan assets | (724) |  |  | (532) |  |  | (560) |  |  | (955) |  |  | (688) |  |  | (815) |  |  | (20) |  |  | (14) |  |  | (14) |
Amortization of actuarial loss/(gain) | 83 |  |  | 85 |  |  | 156 |  |  | 97 |  |  | 108 |  |  | 180 |  |  | (103) |  |  | (122) |  |  | 6 |
Amortization of prior service cost | (31) |  |  | (29) |  |  | (29) |  |  | 50 |  |  | 52 |  |  | 43 |  |  | (63) |  |  | (42) |  |  | (42) |
Net pension enhancement and curtailment/settlement cost | 27 |  |  | 29 |  |  | 205 |  |  | 16 |  |  | 5 |  |  | 4 |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost | 525 |  |  | 683 |  |  | 1,002 |  |  | 369 |  |  | 722 |  |  | 596 |  |  | 145 |  |  | 176 |  |  | 304 |
Changes in amounts recorded in accumulated other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss/(gain) | (3) |  |  | (39) |  |  | (607) |  |  | (611) |  |  | 602 |  |  | (1,641) |  |  | (81) |  |  | 154 |  |  | (1,910) |
Amortization of actuarial (loss)/gain | (110) |  |  | (114) |  |  | (361) |  |  | (112) |  |  | (108) |  |  | (183) |  |  | 103 |  |  | 122 |  |  | (6) |
Prior service cost/(credit) | — |  |  | (17) |  |  | — |  |  | 81 |  |  | 153 |  |  | 84 |  |  | (8) |  |  | (312) |  |  | — |
Amortization of prior service (cost)/credit | 31 |  |  | 29 |  |  | 29 |  |  | (44) |  |  | (52) |  |  | (40) |  |  | 63 |  |  | 42 |  |  | 42 |
Foreign exchange rate changes | — |  |  | — |  |  | — |  |  | (102) |  |  | 46 |  |  | (199) |  |  | 9 |  |  | (2) |  |  | (7) |
Total recorded in other comprehensive income | (82) |  |  | (141) |  |  | (939) |  |  | (788) |  |  | 641 |  |  | (1,979) |  |  | 86 |  |  | 4 |  |  | (1,881) |
Total recorded in net periodic benefit cost and other comprehensive income, before tax | 443 |  |  | 542 |  |  | 63 |  |  | (419) |  |  | 1,363 |  |  | (1,383) |  |  | 231 |  |  | 180 |  |  | (1,577) |
Costs for defined contribution plans were $415 million, $383 million, and $365 million in 2024, 2023, and 2022, respectively. A summary of the change in accumulated other comprehensive income is shown in the table below:
| Total Pension and Other Postretirement Benefits
(millions of dollars) | 2024 |  | 2023 |  | 2022
(Charge)/credit to other comprehensive income, before tax |  |  |  |  |
U.S. pension | 82 |  |  | 141 |  |  | 939 |
Non-U.S. pension | 788 |  |  | (641) |  |  | 1,979 |
Other postretirement benefits | (86) |  |  | (4) |  |  | 1,881 |
Total (charge)/credit to other comprehensive income, before tax | 784 |  |  | (504) |  |  | 4,799 |
(Charge)/credit to income tax (see Note 4) | (208) |  |  | 180 |  |  | (1,236) |
(Charge)/credit to investment in equity companies | 24 |  |  | 16 |  |  | 235 |
(Charge)/credit to other comprehensive income including noncontrolling interests, after tax | 600 |  |  | (308) |  |  | 3,798 |
Charge/(credit) to equity of noncontrolling interests | (120) |  |  | 54 |  |  | (212) |
(Charge)/credit to other comprehensive income attributable to ExxonMobil | 480 |  |  | (254) |  |  | 3,586 |
The Corporation’s investment strategy for benefit plan assets reflects a long-term view, a careful assessment of the risks inherent in plan assets and liabilities, and broad diversification to reduce the risk of the portfolio. The benefit plan assets are primarily invested in passive global equity and local currency fixed income index funds to diversify risk while minimizing costs. The equity funds hold ExxonMobil stock only to the extent necessary to replicate the relevant equity index. The fixed income funds are largely invested in investment-grade corporate and government debt securities with interest rate sensitivity designed to approximate the interest rate sensitivity of plan liabilities. Target asset allocations for benefit plans are reviewed periodically and set based on considerations such as risk, diversification, liquidity, and funding level. The target asset allocations for the major benefit plans range from 15 to 40 percent in equity securities and the remainder in fixed income securities. The equity allocation for the U.S. plan includes a target allocation of 10 percent to limited partnerships that focus on the venture capital, growth and buyout sectors of the private equity market. Certain non-U.S. plans include small allocations to private equity partnerships that primarily focus on early-stage venture capital. The fair value measurement levels are accounting terms that refer to different methods of valuing assets. The terms do not represent the relative risk or credit quality of an investment. The 2024 fair value of the benefit plan assets, including the level within the fair value hierarchy, is shown in the tables below:
|  | U.S. Pension |  | Non-U.S. Pension
(millions of dollars) |  | Fair Value Measurement at December 31, 2024, Using: |  |  | Fair Value Measurement at December 31, 2024, Using: |  |
| Level 1 |  | Level 2 |  |  | Level 3 |  | Net Asset Value |  | Total |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  | Net Asset Value |  | Total
Asset category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | — |  |  | — |  |  |  | — |  |  | 2,263 |  |  | 2,263 |  |  | — |  |  |  | — |  |  |  | — |  |  | 2,865 |  |  | 2,865 |
Non-U.S. |  | — |  |  | — |  |  |  | — |  |  | 1,225 |  |  | 1,225 |  |  | 43 |  | (1) |  | — |  |  |  | — |  |  | 1,560 |  |  | 1,603 |
Private equity |  | — |  |  | — |  |  |  | — |  |  | 439 |  |  | 439 |  |  | — |  |  |  | — |  |  |  | — |  |  | 291 |  |  | 291 |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | — |  |  | 971 |  | (2) |  | — |  |  | 4,498 |  |  | 5,469 |  |  | — |  |  |  | 49 |  | (2) |  | — |  |  | 3,650 |  |  | 3,699 |
Government |  | — |  |  | 592 |  | (2) |  | — |  |  | 1,126 |  |  | 1,718 |  |  | 77 |  | (3) |  | 141 |  | (2) |  | — |  |  | 8,222 |  |  | 8,440 |
Asset-backed |  | — |  |  | — |  |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  |  | 12 |  | (2) |  | — |  |  | 180 |  |  | 192 |
Other |  | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  |  | — |  |  | 13 |  |  | 13 |
Real Estate |  | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  |  | — |  |  | 107 |  |  | 107 |
Cash |  | — |  |  | — |  |  |  | — |  |  | 113 |  |  | 113 |  |  | 78 |  |  |  | 6 |  | (4) |  | — |  |  | 69 |  |  | 153 |
Other |  | — |  |  | 14 |  |  |  | — |  |  | — |  |  | 14 |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |  | — |
Total at fair value |  | — |  |  | 1,577 |  |  |  | — |  |  | 9,665 |  |  | 11,242 |  |  | 198 |  |  |  | 208 |  |  |  | — |  |  | 16,957 |  |  | 17,363 |
Insurance contracts at contract value |  |  |  |  |  |  |  |  |  |  | 2 |  |  |  |  |  |  |  |  |  |  |  |  | 15 |
Total plan assets |  |  |  |  |  |  |  |  |  |  | 11,244 |  |  |  |  |  |  |  |  |  |  |  |  | 17,378 |
(1) For non-U.S. equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges.
(2) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.
(3) For government debt securities that are traded on active exchanges, fair value is based on observable quoted prices.
(4) For cash balances that are subject to withdrawal penalties or other adjustments, the fair value is treated as a level 2 input.
| Other Postretirement
(millions of dollars) | Fair Value Measurement at December 31, 2024, Using: |  |
Level 1 |  |  | Level 2 |  |  | Level 3 |  | Net Asset Value |  | Total
Asset category: |  |  |  |  |  |  |  |  |  |  |
Equity securities |  |  |  |  |  |  |  |  |  |  |
U.S. | 92 |  | (1) |  | — |  |  |  | — |  |  | — |  |  | 92 |
Non-U.S. | 36 |  | (1) |  | — |  |  |  | — |  |  | — |  |  | 36 |
Debt securities |  |  |  |  |  |  |  |  |  |  |
Corporate | — |  |  |  | 57 |  | (2) |  | — |  |  | — |  |  | 57 |
Government | — |  |  |  | 174 |  | (2) |  | — |  |  | — |  |  | 174 |
Asset-backed | — |  |  |  | 3 |  | (2) |  | — |  |  | — |  |  | 3 |
Cash | — |  |  |  | 2 |  |  |  | — |  |  | — |  |  | 2 |
Total at fair value | 128 |  |  |  | 236 |  |  |  | — |  |  | — |  |  | 364 |
(1) For equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges.
(2) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.
The 2023 fair value of the benefit plan assets, including the level within the fair value hierarchy, is shown in the tables below:
|  | U.S. Pension |  | Non-U.S. Pension
(millions of dollars) |  | Fair Value Measurement at December 31, 2023, Using: |  |  |  | Fair Value Measurement at December 31, 2023, Using: |  |
| Level 1 |  | Level 2 |  |  | Level 3 |  | Net Asset Value |  | Total |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  | Net Asset Value |  | Total
Asset category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | — |  |  | — |  |  |  | — |  |  | 2,114 |  |  | 2,114 |  |  | — |  |  |  | — |  |  |  | — |  |  | 2,642 |  |  | 2,642 |
Non-U.S. |  | — |  |  | — |  |  |  | — |  |  | 1,344 |  |  | 1,344 |  |  | 52 |  | (1) |  | — |  |  |  | — |  |  | 1,688 |  |  | 1,740 |
Private equity |  | — |  |  | — |  |  |  | — |  |  | 375 |  |  | 375 |  |  | — |  |  |  | — |  |  |  | — |  |  | 294 |  |  | 294 |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | — |  |  | 4,699 |  | (2) |  | — |  |  | 1 |  |  | 4,700 |  |  | — |  |  |  | 61 |  | (2) |  | — |  |  | 4,370 |  |  | 4,431 |
Government |  | — |  |  | 2,650 |  | (2) |  | — |  |  | 2 |  |  | 2,652 |  |  | 134 |  | (3) |  | 171 |  | (2) |  | — |  |  | 8,429 |  |  | 8,734 |
Asset-backed |  | — |  |  | — |  |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  |  | 22 |  | (2) |  | — |  |  | 221 |  |  | 243 |
Other |  | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  |  | — |  |  | 4 |  |  | 4 |
Real Estate |  | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  |  | — |  |  | 70 |  |  | 70 |
Cash |  | — |  |  | — |  |  |  | — |  |  | 178 |  |  | 178 |  |  | 189 |  |  |  | 17 |  | (4) |  | — |  |  | 45 |  |  | 251 |
Total at fair value |  | — |  |  | 7,349 |  |  |  | — |  |  | 4,015 |  |  | 11,364 |  |  | 375 |  |  |  | 271 |  |  |  | — |  |  | 17,763 |  |  | 18,409 |
Insurance contracts at contract value |  |  |  |  |  |  |  |  |  |  | 3 |  |  |  |  |  |  |  |  |  |  |  |  | 22 |
Total plan assets |  |  |  |  |  |  |  |  |  |  | 11,367 |  |  |  |  |  |  |  |  |  |  |  |  | 18,431 |
(1) For non-U.S. equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges.
(2) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.
(3) For government debt securities that are traded on active exchanges, fair value is based on observable quoted prices.
(4) For cash balances that are subject to withdrawal penalties or other adjustments, the fair value is treated as a level 2 input.
| Other Postretirement
(millions of dollars) | Fair Value Measurement at December 31, 2023, Using: |  |
Level 1 |  |  | Level 2 |  |  | Level 3 |  | Net Asset Value |  | Total
Asset category: |  |  |  |  |  |  |  |  |  |  |
Equity securities |  |  |  |  |  |  |  |  |  |  |
U.S. | 84 |  | (1) |  | — |  |  |  | — |  |  | — |  |  | 84 |
Non-U.S. | 40 |  | (1) |  | — |  |  |  | — |  |  | — |  |  | 40 |
Debt securities |  |  |  |  |  |  |  |  |  |  |
Corporate | — |  |  |  | 61 |  | (2) |  | — |  |  | — |  |  | 61 |
Government | — |  |  |  | 182 |  | (2) |  | — |  |  | — |  |  | 182 |
Asset-backed | — |  |  |  | 3 |  | (2) |  | — |  |  | — |  |  | 3 |
Cash | — |  |  |  | 1 |  |  |  | — |  |  | — |  |  | 1 |
Total at fair value | 124 |  |  |  | 247 |  |  |  | — |  |  | — |  |  | 371 |
(1) For equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges.
(2) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.
A summary of pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets is shown in the table below:
| Pension Benefits
(millions of dollars) | U.S. |  | Non-U.S.
2024 |  | 2023 |  | 2024 |  | 2023
For funded pension plans with an accumulated benefit obligation in excess of plan assets: |  |  |  |  |  |  |
Accumulated benefit obligation | — |  |  | — |  |  | 1,025 |  |  | 1,145 |
Fair value of plan assets | — |  |  | — |  |  | 574 |  |  | 562 |
For funded pension plans with a projected benefit obligation in excess of plan assets: |  |  |  |  |  |  |
Projected benefit obligation | 11,501 |  |  | 11,638 |  |  | 1,982 |  |  | 2,334 |
Fair value of plan assets | 11,232 |  |  | 11,367 |  |  | 1,261 |  |  | 1,465 |
For unfunded pension plans: |  |  |  |  |  |  |
Projected benefit obligation | 1,488 |  |  | 1,505 |  |  | 3,499 |  |  | 3,924 |
Accumulated benefit obligation | 1,229 |  |  | 1,173 |  |  | 3,224 |  |  | 3,592 |
All other postretirement benefit plans are unfunded or underfunded.
| Pension Benefits |  | Other Postretirement Benefits
(millions of dollars) | U.S. |  | Non-U.S. |  | Gross |  | Medicare Subsidy Receipt
Contributions expected in 2025 | — |  |  | 325 |  |  | — |  |  | — |
Benefit payments expected in: |  |  |  |  |  |  |
2025 | 1,104 |  |  | 1,101 |  |  | 356 |  |  | 1 |
2026 | 1,109 |  |  | 1,077 |  |  | 349 |  |  | 1 |
2027 | 1,102 |  |  | 1,110 |  |  | 346 |  |  | 1 |
2028 | 1,119 |  |  | 1,146 |  |  | 344 |  |  | 1 |
2029 | 1,133 |  |  | 1,131 |  |  | 343 |  |  | 1 |
2030 - 2034 | 5,854 |  |  | 5,681 |  |  | 1,752 |  |  | 3 |

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