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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

Retirement Benefits [Abstract]

Funded status of pension and other postretirement benefit plans

The funded status of the company’s pension and OPEB plans for 2018 and 2017 follows:

	Pension Benefits
	2018									2017								Other Benefits
	U.S.				Int’l.					U.S.				Int’l.				2018					2017
Change in Benefit Obligation
Benefit obligation at January 1	$	13,580			$	5,540				$	13,271			$	5,169			$	2,788				$	2,549
Service cost	480				141					489				151				42					32
Interest cost	370				206					366				219				94					95
Plan participants' contributions	—				4					—				4				71					78
Plan amendments	—				23					—				1				2					—
Actuarial (gain) loss	(1,051		)		(239		)			1,168				(37		)		(272		)			266
Foreign currency exchange rate changes	—				(227		)			—				374				(9		)			10
Benefits paid	(1,653		)		(432		)			(1,714		)		(310		)		(237		)			(229		)
Divestitures	—				(196		)			—				(31		)		(49		)			(13		)
Benefit obligation at December 31	11,726				4,820					13,580				5,540				2,430					2,788
Change in Plan Assets
Fair value of plan assets at January 1	9,948				4,766					9,550				4,174				—					—
Actual return on plan assets	(566		)		(9		)			1,384				319				—					—
Foreign currency exchange rate changes	—				(221		)			—				358				—					—
Employer contributions	803				232					728				252				166					151
Plan participants' contributions	—				4					—				4				71					78
Benefits paid	(1,653		)		(432		)			(1,714		)		(310		)		(237		)			(229		)
Divestitures	—				(198		)			—				(31		)		—					—
Fair value of plan assets at December 31	8,532				4,142					9,948				4,766				—					—
Funded status at December 31	$	(3,194	)		$	(678	)			$	(3,632	)		$	(774	)		$	(2,430	)			$	(2,788	)

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, 2018 and 2017, include:

	Pension Benefits
	2018									2017								Other Benefits
	U.S.				Int’l.					U.S.				Int’l.				2018					2017
Deferred charges and other assets	$	17			$	412				$	21			$	448			$	—				$	—
Accrued liabilities	(180		)		(66		)			(188		)		(100		)		(175		)			(174		)
Noncurrent employee benefit plans	(3,031		)		(1,024		)			(3,465		)		(1,122		)		(2,255		)			(2,614		)
Net amount recognized at December 31	$	(3,194	)		$	(678	)			$	(3,632	)		$	(774	)		$	(2,430	)			$	(2,788	)

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 $4,448 and $5,286 at the end of 2018 and 2017, respectively. These amounts consisted of:

	Pension Benefits
	2018									2017								Other Benefits
	U.S.				Int’l.					U.S.				Int’l.				2018					2017
Net actuarial loss	$	3,694			$	955				$	4,258			$	1,005			$	(56	)			$	207
Prior service (credit) costs	7				104					9				94				(256		)			(287		)
Total recognized at December 31	$	3,701			$	1,059				$	4,267			$	1,099			$	(312	)			$	(80	)

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, 2018 and 2017, was:

	Pension Benefits
	2018									2017
	U.S.				Int’l.					U.S.				Int’l.
Projected benefit obligations	$	11,667			$	1,277				$	13,514			$	1,590
Accumulated benefit obligations	10,456				1,062					12,129				1,326
Fair value of plan assets	8,456				198					9,862				413

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 2018, 2017 and 2016 are shown in the table below:

	Pension Benefits
	2018								2017						2016							Other Benefits
	U.S.			Int’l.					U.S.			Int’l.			U.S.			Int’l.				2018					2017				2016
Net Periodic Benefit Cost
Service cost	$	480		$	141				$	489		$	151		$	494		$	159			$	42				$	32			$	60
Interest cost	370			206					366			219			377			261				94					95				128
Expected return on plan assets	(636		)	(253		)			(597		)	(239		)	(723		)	(243		)		—					—				—
Amortization of prior service costs (credits)	2			10					(5		)	13			(9		)	14				(28		)			(28		)		14
Recognized actuarial losses	304			29					340			44			335			47				15					(5		)		19
Settlement losses	411			33					436			2			511			6				—					—				—
Curtailment losses (gains)	—			3					—			—			—			—				—					—				—
Total net periodic benefit cost	931			169					1,029			190			985			244				123					94				221
Changes Recognized in Comprehensive Income
Net actuarial (gain) loss during period	151			12					381			(94		)	690			55				(248		)			284				(430		)
Amortization of actuarial loss	(715		)	(62		)			(776		)	(46		)	(846		)	(53		)		(15		)			5				(19		)
Prior service (credits) costs during period	—			23					—			1			—			—				3					—				(345		)
Amortization of prior service (costs) credits	(2		)	(13		)			5			(13		)	9			(14		)		28					28				(14		)
Total changes recognized in other comprehensive income	(566		)	(40		)			(390		)	(152		)	(147		)	(12		)		(232		)			317				(808		)
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	$	365		$	129				$	639		$	38		$	838		$	232			$	(109	)			$	411			$	(587	)

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
	2018						2017					2016									Other Benefits
	U.S.		Int’l.				U.S.		Int’l.			U.S.		Int’l.			2018				2017			2016
Assumptions used to determine benefit obligations:
Discount rate	4.2	%	4.4	%			3.5	%	3.9	%		3.9	%	4.3	%		4.4	%			3.8	%		4.3	%
Rate of compensation increase	4.5	%	4.0	%			4.5	%	4.0	%		4.5	%	4.5	%		N/A				N/A			N/A
Assumptions used to determine net periodic benefit cost:
Discount rate for service cost	3.7	%	3.9	%			4.2	%	4.3	%		4.4	%	5.3	%		3.9	%			4.6	%		4.9	%
Discount rate for interest cost	3.0	%	3.9	%			3.0	%	4.3	%		3.0	%	5.3	%		3.5	%			3.8	%		4.0	%
Expected return on plan assets	6.8	%	5.5	%			6.8	%	5.5	%		7.3	%	6.3	%		N/A				N/A			N/A
Rate of compensation increase	4.5	%	4.0	%			4.5	%	4.5	%		4.5	%	4.8	%		N/A				N/A			N/A

Effects of change in the assumed health care cost-trend rates

A 1-percentage-point change in the assumed health care cost-trend rates would have the following effects on worldwide plans:

	1 Percent Increase				1 Percent Decrease
Effect on total service and interest cost components	$	12			$	(10	)
Effect on postretirement benefit obligation	$	197			$	(156	)

Fair value measurements of the Company's pension plans

The fair value measurements of the company’s pension plans for 2018 and 2017 are on the following page:

	U.S.																					Int’l.
	Total				Level 1				Level 2				Level 3				NAV					Total				Level 1				Level 2				Level 3				NAV
At December 31, 2017
Equities
U.S.1	$	1,331			$	1,331			$	—			$	—			—					$	652			$	651			$	1			$	—			$	—
International	2,060				2,057				3				—				—					691				691				—				—				—
Collective Trusts/Mutual Funds2	1,089				22				—				—				1,067					204				19				4				—				181
Fixed Income
Government	274				—				274				—				—					296				77				219				—				—
Corporate	1,492				—				1,492				—				—					593				—				563				30				—
Bank Loans	117				—				106				11				—					—				—				—				—				—
Mortgage/Asset Backed	1				—				1				—				—					8				—				8				—				—
Collective Trusts/Mutual Funds2	1,130				—				—				—				1,130					1,481				—				16				—				1,465
Mixed Funds3	—				—				—				—				—					80				1				79				—				—
Real Estate4	1,096				—				—				—				1,096					376				—				—				56				320
Alternative Investments5	1,022				—				—				—				1,022					—				—				—				—				—
Cash and Cash Equivalents	260				255				5				—				—					366				362				4				—				—
Other6	76				(2		)		28				43				7					19				(2		)		18				3				—
Total at December 31, 2017	$	9,948			$	3,663			$	1,909			$	54			4,322					$	4,766			$	1,799			$	912			$	89			$	1,966
At December 31, 2018
Equities
U.S.1	$	1,110			$	1,110			$	—			$	—			$	—				$	520			$	520			$	—			$	—			$	—
International	1,631				1,630				1				—				—					521				520				—				1				—
Collective Trusts/Mutual Funds2	893				21				—				—				872					152				9				—				—				143
Fixed Income
Government	225				—				225				—				—					254				97				157				—				—
Corporate	1,382				—				1,382				—				—					409				—				389				20				—
Bank Loans	119				—				114				5				—					—				—				—				—				—
Mortgage/Asset Backed	1				—				1				—				—					6				—				6				—				—
Collective Trusts/Mutual Funds2	877				—				—				—				877					1,521				15				—				—				1,506
Mixed Funds3	—				—				—				—				—					74				3				71				—				—
Real Estate4	1,065				—				—				—				1,065					378				—				—				56				322
Alternative Investments5	941				—				—				—				941					—				—				—				—				—
Cash and Cash Equivalents	212				208				4				—				—					287				277				2				—				8
Other6	76				(4		)		31				44				5					20				—				17				3				—
Total at December 31, 2018	$	8,532			$	2,965			$	1,758			$	49			$	3,760				$	4,142			$	1,441			$	642			$	80			$	1,979

¹  U.S. equities include investments in the company’s common stock in the amount of $9 at December 31, 2018, and $12 at December 31, 2017.

²  Collective Trusts/Mutual Funds for U.S. plans are entirely index funds; for International plans, they are mostly unit trust and index funds.

³  Mixed funds are composed of funds that invest in both equity and fixed-income instruments in order to diversify and lower risk.

⁴  The 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.

⁵  Alternative investments focus on market-neutral strategies that have a low expected correlation to traditional asset classes.

⁶  The “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			Fixed Income
	International			Corporate					Bank Loans					Real Estate					Other					Total
Total at December 31, 2016	$	—		$	19				$	11				$	60				$	44				$	134
Actual Return on Plan Assets:
Assets held at the reporting date	—			1					—					1					—					2
Assets sold during the period	—			—					—					—					—					—
Purchases, Sales and Settlements	—			10					3					(5		)			2					10
Transfers in and/or out of Level 3	—			—					(3		)			—					—					(3		)
Total at December 31, 2017	$	—		$	30				$	11				$	56				$	46				$	143
Actual Return on Plan Assets:
Assets held at the reporting date	4			(2		)			—					13					—					15
Assets sold during the period	(4		)	—					—					—					—					(4		)
Purchases, Sales and Settlements	—			(7		)			(4		)			(13		)			—					(24		)
Transfers in and/or out of Level 3	1			—					(2		)			—					—					(1		)
Total at December 31, 2018	$	1		$	21				$	5				$	56				$	46				$	129

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 Benefits								Other
	U.S.				Int’l.				Benefits
2019	$	1,310			$	271			$	175
2020	$	1,240			$	266			$	172
2021	$	1,170			$	577			$	171
2022	$	1,145			$	228			$	168
2023	$	1,118			$	234			$	166
2024-2028	$	4,972			$	1,392			$	795

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Tabular disclosure of accumulated benefit obligations and fair values of plan assets of pension plans and/or other employee benefit plans where the accumulated benefit obligation exceeds the fair value of plan assets.

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