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Employee Benefit Plans | 9 Months Ended
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Sep. 30, 2012
Employee Benefit Plans [Abstract] |
Employee Benefit Plans | Note 18—Employee Benefit Plans In connection with the separation of the Downstream business, ConocoPhillips entered into an Employee Matters Agreement with Phillips 66 (see Note 2—Separation of Downstream Business), which provides that employees of Phillips 66 will no longer participate in benefit plans sponsored or maintained by ConocoPhillips. Upon separation, the ConocoPhillips Pension Plan transferred assets and obligations to the Phillips 66 Pension Plan resulting in a net decrease in sponsored pension plan obligations of $1,127 million. Additionally, as a result of the transfer of unrecognized losses to Phillips 66, deferred income taxes and other comprehensive income decreased $335 million and $570 million, respectively.
Pension and Postretirement Plans |  |  |  |  |  |  |  |  |  |  |  |
| Millions of Dollars
| Pension Benefits |  | Other Benefits
| 2012 |  | 2011 |  | 2012 |  | 2011
| U.S. |  | Int’l. |  | U.S. |  | Int’l. |  |  |  |
Components of Net Periodic Benefit Cost |  |  |  |  |  |  |  |  |  |  |  |
Three Months Ended September 30 |  |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 33 |  | 20 |  | 56 |  | 25 |  | 1 |  | 3
Interest cost |  | 39 |  | 35 |  | 62 |  | 45 |  | 8 |  | 10
Expected return on plan assets |  | (47) |  | (37) |  | (70) |  | (44) |  | - |  | -
Amortization of prior service cost |  | 1 |  | (2) |  | 2 |  | - |  | (1) |  | (1)
Recognized net actuarial (gain) loss |  | 41 |  | 13 |  | 42 |  | 11 |  | - |  | (1)
Net periodic benefit costs | $ | 67 |  | 29 |  | 92 |  | 37 |  | 8 |  | 11
Nine Months Ended September 30 |  |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 133 |  | 70 |  | 169 |  | 74 |  | 5 |  | 8
Interest cost |  | 150 |  | 116 |  | 185 |  | 133 |  | 26 |  | 31
Expected return on plan assets |  | (177) |  | (120) |  | (210) |  | (131) |  | - |  | -
Amortization of prior service cost |  | 5 |  | (6) |  | 7 |  | - |  | (3) |  | (5)
Recognized net actuarial (gain) loss |  | 145 |  | 46 |  | 124 |  | 34 |  | (1) |  | (4)
Net periodic benefit costs | $ | 256 |  | 106 |  | 275 |  | 110 |  | 27 |  | 30
During the first nine months of 2012, we contributed $258 million to our domestic benefit plans and $1 61 million to our international benefit plans. In 2012, we expect to contribute approximately $4 1 0 million to our domestic qualified and nonqualified pension and postretirement benefit plans and $210 million to our international qualified and nonqualified pension and postretirement benefit plans. During the three months ended September 30, 2012, it became probable that lump-sum benefit payments would exceed the sum of service and interest costs for the plan year for the U.S. qualified pension plan and U.S. non-qualified supplemental retirement plan. As a result, we recognized a proportionate share of prior actuarial losses, or pension settlement expense, of $137 million. In conjunction with the recognition of pension settlement expense, the assets and pension benefit obligation of the qualified pension plan were remeasured. At the measurement date, the net pension liability increased $432 million to $1,283 million, resulting in a corresponding decrease to other comprehensive income. The increase in the liability was primarily due to a reduction of the discount rate used to determine benefit obligations from 4.30% at December 31, 2011 to 3.35% at the measurement date. The assumptions used for rate of compensation increased from 4.25% to 4.75% over the same time period. In addition, pursuant to the Employee Matters Agreement we made certain adjustments to the exercise price and number of our stock-based compensation awards with the intention of preserving the intrinsic value of the awards prior to the separation. Outstanding options to purchase common shares of ConocoPhillips stock that were exercisable prior to the separation were adjusted so the holders of those options would then hold options to purchase common shares of both ConocoPhillips and Phillips 66 stock. Non-exercisable stock options were converted to those of the entity where the employee is working post-separation. In addition, former employee holders and a specified group of holders of stock options and restricted stock units who retired or terminated employment upon or shortly after the separation, received both adjusted ConocoPhillips awards and Phillips 66 awards. ConocoPhillips restricted stock and performance share units awarded for completed performance periods under the Performance Share Program, as well as restricted stock units held by current or former directors, were adjusted to provide holders one restricted share or restricted stock unit of Phillips 66 for every two restricted shares or restricted stock units of ConocoPhillips. Each employee holder of restricted stock and restricted stock units awarded under all other programs were adjusted to provide holders restricted shares or restricted stock units in the company that employs such employee following the separation. Adjustments to our stock-based compensation awards did not have a material impact on compensation expense.

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Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 87 -Paragraph 264 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 30 -Paragraph 26 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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