XML 36 R25.htm IDEA: XBRL DOCUMENT

Employee Benefit Plans

6 Months Ended

Jun. 30, 2019

Note 18—Employee Benefit Plans

Pension and Postretirement Plans
	Millions of Dollars
	Pension Benefits					Other Benefits
	2019			2018		2019	2018
		U.S.	Int'l.	U.S.	Int'l.
Components of Net Periodic Benefit Cost
Three Months Ended June 30
Service cost	$	19	18	22	22	-	1
Interest cost		21	26	27	27	3	2
Expected return on plan assets		(18)	(35)	(35)	(40)	-	-
Amortization of prior service cost (credit)		-	(1)	-	(2)	(9)	(8)
Recognized net actuarial loss (gain)		13	8	16	9	-	(1)
Settlements		11	-	147	-	-	-
Net periodic benefit cost	$	46	16	177	16	(6)	(6)

Six Months Ended June 30
Service cost	$	39	37	43	43	-	1
Interest cost		42	52	54	54	5	4
Expected return on plan assets		(36)	(70)	(69)	(80)	-	-
Amortization of prior service cost (credit)		-	(1)	-	(3)	(17)	(17)
Recognized net actuarial loss (gain)		26	16	31	18	(1)	(1)
Settlements		17	-	147	-	-	-
Net periodic benefit cost	$	88	34	206	32	(13)	(13)

The components of net periodic benefit cost, other than the service cost component, are included in the “Other expenses” line item on our consolidated income statement.

During the first six months of 2019, we contributed $108 million to our domestic benefit plans and $77 million to our international benefit plans. In 2019, we expect to contribute approximately $205 million to our domestic qualified and nonqualified pension and postretirement benefit plans and $185 million to our international qualified and nonqualified pension and postretirement benefit plans. In the event we complete our transaction to sell two ConocoPhillips subsidiaries in the U.K., we expect to make an additional contribution to an international qualified pension plan of approximately $285 million. For additional information, see Note 5—Assets Held for Sale and Dispositions.

Severance Accrual

The following table summarizes our severance accrual activity for the six-month period ended June 30, 2019:

	Millions of Dollars

Balance at December 31, 2018	$	48
Accruals		2
Benefit payments		(18)
Foreign currency translation adjustments		1
Balance at June 30, 2019	$	33

Of the remaining balance at June 30, 2019, $14 million is classified as short term.