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Employee Benefit Plans | 9 Months Ended
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Sep. 30, 2020
Employee Benefit Plans [Abstract] |
Employee Benefit Plans | Note 17—Employee Benefit Plans Pension and Postretirement Plans Millions of Dollars Pension Benefits Other Benefits 2020 2019 2020 2019 U.S. Int'l. U.S. Int'l. Components of Net Periodic Benefit Cost Three Months Ended September 30 Service cost $ 21 14 20 19 1 1 Interest cost 17 21 21 25 2 1 Expected return on plan assets (21) (37) (18) (34) - - Amortization of prior service credit - (1) - - (7) (7) Recognized net actuarial loss (gain) 12 5 13 7 1 (1) Settlements 27 - 37 - - - Curtailments - - - (1) - - Net periodic benefit cost $ 56 2 73 16 (3) (6) Nine Months Ended September 30 Service cost $ 63 41 59 56 2 1 Interest cost 51 63 63 77 5 6 Expected return on plan assets (63) (108) (54) (104) - - Amortization of prior service credit - (1) - (1) (23) (24) Recognized net actuarial loss (gain) 37 16 39 23 1 (2) Settlements 28 (1) 54 - - - Curtailments - - - (1) - - Net periodic benefit cost $ 116 10 161 50 (15) (19) 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 nine months of 2020, we contributed $ 87 million to our domestic benefit plans and $ 57 million to our international benefit plans. In 2020, we expect to contribute a total of approximately $ 135 million to our domestic qualified and nonqualified pension and postretirement benefit plans and $ 65 million to our international qualified and nonqualified pension and postretirement benefit plans. During the three-month period ended September 30, 2020, lump-sum benefit payments exceeded the sum of service and interest costs for the year for the U.S. qualified pension plan. As a result, we recognized a proportionate share of prior actuarial losses from other comprehensive income as pension settlement expense of $ 27 million. In conjunction with the recognition of pension settlement expense, the fair market values of the pension plan assets were updated and the pension benefit obligation of the plan was remeasured as of September 30, 2020. At the measurement date, the net pension liability increased by $ 78 million, resulting in a corresponding decrease to other comprehensive loss. This is primarily a result of a decrease in the discount rate and reduced long-term lump sum rate assumptions offset by better actual return on assets compared with the expected return.

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