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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Change in Benefit Obligations and Fair Value of Plan Assets
An analysis of the projected benefit obligations for our pension plans and accumulated benefit obligations for our postretirement health and life insurance plans follows:
Millions of Dollars
Pension BenefitsOther Benefits
2022202120222021
U.S.Int’l.U.S.Int’l.
Change in Benefit Obligation
Benefit obligation at January 1$1,924 4,124 2,548 4,403 137 170 
Service cost58 47 73 61 1 
Interest cost62 77 53 79 4 
Plan participant contributions  — — 16 16 
Plan amendments  — — 9 — 
Actuarial (gain) loss(325)(847)(117)(176)(27)(16)
Benefits paid(241)(144)(654)(162)(38)(40)
Divestiture (56)— —  — 
Curtailment  12 —  
Recognition of termination benefits  —  — 
Foreign currency exchange rate change (425)— (81) — 
Benefit obligation at December 31*
$1,478 2,776 1,924 4,124 102 137 
*Accumulated benefit obligation portion of above at December 31:
$1,384 2,542 1,793 3,658 
Change in Fair Value of Plan Assets
Fair value of plan assets at January 1$1,664 4,812 1,770 4,793  — 
Actual return on plan assets(319)(1,372)97 147  — 
Company contributions75 96 451 119 22 24 
Plan participant contributions 1 — 16 16 
Benefits paid(241)(144)(654)(162)(38)(40)
Divestiture (46)— —  — 
Foreign currency exchange rate change (468)— (86) — 
Fair value of plan assets at December 31
$1,179 2,879 1,664 4,812  — 
Funded Status$(299)103 (260)688 (102)(137)
Amounts Recognized in Balance Sheet and Assumptions
Millions of Dollars
Pension BenefitsOther Benefits
2022202120222021
U.S.Int’l.U.S.Int’l.
Amounts Recognized in the Consolidated Balance Sheet at December 31
Noncurrent assets$ 373 991  — 
Current liabilities(28)(10)(29)(15)(32)(34)
Noncurrent liabilities(271)(260)(232)(288)(70)(103)
Total recognized$(299)103 (260)688 (102)(137)
Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31
Discount rate5.65 %4.20 2.80 2.15 5.65 2.65 
Rate of compensation increase5.00 3.65 4.00 3.40 
Interest crediting rate for applicable benefits3.55 2.50 
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31
Discount rate3.85 %2.15 2.60 1.80 2.65 2.35 
Expected return on plan assets3.90 2.85 5.20 2.50 
Rate of compensation increase4.00 3.40 4.00 3.40 
Interest crediting rate for applicable benefits2.50 2.10 
Projected and Accumulated Benefit Obligations in Excess of Fair Value
The following tables summarize information related to the Company's pension plans with projected and accumulated benefit obligations in excess of the fair value of the plans' assets:
Millions of Dollars
Pension Benefits
20222021
U.S.Int’l.U.S.Int’l.
Pension Plans with Projected Benefit Obligation in Excess of Plan Assets
Projected benefit obligation$1,478 277 261 362 
Fair value of plan assets1,179 6 — 58 
Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets
Accumulated benefit obligation$1,384 239 234 271 
Fair value of plan assets1,179 6 — 
Before-Tax Amounts not Recognized in Net Periodic Benefit Cost
Included in accumulated other comprehensive income (loss) at December 31 were the following before-tax amounts that had not been recognized in net periodic benefit cost:
Millions of Dollars
Pension BenefitsOther Benefits
2022202120222021
U.S.Int’l.U.S.Int’l.
Unrecognized net actuarial loss (gain)$172 681 188 86 (28)(1)
Unrecognized prior service cost (credit) 1 — (98)(145)
Source of Change in Other Comprehensive Income (Loss)
Millions of Dollars
Pension BenefitsOther Benefits
2022202120222021
U.S.Int’l.U.S.Int’l.
Sources of Change in Other Comprehensive Income (Loss)
Net gain (loss) arising during the period$(44)(606)134 207 27 16 
Amortization of actuarial loss included in income (loss)*61 11 145 33  — 
Net change during the period$17 (595)279 240 27 16 
Prior service credit (cost) arising during the period$ (1)— — (9)— 
Amortization of prior service (credit) included in income (loss) (1)— (1)(38)(37)
Net change during the period$ (2)— (1)(47)(37)
*Includes settlement (gains) losses recognized in 2022 and 2021.
Components of Net Periodic Benefit Cost
The components of net periodic benefit cost of all defined benefit plans are presented in the following table:
Millions of Dollars
Pension BenefitsOther Benefits
202220212020202220212020
U.S.Int’l.U.S.Int’l.U.S.Int’l.
Components of Net Periodic Benefit Cost
Service cost$58 47 73 61 85 54 1 
Interest cost62 77 53 79 66 85 4 
Expected return on plan assets(50)(124)(80)(120)(85)(145) — — 
Amortization of prior service credit (1)— (1)— (1)(38)(37)(31)
Recognized net actuarial loss (gain)24 11 43 33 51 22  — 
Settlements loss (gain)37  102 — 44 (1) — — 
Curtailment loss  12 — — —  — — 
Net periodic benefit cost$131 10 203 52 161 14 (33)(31)(22)
Fair Values of Pension Plan Assets
The fair values of our pension plan assets at December 31, by asset class were as follows: 
Millions of Dollars
U.S.International
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
2022
Equity securities
U.S.$4   4     
International36   36     
Mutual funds14   14 201 298  499 
Debt securities
Corporate 1  1     
Mutual funds    365   365 
Cash and cash equivalents    36   36 
Real estate      146 146 
Total in fair value hierarchy$54 1  55 602 298 146 1,046 
Investments measured at net asset value*
Equity securities
Common/collective trusts265 192 
Debt securities
Common/collective trusts759 1,637 
Cash and cash equivalents10  
Real estate34  
Total**$54 1  1,123 602 298 146 2,875 
*In accordance with FASB ASC Topic 715, “Compensation—Retirement Benefits,” certain investments that are to be measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Change in Fair Value of Plan Assets.
**Excludes the participating interest in the insurance annuity contract with a net asset of $55 million and net receivables related to security transactions of $5 million.
The fair values of our pension plan assets at December 31, by asset class were as follows: 
Millions of Dollars
U.S.International
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
2021
Equity securities
U.S.$— — — — — 
International42 — — 42 — — — — 
Mutual funds17 — — 17 236 403 — 639 
Debt securities
Corporate— — — — — — 
Mutual funds— — — — 511 — — 511 
Cash and cash equivalents— — — — 68 — — 68 
Derivatives— — — — — — — — 
Real estate— — — — — — 157 157 
Total in fair value hierarchy$62 68 815 403 157 1,375 
Investments measured at net asset value*
Equity securities
Common/collective trusts394 417 
Debt securities
Common/collective trusts1,073 3,015 
Cash and cash equivalents— 
Real estate36 
Total**$62 1,580 815 403 157 4,808 
    *In accordance with FASB ASC Topic 715, “Compensation—Retirement Benefits,” certain investments that are to be measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Change in Fair Value of Plan Assets.
**Excludes the participating interest in the insurance annuity contract with a net asset of $83 million and net receivables related to security transactions of $5 million.
Benefit Payments
The following benefit payments, which are exclusive of amounts to be paid from the insurance annuity contract and which reflect expected future service, as appropriate, are expected to be paid:
Millions of Dollars
Pension
Benefits
Other
Benefits
U.S.Int’l.
2023$216 121 17 
2024199 123 15 
2025188 125 14 
2026173 126 12 
2027171 128 11 
2028–2032685 677 38 
Severance Accrual
The following table summarizes our severance accrual activity:
Millions of Dollars
202220212020
Balance at January 1$78 24 23 
Accruals1 170 14 
Benefit payments(48)(116)(13)
Balance at December 31
$31 78 24 
Compensation Expense
Compensation Expense—Total share-based compensation expense recognized in net income (loss) and the associated tax benefit were:
Millions of Dollars
202220212020
Compensation cost$377 304 159 
Tax benefit95 76 40 
Stock Option Activity
The following summarizes our stock option activity for the year ended December 31, 2022:
Millions of Dollars
OptionsWeighted-Average
Exercise Price
Aggregate
Intrinsic Value
Outstanding at December 31, 2021
11,973,783 $56.46 $188 
Exercised(7,670,208)57.12 (308)
Expired or cancelled  
Outstanding at December 31, 2022
4,303,575 $55.28 $266 
Vested at December 31, 2022
4,303,575 $55.28 $266 
Exercisable at December 31, 2022
4,303,575 $55.28 $266 
Restricted Stock Unit Activity
The following summarizes our stock-settled stock unit activity for the year ended December 31, 2022:
Stock UnitsWeighted-Average
Grant Date Fair Value
Millions of Dollars
Total Fair Value
Outstanding at December 31, 2021
7,645,311 $53.81 
Granted2,139,168 90.57 
Forfeited(137,011)71.38 
Issued(2,069,275)63.57 $193 
Outstanding at December 31, 2022
7,578,193 $61.20 
Not Vested at December 31, 2022
5,264,282 $61.58 
The following summarizes our cash-settled stock unit activity for the year ended December 31, 2022:
Stock UnitsWeighted-Average Grant Date Fair ValueMillions of Dollars
Total Fair Value
Outstanding at December 31, 2021
226,476 $72.18 
Granted531 85.37 
Forfeited  
Issued(227,007)91.47 $21 
Outstanding at December 31, 2022
 $ 
Performance Share Program Activity
The following summarizes our stock-settled Performance Share Program activity for the year ended December 31, 2022:
Weighted-Average
Grant Date Fair Value
Millions of Dollars
Stock UnitsTotal Fair Value
Outstanding at December 31, 2021
1,448,847 $50.69 
Granted1,754 91.58 
Issued(218,986)51.04 $21 
Outstanding at December 31, 2022
1,231,615 $50.68 
The following summarizes our cash-settled Performance Share Program activity for the year ended December 31, 2022:
Weighted-Average
Grant Date Fair Value
Millions of Dollars
Stock UnitsTotal Fair Value
Outstanding at December 31, 2021
117,679 $72.18 
Granted967,151 91.58 
Settled(975,007)89.87 $88 
Outstanding at December 31, 2022
109,823 $117.11 
Restricted Shares and Units Aggregate Activity
The following summarizes the aggregate activity of these restricted shares and units for the year ended December 31, 2022:
Weighted-Average
Grant Date Fair Value
Millions of Dollars
Stock UnitsTotal Fair Value
Outstanding at December 31, 2021
1,616,367 $47.24 
Granted73,450 96.20 
Cancelled(1,030)24.61 
Issued(449,028)48.28 $40 
Outstanding at December 31, 2022
1,239,759 $49.78 
Not Vested at December 31, 2022
437,994 $45.90