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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2023
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
2023202220232022
U.S.Int’l.U.S.Int’l.
Change in Benefit Obligation
Benefit obligation at January 1$1,478 2,776 1,924 4,124 102 137 
Service cost51 38 58 47 1 
Interest cost77 113 62 77 5 
Plan participant contributions  — — 14 16 
Plan amendments  — —  
Actuarial (gain) loss40 11 (325)(847)22 (27)
Benefits paid(121)(124)(241)(144)(37)(38)
Divestiture  — (56) — 
Foreign currency exchange rate change 52 — (425) — 
Benefit obligation at December 31*
$1,525 2,866 1,478 2,776 107 102 
*Accumulated benefit obligation portion of above at December 31:
$1,414 2,642 1,384 2,542 
Change in Fair Value of Plan Assets
Fair value of plan assets at January 1$1,179 2,879 1,664 4,812  — 
Actual return on plan assets129 199 (319)(1,372) — 
Company contributions119 58 75 96 23 22 
Plan participant contributions  — 14 16 
Benefits paid(121)(124)(241)(144)(37)(38)
Divestiture  — (46) — 
Foreign currency exchange rate change 73 — (468) — 
Fair value of plan assets at December 31
$1,306 3,085 1,179 2,879  — 
Funded Status$(219)219 (299)103 (107)(102)
Amounts Recognized in Balance Sheet and Assumptions
Millions of Dollars
Pension BenefitsOther Benefits
2023202220232022
U.S.Int’l.U.S.Int’l.
Amounts Recognized in the Consolidated Balance Sheet at December 31
Noncurrent assets$ 491 — 373  — 
Current liabilities(16)(9)(28)(10)(24)(32)
Noncurrent liabilities(203)(263)(271)(260)(83)(70)
Total recognized$(219)219 (299)103 (107)(102)
Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31
Discount rate5.35 %4.10 5.65 4.20 5.30 5.65 
Rate of compensation increase5.00 3.65 5.00 3.65 
Interest crediting rate for applicable benefits4.20 3.55 
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31
Discount rate5.65 %4.20 3.85 2.15 5.65 2.65 
Expected return on plan assets5.30 5.20 3.90 2.85 
Rate of compensation increase5.00 3.65 4.00 3.40 
Interest crediting rate for applicable benefits3.55 2.50 
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
20232022
U.S.Int’l.U.S.Int’l.
Pension Plans with Projected Benefit Obligation in Excess of Plan Assets
Projected benefit obligation$1,525 279 1,478 277 
Fair value of plan assets1,306 6 1,179 
Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets
Accumulated benefit obligation$165 243 1,384 239 
Fair value of plan assets 6 1,179 
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
2023202220232022
U.S.Int’l.U.S.Int’l.
Unrecognized net actuarial loss (gain)$123 585 172 681 3 (28)
Unrecognized prior service cost (credit) 1 — (60)(98)
Source of Change in Other Comprehensive Income (Loss)
Millions of Dollars
Pension BenefitsOther Benefits
2023202220232022
U.S.Int’l.U.S.Int’l.
Sources of Change in Other Comprehensive Income (Loss)
Net gain (loss) arising during the period$30 29 (44)(606)(22)27 
Amortization of actuarial loss included in income (loss)*18 67 61 11 (3)— 
Net change during the period$48 96 17 (595)(25)27 
Prior service credit (cost) arising during the period$  — (1) (9)
Amortization of prior service (credit) included in income (loss)  — (1)(38)(38)
Net change during the period$  — (2)(38)(47)
*Includes settlement (gains) losses recognized in 2023 and 2022.
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
202320222021202320222021
U.S.Int’l.U.S.Int’l.U.S.Int’l.
Components of Net Periodic Benefit Cost
Service cost$51 38 58 47 73 61 1 
Interest cost77 113 62 77 53 79 5 
Expected return on plan assets(58)(148)(50)(124)(80)(120) — — 
Amortization of prior service credit  — (1)— (1)(38)(38)(37)
Recognized net actuarial loss (gain)12 67 24 11 43 33 (3)— — 
Settlements loss (gain)6  37 — 102 —  — — 
Curtailment loss (gain)  — — 12 —  — — 
Net periodic benefit cost$88 70 131 10 203 52 (35)(33)(31)
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
2023
Equity securities
U.S.$6   6     
International35   35     
Mutual funds15   15 244 276  520 
Debt securities
Corporate 1  1     
Mutual funds    421   421 
Cash and cash equivalents    25   25 
Real estate      126 126 
Total in fair value hierarchy$56 1  57 690 276 126 1,092 
Investments measured at net asset value*
Equity securities
Common/collective trusts300 198 
Debt securities
Common/collective trusts868 1,791 
Cash and cash equivalents6  
Real estate28  
Total**$56 1  1,259 690 276 126 3,081 
*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 $46 million and net receivables related to security transactions of $5 million.
The fair values of our pension plan assets at December 31, by asset class were as follows: 
Millions of Dollars
U.S.International
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
2022
Equity securities
U.S.$— — — — — — 
International36 — — 36 — — — — 
Mutual funds14 — — 14 201 298 — 499 
Debt securities
Corporate— — — — — — 
Mutual funds— — — — 365 — — 365 
Cash and cash equivalents— — — — 36 — — 36 
Derivatives
Real estate— — — — — — 146 146 
Total in fair value hierarchy$54 — 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 — 1,123 602 298 146 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.
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.
2024$205 128 16 
2025191 130 14 
2026175 133 14 
2027170 136 12 
2028162 141 11 
2029–2033664 778 45 
Severance Accrual
The following table summarizes our severance accrual activity:
Millions of Dollars
202320222021
Balance at January 1$31 78 24 
Accruals1 170 
Benefit payments(20)(48)(116)
Balance at December 31
$12 31 78 
Compensation Expense
Compensation Expense—Total share-based compensation expense recognized in net income (loss) and the associated tax benefit were:
Millions of Dollars
202320222021
Compensation cost$334 377 304 
Tax benefit84 95 76 
Stock Option Activity
The following summarizes our stock option activity for the year ended December 31, 2023:
Millions of Dollars
OptionsWeighted-Average
Exercise Price
Aggregate
Intrinsic Value
Outstanding at December 31, 2022
4,303,575 $55.28 $266 
Exercised(1,038,900)63.87 58 
Expired or cancelled  
Outstanding at December 31, 2023
3,264,675 $52.55 $209 
Vested at December 31, 2023
3,264,675 $52.55 $209 
Exercisable at December 31, 2023
3,264,675 $52.55 $209 
Restricted Stock Unit Activity
The following summarizes our stock-settled stock RSU activity for the year ended December 31, 2023:
Stock UnitsWeighted-Average
Grant Date Fair Value
Millions of Dollars
Total Fair Value
Outstanding at December 31, 2022
7,578,193 $61.20 
Granted2,178,117 110.91 
Forfeited(144,021)88.54 
Issued(2,518,599)58.77 $284 
Outstanding at December 31, 2023
7,093,690 $76.78 
Not Vested at December 31, 2023
4,791,110 $78.20 
Performance Share Program Activity
The following summarizes our stock-settled Performance Share Program activity for the year ended December 31, 2023:
Weighted-Average
Grant Date Fair Value
Millions of Dollars
Stock UnitsTotal Fair Value
Outstanding at December 31, 2022
1,231,615 $50.68 
Granted3,797 112.50 
Forfeited(72)55.13 
Issued(272,522)51.15 $29 
Outstanding at December 31, 2023
962,818 $50.79 
The following summarizes our cash-settled Performance Share Program activity for the year ended December 31, 2023:
Weighted-Average
Grant Date Fair Value
Millions of Dollars
Stock UnitsTotal Fair Value
Outstanding at December 31, 2022
109,823 $117.11 
Granted1,044,251 112.50 
Settled(1,053,204)104.94 $111 
Outstanding at December 31, 2023
100,870 $116.68 
Restricted Shares and Units Aggregate Activity
The following summarizes the aggregate activity of these restricted shares and units for the year ended December 31, 2023:
Weighted-Average
Grant Date Fair Value
Millions of Dollars
Stock UnitsTotal Fair Value
Outstanding at December 31, 2022
1,239,759 $49.78 
Granted54,141 115.88 
Cancelled(6,904)45.90 
Issued(392,728)47.64 $46 
Outstanding at December 31, 2023
894,268 $54.76 
Not Vested at December 31, 2023
149,270 $45.90