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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2024
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
2024202320242023
U.S.Int’l.U.S.Int’l.
Change in Benefit Obligation
Benefit obligation at January 1$1,525 2,866 1,478 2,776 107 102 
Service cost49 38 51 38 1 
Interest cost76 114 77 113 5 
Plan participant contributions  — — 12 14 
Plan amendments 57 — —  — 
Business combinations237 42 
Actuarial (gain) loss(4)(202)40 11 5 22 
Benefits paid(98)(134)(121)(124)(27)(37)
Curtailment8  — —  — 
Recognition of termination benefits13  — —  — 
Foreign currency exchange rate change (148)— 52  — 
Benefit obligation at December 31*
$1,806 2,591 1,525 2,866 145 107 
*Accumulated benefit obligation portion of above at December 31:
$1,703 2,392 1,414 2,642 
Change in Fair Value of Plan Assets
Fair value of plan assets at January 1$1,306 3,085 1,179 2,879  — 
Actual return on plan assets66 18 129 199  — 
Company contributions83 88 119 58 15 23 
Plan participant contributions  — — 12 14 
Business combinations199 
Benefits paid(98)(134)(121)(124)(27)(37)
Foreign currency exchange rate change (150)— 73  — 
Fair value of plan assets at December 31
$1,556 2,907 1,306 3,085  — 
Funded Status$(250)316 (219)219 (145)(107)
Amounts Recognized in Balance Sheet and Assumptions
Millions of Dollars
Pension BenefitsOther Benefits
2024202320242023
U.S.Int’l.U.S.Int’l.
Amounts Recognized in the Consolidated Balance Sheet at December 31
Noncurrent assets$1 553 — 491  — 
Current liabilities(28)(10)(16)(9)(26)(24)
Noncurrent liabilities(223)(227)(203)(263)(119)(83)
Total recognized$(250)316 (219)219 (145)(107)
Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31
Discount rate5.70 %4.90 5.35 4.10 5.60 5.30 
Rate of compensation increase5.00 4.05 5.00 3.65 
Interest crediting rate for applicable benefits4.30 4.20 
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31
Discount rate5.35 %4.10 5.65 4.20 5.35 5.65 
Expected return on plan assets5.30 5.40 5.30 5.20 
Rate of compensation increase5.00 3.65 5.00 3.65 
Interest crediting rate for applicable benefits4.20 3.55 
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
20242023
U.S.Int’l.U.S.Int’l.
Pension Plans with Projected Benefit Obligation in Excess of Plan Assets
Projected benefit obligation$450 242 1,525 279 
Fair value of plan assets199 6 1,306 
Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets
Accumulated benefit obligation$425 210 165 243 
Fair value of plan assets199 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
2024202320242023
U.S.Int’l.U.S.Int’l.
Unrecognized net actuarial loss (gain)$112 445 123 585 2 
Unrecognized prior service cost (credit) 58 — (21)(60)
Source of Change in Other Comprehensive Income (Loss)
Millions of Dollars
Pension BenefitsOther Benefits
2024202320242023
U.S.Int’l.U.S.Int’l.
Sources of Change in Other Comprehensive Income (Loss)
Net gain (loss) arising during the period$3 83 30 29 (5)(22)
Amortization of actuarial loss included in income (loss)*8 57 18 67  (3)
Net change during the period$11 140 48 96 (5)(25)
Prior service credit (cost) arising during the period$ (57)— —  — 
Amortization of prior service (credit) included in income (loss)  — — (38)(38)
Net change during the period$ (57)— — (38)(38)
*Includes settlement (gains) losses recognized in 2024 and 2023.
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
202420232022202420232022
U.S.Int’l.U.S.Int’l.U.S.Int’l.
Components of Net Periodic Benefit Cost
Service cost$49 38 51 38 58 47 1 
Interest cost76 114 77 113 62 77 5 
Expected return on plan assets(66)(163)(58)(148)(50)(124) — — 
Amortization of prior service credit  — — — (1)(38)(38)(38)
Recognized net actuarial loss (gain)8 58 12 67 24 11  (3)— 
Settlements loss (gain) (1)— 37 —  — — 
Curtailment loss (gain)8  — — — —  — — 
Net periodic benefit cost$75 46 88 70 131 10 (32)(35)(33)
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
2024
Equity securities
U.S.$5   5     
International38   38     
Mutual funds17   17 445 77  522 
Debt securities
Corporate 1  1     
Mutual funds    451   451 
Private equity funds3 3 
Cash and cash equivalents    25   25 
Insurance contracts4 4 
Real estate  3 3   136 136 
Total in fair value hierarchy$60 1 10 71 921 77 136 1,134 
Investments measured at net asset value*
Equity securities
Common/collective trusts479 194 
Debt securities
Common/collective trusts938 1,575 
Cash and cash equivalents3  
Real estate22  
Total**$60 1 10 1,513 921 77 136 2,903 
*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 $42 million and net receivables related to security transactions of $5 million.
The fair values of our pension plan assets at December 31, by asset class were as follows: 
Millions of Dollars
U.S.International
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
2023
Equity securities
U.S.$— — — — — — 
International35 — — 35 — — — — 
Mutual funds15 — — 15 244 276 — 520 
Debt securities
Corporate— — — — — — 
Mutual funds— — — — 421 — — 421 
Cash and cash equivalents— — — — 25 — — 25 
Derivatives
Real estate— — — — — — 126 126 
Total in fair value hierarchy$56 — 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 equivalents— 
Real estate28 — 
Total**$56 — 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.
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.
2025$386 120 21 
2026224 124 19 
2027213 126 17 
2028199 128 16 
2029195 132 15 
2030–2034769 710 63 
Severance Accrual
The following table summarizes our severance accrual activity:
Millions of Dollars
202420232022
Balance at January 1$12 31 78 
Accruals328 
Benefit payments(9)(20)(48)
Balance at December 31
$331 12 31 
Compensation Expense
Compensation Expense—Total share-based compensation expense recognized in net income (loss) and the associated tax benefit were:
Millions of Dollars
202420232022
Compensation cost$268 334 377 
Tax benefit67 84 95 
Stock Option Activity
The following summarizes our stock option activity for the year ended December 31, 2024:
Millions of Dollars
OptionsWeighted-Average
Exercise Price
Aggregate
Intrinsic Value
Outstanding at December 31, 2023
3,264,675 $52.55 $209 
Exercised(1,213,600)68.42 63 
Expired or cancelled  
Outstanding at December 31, 2024
2,051,075 $43.16 $113 
Vested at December 31, 2024
2,051,075 $43.16 $113 
Exercisable at December 31, 2024
2,051,075 $43.16 $113 
Restricted Stock Unit Activity
The following summarizes our stock-settled stock RSU activity for the year ended December 31, 2024:
Stock UnitsWeighted-Average
Grant Date Fair Value
Millions of Dollars
Total Fair Value
Outstanding at December 31, 2023
7,093,690 $76.78 
Granted3,161,899 109.79 
Forfeited(113,163)104.34 
Issued(3,670,653)54.79 $410 
Outstanding at December 31, 2024
6,471,773 $104.89 
Not Vested at December 31, 2024
4,508,368 $105.31 
Performance Share Program Activity
The following summarizes our stock-settled Performance Share Program activity for the year ended December 31, 2024:
Weighted-Average
Grant Date Fair Value
Millions of Dollars
Stock UnitsTotal Fair Value
Outstanding at December 31, 2023
962,818 $50.79 
Granted10,722 110.39 
Forfeited  
Issued(199,037)54.17 $23 
Outstanding at December 31, 2024
774,503 $50.75 
The following summarizes our cash-settled Performance Share Program activity for the year ended December 31, 2024:
Weighted-Average
Grant Date Fair Value
Millions of Dollars
Stock UnitsTotal Fair Value
Outstanding at December 31, 2023
100,870 $116.68 
Granted1,535,539 110.39 
Settled(1,546,826)110.41 $171 
Outstanding at December 31, 2024
89,583 $98.20 
Restricted Shares and Units Aggregate Activity
The following summarizes the aggregate activity of these restricted shares and units for the year ended December 31, 2024:
Weighted-Average
Grant Date Fair Value
Millions of Dollars
Stock UnitsTotal Fair Value
Outstanding at December 31, 2023
894,268 $54.76 
Granted39,750 111.91 
Cancelled  
Issued(304,337)50.91 $35 
Outstanding at December 31, 2024
629,681 $60.22