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Retirement Plans (Tables) | 12 Months Ended
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Dec. 31, 2019
Retirement Benefits [Abstract] |
Schedule of Net Benefit Costs | The following table presents additional information about our international pension plans.
| December 31
Millions of dollars | 2019 | 2018
Amounts recognized on the Consolidated Balance Sheets |  |
Other Assets | $ | 85 |  | $ | 39 |
Accrued employee compensation and benefits | 7 |  | 8 |
Employee compensation and benefits | 189 |  | 150 |
Pension plans in which projected benefit obligation exceeded plan assets |  |
Projected benefit obligation | $ | 214 |  | $ | 176 |
Fair value of plan assets | 18 |  | 18 |
Pension plans in which accumulated benefit obligation exceeded plan assets |  |
Accumulated benefit obligation | $ | 121 |  | $ | 105 |
Fair value of plan assets | 18 |  | 18 |
Schedule of Allocation of Plan Assets | The following table sets forth the fair values of assets held by our international pension plans by level within the fair value hierarchy.
Millions of dollars | Level 1 | Level 2 | Level 3 | Net Asset Value (a) | Total
Cash and equivalents | $ | — |  | $ | 151 |  | $ | — |  | $ | — |  | $ | 151 |
Equity funds (b) | — |  | 118 |  | — |  | — |  | 118 |
Bond funds (c) | — |  | 292 |  | — |  | 99 |  | 391 |
Alternatives funds (d) | — |  | — |  | — |  | 197 |  | 197 |
Real estate funds (e) | — |  | 74 |  | — |  | 29 |  | 103 |
Other investments (f) | 6 |  | 21 |  | 15 |  | — |  | 42 |
Fair value of plan assets at December 31, 2019 | $ | 6 |  | $ | 656 |  | $ | 15 |  | $ | 325 |  | $ | 1,002 |
Cash and equivalents | $ | — |  | $ | 12 |  | $ | — |  | $ | — |  | $ | 12 |
Equity funds (b) | — |  | 137 |  | — |  | — |  | 137 |
Bond funds (c) | — |  | 267 |  | 21 |  | 36 |  | 324 |
Alternatives funds (d) | — |  | — |  | — |  | 209 |  | 209 |
Real estate funds (e) | — |  | 80 |  | — |  | 28 |  | 108 |
Other investments (f) | 6 |  | 21 |  | 15 |  | — |  | 42 |
Fair value of plan assets at December 31, 2018 | $ | 6 |  | $ | 517 |  | $ | 36 |  | $ | 273 |  | $ | 832 |
(a) Represents investments measured at fair value using the Net Asset Value (NAV) per share practical expedient and thus has not been categorized 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 total value of our international pension plans assets. (b) Strategy of equity funds is to invest in diversified funds of global common stocks. (c) Strategy of bond funds is to invest in diversified funds of fixed income securities of varying geographies and credit quality. (d) Strategy of alternative funds is to invest in a fund of diversifying investments, including but not limited to reinsurance, commodities and currencies. (e) Strategy of real estate funds is to invest in diversified funds of real estate investment trusts and private real estate. (f) Other investments primarily includes investments in insurance contracts.
Defined Benefit Plan, Assumptions | Certain weighted-average actuarial assumptions used to determine benefit obligations of our international pension plans at December 31 were as follows:
| 2019 | 2018
Discount rate | 2.5% | 3.3%
Rate of compensation increase | 6.0% | 5.8%
Certain weighted-average actuarial assumptions used to determine net periodic benefit cost of our international pension plans for the years ended December 31 were as follows:
| 2019 | 2018 | 2017
Discount rate | 3.3% | 2.8% | 2.9%
Expected long-term return on plan assets | 4.4% | 4.1% | 4.2%
Rate of compensation increase | 5.8% | 5.5% | 4.8%

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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