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Pension and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Obligations and Funded Status at End of Year

Obligations and Funded Status at End of Year

						United States Pension Benefits												Foreign Pension Benefits												Other Postretirement Benefits
Millions of dollars						2020						2019						2020						2019						2020						2019
Funded status
Fair value of plan assets						$	3,103					$	2,934					$	632					$	593					$	—					$	—
Benefit obligations						3,237						3,141						1,029						941						191						355
Funded status						$	(134)					$	(207)					$	(397)					$	(348)					$	(191)					$	(355)
Amounts recognized in the consolidated balance sheets
Noncurrent asset						$	37					$	—					$	14					$	11					$	—					$	—
Current liability						(18)						(6)						(12)						(17)						(25)						(33)
Noncurrent liability						(153)						(201)						(399)						(342)						(166)						(322)
Amount recognized						$	(134)					$	(207)					$	(397)					$	(348)					$	(191)					$	(355)
Amounts recognized in accumulated other comprehensive loss (pre-tax)
Net actuarial loss						$	1,227					$	1,329					$	279					$	234					$	23					$	15
Prior service (credit) cost						1						1						3						4						(140)						(16)
Amount recognized						$	1,228					$	1,330					$	282					$	238					$	(117)					$	(1)

Change in Benefit Obligation

Change in Benefit Obligation

						United States Pension Benefits												Foreign Pension Benefits												Other Postretirement Benefits
Millions of dollars						2020						2019						2020						2019						2020						2019
Benefit obligation, beginning of year						$	3,141					$	3,033					$	941					$	834					$	355					$	356
Service cost						3						2						6						6						4						6
Interest cost						94						123						17						23						8						16
Plan participants' contributions						—						—						1						1						—						—
Actuarial loss (gain)						282						279						96						85						9						14
Benefits paid						(186)						(263)						(33)						(30)						(24)						(28)
Plan amendments						—						—						—						6						(156)						(15)
Transfer of liabilities						—						—						—						(2)						—						—
Other adjustments						—						—						—						11						—						7
Special termination benefit						—						—						—						—						—						—
Settlements / curtailment (gain)						(97)						(33)						(37)						(13)						—						—
Foreign currency exchange rates						—						—						38						20						(5)						(1)
Reclassification of obligation to held for sale						—						—						—						—						—						—
Benefit obligation, end of year						$	3,237					$	3,141					$	1,029					$	941					$	191					$	355
Accumulated benefit obligation, end of year						$	3,222					$	3,128					$	987					$	902					N/A						N/A

Change in Plan Assets

Change in Plan Assets

						United States Pension Benefits												Foreign Pension Benefits												Other Postretirement Benefits
Millions of dollars						2020						2019						2020						2019						2020						2019
Fair value of plan assets, beginning of year						$	2,934					$	2,676					$	593					$	518					$	—					$	—
Actual return on plan assets						447						517						58						61						—						—
Employer contribution						5						37						29						33						24						28
Plan participants' contributions						—						—						1						1						—						—
Benefits paid						(186)						(263)						(33)						(30)						(24)						(28)
Transfer of plan assets						—						—						—						(2)						—						—
Other adjustments						—						—						—						5						—						—
Settlements						(97)						(33)						(37)						(13)						—						—
Foreign currency exchange rates						—						—						21						20						—						—
Reclassification of plan assets to held for sale						—						—						—						—						—						—
Fair value of plan assets, end of year						$	3,103					$	2,934					$	632					$	593					$	—					$	—

Components of Net Periodic Benefit Cost

Components of Net Periodic Benefit Cost

						United States Pension Benefits																		Foreign Pension Benefits																		Other Postretirement Benefits
Millions of dollars						2020						2019						2018						2020						2019						2018						2020						2019						2018
Service cost						$	3					$	2					$	2					$	6					$	6					$	5					$	4					$	6					$	7
Interest cost						94						123						118						17						23						23						8						16						15
Expected return on plan assets						(165)						(177)						(170)						(30)						(29)						(32)						—						—						—
Amortization:
Actuarial loss						62						47						53						12						8						9						—						1						—
Prior service cost (credit)						—						(2)						(3)						—						—						—						(28)						(16)						—
Special termination benefit						—						—						—						—						—						—						—						—						—
Curtailment (gain) / loss						—						—						—						—						—						(4)						(3)						—						—
Settlement loss						39						9						—						11						2						3						—						—						—
Net periodic benefit cost						$	33					$	2					$	—					$	16					$	10					$	4					$	(19)					$	7					$	22

Net Periodic Cost Recognized in Operating Profit and Interest and Sundry (Income) Expense

The following table summarizes the net periodic cost recognized in operating profit and interest and sundry (income) expense for the years ending December 31, 2020, 2019 and 2018:

						United States Pension Benefits																		Foreign Pension Benefits																		Other Postretirement Benefits
Millions of dollars						2020						2019						2018						2020						2019						2018						2020						2019						2018
Operating profit (loss)						$	3					$	2					$	2					$	6					$	6					$	5					$	4					$	6					$	7
Interest and sundry (income) expense						30						—						(2)						10						4						(1)						(23)						1						15
Net periodic benefit cost						$	33					$	2					$	—					$	16					$	10					$	4					$	(19)					$	7					$	22

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Pre-Tax) in 2018

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) (Pre-Tax) in 2020

Millions of dollars						United States Pension Benefits						Foreign Pension Benefits						Other Postretirement Benefits
Current year actuarial loss / (gain)						$	—					$	69					$	9
Actuarial (loss) recognized during the year						(101)						(24)						—
Current year prior service cost (credit)						—						—						(156)
Prior service credit (cost) recognized during the year						—						—						32
Total recognized in other comprehensive income (loss) (pre-tax)						$	(101)					$	45					$	(115)
Total recognized in net periodic benefit costs and other comprehensive income (loss) (pre-tax)						$	(68)					$	61					$	(134)

Weighted-average Assumptions Used to Determine Benefit Obligation at the End of the Year and Net Periodic Cost

Weighted-Average Assumptions used to Determine Benefit Obligation at End of Year

						United States Pension Benefits												Foreign Pension Benefits												Other Postretirement Benefits
						2020						2019						2020						2019						2020						2019
Discount rate						2.50		%				3.30		%				1.55		%				2.04		%				2.98		%				3.45		%
Rate of compensation increase						4.50		%				4.50		%				3.47		%				3.10		%				N/A						N/A
Interest crediting rate for cash balance plans						1.25		%				2.05		%				1.99		%				1.80		%				N/A						N/A

Weighted-Average Assumptions used to Determine Net Periodic Cost

			United States Pension Benefits																		Foreign Pension Benefits																		Other Postretirement Benefits
			2020						2019						2018						2020						2019						2018						2020						2019						2018
Discount rate			3.13%						4.30%						3.65%						2.04%						2.90%						2.57%						3.35%						4.80%						4.35%
Expected long-term rate of return on plan assets			6.25%						6.50%						6.75%						5.39%						5.56%						5.81%						N/A						N/A						N/A
Rate of compensation increase			4.50%						4.50%						4.50%						3.10%						3.29%						3.20%						N/A						N/A						N/A
Interest crediting rate for cash balance plans			2.05%						3.05%						2.40%						1.80%						2.19%						2.16%						N/A						N/A						N/A
Health care cost trend rate
Initial rate			N/A						N/A						N/A						N/A						N/A						N/A						6.25%						6.50%						6.50%
Ultimate rate			N/A						N/A						N/A						N/A						N/A						N/A						5.00%						5.00%						5.00%
Year that ultimate rate will be reached			N/A						N/A						N/A						N/A						N/A						N/A						2025						2025						2025

Expected Employer Contributions to Funded Plans

Expected Employer Contributions to Funded Plans

Millions of dollars						United States Pension Benefits						Foreign Pension Benefits
2021						$	—					$	18

Expected Benefit Payments

Expected Benefit Payments

Millions of dollars						United States Pension Benefits						Foreign Pension Benefits						Other Postretirement Benefits
2021						$	294					$	39					$	25
2022						243						40						25
2023						236						41						24
2024						231						40						10
2025						222						45						9
2026-2030						$	989					$	234					$	43

Schedule of Allocation of Plan Assets

The fair values of our pension plan assets at December 31, 2020 and 2019, by asset category were as follows:

						December 31,
						Quoted prices (Level 1)									Other significant observable inputs (Level 2)									Significant unobservable inputs (Level 3)									Net Asset Value									Total
Millions of dollars						2020			2019						2020			2019						2020			2019						2020			2019						2020			2019
Cash and cash equivalents						$	—		$	—					$	281		$	24					$	—		$	—					$	—		$	—					$	281		$	24
Government and government agency securities (1)
U.S. securities						—			—						182			488						—			—						—			—						182			488
International securities						—			—						99			97						—			—						—			—						99			97
Corporate bonds and notes (1)
U.S. companies						—			—						1,691			1,389						—			—						—			—						1,691			1,389
International companies						—			—						279			277						—			—						—			—						279			277
Equity securities (2)
U.S. companies						—			—						—			—						—			—						—			—						—			—
International companies						47			51						—			—						—			—						—			—						47			51
Mutual funds (3)						—			—						108			128						—			—						—			—						108			128
Investments at net asset value
U.S. equity securities (4)						—			—						—			—						—			—						448			367						448			367
International equity securities (4)						—			—						—			—						—			—						180			215						180			215
Short-term investment fund (4)						—			—						—			—						—			—						24			15						24			15
International debt securities (5)						—			—						—			—						—			—						208			251						208			251
International equity securities (5)						—			—						—			—						—			—						53			59						53			59
Real estate (6)						—			—						—			—						—			—						13			34						13			34
Limited partnerships (7)
U.S. private equity investments						—			—						—			—						38			53						—			—						38			53
Diversified fund of funds						—			—						—			—						3			5						—			—						3			5
Emerging growth						—			—						—			—						3			8						—			—						3			8
All other investments						—			—						48			34						—			—						30			32						78			66
						$	47		$	51					$	2,688		$	2,437					$	44		$	66					$	956		$	973					$	3,735		$	3,527

(1)Valued using pricing vendors who use proprietary models to estimate the price a dealer would pay to buy a security using significant observable inputs, such as interest rates, yield curves, and credit risk.

(2)Valued using the closing stock price on a national securities exchange, which reflects the last reported sales price on the last business day of the year.

(3)Valued using the net asset value (NAV) of the fund, which is based on the fair value of underlying securities. The fund primarily invests in a diversified portfolio of equity securities, fixed income debt securities and real estate issued by non-U.S. companies.

(4)Common and collective trust funds valued using the NAV of the fund, which is based on the fair value of underlying securities.

(5)Fund of funds valued using the NAV of the fund, which is based on the fair value of underlying securities. International debt securities includes corporate bonds and notes and government and government agency securities.

(6)Valued using the NAV of the fund, which is based on the fair value of underlying assets.

(7)Valued at estimated fair value based on the proportionate share of the limited partnership's fair value, as determined by the general partner.

Fair Value Measurements Using Significant Unobservable Inputs

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

Millions of dollars						Limited Partnerships
Balance, December 31, 2019						$	66
Realized gains (net)						17
Unrealized losses (net)						(16)
Purchases						—
Settlements						(23)
Balance, December 31, 2020						$	44

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

The projected benefit obligation and fair value of plan assets for pension plans with a projected benefit obligation in excess of plan assets at December 31, 2020 and 2019 were as follows:

						United States Pension Benefits												Foreign Pension Benefits
Millions of dollars						2020						2019						2020						2019
Projected benefit obligation						$	2,718					$	2,622					$	951					$	844
Fair value of plan assets						$	2,547					$	2,409					$	546					$	491

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2020 and 2019 were as follows:

						United States Pension Benefits												Foreign Pension Benefits
Millions of dollars						2020						2019						2020						2019
Projected benefit obligation						$	2,718					$	2,622					$	951					$	800
Accumulated benefit obligation						2,703						2,609						921						776
Fair value of plan assets						$	2,547					$	2,409					$	546					$	450

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Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

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Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans.

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Tabular disclosure of the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets of pension plans and/or other employee benefit plans for the period.

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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ 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 (f)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

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- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ 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 (h)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

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- Definition

Expected Employer Contributions to Funded Plans [Table Text Block]

+ References

No definition available.

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