v3.3.1.900
Pension And Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2015
Pension And Other Postretirement Benefits [Abstract]  
Change In Benefit Obligation Of Pension And Other Postretirement Benefits
Pension BenefitsOther Postretirement
U.S.Non-U.S.Benefits
2015 2014 2015 2014 2015 2014
(percent)
Weighted-average assumptions used to determine
benefit obligations at December 31
Discount rate4.25 4.00 3.60 3.10 4.25 4.00
Long-term rate of compensation increase5.75 5.75 4.80 5.30 5.75 5.75
(millions of dollars)
Change in benefit obligation
Benefit obligation at January 120,529 17,304 30,047 27,357 9,436 7,868
Service cost864 677 689 590 170 140
Interest cost785 807 850 1,138 346 383
Actuarial loss/(gain)(545)3,192 (1,517)4,929 (617)1,522
Benefits paid (1) (2)(2,050)(1,427)(1,287)(1,366)(482)(525)
Foreign exchange rate changes - - (3,242)(2,540)(106)(48)
Amendments, divestments and other - (24)(423)(61)(465)96
Benefit obligation at December 3119,583 20,529 25,117 30,047 8,282 9,436
Accumulated benefit obligation at December 3115,666 16,385 22,362 26,318 - -

(1) Benefit payments for funded and unfunded plans.

(2) For 2015 and 2014, other postretirement benefits paid are net of $15 million and $21 million of Medicare subsidy receipts, respectively.

Change In Plan Assets Of Pension And Other Postretirement Benefits
Pension BenefitsOther Postretirement
U.S.Non-U.S.Benefits
2015 2014 2015 2014 2015 2014
(millions of dollars)
Change in plan assets
Fair value at January 112,915 11,190 20,095 19,283 468 620
Actual return on plan assets(307)1,497 918 3,153 - 41
Foreign exchange rate changes - - (2,109)(1,738) - -
Company contribution - 1,476 515 554 42 31
Benefits paid (1)(1,623)(1,248)(890)(912)(96)(224)
Other - - (112)(245) - -
Fair value at December 3110,985 12,915 18,417 20,095 414 468

(1) Benefit payments for funded plans.

Summary Of Assets In Excess Of/(Less Than) Benefit Obligation
Pension Benefits
U.S.Non-U.S.
2015 2014 2015 2014
(millions of dollars)
Assets in excess of/(less than) benefit obligation
Balance at December 31
Funded plans(5,782)(4,590)(588)(2,113)
Unfunded plans(2,816)(3,024)(6,112)(7,839)
Total(8,598)(7,614)(6,700)(9,952)
Amounts Recorded In Balance Sheet And Other Comprehensive Income
Pension BenefitsOther Postretirement
U.S.Non-U.S.Benefits
2015 2014 2015 2014 2015 2014
(millions of dollars)
Assets in excess of/(less than) benefit obligation
Balance at December 31 (1)(8,598)(7,614)(6,700)(9,952)(7,868)(8,968)
Amounts recorded in the consolidated balance
sheet consist of:
Other assets - - 454 302 - -
Current liabilities(311)(340)(299)(325)(363)(369)
Postretirement benefits reserves(8,287)(7,274)(6,855)(9,929)(7,505)(8,599)
Total recorded(8,598)(7,614)(6,700)(9,952)(7,868)(8,968)
Amounts recorded in accumulated other
comprehensive income consist of:
Net actuarial loss/(gain)6,138 6,589 6,413 9,642 2,171 2,997
Prior service cost21 27 (83)429 (460)51
Total recorded in accumulated other
comprehensive income6,159 6,616 6,330 10,071 1,711 3,048

(1) Fair value of assets less benefit obligation shown on the preceding page.

Schedule Of Assumptions, Components Of Benefit Cost And Amounts Recorded In Accumulated Other Comprehensive Income For Pension And Other Postretirement Benefits
Other
Pension BenefitsPostretirement
U.S.Non-U.S.Benefits
201520142013201520142013201520142013
Weighted-average assumptions used to
determine net periodic benefit cost for
years ended December 31(percent)
Discount rate4.00 5.00 4.00 3.10 4.30 3.80 4.00 5.00 4.00
Long-term rate of return on funded assets7.00 7.25 7.25 5.90 6.30 6.40 7.00 7.25 7.25
Long-term rate of compensation increase5.75 5.75 5.75 5.30 5.40 5.50 5.75 5.75 5.75
Components of net periodic benefit cost(millions of dollars)
Service cost864 677 801 689 590 697 170 140 176
Interest cost785 807 749 850 1,138 1,076 346 383 352
Expected return on plan assets(830)(799)(835)(1,094)(1,193)(1,128)(28)(37)(41)
Amortization of actuarial loss/(gain)544 409 646 730 628 852 206 116 228
Amortization of prior service cost6 8 7 87 120 117 (24)14 21
Net pension enhancement and
curtailment/settlement cost499 276 723 22 - 22 - - -
Net periodic benefit cost1,868 1,378 2,091 1,284 1,283 1,636 670 616 736
Changes in amounts recorded in accumulated
other comprehensive income:
Net actuarial loss/(gain)592 2,494 (1,302)(1,375)2,969 (1,938)(589)1,518 (1,290)
Amortization of actuarial (loss)/gain(1,043)(685)(1,369)(752)(628)(874)(206)(116)(228)
Prior service cost/(credit) - (25) - (401)(70)30 (535) - -
Amortization of prior service (cost)/credit(6)(8)(7)(87)(120)(117)24 (14)(21)
Foreign exchange rate changes - - - (1,126)(688)(155)(31)(8)(10)
Total recorded in other comprehensive income(457)1,776 (2,678)(3,741)1,463 (3,054)(1,337)1,380 (1,549)
Total recorded in net periodic benefit cost and
other comprehensive income, before tax1,411 3,154 (587)(2,457)2,746 (1,418)(667)1,996 (813)
Summary Of Change In Accumulated Other Comprehensive Income
Total Pension and
Other Postretirement Benefits
2015 2014 2013
(millions of dollars)
(Charge)/credit to other comprehensive income, before tax
U.S. pension457 (1,776)2,678
Non-U.S. pension3,741 (1,463)3,054
Other postretirement benefits1,337 (1,380)1,549
Total (charge)/credit to other comprehensive income, before tax5,535 (4,619)7,281
(Charge)/credit to income tax (see Note 4)(1,810)1,549 (2,336)
(Charge)/credit to investment in equity companies81 (81)49
(Charge)/credit to other comprehensive income including noncontrolling
interests, after tax3,806 (3,151)4,994
Charge/(credit) to equity of noncontrolling interests(202)85 (279)
(Charge)/credit to other comprehensive income attributable to ExxonMobil3,604 (3,066)4,715
Fair Value Of The Benefit Plan Assets (Pension)
U.S. PensionNon-U.S. Pension
Fair Value MeasurementFair Value Measurement
at December 31, 2015, Using:at December 31, 2015, Using:
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
(millions of dollars)
Asset category:
Equity securities
U.S. - 1,992 (1) - 1,992 - 3,179 (1) - 3,179
Non-U.S. - 1,775 (1) - 1,775 179 (2)3,429 (1) - 3,608
Private equity - - 595 (3)595 - - 581 (3)581
Debt securities
Corporate - 4,161 (4) - 4,161 - 2,561 (4) - 2,561
Government - 2,394 (4) - 2,394 243 (5)8,125 (4) - 8,368
Asset-backed - 3 (4) - 3 - 71 (4) - 71
Real estate funds - - - - - - - -
Cash - 50 (6) - 50 11 12 (7) - 23
Total at fair value - 10,375 595 10,970 433 17,377 581 18,391
Insurance contracts
at contract value15 26
Total plan assets10,985 18,417

(1) For U.S. and non-U.S. equity securities held in the form of fund units that are redeemable at the measurement date, the unit value is treated as a Level 2 input. The fair value of the securities owned by the funds is based on observable quoted prices on active exchanges, which are Level 1 inputs.

(2) For non-U.S. equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges.

(3) For private equity, fair value is generally established by using revenue or earnings multiples or other relevant market data including Initial Public Offerings.

(4) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.

(5) For corporate and government debt securities that are traded on active exchanges, fair value is based on observable quoted prices.

(6) For cash balances held in the form of short-term fund units that are redeemable at the measurement date, the fair value is treated as a Level 2 input.

(7) For cash balances that are subject to withdrawal penalties or other adjustments, the fair value is treated as a Level 2 input.

U.S. PensionNon-U.S. Pension
Fair Value MeasurementFair Value Measurement
at December 31, 2014, Using:at December 31, 2014, Using:
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
(millions of dollars)
Asset category:
Equity securities
U.S. - 2,331 (1) - 2,331 - 3,284 (1) - 3,284
Non-U.S. - 2,144 (1) - 2,144 229 (2)3,776 (1) - 4,005
Private equity - - 562 (3)562 - - 535 (3)535
Debt securities
Corporate - 4,841 (4) - 4,841 - 2,686 (4) - 2,686
Government - 2,890 (4) - 2,890 249 (5)9,050 (4) - 9,299
Asset-backed - 5 (4) - 5 - 146 (4) - 146
Real estate funds - - - - - - 57 (6)57
Cash - 131 (7) - 131 25 31 (8) - 56
Total at fair value - 12,342 562 12,904 503 18,973 592 20,068
Insurance contracts
at contract value11 27
Total plan assets12,915 20,095

(1) For U.S. and non-U.S. equity securities held in the form of fund units that are redeemable at the measurement date, the unit value is treated as a Level 2 input. The fair value of the securities owned by the funds is based on observable quoted prices on active exchanges, which are Level 1 inputs.

(2) For non-U.S. equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges.

(3) For private equity, fair value is generally established by using revenue or earnings multiples or other relevant market data including Initial Public Offerings.

(4) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.

(5) For corporate and government debt securities that are traded on active exchanges, fair value is based on observable quoted prices.

(6) For real estate funds, fair value is based on appraised values developed using comparable market transactions.

(7) For cash balances held in the form of short-term fund units that are redeemable at the measurement date, the fair value is treated as a Level 2 input.

(8) For cash balances that are subject to withdrawal penalties or other adjustments, the fair value is treated as a Level 2 input.

Fair Value Of The Benefit Plan Assets (Other Postretirement)
Other Postretirement
Fair Value Measurement
at December 31, 2015, Using:
Level 1Level 2Level 3Total
(millions of dollars)
Asset category:
Equity securities
U.S. - 96 (1) - 96
Non-U.S. - 67 (1) - 67
Private equity - - - -
Debt securities
Corporate - 79 (2) - 79
Government - 170 (2) - 170
Asset-backed - 1 (2) - 1
Cash - 1 - 1
Total at fair value - 414 - 414

(1) For U.S. and non-U.S. equity securities held in the form of fund units that are redeemable at the measurement date, the unit value is treated as a Level 2 input. The fair value of the securities owned by the funds is based on observable quoted prices on active exchanges, which are Level 1 inputs.

(2) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.

Other Postretirement
Fair Value Measurement
at December 31, 2014, Using:
Level 1Level 2Level 3Total
(millions of dollars)
Asset category:
Equity securities
U.S. - 106 (1) - 106
Non-U.S. - 75 (1) - 75
Private equity - - 2 (2)2
Debt securities
Corporate - 103 (3) - 103
Government - 171 (3) - 171
Asset-backed - 9 (3) - 9
Cash - 2 - 2
Total at fair value - 466 2 468

(1) For U.S. and non-U.S. equity securities held in the form of fund units that are redeemable at the measurement date, the unit value is treated as a Level 2 input. The fair value of the securities owned by the funds is based on observable quoted prices on active exchanges, which are Level 1 inputs.

(2) For private equity, fair value is generally established by using revenue or earnings multiples or other relevant market data including Initial Public Offerings.

(3) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.

Change In Fair Value Of Level 3 Assets
2015
PensionOther
U.S.Non-U.S.Postretirement
PrivatePrivateRealPrivate
EquityEquityEstateEquity
(millions of dollars)
Fair value at January 1562 535 57 2
Net realized gains/(losses)1 26 (5) -
Net unrealized gains/(losses)106 64 - -
Net purchases/(sales)(74)(44)(52)(2)
Fair value at December 31595 581 - -

2014
PensionOther
U.S.Non-U.S.Postretirement
PrivatePrivateRealPrivate
EquityEquityEstateEquity
(millions of dollars)
Fair value at January 1523 502 136 9
Net realized gains/(losses)2 23 (17) -
Net unrealized gains/(losses)89 31 8 -
Net purchases/(sales)(52)(21)(70)(7)
Fair value at December 31562 535 57 2
Pension Plans With Accumulated Benefit Obligation In Excess Of Plan Assets
Pension Benefits
U.S.Non-U.S.
2015 2014 2015 2014
(millions of dollars)
For funded pension plans with an accumulated benefit obligation
in excess of plan assets:
Projected benefit obligation16,767 17,505 1,827 5,031
Accumulated benefit obligation13,913 14,493 1,373 4,590
Fair value of plan assets10,985 12,915 1,299 3,890
For unfunded pension plans:
Projected benefit obligation2,816 3,024 6,112 7,839
Accumulated benefit obligation1,753 1,892 5,290 6,573
Estimated Next Year Amortization
Other
Pension BenefitsPostretirement
U.S.Non-U.S.Benefits
(millions of dollars)
Estimated 2016 amortization from accumulated other comprehensive income:
Net actuarial loss/(gain) (1)930 543 152
Prior service cost (2)6 55 (30)

(1) The Corporation amortizes the net balance of actuarial losses/(gains) as a component of net periodic benefit cost over the average remaining service period of active plan participants.

(2) The Corporation amortizes prior service cost on a straight-line basis as permitted under authoritative guidance for defined benefit pension and other postretirement benefit plans.

Expected Contributions and Benefit Payments for Pension Benefits And Other Postretirement Benefits
Pension BenefitsOther Postretirement Benefits
Medicare
U.S.Non-U.S.GrossSubsidy Receipt
(millions of dollars)
Contributions expected in 20162,000 525 - -
Benefit payments expected in:
2016 1,548 1,145 457 24
2017 1,491 1,128 470 25
2018 1,411 1,178 481 26
2019 1,382 1,193 490 28
2020 1,342 1,227 497 29
2021 - 20256,594 6,359 2,518 170