Pension And Other Postretirement Benefits (Tables)
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12 Months Ended |
Dec. 31, 2015 |
| Pension And Other Postretirement Benefits [Abstract] |
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| Change In Benefit Obligation Of Pension And Other Postretirement Benefits |
| | | Pension Benefits | | Other 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 rate | | 4.25 | | 4.00 | | 3.60 | | 3.10 | | 4.25 | | 4.00 | | Long-term rate of compensation increase | | 5.75 | | 5.75 | | 4.80 | | 5.30 | | 5.75 | | 5.75 | | | | | | | | | | | | | | | | | | (millions of dollars) | | Change in benefit obligation | | | | | | | | | | | | | | Benefit obligation at January 1 | | 20,529 | | 17,304 | | 30,047 | | 27,357 | | 9,436 | | 7,868 | | Service cost | | 864 | | 677 | | 689 | | 590 | | 170 | | 140 | | Interest cost | | 785 | | 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 31 | | 19,583 | | 20,529 | | 25,117 | | 30,047 | | 8,282 | | 9,436 | | Accumulated benefit obligation at December 31 | | 15,666 | | 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.
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| Change In Plan Assets Of Pension And Other Postretirement Benefits |
| | | Pension Benefits | | Other Postretirement | | | | U.S. | | Non-U.S. | | Benefits | | | | 2015 | | 2014 | | 2015 | | 2014 | | 2015 | | 2014 | | | | (millions of dollars) | | Change in plan assets | | | | | | | | | | | | | | Fair value at January 1 | | 12,915 | | 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 31 | | 10,985 | | 12,915 | | 18,417 | | 20,095 | | 414 | | 468 |
(1) Benefit payments for funded plans.
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| 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) |
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| Amounts Recorded In Balance Sheet And Other Comprehensive Income |
| | | Pension Benefits | | Other 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 cost | | 21 | | 27 | | (83) | | 429 | | (460) | | 51 | | Total recorded in accumulated other | | | | | | | | | | | | | | comprehensive income | | 6,159 | | 6,616 | | 6,330 | | 10,071 | | 1,711 | | 3,048 |
(1) Fair value of assets less benefit obligation shown on the preceding page.
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| Schedule Of Assumptions, Components Of Benefit Cost And Amounts Recorded In Accumulated Other Comprehensive Income For Pension And Other Postretirement Benefits |
| | | | | | | | | | | | | | | | | Other | | | | | | Pension Benefits | | Postretirement | | | | | | U.S. | | Non-U.S. | | Benefits | | | | | | 2015 | | 2014 | | 2013 | | 2015 | | 2014 | | 2013 | | 2015 | | 2014 | | 2013 | | Weighted-average assumptions used to | | | | | | | | | | | | | | | | | | | determine net periodic benefit cost for | | | | | | | | | | | | | | | | | | | | years ended December 31 | (percent) | | Discount rate | | 4.00 | | 5.00 | | 4.00 | | 3.10 | | 4.30 | | 3.80 | | 4.00 | | 5.00 | | 4.00 | | Long-term rate of return on funded assets | | 7.00 | | 7.25 | | 7.25 | | 5.90 | | 6.30 | | 6.40 | | 7.00 | | 7.25 | | 7.25 | | Long-term rate of compensation increase | | 5.75 | | 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 cost | | 864 | | 677 | | 801 | | 689 | | 590 | | 697 | | 170 | | 140 | | 176 | | Interest cost | | 785 | | 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 cost | | 6 | | 8 | | 7 | | 87 | | 120 | | 117 | | (24) | | 14 | | 21 | | Net pension enhancement and | | | | | | | | | | | | | | | | | | | | curtailment/settlement cost | | 499 | | 276 | | 723 | | 22 | | - | | 22 | | - | | - | | - | | Net periodic benefit cost | | 1,868 | | 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 tax | | 1,411 | | 3,154 | | (587) | | (2,457) | | 2,746 | | (1,418) | | (667) | | 1,996 | | (813) |
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| 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. pension | | | 457 | | (1,776) | | 2,678 | | Non-U.S. pension | | | 3,741 | | (1,463) | | 3,054 | | Other postretirement benefits | | | 1,337 | | (1,380) | | 1,549 | | Total (charge)/credit to other comprehensive income, before tax | | | 5,535 | | (4,619) | | 7,281 | | (Charge)/credit to income tax (see Note 4) | | | (1,810) | | 1,549 | | (2,336) | | (Charge)/credit to investment in equity companies | | | 81 | | (81) | | 49 | | (Charge)/credit to other comprehensive income including noncontrolling | | | | | | | | interests, after tax | | | 3,806 | | (3,151) | | 4,994 | | Charge/(credit) to equity of noncontrolling interests | | | (202) | | 85 | | (279) | | (Charge)/credit to other comprehensive income attributable to ExxonMobil | | | 3,604 | | (3,066) | | 4,715 |
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| Fair Value Of The Benefit Plan Assets (Pension) |
| | | U.S. Pension | | | | Non-U.S. Pension | | | | | | Fair Value Measurement | | | | Fair Value Measurement | | | | | | at December 31, 2015, Using: | | | | at December 31, 2015, Using: | | | | | | | Level 1 | | Level 2 | | | Level 3 | | | Total | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | | | | (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 value | | | | | | | | | | 15 | | | | | | | | | | | | 26 | | Total plan assets | | | | | | | | | | 10,985 | | | | | | | | | | | | 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. Pension | | | | Non-U.S. Pension | | | | | | Fair Value Measurement | | | | Fair Value Measurement | | | | | | at December 31, 2014, Using: | | | | at December 31, 2014, Using: | | | | | | | Level 1 | | Level 2 | | | Level 3 | | | Total | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | | | (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 value | | | | | | | | | | 11 | | | | | | | | | | | | 27 | | Total plan assets | | | | | | | | | | 12,915 | | | | | | | | | | | | 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.
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| Fair Value Of The Benefit Plan Assets (Other Postretirement) |
| | | Other Postretirement | | | | | Fair Value Measurement | | | | | | at December 31, 2015, Using: | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | | | | | (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 1 | | Level 2 | | Level 3 | | Total | | | | (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.
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| Change In Fair Value Of Level 3 Assets |
| | 2015 | | | Pension | | | Other | | | U.S. | | | Non-U.S. | | | Postretirement | | | | | | | | | | | | | | | | Private | | | Private | | Real | | | Private | | | Equity | | | Equity | | Estate | | | Equity | | | (millions of dollars) | | | | | | | | | | | | | | | Fair value at January 1 | | 562 | | | | 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 31 | | 595 | | | | 581 | | - | | | - | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 2014 | | | Pension | | | Other | | | U.S. | | | Non-U.S. | | | Postretirement | | | Private | | | | Private | | Real | | | Private | | | Equity | | | Equity | | Estate | | | Equity | | | (millions of dollars) | | | | | | | | | | | | | | | Fair value at January 1 | | 523 | | | | 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 31 | | 562 | | | | 535 | | 57 | | | 2 | | | | | | | | | | | | | | |
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| 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 obligation | | 16,767 | | 17,505 | | | 1,827 | | 5,031 | | Accumulated benefit obligation | | 13,913 | | 14,493 | | | 1,373 | | 4,590 | | Fair value of plan assets | | 10,985 | | 12,915 | | | 1,299 | | 3,890 | | | | | | | | | | | | | For unfunded pension plans: | | | | | | | | | | | Projected benefit obligation | | 2,816 | | 3,024 | | | 6,112 | | 7,839 | | Accumulated benefit obligation | | 1,753 | | 1,892 | | | 5,290 | | 6,573 |
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| Estimated Next Year Amortization |
| | | | | | | Other | | | | Pension Benefits | | Postretirement | | | | 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.
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| Expected Contributions and Benefit Payments for Pension Benefits And Other Postretirement Benefits |
| | | Pension Benefits | | Other Postretirement Benefits | | | | | | | | | | Medicare | | | | U.S. | | Non-U.S. | | Gross | | Subsidy Receipt | | | | (millions of dollars) | | | | | | | | | | | | | | | Contributions expected in 2016 | | 2,000 | | 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 - 2025 | | 6,594 | | 6,359 | | 2,518 | | | 170 | |
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