v3.20.2
Employee Benefit Plans
 9 Months Ended
Sep. 30, 2020
Employee Benefit Plans [Abstract]  
Employee Benefit Plans
Note 17—Employee Benefit Plans
Pension and Postretirement Plans
Millions of Dollars
Pension Benefits
Other Benefits
2020
2019
2020
2019
U.S.
Int'l.
U.S.
Int'l.
Components of Net Periodic Benefit Cost
Three Months Ended September 30
Service cost
$
21
14
20
19
1
1
Interest cost
17
21
21
25
2
1
Expected return on plan assets
(21)
(37)
(18)
(34)
-
-
Amortization of prior service credit
-
(1)
-
-
(7)
(7)
Recognized net actuarial loss (gain)
12
5
13
7
1
(1)
Settlements
27
-
37
-
-
-
Curtailments
-
-
-
(1)
-
-
Net periodic benefit cost
$
56
2
73
16
(3)
(6)
Nine Months Ended September 30
Service cost
$
63
41
59
56
2
1
Interest cost
51
63
63
77
5
6
Expected return on plan assets
(63)
(108)
(54)
(104)
-
-
Amortization of prior service credit
-
(1)
-
(1)
(23)
(24)
Recognized net actuarial loss (gain)
37
16
39
23
1
(2)
Settlements
28
(1)
54
-
-
-
Curtailments
-
-
-
(1)
-
-
Net periodic benefit cost
$
116
10
161
50
(15)
(19)
The components of net periodic benefit cost, other
 
than the service cost component, are included in
 
the “Other
expenses” line item on our consolidated income statement.
 
During the first nine months of 2020, we contributed
 
$
87
 
million to our domestic benefit plans and $
57
 
million
to our international benefit plans.
 
In 2020, we expect to contribute a total of approximately
 
$
135
 
million to
our domestic qualified and nonqualified pension
 
and postretirement benefit plans and $
65
 
million to our
international qualified and nonqualified pension
 
and postretirement benefit plans.
 
During the three-month period ended September
 
30, 2020, lump-sum benefit payments exceeded
 
the sum of
service and interest costs for the year for the U.S.
 
qualified pension plan.
 
As a result, we recognized a
proportionate share of prior actuarial losses from
 
other comprehensive income as pension settlement
 
expense
of $
27
 
million.
 
In conjunction with the recognition of pension
 
settlement expense, the fair market values of
the pension plan assets were updated and the pension
 
benefit obligation of the plan was
 
remeasured as of
September 30, 2020.
 
At the measurement date, the net pension liability
 
increased by $
78
 
million, resulting in a
corresponding decrease to other comprehensive loss.
 
This is primarily a result of a decrease in the discount
rate and reduced long-term lump sum rate assumptions
 
offset by better actual return on assets compared with
the expected return.