v3.22.0.1
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Employee Benefit Plans [Abstract]  
Change in Benefit Obligations and Fair Value of Plan Assets
An analysis of the projected benefit obligations
 
for our pension plans and accumulated benefit obligations
 
for
our postretirement health and life
 
insurance plans follows:
Millions of Dollars
Pension Benefits
Other Benefits
2021
2020
2021
2020
U.S.
Int’l.
U.S.
Int’l.
Change in Benefit Obligation
Benefit obligation at January 1
$
2,548
4,403
2,319
3,880
170
216
Service cost
73
61
85
54
2
2
Interest cost
53
79
66
85
4
6
Plan participant contributions
-
-
-
1
16
18
Plan amendments
-
-
-
2
-
(30)
Actuarial (gain) loss
(117)
(176)
319
398
(16)
7
Benefits paid
(654)
(162)
(241)
(151)
(40)
(49)
Curtailment
12
-
-
2
1
-
Recognition of termination benefits
9
-
-
3
-
-
Foreign currency exchange
 
rate change
-
(81)
-
129
-
-
Benefit obligation at December 31
*
$
1,924
4,124
2,548
4,403
137
170
*Accumulated benefit obligation portion of above at
 
December 31:
$
1,793
3,658
2,359
4,095
Change in Fair Value
 
of Plan Assets
Fair value of plan assets at January
 
1
$
1,770
4,793
1,591
4,306
-
-
Actual return on plan assets
97
147
321
416
-
-
Company contributions
451
119
99
60
24
31
Plan participant contributions
-
1
-
1
16
18
Benefits paid
(654)
(162)
(241)
(151)
(40)
(49)
Foreign currency exchange
 
rate change
-
(86)
-
161
-
-
Fair value of plan assets at December 31
$
1,664
4,812
1,770
4,793
-
-
Funded Status
$
(260)
688
(778)
390
(137)
(170)
Amounts Recognized in Balance Sheet and Assumptions
Millions of Dollars
Pension Benefits
Other Benefits
2021
2020
2021
2020
U.S.
Int’l.
U.S.
Int’l.
Amounts Recognized in the
 
Consolidated Balance Sheet at
 
December 31
Noncurrent assets
$
1
991
-
746
-
-
Current liabilities
(29)
(15)
(56)
(11)
(34)
(39)
Noncurrent liabilities
(232)
(288)
(722)
(345)
(103)
(131)
Total
 
recognized
$
(260)
688
(778)
390
(137)
(170)
Weighted-Average
 
Assumptions Used to
 
Determine Benefit Obligations at
 
December 31
Discount rate
2.80
%
2.15
2.30
1.80
2.65
2.15
Rate of compensation increase
4.00
3.40
4.00
3.10
Interest crediting rate
 
for applicable benefits
2.50
2.10
Weighted-Average
 
Assumptions Used to
 
Determine Net Periodic Benefit Cost
 
for
 
Years Ended
 
December 31
Discount rate
2.60
%
1.80
3.05
2.35
2.35
3.10
Expected return on plan assets
5.20
2.50
5.80
3.60
Rate of compensation increase
4.00
3.40
4.00
3.35
Interest crediting rate
 
for applicable benefits
2.10
4.10
Projected and Accumulated Benefit Obligations in Excess of Fair Value
The following tables summarize information
 
related to the Company's
 
pension plans with projected and
accumulated benefit obligations
 
in excess of the fair value of the plans'
 
assets:
Millions of Dollars
Pension Benefits
2021
2020
U.S.
Int’l.
U.S.
Int’l.
Pension Plans with Projected Benefit Obligation
 
in
Excess of Plan Assets
Projected benefit obligation
$
261
362
2,548
391
Fair value of plan assets
-
58
1,770
35
Pension Plans with Accumulated Benefit
 
Obligation in
Excess of Plan Assets
Accumulated benefit obligation
$
234
271
2,359
338
Fair value of plan assets
-
9
1,770
35
Before-Tax Amounts not Recognized in Net Periodic Benefit Cost
Included in accumulated other comprehensive
 
income (loss) at December 31 were the following
 
before-tax
 
amounts that had not been recognized
 
in net periodic benefit cost:
Millions of Dollars
Pension Benefits
Other Benefits
2021
2020
2021
2020
U.S.
Int’l.
U.S.
Int’l.
Unrecognized net actuarial loss
 
(gain)
$
188
86
467
326
(1)
14
Unrecognized prior service cost
 
(credit)
-
1
-
-
(145)
(182)
Source of Change in Other Comprehensive Income (Loss)
Millions of Dollars
Pension Benefits
Other Benefits
2021
2020
2021
2020
U.S.
Int’l.
U.S.
Int’l.
Sources of Change in Other
 
Comprehensive Income (Loss)
Net gain (loss) arising during the period
$
134
207
(83)
(120)
16
(7)
Amortization of actuarial loss included
in income (loss)*
145
33
95
21
-
1
Net change during the period
$
279
240
12
(99)
16
(6)
Prior service credit (cost) arising during the
period
$
-
-
-
(1)
-
30
Amortization of prior service (credit)
included in income (loss)
-
(1)
-
(1)
(37)
(31)
Net change during the period
$
-
(1)
-
(2)
(37)
(1)
*Includes settlement (gains) losses recognized in 2021 and 2020.
Components of Net Periodic Benefit Cost
The components of net periodic benefit cost of all defined
 
benefit plans are presented in the following
 
table:
Millions of Dollars
Pension Benefits
Other Benefits
2021
2020
2019
2021
2020
2019
U.S.
Int’l.
U.S.
Int’l.
U.S.
Int’l.
Components of Net
 
Periodic Benefit Cost
Service cost
$
73
61
85
54
79
69
2
2
1
Interest cost
53
79
66
85
79
97
4
6
8
Expected return on plan
assets
(80)
(120)
(85)
(145)
(74)
(138)
-
-
-
Amortization of prior
 
service credit
-
(1)
-
(1)
-
(2)
(37)
(31)
(33)
Recognized net actuarial
 
loss (gain)
43
33
51
22
54
32
-
1
(2)
Settlements loss (gain)
102
-
44
(1)
62
-
-
-
-
Curtailment loss
12
-
-
-
-
-
-
-
-
Net periodic benefit cost
$
203
52
161
14
200
58
(31)
(22)
(26)
Fair Values of Pension Plan Assets
The fair values of our pension plan assets at
 
December 31, by asset class were as follows:
 
Millions of Dollars
U.S.
International
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
2021
Equity securities
U.S.
$
3
-
5
8
-
-
-
-
International
42
-
-
42
-
-
-
-
Mutual funds
17
-
-
17
236
403
-
639
Debt securities
Corporate
-
1
-
1
-
-
-
-
Mutual funds
-
-
-
-
511
-
-
511
Cash and cash equivalents
-
-
-
-
68
-
-
68
Real estate
-
-
-
-
-
-
157
157
Total in fair
 
value hierarchy
$
62
1
5
68
815
403
157
1,375
Investments measured at net asset value*
Equity securities
Common/collective trusts
$
394
417
Debt securities
Common/collective trusts
1,073
3,015
Cash and cash equivalents
9
-
Real estate
36
1
Total**
$
62
1
5
1,580
815
403
157
4,808
 
*In accordance with FASB ASC Topic 715, “Compensation—Retirement Benefits,”
 
certain investments that are to be measured at fair value
 
 
using the net asset value per share (or its equivalent) practical expedient have not been classified 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 amounts presented in the Change in
 
Fair Value of Plan Assets.
**Excludes the participating interest in the insurance annuity contract with a net asset of $
83
 
million and net receivables related to security
 
 
transactions of $
5
 
million.
The fair values of our pension plan assets at
 
December 31, by asset class were as follows:
 
Millions of Dollars
U.S.
International
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
2020
Equity securities
U.S.
$
-
3
5
8
-
-
-
-
International
99
-
-
99
-
-
-
-
Mutual funds
72
-
-
72
235
384
-
619
Debt securities
Corporate
-
1
-
1
-
-
-
-
Mutual funds
-
-
-
-
455
-
-
455
Cash and cash equivalents
-
-
-
-
74
-
-
74
Derivatives
-
-
-
-
6
-
-
6
Real estate
-
-
-
-
-
-
142
142
Total in fair
 
value hierarchy
$
171
4
5
180
770
384
142
1,296
Investments measured at net asset value*
Equity securities
Common/collective trusts
$
678
372
Debt securities
Common/collective trusts
730
3,007
Cash and cash equivalents
8
-
Real estate
79
112
Total**
$
171
4
5
1,675
770
384
142
4,787
 
*In accordance with FASB ASC Topic 715, “Compensation—Retirement Benefits,”
 
certain investments that are to be measured at fair value
 
 
using the net asset value per share (or its equivalent) practical expedient have not been classified 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 amounts presented in the Change in
 
 
Fair Value of Plan Assets.
**Excludes the participating interest in the insurance annuity contract with a net asset of $
94
 
million and net receivables related to security
 
 
transactions of $
7
 
million.
Benefit Payments
The following benefit payments,
 
which are exclusive of amounts
 
to be paid from the insurance annuity contract
and which reflect expected future
 
service, as appropriate, are expected
 
to be paid:
Millions of Dollars
Pension
Other
Benefits
Benefits
U.S.
Int’l.
2022
$
369
152
21
2023
185
152
18
2024
176
158
15
2025
154
162
14
2026
144
164
12
2027–2031
557
893
44
Severance Accrual
The following table summarizes our
 
severance accrual activity:
Millions of Dollars
2021
2020
2019
Balance at January 1
$
24
23
48
Accruals
170
14
(1)
Benefit payments
(116)
(13)
(24)
Balance at December 31
$
78
24
23
Compensation Expense
Compensation Expense
—Total
 
share-based compensation expense recognized
 
in net income (loss) and the
associated tax benefit were:
Millions of Dollars
2021
2020
2019
Compensation cost
$
304
159
274
Tax benefit
 
76
40
71
Stock Option Activity
The following summarizes our stock
 
option activity for the year ended December 31, 2021:
Millions of Dollars
Weighted-Average
Aggregate
Options
Exercise Price
Intrinsic Value
Outstanding at December 31, 2020
16,922,525
$
55.12
$
22
Exercised
(3,846,361)
51.40
68
Expired or cancelled
(1,102,381)
53.47
Outstanding at December 31, 2021
11,973,783
$
56.46
$
188
Vested at December
 
31, 2021
11,973,783
$
56.46
$
188
Exercisable at December 31, 2021
11,973,783
$
56.46
$
188
Restricted Stock Unit Activity
The following summarizes our stock
 
-settled stock unit activity for the year
 
ended December 31, 2021:
Weighted-Average
Millions of Dollars
Stock Units
Grant Date Fair Value
Total
 
Fair Value
Outstanding at December 31, 2020
6,431,985
$
58.94
Granted
4,590,103
46.56
Forfeited
(566,047)
48.59
Issued
(2,810,730)
54.74
$
144
Outstanding at December 31, 2021
7,645,311
$
53.81
Not Vested at
 
December 31, 2021
5,509,133
53.81
The following summarizes our cash
 
-settled stock unit activity for the year
 
ended December 31, 2021:
Weighted-Average
Millions of Dollars
Stock Units
Grant Date Fair Value
Total
 
Fair Value
Outstanding at December 31, 2020
614,615
$
39.95
Granted
11,186
57.19
Forfeited
(2,927)
51.43
Issued
(396,398)
50.75
$
20
Outstanding at December 31, 2021
226,476
$
72.18
Not Vested at
 
December 31, 2021
59,443
72.18
Performance Share Program Activity
The following summarizes our stock
 
-settled Performance Share
 
Program activity for the year ended
 
December 31, 2021:
Weighted-Average
Millions of Dollars
Stock Units
Grant Date Fair Value
Total
 
Fair Value
Outstanding at December 31, 2020
1,736,728
$
50.56
Issued
(287,881)
49.91
$
18
Outstanding at December 31, 2021
1,448,847
$
50.69
Not Vested at
 
December 31, 2021
3,191
$
48.61
The following summarizes our cash
 
-settled Performance Share
 
Program activity for the year ended
 
December 31, 2021:
Weighted-Average
Millions of Dollars
Stock Units
Grant Date Fair Value
Total
 
Fair Value
Outstanding at December 31, 2020
124,529
$
39.95
Granted
1,073,228
46.65
Settled
(1,080,078)
48.13
$
52
Outstanding at December 31, 2021
117,679
$
72.18
Restricted Shares and Units Aggregate Activity
The following summarizes the aggregate
 
activity of these restricted shares
 
and units for the year ended
 
December 31, 2021:
Weighted-Average
Millions of Dollars
Stock Units
Grant Date Fair Value
Total
 
Fair Value
Outstanding at December 31, 2020
970,099
$
47.78
Granted
797,704
46.43
Cancelled
(1,948)
27.80
Issued
(149,488)
46.80
$
8
Outstanding at December 31, 2021
1,616,367
$
47.24
Not Vested at
 
December 31, 2021
695,958
$
45.87