Compensation and Retirement Disclosure [Abstract] | Period [Axis] |
---|
2016-01-01 - 2016-12-31 |
---|
Compensation and Retirement Disclosure [Abstract] | |
Funded status of pension and other postretirement benefit plans | The funded status of the company’s pension and OPEB plans for 2016 and 2015 follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pension Benefits | | | | | 2016 | | | | 2015 | | | Other Benefits | | | U.S. |
| | Int’l. |
| | | U.S. |
| | Int’l. |
| | 2016 |
| | | 2015 |
| Change in Benefit Obligation | | | | | | | | | | | | | | Benefit obligation at January 1 | $ | 13,563 |
| | $ | 5,336 |
| | | $ | 14,250 |
| | $ | 5,767 |
| | $ | 3,324 |
| | | $ | 3,660 |
| Service cost | 494 |
| | 159 |
| | | 538 |
| | 185 |
| | 60 |
| | | 72 |
| Interest cost | 377 |
| | 261 |
| | | 502 |
| | 277 |
| | 128 |
| | | 151 |
| Plan participants' contributions | — |
| | 5 |
| | | — |
| | 6 |
| | 148 |
| | | 148 |
| Plan amendments | — |
| | — |
| | | — |
| | (6 | ) | | (345 | ) | | | — |
| Actuarial (gain) loss | 903 |
| | 426 |
| | | (345 | ) | | (309 | ) | | (437 | ) | | | (326 | ) | Foreign currency exchange rate changes | — |
| | (524 | ) | | | — |
| | (326 | ) | | 8 |
| | | (37 | ) | Benefits paid | (2,066 | ) | | (494 | ) | | | (1,382 | ) | | (241 | ) | | (337 | ) | | | (344 | ) | Curtailment | — |
| | — |
| | | — |
| | (17 | ) | | — |
| | | — |
| Benefit obligation at December 31 | 13,271 |
| | 5,169 |
| | | 13,563 |
| | 5,336 |
| | 2,549 |
| | | 3,324 |
| Change in Plan Assets | | | | | | | | | | | | | | Fair value of plan assets at January 1 | 10,274 |
| | 4,109 |
| | | 11,090 |
| | 4,244 |
| | — |
| | | — |
| Actual return on plan assets | 936 |
| | 642 |
| | | (75 | ) | | 112 |
| | — |
| | | — |
| Foreign currency exchange rate changes | — |
| | (552 | ) | | | — |
| | (239 | ) | | — |
| | | — |
| Employer contributions | 406 |
| | 464 |
| | | 641 |
| | 227 |
| | 189 |
| | | 196 |
| Plan participants' contributions | — |
| | 5 |
| | | — |
| | 6 |
| | 148 |
| | | 148 |
| Benefits paid | (2,066 | ) | | (494 | ) | | | (1,382 | ) | | (241 | ) | | (337 | ) | | | (344 | ) | Fair value of plan assets at December 31 | 9,550 |
| | 4,174 |
| | | 10,274 |
| | 4,109 |
| | — |
| | | — |
| Funded status at December 31 | $ | (3,721 | ) | | $ | (995 | ) | | | $ | (3,289 | ) | | $ | (1,227 | ) | | $ | (2,549 | ) | | | $ | (3,324 | ) |
|
Consolidated Balance Sheet for pension and other postretirement benefit plans | Amounts recognized on the Consolidated Balance Sheet for the company’s pension and OPEB plans at December 31, 2016 and 2015, include: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pension Benefits | | | | | 2016 | | | | 2015 | | | Other Benefits | | | U.S. |
| | Int’l. |
| | | U.S. |
| | Int’l. |
| | 2016 |
| | | 2015 |
| Deferred charges and other assets | $ | 16 |
| | $ | 199 |
| | | $ | 13 |
| | $ | 333 |
| | $ | — |
| | | $ | — |
| Accrued liabilities | (222 | ) | | (75 | ) | | | (153 | ) | | (77 | ) | | (163 | ) | | | (191 | ) | Noncurrent employee benefit plans | (3,515 | ) | | (1,119 | ) | | | (3,149 | ) | | (1,483 | ) | | (2,386 | ) | | | (3,133 | ) | Net amount recognized at December 31 | $ | (3,721 | ) | | $ | (995 | ) | | | $ | (3,289 | ) | | $ | (1,227 | ) | | $ | (2,549 | ) | | | $ | (3,324 | ) |
|
Before tax basis amount in accumulated other comprehensive loss | Amounts recognized on a before-tax basis in “Accumulated other comprehensive loss” for the company’s pension and OPEB plans were $5,511 and $6,478 at the end of 2016 and 2015, respectively. These amounts consisted of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pension Benefits | | | | | 2016 | | | | 2015 | | | Other Benefits | | | U.S. |
| | Int’l. |
| | | U.S. |
| | Int’l. |
| | 2016 |
| | | 2015 |
| Net actuarial loss | $ | 4,653 |
| | $ | 1,145 |
| | | $ | 4,809 |
| | $ | 1,143 |
| | $ | (82 | ) | | | $ | 367 |
| Prior service (credit) costs | 4 |
| | 106 |
| | | (5 | ) | | 120 |
| | (315 | ) | | | 44 |
| Total recognized at December 31 | $ | 4,657 |
| | $ | 1,251 |
| | | $ | 4,804 |
| | $ | 1,263 |
| | $ | (397 | ) | | | $ | 411 |
|
|
Pension plans with accumulated benefit obligation in excess of plan assets | Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2016 and 2015, was: | | | | | | | | | | | | | | | | | | | Pension Benefits | | | 2016 | | | | 2015 | | | U.S. |
| | Int’l. |
| | | U.S. |
| | Int’l. |
| Projected benefit obligations | $ | 13,208 |
| | $ | 1,449 |
| | | $ | 13,500 |
| | $ | 1,623 |
| Accumulated benefit obligations | 11,891 |
| | 1,258 |
| | | 11,969 |
| | 1,357 |
| Fair value of plan assets | 9,471 |
| | 287 |
| | | 10,198 |
| | 207 |
|
|
Components of net periodic benefit cost and amounts recognized in other comprehensive income | The components of net periodic benefit cost and amounts recognized in the Consolidated Statement of Comprehensive Income for 2016, 2015 and 2014 are shown in the table below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pension Benefits | | | | | | | | | | 2016 | | | | 2015 | | 2014 | | | Other Benefits | | | U.S. |
| Int’l. |
| | | U.S. |
| Int’l. |
| U.S. |
| Int’l. |
| | 2016 |
| | | 2015 |
| | 2014 |
| Net Periodic Benefit Cost | | | | | | | | | | | | | | | | Service cost | $ | 494 |
| $ | 159 |
| | | $ | 538 |
| $ | 185 |
| $ | 450 |
| $ | 190 |
| | $ | 60 |
| | | $ | 72 |
| | $ | 50 |
| Interest cost | 377 |
| 261 |
| | | 502 |
| 277 |
| 494 |
| 340 |
| | 128 |
| | | 151 |
| | 148 |
| Expected return on plan assets | (723 | ) | (243 | ) | | | (783 | ) | (262 | ) | (788 | ) | (298 | ) | | — |
| | | — |
| | — |
| Amortization of prior service costs (credits) | (9 | ) | 14 |
| | | (8 | ) | 22 |
| (9 | ) | 21 |
| | 14 |
| | | 14 |
| | 14 |
| Recognized actuarial losses | 335 |
| 47 |
| | | 356 |
| 78 |
| 209 |
| 96 |
| | 19 |
| | | 34 |
| | 7 |
| Settlement losses | 511 |
| 6 |
| | | 320 |
| 6 |
| 237 |
| 208 |
| | — |
| | | — |
| | — |
| Curtailment losses (gains) | — |
| — |
| | | — |
| (14 | ) | — |
| — |
| | — |
| | | — |
| | — |
| Total net periodic benefit cost | 985 |
| 244 |
| | | 925 |
| 292 |
| 593 |
| 557 |
| | 221 |
| | | 271 |
| | 219 |
| Changes Recognized in Comprehensive Income | | | | | | | | | | | | | | | | Net actuarial (gain) loss during period | 690 |
| 55 |
| | | 513 |
| (260 | ) | 2,233 |
| (17 | ) | | (430 | ) | | | (362 | ) | | 514 |
| Amortization of actuarial loss | (846 | ) | (53 | ) | | | (676 | ) | (84 | ) | (446 | ) | (304 | ) | | (19 | ) | | | (34 | ) | | (7 | ) | Prior service (credits) costs during period | — |
| — |
| | | — |
| (6 | ) | — |
| 4 |
| | (345 | ) | | | — |
| | 2 |
| Amortization of prior service (costs) credits | 9 |
| (14 | ) | | | 8 |
| (24 | ) | 9 |
| (21 | ) | | (14 | ) | | | (14 | ) | | (14 | ) | Total changes recognized in other comprehensive income | (147 | ) | (12 | ) | | | (155 | ) | (374 | ) | 1,796 |
| (338 | ) | | (808 | ) | | | (410 | ) | | 495 |
| Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | $ | 838 |
| $ | 232 |
| | | $ | 770 |
| $ | (82 | ) | $ | 2,389 |
| $ | 219 |
| | $ | (587 | ) | | | $ | (139 | ) | | $ | 714 |
|
|
Weighted-average assumptions used to determine benefit obligations and net periodic benefit costs | The following weighted-average assumptions were used to determine benefit obligations and net periodic benefit costs for years ended December 31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pension Benefits | | | | | | | | | | 2016 | | | | 2015 | | | 2014 | | | | | | Other Benefits | | | U.S. |
| Int’l. |
| | | U.S. |
| Int’l. |
| | U.S. |
| Int’l. |
| | 2016 |
| | | 2015 |
| | 2014 |
| Assumptions used to determine benefit obligations: | | | | | | | | | | | | | | | | | Discount rate | 3.9 | % | 4.3 | % | | | 4.0 | % | 5.3 | % | | 3.7 | % | 5.0 | % | | 4.3 | % | | | 4.6 | % | | 4.3 | % | Rate of compensation increase | 4.5 | % | 4.5 | % | | | 4.5 | % | 4.8 | % | | 4.5 | % | 5.1 | % | | N/A |
| | | N/A |
| | N/A |
| Assumptions used to determine net periodic benefit cost: | | | | | | | | | | | | | | | | | Discount rate for service cost | 4.4 | % | 5.3 | % | | | 3.7 | % | 5.0 | % | | 4.3 | % | 5.8 | % | | 4.9 | % | | | 4.3 | % | | 4.9 | % | Discount rate for interest cost | 3.0 | % | 5.3 | % | | | 3.7 | % | 5.0 | % | | 4.3 | % | 5.8 | % | | 4.0 | % | | | 4.3 | % | | 4.9 | % | Expected return on plan assets | 7.3 | % | 6.3 | % | | | 7.5 | % | 6.3 | % | | 7.5 | % | 6.6 | % | | N/A |
| | | N/A |
| | N/A |
| Rate of compensation increase | 4.5 | % | 4.8 | % | | | 4.5 | % | 5.1 | % | | 4.5 | % | 5.5 | % | | N/A |
| | | N/A |
| | N/A |
|
|
Effects of change in the assumed health care cost-trend rates | A 1-percentage-point change in the assumed health care cost-trend rates would have the following effects on worldwide plans: | | | | | | | | | | 1 Percent Increase |
| | 1 Percent Decrease |
| Effect on total service and interest cost components | $ | 17 |
| | $ | (15 | ) | Effect on postretirement benefit obligation | $ | 156 |
| | $ | (128 | ) |
|
Fair value measurements of the Company's pension plans | The fair value measurements of the company’s pension plans for 2016 and 2015 are below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. | | | | Int’l. | | | Total Fair Value |
| | Level 1 |
| | Level 2 |
| | Level 3 |
| | | Total Fair Value |
| | Level 1 |
| | Level 2 |
| | Level 3 |
| At December 31, 2015 | | | | | | | | | | | | | | | | | Equities | | | | | | | | | | | | | | | | | U.S.1 | $ | 1,699 |
| | $ | 1,699 |
| | $ | — |
| | $ | — |
| | | $ | 392 |
| | $ | 382 |
| | $ | 10 |
| | $ | — |
| International | 1,302 |
| | 1,296 |
| | 6 |
| | — |
| | | 457 |
| | 435 |
| | 22 |
| | — |
| Collective Trusts/Mutual Funds2 | 2,460 |
| | 18 |
| | 2,442 |
| | — |
| | | 572 |
| | 7 |
| | 565 |
| | — |
| Fixed Income | | | | | | | | | | | | | | | | | Government | 257 |
| | 46 |
| | 211 |
| | — |
| | | 1,089 |
| | 93 |
| | 996 |
| | — |
| Corporate | 1,654 |
| | — |
| | 1,654 |
| | — |
| | | 615 |
| | 33 |
| | 557 |
| | 25 |
| Bank Loans | 148 |
| | — |
| | 148 |
| | — |
| | | — |
| | — |
| | — |
| | — |
| Mortgage-Backed Securities | 1 |
| | — |
| | 1 |
| | — |
| | | 1 |
| | — |
| | 1 |
| | — |
| Other Asset Backed | 1 |
| | — |
| | 1 |
| | — |
| | | — |
| | — |
| | — |
| | — |
| Collective Trusts/Mutual Funds2 | 933 |
| | — |
| | 933 |
| | — |
| | | 269 |
| | 12 |
| | 257 |
| | — |
| Mixed Funds3 | — |
| | — |
| | — |
| | — |
| | | 85 |
| | 4 |
| | 81 |
| | — |
| Real Estate4 | 1,494 |
| | — |
| | — |
| | 1,494 |
| | | 378 |
| | — |
| | — |
| | 378 |
| Cash and Cash Equivalents | 253 |
| | 253 |
| | — |
| | — |
| | | 232 |
| | 232 |
| | — |
| | — |
| Other5 | 72 |
| | (6 | ) | | 26 |
| | 52 |
| | | 19 |
| | (2 | ) | | 19 |
| | 2 |
| Total at December 31, 2015 | $ | 10,274 |
| | $ | 3,306 |
| | $ | 5,422 |
| | $ | 1,546 |
| | | $ | 4,109 |
| | $ | 1,196 |
| | $ | 2,508 |
| | $ | 405 |
| At December 31, 2016 | | | | | | | | | | | | | | | | | Equities | | | | | | | | | | | | | | | | | U.S.1 | $ | 1,217 |
| | $ | 1,217 |
| | $ | — |
| | $ | — |
| | | $ | 565 |
| | $ | 564 |
| | $ | 1 |
| | $ | — |
| International | 1,832 |
| | 1,822 |
| | 10 |
| | — |
| | | 576 |
| | 576 |
| | — |
| | — |
| Collective Trusts/Mutual Funds2 | 1,132 |
| | 24 |
| | 1,108 |
| | — |
| | | 196 |
| | 8 |
| | 188 |
| | — |
| Fixed Income | | | | | | | | | | | | | | | | | Government | 222 |
| | — |
| | 222 |
| | — |
| | | 1,125 |
| | 51 |
| | 1,074 |
| | — |
| Corporate | 1,356 |
| | — |
| | 1,356 |
| | — |
| | | 628 |
| | 22 |
| | 587 |
| | 19 |
| Bank Loans | 118 |
| | — |
| | 107 |
| | 11 |
| | | — |
| | — |
| | — |
| | — |
| Mortgage-Backed Securities | 1 |
| | — |
| | 1 |
| | — |
| | | 10 |
| | — |
| | 10 |
| | — |
| Other Asset Backed | — |
| | — |
| | — |
| | — |
| | | — |
| | — |
| | — |
| | — |
| Collective Trusts/Mutual Funds2 | 1,031 |
| | — |
| | 1,031 |
| | — |
| | | 320 |
| | — |
| | 320 |
| | — |
| Mixed Funds3 | — |
| | — |
| | — |
| | — |
| | | 72 |
| | 2 |
| | 70 |
| | — |
| Real Estate4 | 1,367 |
| | — |
| | — |
| | 1,367 |
| | | 331 |
| | — |
| | — |
| | 331 |
| Alternative Investments6 | 955 |
| | — |
| | 955 |
| | — |
| | | — |
| | — |
| | — |
| | — |
| Cash and Cash Equivalents | 252 |
| | 243 |
| | 9 |
| | — |
| | | 331 |
| | 325 |
| | 6 |
| | — |
| Other5 | 67 |
| | (9 | ) | | 25 |
| | 51 |
| | | 20 |
| | — |
| | 18 |
| | 2 |
| Total at December 31, 2016 | $ | 9,550 |
| | $ | 3,297 |
| | $ | 4,824 |
| | $ | 1,429 |
| | | $ | 4,174 |
| | $ | 1,548 |
| | $ | 2,274 |
| | $ | 352 |
|
| | 1 | U.S. equities include investments in the company’s common stock in the amount of $12 at December 31, 2016, and $9 at December 31, 2015. |
| | 2 | Collective Trusts/Mutual Funds for U.S. plans are entirely index funds; for International plans, they are mostly index funds. For these index funds, the Level 2 designation is partially based on the restriction that advance notification of redemptions, typically two business days, is required. |
| | 3 | Mixed funds are composed of funds that invest in both equity and fixed-income instruments in order to diversify and lower risk. |
| | 4 | The year-end valuations of the U.S. real estate assets are based on internal appraisals by the real estate managers, which are updates of third-party appraisals that occur at least once a year for each property in the portfolio. |
| | 5 | The “Other” asset class includes net payables for securities purchased but not yet settled (Level 1); dividends and interest- and tax-related receivables (Level 2); insurance contracts and investments in private-equity limited partnerships (Level 3). |
| | 6 | Alternative investments focus on market-neutral strategies that have a low expected correlation to traditional asset classes. For these funds, the level 2 designation is mainly based on the restriction that advanced notification of redemptions, typically thirty days or less, is required. |
|
The effect of fair-value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period | The effects of fair value measurements using significant unobservable inputs on changes in Level 3 plan assets are outlined below: | | | | | | | | | | | | | | | | | | | | | | | | | | Fixed Income | | | | | | | | | | | | Corporate |
| | | Bank Loans | | | Real Estate |
| | | Other |
| | | Total |
| Total at December 31, 2014 | $ | 22 |
| | | $ | — |
| | | $ | 1,693 |
| | | $ | 57 |
| | | $ | 1,772 |
| Actual Return on Plan Assets: | | | | | | | | | | | | | | Assets held at the reporting date | (3 | ) | | | — |
| | | 149 |
| | | (1 | ) | | | 145 |
| Assets sold during the period | — |
| | | — |
| | | 23 |
| | | — |
| | | 23 |
| Purchases, Sales and Settlements | 6 |
| | | — |
| | | 7 |
| | | (2 | ) | | | 11 |
| Transfers in and/or out of Level 3 | — |
| | | — |
| | | — |
| | | — |
| | | — |
| Total at December 31, 2015 | $ | 25 |
| | | $ | — |
| | | $ | 1,872 |
| | | $ | 54 |
| | | $ | 1,951 |
| Actual Return on Plan Assets: | | | | | | | | | | | | | | Assets held at the reporting date | 1 |
| | | — |
| | | (85 | ) | | | (1 | ) | | | (85 | ) | Assets sold during the period | — |
| | | — |
| | | 121 |
| | | 1 |
| | | 122 |
| Purchases, Sales and Settlements | (7 | ) | | | 11 |
| | | (210 | ) | | | (1 | ) | | | (207 | ) | Transfers in and/or out of Level 3 | — |
| | | — |
| | | — |
| | | — |
| | | — |
| Total at December 31, 2016 | $ | 19 |
| | | $ | 11 |
| | | $ | 1,698 |
| | | $ | 53 |
| | | $ | 1,781 |
|
|
Benefit payments, which include estimated future service that are expected to be paid by the company in the next 10 years | The following benefit payments, which include estimated future service, are expected to be paid by the company in the next 10 years: | | | | | | | | | | | | | | Pension Benefits | | | Other |
| | U.S. |
| | Int’l. |
| | Benefits |
| 2017 | $ | 1,502 |
| | $ | 253 |
| | $ | 163 |
| 2018 | $ | 1,362 |
| | $ | 378 |
| | $ | 163 |
| 2019 | $ | 1,310 |
| | $ | 276 |
| | $ | 164 |
| 2020 | $ | 1,267 |
| | $ | 288 |
| | $ | 164 |
| 2021 | $ | 1,234 |
| | $ | 273 |
| | $ | 164 |
| 2022-2026 | $ | 5,536 |
| | $ | 1,542 |
| | $ | 799 |
|
|