Rendering

Component: (Network and Table)
Network
2324301 - Disclosure - Employee Benefit Plans (Tables)
(http://www.chevron.com/role/EmployeeBenefitPlansTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0000093410 (http://www.sec.gov/CIK)
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