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PENSION AND OTHER RETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Summary of Changes in Benefit Obligations and Fair Value of Plan Assets for Retirement Plans
Following is a summary of changes in benefit obligations and fair value of plan assets for the Retirement Plans for the years ended December 31:
Pension PlansOther Retirement Plans
2019201820192018
Change in benefit obligation:
Benefit obligation, beginning of the period$(508) $(518) $(32) $(31) 
Service cost(17) (19) (3) (3) 
Interest cost(21) (17) (1) (1) 
Plan participants’ contributions—  —  (1) (1) 
Benefits paid21  11  1  1  
Actuarial loss(3) —  —  —  
Assumption changes(61) 35  (6) 3  
Benefit obligation, end of the period$(589) $(508) $(42) $(32) 
Change in plan assets:
Fair value of plan assets, beginning of the period$348  $357  $—  $—  
Actual return on plan assets60  (18) —  —  
Benefits paid(21) (11) (1) (1) 
Employer contributions8  20  —  —  
Plan participants’ contributions—  —  1  1  
Fair value of plan assets, end of the period$395  $348  $—  $—  
Funded Status of the plans$(194) $(160) $(42) $(32) 
Amounts recorded on the consolidated balance sheets:
Pension and retirement benefits liability – current$(6) $(5) $(1) $(1) 
Pension and retirement benefits liability – non current(188) (155) (41) (31) 
Net amount recognized$(194) $(160) $(42) $(32) 
Accumulated benefit obligation, end of the period$(529) $(458) 
Accumulated Benefit Obligation in Excess of Plan Assets
The following information is for those pension plans with an accumulated benefit obligation in excess of plan assets:
December 31,
20192018
Aggregate projected benefit obligation$589  $508  
Aggregate accumulated benefit obligation$529  $458  
Aggregate fair value of plan assets$395  $348  
Summary of Pre-Tax Net Actuarial Losses and Prior Service Cost Recognized in AOCI
The following table summarizes the pre-tax net actuarial losses and prior service cost recognized in AOCI for the Company’s Retirement Plans as of December 31:
Pension PlansOther Retirement Plans
2019201820192018
Net actuarial losses$(116) $(96) $(6) $—  
Net prior service costs4  4  —  —  
Total recognized in AOCI – pretax$(112) $(92) $(6) $—  
Summary of Post-Retirement Plans to Amortized from AOCI as Net Periodic Expense during next fiscal year
The following table summarizes the estimated pre-tax net actuarial losses for the Company’s Retirement Plans that will be amortized from AOCI and recognized as components of net periodic expense during the next fiscal year:
Pension PlansOther Retirement Plans
Net actuarial losses$7  $—  
Total to be recognized as components of net periodic expense$7  $—  
Components of Net Periodic Benefit Expense Related to Retirement Plans
Net periodic benefit expenses recognized for the Retirement Plans for years ended December 31:
Pension PlansOther Retirement Plans
201920182017201920182017
Components of net periodic expense
Service cost$17  $19  $18  $3  $3  $2  
Interest cost21  17  19  1  1  1  
Expected return on plan assets(20) (15) (17) —  —  —  
Amortization of net actuarial loss from earlier periods4  6  9  —  —  —  
Net periodic expense$22  $27  $29  $4  $4  $3  
Summary of Pre-Tax Amounts Recorded in OCI
The following table summarizes the pre-tax amounts recorded in OCI related to the Company’s Retirement Plans for the years ended December 31:
Pension PlansOther Retirement Plans
201920182017201920182017
Amortization of net actuarial losses$4  $6  $9  $—  $—  $—  
Net actuarial (loss)/gain arising during the period(24) 2  21  (6) 3  1  
Total recognized in OCI – pre-tax$(20) $8  $30  $(6) $3  $1  
Weighted-average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Expenses
Weighted-average assumptions used to determine benefit obligations at December 31:
Pension PlansOther Retirement Plans
2019201820192018
Discount rate3.04 %4.07 %3.05 %4.10 %
Rate of compensation increase3.64 %3.69 %—  —  
Weighted-average assumptions used to determine net periodic benefit expense for years ended December 31:
Pension PlansOther Retirement Plans
201920182017201920182017
Discount rate4.07 %3.46 %3.89 %4.10 %3.45 %3.85 %
Expected return on plan assets5.65 %4.50 %5.40 %—  —  —  
Rate of compensation increase3.69 %3.71 %3.72 %—  —  —  
Summary of Pension Plan Assets by Category Based on Hierarchy of Fair Value Measurements
Fair value of the assets in the Company’s funded pension plan by asset category at December 31, 2019 and 2018 are as follows:
Fair Value Measurement as of December 31, 2019
Asset CategoryBalanceLevel 1Level 2
Measured using NAV practical expedient (1)
% of total
assets
Cash and cash equivalent$2  $—  $2  $—  1 %
Common/collective trust funds—equity securities
U.S. large-cap140  —  140  —  35 %
U.S. small and mid-cap21  —  21  —  5 %
Emerging markets29  —  29  —  7 %
Total equity investments190  —  190  —  48 %
Emerging markets bond fund15  —  —  15  4 %
Common/collective trust funds—fixed income securities
Intermediate-term investment grade U.S. government/ corporate bonds119  —  119  —  30 %
Mutual funds
U.S. Treasury Inflation-Protected Securities (TIPs)22  22  —  —  6 %
Convertible securities12  12  —  —  3 %
Private investment fund—high yield securities12  —  —  12  3 %
Total fixed-income investments180  34  119  27  46 %
Other investment—private real estate fund23  —  —  23  6 %
Total Assets$395  $34  $311  $50  100 %
Fair Value Measurement as of December 31, 2018
Asset CategoryBalanceLevel 1Level 2
Measured using NAV practical expedient (1)
% of total
assets
Cash and cash equivalent$1  $—  $1  $—  — %
Common/collective trust funds—equity securities
U.S. large-cap122  —  122  —  35 %
U.S. small and mid-cap16  —  16  —  5 %
Emerging markets23  —  23  —  7 %
Total equity investments161  —  161  —  47 %
Emerging markets bond fund13  —  —  13  4 %
Common/collective trust funds—fixed income securities
Intermediate-term investment grade U.S. government/ corporate bonds109  —  109  —  31 %
U.S. Treasury Inflation-Protected Securities (TIPs)21  21  —  —  6 %
Private investment fund—convertible securities11  —  —  11  3 %
Private investment fund—high yield securities11  —  —  11  3 %
Total fixed-income investments165  21  109  35  47 %
Other investment—private real estate debt fund21  —  —  21  6 %
Total Assets$348  $21  $271  $56  100 %
(1)Investments are measured using the net asset value per share (or its equivalent) practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit a reconciliation of the fair value hierarchy to the value of the total plan assets.
Estimated Future Benefits Payments for Retirement Plans
Estimated future benefits payments for the Retirement Plans are as follows as of year ended December 31, 2019:
Year Ending December 31,Pension PlansOther Retirement Plans
2020$16  $1  
202117  1  
202247  1  
202327  2  
202423  2  
2025 - 2029$146  $12