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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of net funded status
 Pension Benefits 
U.S. PlansNon-U.S. PlansRetiree Health
 202020192020201920202019
Change in Benefit Obligation:    
Benefit obligation, January 1$3,598 $3,234 $6,492 $6,007 $385 $385 
Service cost2 2 20 22 2 2 
Interest cost196 218 113 153 12 15 
Plan participants' contributions— — 3 3 10 10 
Actuarial loss240 564 439 472 4 8 
Currency exchange rate changes— — 374 114 3 5 
Plan Amendments/Curtailments— — 2 (2)(11)— 
Benefits paid/settlements(289)(420)(284)(270)(35)(40)
Other— — — (7)— — 
Benefit Obligation, December 31$3,747 $3,598 $7,159 $6,492 $370 $385 
Change in Plan Assets:
Fair value of plan assets, January 1$2,493 $2,358 $6,385 $5,729 $— $— 
Actual return on plan assets563 529 637 680 — — 
Employer contributions35 26 104 115 25 30 
Plan participants' contributions— — 3 3 10 10 
Currency exchange rate changes— — 354 135 — — 
Benefits paid/settlements(289)(420)(284)(270)(35)(40)
Other— — — (7)— — 
Fair Value of Plan Assets, December 31$2,802 $2,493 $7,199 $6,385 $— $— 
Net Funded Status at December 31(1)
$(945)$(1,105)$40 $(107)$(370)$(385)
Amounts Recognized in the Consolidated Balance Sheets:    
Other long-term assets$— $— $617 $451 $— $— 
Accrued compensation and benefit costs(24)(25)(24)(22)(30)(33)
Pension and other benefit liabilities(921)(1,080)(553)(536)— — 
Post-retirement medical benefits— — — — (340)(352)
Net Amounts Recognized$(945)$(1,105)$40 $(107)$(370)$(385)
Accumulated Benefit Obligation$3,747 $3,598 $7,018 $6,326 
  _____________
(1)Includes under-funded and unfunded plans.
Schedule of amounts in accumulated other comprehensive loss to be recognized over next fiscal year
Benefit plans pre-tax amounts recognized in AOCL at December 31:
 Pension Benefits 
U.S. PlansNon-U.S. PlansRetiree Health
202020192020201920202019
Net actuarial loss (gain)$874 $1,059 $1,471 $1,462 $(23)$(29)
Prior service (credit) cost(1)(3)27 22 (99)(164)
Total Pre-tax loss (gain)$873 $1,056 $1,498 $1,484 $(122)$(193)
Schedule of accumulated benefit obligations in excess of fair value of plan assets
Aggregate information for pension plans with an Accumulated benefit obligation in excess of plan assets is presented below. Information for Retiree Health plans with an accumulated post-retirement benefit obligation in excess of plan assets has been disclosed in the preceding table on Benefit obligations and Net funded status as all Retiree Health plans are unfunded.
December 31, 2020December 31, 2019
Accumulated Benefit ObligationFair Value of Plan AssetsAccumulated Benefit ObligationFair Value of Plan Assets
Underfunded Plans:
U.S.$3,408 $2,802 $3,261 $2,493 
Non U.S.921 873 767 697 
Unfunded Plans:
U.S.$339 $— $337 $— 
Non U.S.502 — 469 — 
Total Underfunded and Unfunded Plans:
U.S.$3,747 $2,802 $3,598 $2,493 
Non U.S.1,423 873 1,236 697 
Total$5,170 $3,675 $4,834 $3,190 

Aggregate information for pension plans with a benefit obligation in excess of plan assets is presented below:

December 31, 2020December 31, 2019
Benefit ObligationFair Value of Plan AssetsBenefit ObligationFair Value of Plan Assets
Underfunded Plans:
U.S.$3,408 $2,802 $3,261 $2,493 
Non U.S.942 873 780 697 
Unfunded Plans:
U.S.$339 $— $337 $— 
Non U.S.512 — 479 — 
Total Underfunded and Unfunded Plans:
U.S.$3,747 $2,802 $3,598 $2,493 
Non U.S.1,454 873 1,259 697 
Total$5,201 $3,675 $4,857 $3,190 
Schedule of defined benefit pension assets and obligations by geography
Our pension plan assets and benefit obligations at December 31, 2020 were as follows:

Fair Value of Pension Plan AssetsPension Benefit ObligationsNet Funded Status
U.S. funded$2,802 $3,408 $(606)
U.S. unfunded— 339 (339)
Total U.S.2,802 3,747 (945)
U.K.4,707 4,218 489 
Netherlands1,266 1,226 40 
Canada794 797 (3)
Germany— 395 (395)
Other432 523 (91)
Total$10,001 $10,906 $(905)
Schedule of components of net periodic benefit cost and other changes in plan assets and benefit obligations
The components of Net periodic benefit cost and other changes in plan assets and benefit obligations were as follows:
Year Ended December 31,
 Pension Benefits
 U.S. PlansNon-U.S. PlansRetiree Health
 202020192018202020192018202020192018
Components of Net Periodic Benefit Costs:
Service cost$2 $2 $2 $20 $22 $27 $2 $2 $4 
Interest cost(1)
196 218 63 113 153 149 12 15 23 
Expected return on plan assets(2)
(217)(210)(67)(191)(233)(244)— — — 
Recognized net actuarial loss (gain)27 24 22 58 43 56 (1)(5)— 
Amortization of prior service credit(2)(2)(2)(1)(2)(4)(76)(77)(19)
Recognized settlement loss53 93 173 1 1 1 — — — 
Recognized curtailment gain— — — (1)— (1)— — — 
Defined Benefit Plans59 125 191 (1)(16)(16)(63)(65)8 
Defined contribution plans1 26 37 18 23 29 n/an/an/a
Net Periodic Benefit Cost (Credit)60 151 228 17 7 13 (63)(65)8 
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Income (Loss):
Net actuarial (gain) loss(3)
(105)243 (50)(9)24 33 4 8 (63)
Prior service cost (credit)— — — 4 — 41 (11)— (234)
Amortization of net actuarial (loss) gain(80)(117)(195)(59)(44)(57)1 5 — 
Amortization of net prior service credit2 2 2 1 2 4 76 77 19 
Curtailment gain— — — 1 — 1 — — — 
Total Recognized in Other Comprehensive Income (Loss)(4)
(183)128 (243)(62)(18)22 70 90 (278)
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Loss)$(123)$279 $(15)$(45)$(11)$35 $7 $25 $(270)
_____________
(1)Interest cost for Pension Benefits includes interest expense on non-TRA obligations of $184, $243 and $258 and interest expense (income) directly allocated to TRA participant accounts of $125, $128 and $(46) for the years ended December 31, 2020, 2019 and 2018, respectively.
(2)Expected return on plan assets includes expected investment income on non-TRA assets of $283, $315 and $357 and actual investment income (loss) on TRA assets of $125, $128 and $(46) for the years ended December 31, 2020, 2019 and 2018, respectively.
(3)The non-U.S. plans Net actuarial (gain) loss for 2018 reflects an out-of-period adjustment in third quarter 2018 of $(53) to correct an overstated benefit obligation for our U.K. Final Salary Pension Plan at December 31, 2017. Refer to Note 1 - Basis of Presentation and Summary of Significant Accounting Policies for additional information regarding this adjustment.
(4)Amounts represent the pre-tax effect included in Other comprehensive income (loss). Refer to Note 25 - Other Comprehensive Income (Loss) for the related tax effects and the net of tax amounts.
Defined benefit plan assets measured at fair value, observable and unobservable inputs
The following tables present the defined benefit plans assets measured at fair value and the basis for that measurement.
December 31, 2020
U.S. PlansNon-U.S. Plans
Asset Class Level 1Level 2Level 3
Assets measured at NAV(1)
TotalLevel 1Level 2Level 3
Assets measured at NAV(1)
Total
Cash and cash equivalents$17 $— $— $— $17 $401 $— $— $— $401 
Equity Securities:
U.S. 224 — — 39 263 178 56 — — 234 
International 243 — — 204 447 559 321 — 151 1,031 
Fixed Income Securities:
U.S. treasury securities— 325 — — 325 — 77 — — 77 
Debt security issued by government agency— 78 — — 78 — 2,026 — — 2,026 
Corporate bonds— 1,252 — — 1,252 — 921 — — 921 
Derivatives— 11 — — 11 — 488 — — 488 
Real estate— — 31 10 41 — — 208 108 316 
Private equity/venture capital— — — 209 209 — — 3 1,557 1,560 
Guaranteed insurance contracts— — — — — — — 86 — 86 
Other(2)(3)
7 — — 152 159 21 38 — — 59 
Total Fair Value of Plan Assets$491 $1,666 $31 $614 $2,802 $1,159 $3,927 $297 $1,816 $7,199 
 _____________
(1)Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
(2)Other NAV includes mutual funds of $73 (measured at NAV) which are invested approximately 70% in fixed income securities and approximately 30% in equity securities.
(3)Other Level 1 includes net non-financial assets of $7 U.S. and $21 Non-U.S., respectively, such as due to/from broker, interest receivables and accrued expenses.
December 31, 2019
U.S. PlansNon-U.S. Plans
Asset Class Level 1Level 2Level 3
Assets measured at NAV(1)
TotalLevel 1Level 2Level 3
Assets measured at NAV(1)
Total
Cash and cash equivalents$9 $— $— $— $9 $421 $— $— $— $421 
Equity Securities:
U.S. 182 — — 39 221 132 52 — — 184 
International 193 — — 191 384 462 302 — 118 882 
Fixed Income Securities:
U.S. treasury securities— 316 — — 316 — 47 — — 47 
Debt security issued by government agency— 67 — — 67 — 1,825 — — 1,825 
Corporate bonds— 1,119 — — 1,119 — 841 — — 841 
Derivatives— 45 — — 45 — 186 — — 186 
Real estate— — 5 10 15 — — 219 116 335 
Private equity/venture capital— — — 199 199 — — 5 1,527 1,532 
Guaranteed insurance contracts— — — — — — — 90 — 90 
Other(2)(3)
(36)— — 154 118 11 31 — — 42 
Total Fair Value of Plan Assets$348 $1,547 $5 $593 $2,493 $1,026 $3,284 $314 $1,761 $6,385 
 _____________
(1)Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
(2)Other NAV includes mutual funds of $76 (measured at NAV) which are invested approximately 75% in fixed income securities and approximately 25% in equity securities.
(3)Other Level 1 includes net non-financial (liabilities) assets of $(36) U.S. and $11 Non-U.S., respectively, such as due to/from broker, interest receivables and accrued expenses.
Schedule of fair value, assets measured on recurring basis, unobservable input reconciliation
The following tables represents a roll-forward of the defined benefit plans assets measured at fair value using significant unobservable inputs (Level 3 assets):
U.S.Non-U.S.
Real EstateReal EstatePrivate Equity/Venture CapitalGuaranteed Insurance ContractsTotal
Balance at December 31, 2018$— $210 $6 $92 $308 
Purchases5 — — 2 2 
Sales— — (5)(4)(9)
Unrealized gains— 9 4 2 15 
Currency translation— — — (2)(2)
Balance at December 31, 2019$5 $219 $5 $90 $314 
Purchases27 — 3 — 3 
Sales— (15)— (4)(19)
Unrealized losses(1)(8)(4)(8)(20)
Currency translation— 12 (1)8 19 
Balance at December 31, 2020$31 $208 $3 $86 $297 
Schedule of allocation of plan assets
The target asset allocations for our worldwide defined benefit pension plans were:
20202019
 U.S.Non-U.S.U.S.Non-U.S.
Equity investments23%15%23%14%
Fixed income investments61%44%61%46%
Real estate6%4%6%5%
Private equity/venture capital8%22%8%24%
Other2%15%2%11%
Total Investment Strategy100%100%100%100%
Defined benefit and retiree health pension plans, actual and expected cash contributions
The following table summarizes cash contributions to our defined benefit pension plans and retiree health benefit plans.
Year Ended December 31,
2020
Estimated 2021
U.S. Plans$35 $25 
Non-U.S. Plans104 105 
Total$139 $130 
Retiree Health$25 $30 
Schedule of expected benefit payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the following years:
 Pension Benefits
U.S.Non-U.S.TotalRetiree Health
2021$360 $289 $649 $30 
2022288 294 582 29 
2023285 301 586 28 
2024280 306 586 26 
2025274 312 586 25 
Years 2026-20301,214 1,647 2,861 107 
Schedule of assumptions used
Weighted-average assumptions used to determine benefit obligations at the plan measurement dates:
Pension Benefits 
 202020192018
U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.
Discount rate2.2 %1.3 %3.1 %1.8 %4.2 %2.6 %
Rate of compensation increase0.1 %2.6 %0.2 %2.6 %0.2 %2.6 %
Interest crediting rate2.8 %1.5 %2.8 %1.5 %2.8 %1.5 %
 
Retiree Health 
 202020192018
Discount rate2.2 %3.0 %4.1 %
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31:
 Pension Benefits 
2021202020192018
 U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.
Discount rate2.2 %1.3 %3.1 %1.8 %4.2 %2.6 %3.6 %2.3 %
Expected return on plan assets5.9 %3.1 %6.0 %3.3 %6.0 %4.0 %5.8 %3.8 %
Rate of compensation increase0.1 %2.6 %0.2 %2.6 %0.2 %2.6 %0.2 %2.6 %
Interest crediting rate2.8 %1.5 %2.8 %1.5 %2.8 %1.5 %2.8 %1.5 %
 
 Retiree Health 
 2021202020192018
Discount rate2.2 %3.0 %4.1 %3.5 %
_____________
Note: Expected return on plan assets is not applicable to retiree health benefits as these plans are not funded. Rate of compensation increase is not applicable to retiree health benefits as compensation levels do not impact earned benefits.
Schedule of health care cost trend rates
Assumed health care cost trend rates were as follows:
December 31,
 20202019
Health care cost trend rate assumed for next year5.7 %6.0 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)4.3 %4.3 %
Year that the rate reaches the ultimate trend rate20252026