Post-Employment Benefits (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of aggregate accumulated benefit obligations, projected benefit obligations and aggregate plan assets for plans whose accumulated benefit obligation exceeded plan assets


	Defined Benefit				Medical and
	Plans				Dental Plans
(in millions)	2019		2018		2019		2018
Projected benefit obligations, January 1	$	9,093	$	9,953	$	1,292	$	1,393
Service cost — benefits earned during the year		250		293		23		26
Interest cost on projected benefit obligations		337		308		52		48
(Gains) losses, primarily changes in discount rates, plan design changes, law changes and differences between actual and estimated health care costs		1,856		(1,044)		228		(106)
Benefits paid		(302)		(295)		(76)		(68)
Other, including foreign currency translation		4		(122)		37		(1)
Projected benefit obligations, December 31	$	11,238	$	9,093	$	1,556	$	1,292
Plan assets at fair value, January 1	$	8,553	$	9,298	$	351	$	419
Actual return (loss) on plans’ assets		1,622		(450)		65		(20)
Company contributions		382		114		12		12
Benefits paid		(302)		(295)		(68)		(60)
Other, including foreign currency translation		22		(114)		—		—
Plan assets at fair value, December 31	$	10,277	$	8,553	$	360	$	351
Projected benefit obligations greater than plan assets, December 31	$	(961)	$	(540)	$	(1,196)	$	(941)
Long-term assets	$	687	$	583	$	—	$	—
Short-term liabilities		(26)		(23)		(1)		(1)
Long-term liabilities		(1,622)		(1,100)		(1,195)		(940)
Net liability	$	(961)	$	(540)	$	(1,196)	$	(941)
Amounts Recognized in Accumulated Other Comprehensive Income (loss):
Actuarial losses, net	$	4,131	$	3,326	$	529	$	361
Prior service cost (credits)		(2)		(2)		(95)		(163)
Total	$	4,129	$	3,324	$	434	$	198

Schedule of plans where the accumulated benefit obligations exceeded plan assets the aggregate accumulated benefit obligations, the projected benefit obligations and the aggregate plan assets


(in millions)	2019		2018
Accumulated benefit obligation	$	1,985	$	1,265
Projected benefit obligation		2,266		1,362
Fair value of plan assets		821		375

Schedule of components of the net periodic benefit cost for the entity's major defined benefit plans and post-employment medical and dental benefit plans


							Medical and
	Defined Benefit Plans						Dental Plans
(in millions)	2019		2018		2017		2019		2018		2017
Service cost — benefits earned during the year	$	250	$	293	$	283	$	23	$	26	$	25
Interest cost on projected benefit obligations		337		308		287		52		48		45
Expected return on plans’ assets		(710)		(680)		(613)		(27)		(33)		(33)
Amortization of actuarial losses		132		205		163		22		33		23
Amortization of prior service cost (credits)		1		1		1		(32)		(45)		(45)
Total net cost	$	10	$	127	$	121	$	38	$	29	$	15

Schedule of weighted average assumptions used to determine benefit obligations and net cost for defined benefit plans and medical and dental plans

The weighted average assumptions used to determine benefit obligations for defined benefit plans and medical and dental plans are as follows:


	2019		2018		2017
Discount rate	3.0	%	4.0	%	3.4	%
Expected aggregate average long-term change in compensation	4.3	%	4.3	%	4.4	%

The weighted average assumptions used to determine the net cost for defined benefit plans and medical and dental plans are as follows:


	2019		2018		2017
Discount rate	4.0	%	3.4	%	3.9	%
Expected return on plan assets	7.5	%	7.7	%	7.6	%
Expected aggregate average long-term change in compensation	4.3	%	4.4	%	4.3	%

Schedule of assumed health care cost trend rates


	2019		2018		2017
Health care cost trend rate assumed for the next year	9	%	9	%	9	%
Rate that the cost trend rate gradually declines to	5	%	5	%	5	%
Year that rate reaches the assumed ultimate rate	2025		2025		2027

Schedule of basis used to measure the defined benefit and medical and dental plan assets at fair value


			Basis of Fair Value Measurement
			Quoted		Significant
			Prices in		Other		Significant
	Outstanding		Active		Observable		Unobservable		Measured at
(in millions)	Balances		Markets		Inputs		Inputs		NAV (k)
December 31, 2019:
Equities:
U.S. large cap (a)	$	2,873	$	1,647	$	—	$	—	$	1,226
U.S. mid and small cap (b)		648		548		4		2		94
International (c)		2,202		464		—		—		1,738
Fixed income securities:
U.S. government securities (d)		562		52		357		—		153
Corporate debt instruments (e)		1,266		362		724		—		180
Non-U.S. government securities (f)		445		3		2		—		440
Other (g)		320		69		27		—		224
Absolute return funds (h)		1,557		424		—		—		1,133
Commodities (i)		32		—		—		1		31
Cash and Cash Equivalents		182		84		—		—		98
Other (j)		550		8		—		—		542
	$	10,637	$	3,661	$	1,114	$	3	$	5,859
December 31, 2018:
Equities:
U.S. large cap (a)	$	2,168	$	1,319	$	5	$	—	$	844
U.S. mid and small cap (b)		515		226		—		—		289
International (c)		1,671		370		—		—		1,301
Fixed income securities:
U.S. government securities (d)		476		51		269		—		156
Corporate debt instruments (e)		1,150		269		701		—		180
Non-U.S. government securities (f)		405		5		—		—		400
Other (g)		199		15		55		—		129
Absolute return funds (h)		1,684		448		—		—		1,236
Commodities (i)		59		—		—		4		55
Cash and Cash Equivalents		192		123		—		—		69
Other (j)		385		11		—		—		374
	$	8,904	$	2,837	$	1,030	$	4	$	5,033

(a)	A mix of index funds and actively managed equity accounts that are benchmarked to various large cap indices.

(b)	A mix of index funds and actively managed equity accounts that are benchmarked to various mid and small cap indices.

(c)	A mix of index funds and actively managed pooled investment funds that are benchmarked to various non-U.S. equity indices in both developed and emerging markets.

(d)	A mix of index funds and actively managed accounts that are benchmarked to various U.S. government bond indices.

Note 15 — Post Employment Benefits (Continued)

(e)	A mix of index funds and actively managed accounts that are benchmarked to various corporate bond indices.

(f)	Primarily United Kingdom, Japan and Eurozone government bonds.

(g)	Primarily asset backed securities and an actively managed, diversified fixed income vehicle benchmarked to the one-month Libor / Euribor.

(h)

Primarily funds invested by managers that have a global mandate with the flexibility to allocate capital broadly across a wide range of asset classes and strategies including, but not limited to equities, fixed income, commodities, interest rate futures, currencies and other securities to outperform an agreed upon benchmark with specific return and volatility targets.

(i)	Primarily investments in private energy funds.

(j)	Primarily investments in private funds, such as private equity, private credit and private real estate.

(k)

In accordance with ASU 2015-07, investments measured at fair value using the net asset value (NAV) 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 consolidated balance sheet.

Schedule of total benefit payments expected to be paid to participants


	Defined		Medical and
(in millions)	Benefit Plans		Dental Plans
2020	$	315	$	76
2021		325		78
2022		342		79
2023		360		80
2024		382		82
2025 to 2029		2,219		421