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Note 21 - Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2019
Other Postretirement Benefits [Line Items]  
Schedule of Changes in Projected Benefit Obligations

The measurement date used to determine the pension obligation for all funded and unfunded U.S. and Non-U.S. defined benefit plans is December 31.

 

 

 

Year Ended

December 31, 2019

 

 

Year Ended

December 31, 2018

 

(in millions)

 

U.S.

 

 

Non-U.S.

 

 

U.S.

 

 

Non-U.S.

 

Change in Benefit Obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Projected benefit obligation at beginning of period

 

$

3,405

 

 

$

834

 

 

$

3,866

 

 

$

885

 

Service cost

 

 

10

 

 

 

3

 

 

 

13

 

 

 

3

 

Interest cost

 

 

122

 

 

 

13

 

 

 

109

 

 

 

12

 

Benefit payments

 

 

(349

)

 

 

(48

)

 

 

(414

)

 

 

(50

)

Actuarial loss (gain)

 

 

284

 

 

 

36

 

 

 

(174

)

 

 

 

Special termination benefits

 

 

3

 

 

 

 

 

 

5

 

 

 

 

Currency adjustments

 

 

 

 

 

(4

)

 

 

 

 

 

(16

)

Projected benefit obligation at end of period

 

$

3,475

 

 

$

834

 

 

$

3,405

 

 

$

834

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of period

 

$

3,445

 

 

$

671

 

 

$

3,804

 

 

$

722

 

Gain on plan assets

 

 

514

 

 

 

28

 

 

 

55

 

 

 

5

 

Employer contributions

 

 

 

 

 

10

 

 

 

 

 

 

4

 

Benefit payments

 

 

(349

)

 

 

(48

)

 

 

(414

)

 

 

(50

)

Currency adjustments

 

 

 

 

 

 

 

 

 

 

 

(10

)

Fair value of plan assets at end of period

 

$

3,610

 

 

$

661

 

 

$

3,445

 

 

$

671

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over (under) funded status at end of period

 

$

135

 

 

$

(173

)

 

$

40

 

 

$

(163

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated benefit obligation at end of period

 

$

3,474

 

 

$

825

 

 

$

3,403

 

 

$

824

 

Schedule of Amounts from Other Post-retirement Plan Recognized in Balance Sheet

 

 

 

As of December 31,

 

 

 

2019

 

 

2018

 

Other current liabilities

 

$

(3

)

 

$

(3

)

Pension and other postretirement liabilities

 

 

(60

)

 

 

(61

)

 

 

$

(63

)

 

$

(64

)

Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

 

 

 

As of December 31,

 

 

 

2019

 

 

2018

 

Net actuarial gain

 

$

(5

)

 

$

(6

)

Schedule of Other Post-retirement Plan Recognized in Other Comprehensive (Income) Loss

 

 

 

Year Ended December 31,

 

 

 

2019

 

 

2018

 

Newly established loss (gain)

 

$

 

 

$

(6

)

Amortization of:

 

 

 

 

 

 

 

 

  Net actuarial gain

 

 

1

 

 

 

 

Total gain recognized in Other comprehensive (loss) income

 

$

1

 

 

$

(6

)

Schedule of Other Post-retirement Plan, Net Benefit Costs

 

 

 

Year Ended December 31,

 

 

 

2019

 

 

2018

 

Components of net postretirement benefit cost:

 

 

 

 

 

 

 

 

Service cost

 

$

 

 

$

 

Interest cost

 

 

2

 

 

 

2

 

Amortization of:

 

 

 

 

 

 

 

 

Actuarial gain

 

 

(1

)

 

 

 

Other postretirement benefit cost from continuing

   operations

 

$

1

 

 

$

2

 

Schedule of Assumptions Used to Calculate Other Post-retirement Plan, Net Benefit Obligation

 

 

 

Year Ended December 31,

 

 

 

2019

 

 

2018

 

Discount rate

 

 

2.93

%

 

 

3.59

%

Salary increase rate

 

 

1.80

%

 

 

2.35

%

Schedule of Assumptions Used to Calculate Other Post-retirement Plan Net Benefit Costs

 

 

 

Year Ended December 31,

 

 

 

2019

 

 

2018

 

Effective rate for interest cost

 

 

3.26

%

 

 

2.88

%

Salary increase rate

 

 

2.35

%

 

 

2.35

%

Other Post-retirement Benefits, Schedule of Health Care Cost Trend Rates

 

 

 

2019

 

 

2018

 

Healthcare cost trend

 

 

5.37

%

 

 

5.70

%

Rate to which the cost trend rate is assumed to decline

   (the ultimate trend rate)

 

 

3.14

%

 

 

3.38

%

Year that the rate reaches the ultimate trend rate

 

 

2038

 

 

 

2038

 

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

 

 

 

1% increase

 

 

1% decrease

 

Effect on total service and interest cost

 

$

 

 

$

 

Effect on postretirement benefit obligation

 

 

3

 

 

 

(3

)

Schedule of Expected Other Post-retirement Benefit Payments

 

2020

 

$

4

 

2021

 

 

3

 

2022

 

 

3

 

2023

 

 

3

 

2024

 

 

3

 

2024-2028

 

 

16

 

Other Postretirement Benefits Plan [Member]  
Other Postretirement Benefits [Line Items]  
Schedule of Changes in Projected Benefit Obligations

 

 

 

Year Ended December 31,

 

 

 

2019

 

 

2018

 

Net benefit obligation at beginning of period

 

$

64

 

 

$

71

 

Interest cost

 

 

2

 

 

 

2

 

Plan participants’ contributions

 

 

1

 

 

 

1

 

Actuarial gain

 

 

 

 

 

(6

)

Benefit payments

 

 

(4

)

 

 

(4

)

Currency adjustments

 

 

 

 

 

 

Net benefit obligation at end of period

 

$

63

 

 

$

64

 

 

 

 

 

 

 

 

 

 

Underfunded status at end of period

 

$

(63

)

 

$

(64

)