Pension And Other Postretirement Employee Benefit Plans (Tables)
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12 Months Ended |
Dec. 31, 2021 |
Defined Benefit Plans and Other Post-Retirement Benefit Plans [Line Items] |
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Funded Status Of Pension and Postretirement Benefit Plans |
The following sets forth the funded status of the U.S. pension, non-U.S. pension and postretirement benefit plans as of the most recent actuarial valuations using measurement dates of December 31 ($ in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Pension Benefits | | Non-U.S. Pension Benefits | | Postretirement Benefits | | 2021 | | 2020 | | 2021 | | 2020 | | 2021 | | 2020 | Change in pension benefit obligation: | | | | | | | | | | | | Benefit obligation at beginning of year | $ | (2,718) | | | $ | (2,468) | | | $ | (2,161) | | | $ | (1,446) | | | $ | (148) | | | $ | (139) | | Service cost | — | | | — | | | (44) | | | (40) | | | — | | | — | | Interest cost | (44) | | | (69) | | | (19) | | | (22) | | | (2) | | | (4) | | Employee/retiree contributions | — | | | — | | | (7) | | | (6) | | | (2) | | | (2) | | Benefits and other expenses paid | 167 | | | 165 | | | 59 | | | 59 | | | 14 | | | 12 | | Acquisitions and other | — | | | (96) | | | — | | | (436) | | | — | | | — | | Actuarial gain (loss) | 63 | | | (273) | | | 112 | | | (106) | | | 3 | | | (15) | | Amendments, settlements and curtailments | — | | | 23 | | | 18 | | | 4 | | | — | | | — | | Foreign exchange rate impact | — | | | — | | | 98 | | | (168) | | | — | | | — | | Benefit obligation at end of year | (2,532) | | | (2,718) | | | (1,944) | | | (2,161) | | | (135) | | | (148) | | Change in plan assets: | | | | | | | | | | | | Fair value of plan assets at beginning of year | 2,125 | | | 1,866 | | | 1,331 | | | 1,138 | | | — | | | — | | Actual return on plan assets | 335 | | | 227 | | | 80 | | | 104 | | | — | | | — | | Employer contributions | 10 | | | 140 | | | 50 | | | 51 | | | 12 | | | 11 | | Employee contributions | — | | | — | | | 7 | | | 6 | | | 2 | | | 1 | | Amendments and settlements | — | | | (22) | | | (10) | | | (7) | | | — | | | — | | Benefits and other expenses paid | (167) | | | (165) | | | (59) | | | (59) | | | (14) | | | (12) | | Acquisitions and other | — | | | 79 | | | — | | | 30 | | | — | | | — | | Foreign exchange rate impact | — | | | — | | | (39) | | | 68 | | | — | | | — | | Fair value of plan assets at end of year | 2,303 | | | 2,125 | | | 1,360 | | | 1,331 | | | — | | | — | | Funded status | $ | (229) | | | $ | (593) | | | $ | (584) | | | $ | (830) | | | $ | (135) | | | $ | (148) | |
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Projected Benefit Obligation and Fair Value of Plan Assets |
Projected benefit obligation (“PBO”) and fair value of plan assets for pension plans and postretirement benefit plans with PBO’s in excess of plan assets ($ in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Pension Benefits | | Non-U.S. Pension Benefits | | Postretirement Benefits | | 2021 | | 2020 | | 2021 | | 2020 | | 2021 | | 2020 | Projected benefit obligation | $ | 2,532 | | | $ | 2,718 | | | $ | 1,125 | | | $ | 1,366 | | | $ | 135 | | | $ | 148 | | Fair value of plan assets | 2,303 | | | 2,125 | | | 357 | | | 441 | | | — | | | — | |
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Accumulated Benefit Obligation and Fair Value of Plan Assets |
Accumulated benefit obligation (“ABO”) and fair value of plan assets for pension plans and postretirement benefit plans with ABO’s in excess of plan assets ($ in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Pension Benefits | | Non-U.S. Pension Benefits | | Postretirement Benefits | | 2021 | | 2020 | | 2021 | | 2020 | | 2021 | | 2020 | Accumulated benefit obligation | $ | 2,532 | | | $ | 2,718 | | | $ | 1,184 | | | $ | 1,257 | | | $ | 135 | | | $ | 148 | | Fair value of plan assets | 2,303 | | | 2,125 | | | 521 | | | 434 | | | — | | | — | |
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Weighted Average Assumptions Used To Determine Benefit Obligations And Cost |
Weighted average assumptions used to determine benefit obligations at date of measurement: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Pension Benefits | | Non-U.S. Pension Benefits | | Postretirement Benefits | | 2021 | | 2020 | | 2021 | | 2020 | | 2021 | | 2020 | Discount rate | 2.7 | % | | 2.3 | % | | 1.4 | % | | 1.1 | % | | 2.6 | % | | 2.1 | % | Rate of compensation increase | N/A | | N/A | | 2.6 | % | | 2.5 | % | | N/A | | N/A |
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Components of Net Periodic Pension and Postretirement Benefit (Cost) |
Components of net periodic pension and postretirement benefit (cost) ($ in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Pension Benefits | | Non-U.S. Pension Benefits | | Postretirement Benefits | | 2021 | | 2020 | | 2021 | | 2020 | | 2021 | | 2020 | Service cost | $ | — | | | $ | — | | | $ | (44) | | | $ | (40) | | | $ | — | | | $ | — | | Interest cost | (44) | | | (69) | | | (19) | | | (22) | | | (2) | | | (4) | | Expected return on plan assets | 123 | | | 121 | | | 42 | | | 37 | | | — | | | — | | Amortization of prior service (cost) credit | (1) | | | (1) | | | 1 | | | 1 | | | 2 | | | 2 | | Amortization of net loss | (46) | | | (37) | | | (11) | | | (10) | | | (2) | | | (1) | | Curtailment and settlement gains (losses) recognized | — | | | — | | | (1) | | | (1) | | | — | | | — | | Net periodic pension benefit (cost) | $ | 32 | | | $ | 14 | | | $ | (32) | | | $ | (35) | | | $ | (2) | | | $ | (3) | |
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Benefit Payments That Reflect Expected Future Service |
The following sets forth benefit payments, which reflect expected future service, as appropriate, expected to be paid by the plans in the periods indicated ($ in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Pension Plans | | Non-U.S. Pension Plans | | | | Postretirement Benefit Plans | | All Plans | 2022 | $ | 193 | | | $ | 55 | | | | | $ | 15 | | | $ | 263 | | 2023 | 193 | | | 61 | | | | | 13 | | | 267 | | 2024 | 191 | | | 60 | | | | | 12 | | | 263 | | 2025 | 190 | | | 60 | | | | | 12 | | | 262 | | 2026 | 189 | | | 64 | | | | | 11 | | | 264 | | 2027 - 2031 | 751 | | | 341 | | | | | 45 | | | 1,137 | |
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Pension benefit plans |
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Defined Benefit Plans and Other Post-Retirement Benefit Plans [Line Items] |
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Weighted Average Assumptions Used To Determine Benefit Obligations And Cost |
Weighted average assumptions used to determine net periodic pension benefit (cost) at date of measurement: | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Plans | | Non-U.S. Plans | | 2021 | | 2020 | | 2021 | | 2020 | Discount rate | 2.3 | % | | 3.2 | % | | 1.1 | % | | 1.4 | % | Expected long-term return on plan assets | 6.8 | % | | 7.0 | % | | 3.3 | % | | 3.4 | % | Rate of compensation increase | N/A | | N/A | | 2.5 | % | | 2.4 | % |
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Fair Values Of Pension Plan Assets |
The fair values of the Company’s pension plan assets for both the U.S. and non-U.S. plans as of December 31, 2021 and 2020, by asset category were as follows ($ in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Quoted Prices in Active Market (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total | | 2021 | | 2020 | | 2021 | | 2020 | | 2021 | | 2020 | | 2021 | | 2020 | Cash and equivalents | $ | 85 | | | $ | 175 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 85 | | | $ | 175 | | Equity securities: | | | | | | | | | | | | | | | | Common stock | 486 | | | 503 | | | — | | | — | | | — | | | — | | | 486 | | | 503 | | Preferred stock | 2 | | | 6 | | | — | | | — | | | — | | | — | | | 2 | | | 6 | | Fixed income securities: | | | | | | | | | | | | | | | | Corporate bonds | — | | | — | | | 47 | | | 42 | | | — | | | — | | | 47 | | | 42 | | Government issued | — | | | — | | | 46 | | | 58 | | | — | | | — | | | 46 | | | 58 | | Mutual funds | 223 | | | 244 | | | 248 | | | 51 | | | — | | | — | | | 471 | | | 295 | | Insurance contracts | — | | | — | | | 357 | | | 354 | | | — | | | — | | | 357 | | | 354 | | Total | $ | 796 | | | $ | 928 | | | $ | 698 | | | $ | 505 | | | $ | — | | | $ | — | | | 1,494 | | | 1,433 | | Investments measured at NAV (a): | | | | | | | | | | | | | | | Common/collective trusts | | | | | | | | | | | | 1,073 | | | 1,198 | | Venture capital, partnerships and other private investments | | | | | | | | | | | | 1,096 | | | 825 | | Total assets at fair value | | | | | | | | | | | | $ | 3,663 | | | $ | 3,456 | |
(a) The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the total plan assets.
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