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Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Schedule of Benefits To Be Paid From Retirement Plans Over The Next Ten Years
We expect the following benefits to be paid from our retirement plans over the next 10 years:
 
Pension
Benefits
 
Other  Post-retirement
Benefits
2020
$
853

 
$
66

2021
880

 
65

2022
905

 
64

2023
929

 
63

2024
957

 
62

2025-2029
5,020

 
286
Schedule of Annual Pension and Other Post-retirement Benefit Costs
Net annual defined-benefit pension and other post-retirement benefit cost (credit) consisted of the following:
 
Pension Benefits
Year Ended December 31
2019
 
2018
 
2017
Service cost
$
111

 
$
180

 
$
168

Interest cost
600

 
532

 
453

Expected return on plan assets
(911
)
 
(856
)
 
(679
)
Recognized net actuarial loss
326

 
359

 
362

Amortization of prior service credit
(19
)
 
(46
)
 
(66
)
Net annual benefit cost
$
107

 
$
169

 
$
238

 
Other Post-retirement Benefits
Year Ended December 31
2019
 
2018
 
2017
Service cost
$
8

 
$
10

 
$
9

Interest cost
35

 
33

 
30

Expected return on plan assets
(36
)
 
(40
)
 
(34
)
Recognized net actuarial gain
(8
)
 
(4
)
 
(4
)
Amortization of prior service credit
(3
)
 
(4
)
 
(3
)
Net annual benefit credit
$
(4
)
 
$
(5
)
 
$
(2
)
Schedule of Reconciliation of Benefit Obligations And Plan or Trust Assets And Resulting Funded Status Of Defined Benefit Retirement Plans The following is a reconciliation of the benefit obligations and plan/trust assets, and the resulting funded status, of our defined-benefit retirement plans:
 
Pension Benefits
 
Other Post-retirement Benefits
Year Ended December 31
2019
 
2018
 
2019
 
2018
Change in Benefit Obligation
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
(15,720
)
 
$
(14,212
)
 
$
(935
)
 
$
(996
)
Service cost
(111
)
 
(180
)
 
(8
)
 
(10
)
Interest cost
(600
)
 
(532
)
 
(35
)
 
(33
)
Acquisitions
—

 
(2,758
)
 
—

 
(62
)
Amendments
(3
)
 
15

 
(8
)
 
—

Actuarial (loss) gain
(2,446
)
 
1,183

 
(101
)
 
78

Settlement/curtailment/other
(33
)
 
23

 
(4
)
 
21

Benefits paid
806

 
741

 
64

 
67

Benefit obligation at end of year
$
(18,107
)
 
$
(15,720
)
 
$
(1,027
)
 
$
(935
)
Change in Plan/Trust Assets
 
 
 
 
 
 
 
Fair value of assets at beginning of year
$
11,532

 
$
10,130

 
$
570

 
$
541

Actual return on plan assets
2,206

 
(749
)
 
117

 
(4
)
Acquisitions
—

 
2,328

 
—

 
77

Employer contributions
185

 
571

 
2

 
1

Settlement/curtailment/other
39

 
(26
)
 
—

 
—

Benefits paid
(785
)
 
(722
)
 
(45
)
 
(45
)
Fair value of assets at end of year
$
13,177

 
$
11,532

 
$
644

 
$
570

Funded status at end of year
$
(4,930
)
 
$
(4,188
)
 
$
(383
)
 
$
(365
)
Schedule of Amounts Recognized On Consolidated Balance Sheet
Amounts recognized on the Consolidated Balance Sheet consisted of the following:
 
Pension Benefits
 
Other Post-retirement Benefits
December 31
2019
 
2018
 
2019
 
2018
Noncurrent assets
$
61

 
$
67

 
$
94

 
$
74

Current liabilities
(166
)
 
(131
)
 
(130
)
 
(141
)
Noncurrent liabilities
(4,825
)
 
(4,124
)
 
(347
)
 
(298
)
Net liability recognized
$
(4,930
)
 
$
(4,188
)
 
$
(383
)
 
$
(365
)
Schedule of Amounts Deferred In AOCI
Amounts deferred in AOCL for our retirement plans consisted of the following:
 
Pension Benefits
 
Other Post-retirement Benefits
December 31
2019
 
2018
 
2019
 
2018
Net actuarial loss (gain)
$
5,784

 
$
4,959

 
$
(9
)
 
$
(37
)
Prior service (credit) cost
(73
)
 
(95
)
 
12

 
1

Total amount recognized in AOCL, pretax
$
5,711

 
$
4,864

 
$
3

 
$
(36
)

The following is a reconciliation of the change in AOCL for our retirement plans:
 
Pension Benefits
 
Other Post-retirement Benefits
Year Ended December 31
2019
 
2018
 
2019
 
2018
Net actuarial loss (gain)
$
1,151

 
$
422

 
$
20

 
$
(34
)
Prior service credit (cost)
3

 
(15
)
 
8

 
—

Amortization of:
 
 
 
 
 
 
 
Net actuarial (loss) gain from prior
    years
(326
)
 
(359
)
 
8

 
4

Prior service credit
19

 
46

 
3

 
4

Other*
—

 
(5
)
 
—

 
(2
)
Change in AOCL, pretax
$
847

 
$
89

 
$
39

 
$
(28
)

* Includes foreign exchange translation, curtailment and other adjustments.
Schedule of PBO That Exceeded The Plans' Assets On December 31, 2019 and 2018, most of our pension plans had a PBO that exceeded the plans’ assets. Summary information for those plans follows:
December 31
2019
 
2018
PBO
$
(17,651
)
 
$
(15,354
)
Fair value of plan assets
12,673

 
11,116
Schedule of ABO That Exceeded The Plans' Assets On December 31, 2019 and 2018, most of our retirement plans had an ABO that exceeded the plans’ assets. Summary information for those plans follows:
 
Pension Benefits
 
Other Post-retirement Benefits
December 31
2019
 
2018
 
2019
 
2018
ABO
$
(17,080
)
 
$
(14,856
)
 
$
(783
)
 
$
(709
)
Fair value of plan assets
12,354

 
10,832

 
301

 
264
Schedule of Assumptions Used To Determine Benefit Obligations And Benefit Costs
The following table summarizes the weighted average assumptions used to determine our net annual benefit cost:
Assumptions for Year Ended December 31
2019
 
2018
 
2017
Pension Benefits
 
 
 
 
 
Discount rates:
 
 
 
 
 
Benefit obligation
4.28
%
 
3.69
%
 
4.19
%
Service cost
3.81
%
 
3.51
%
 
4.13
%
Interest cost
3.92
%
 
3.34
%
 
3.56
%
Expected long-term rate of return on assets
7.46
%
 
7.45
%
 
7.43
%
Rate of increase in compensation levels
2.77
%
 
2.79
%
 
2.90
%
Other Post-retirement Benefits
 
 
 
 
 
Discount rates:
 
 
 
 
 
Benefit obligation
4.24
%
 
3.64
%
 
4.11
%
Service cost
4.23
%
 
3.79
%
 
4.34
%
Interest cost
3.88
%
 
3.27
%
 
3.43
%
Expected long-term rate of return on assets
6.84
%
 
7.75
%
 
7.76
%

The following table summarizes the weighted average assumptions used to determine our benefit obligations:
Assumptions on December 31
2019
 
2018
Pension Benefits
 
 
 
Benefit obligation discount rate
3.19
%
 
4.28
%
Rate of increase in compensation levels
2.68
%
 
2.79
%
Other Post-retirement Benefits
 
 
 
Benefit obligation discount rate
3.18
%
 
4.24
%
Healthcare cost trend rate:
 
 
 
Trend rate for next year
6.00
%
 
6.50
%
Ultimate trend rate
5.00
%
 
5.00
%
Year rate reaches ultimate trend rate
2024

 
2024
Schedule of Asset Allocation Policy Ranges At the end of 2019, our asset allocation policy ranges were:
Equities
48-68%
Fixed income
20-48%
Cash
0-5%
Other asset classes
0-16%
Schedule of Fair Value of Plan Assets By Investment Category And The Corresponding Level Within The Fair Value Hierarchy
The fair value of our other post-retirement benefit plan assets by category and the corresponding level within the fair value hierarchy were as follows:
 



Fair
Value
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
Asset Category (a)
December 31, 2019
Cash and equivalents
$
18

 
$
—

 
$
18

Equity securities
92

 
92

 
—

Fixed-income securities
122

 
—

 
122

Commingled funds:
 
 
 
 
 
Equity funds
288

 
—

 
288

Fixed-income funds
113

 
—

 
113

Real estate funds
2

 
2

 
—

Total plan assets in fair value hierarchy
$
635

 
$
94

 
$
541

Plan assets measured using NAV as a practical expedient (b):
 
 
 
 
 
Real estate funds
5

 
 
 
 
Hedge funds
4

 
 
 
 
Total other post-retirement benefit plan assets
$
644

 

 

(a)    We had no Level 3 investments on December 31, 2019.
(b)    Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are included to permit reconciliation of the fair value hierarchy to the total plan assets.
 



Fair
Value
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
Asset Category (a)
December 31, 2018
Cash and equivalents
$
23

 
$
—

 
$
23

Equity securities
80

 
80

 
—

Fixed-income securities
87

 
—

 
87

Commingled funds:
 
 
 
 
 
Equity funds
237

 
—

 
237

Fixed-income funds
111

 
—

 
111

Real estate funds
2

 
2

 
—

Total plan assets in fair value hierarchy
$
540

 
$
82

 
$
458

Plan assets measured using NAV as a practical expedient (b):
 
 
 
 
 
Hedge funds
22

 
 
 
 
Equity funds
3

 
 
 
 
Fixed-income funds
3

 
 
 
 
Real estate funds
2

 
 
 
 
Total other post-retirement benefit plan assets
$
570

 


 


(a)    We had no Level 3 investments on December 31, 2018.
(b)    Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are included to permit reconciliation of the fair value hierarchy to the total plan assets.
The fair value of our pension plan assets by investment category and the corresponding level within the fair value hierarchy were as follows:
 



Fair
Value
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 

Significant
Unobservable
Inputs
(Level 3)
Asset Category
December 31, 2019
Cash and equivalents
$
56

 
$
—

 
$
56

 
$
—

Equity securities (a):
 
 
 
 
 
 
 
U.S. companies
958

 
958

 
—

 
—

Non-U.S. companies
128

 
128

 
—

 
—

Private equity investments
26

 
—

 
—

 
26

Fixed-income securities:
 
 
 
 
 
 
 
Corporate bonds (b)
2,163

 
—

 
2,163

 
—

Treasury securities
1,855

 
—

 
1,855

 
—

Commingled funds:
 
 
 
 
 
 
 
Equity funds
6,494

 
—

 
6,494

 
—

Fixed-income funds
365

 
—

 
365

 
—

Real estate funds
84

 
—

 
—

 
84

Other investments:
 
 
 
 
 
 
 
Insurance deposit contracts
137

 
—

 
—

 
137

Retirement annuity contracts
35

 
—

 
—

 
35

Total plan assets in fair value hierarchy
$
12,301

 
$
1,086

 
$
10,933

 
$
282

Plan assets measured using NAV as a practical expedient (c):
 
 
 
 
 
 
 
Real estate funds
443

 
 
 
 
 
 
Hedge funds
419

 
 
 
 
 
 
Equity funds
14

 
 
 
 
 
 
Total pension plan assets
$
13,177

 

 

 

 
(a)No single equity holding amounted to more than 1% of the total fair value.
(b)Our corporate bond investments had an average rating of A.
(c)Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are included to permit reconciliation of the fair value hierarchy to the total plan assets.
 



Fair
Value
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 

Significant
Unobservable
Inputs
(Level 3)
Asset Category
December 31, 2018
Cash and equivalents
$
73

 
$
—

 
$
73

 
$
—

Equity securities (a):
 
 
 
 
 
 
 
U.S. companies
732

 
732

 
—

 
—

Non-U.S. companies
117

 
117

 
—

 
—

Private equity investments
20

 
—

 
—

 
20

Fixed-income securities:
 
 
 
 
 
 
 
Corporate bonds (b)
1,600

 
—

 
1,600

 
—

Treasury securities
1,410

 
—

 
1,410

 
—

Commingled funds:
 
 
 
 
 
 
 
Equity funds
5,243

 
—

 
5,243

 
—

Fixed-income funds
624

 
—

 
624

 
—

Real estate funds
68

 
—

 
—

 
68

Other investments:
 
 
 
 
 
 
 
Insurance deposit contracts
128

 
—

 
—

 
128

Total plan assets in fair value hierarchy
$
10,015

 
$
849

 
$
8,950

 
$
216

Plan assets measured using NAV as a practical expedient (c):
 
 
 
 
 
 
 
Hedge funds
910

 
 
 
 
 
 
Real estate funds
420

 
 
 
 
 
 
Fixed-income funds
101

 
 
 
 
 
 
Equity funds
86

 
 
 
 
 
 
Total pension plan assets
$
11,532

 


 


 


(a)No single equity holding amounted to more than 1% of the total fair value.
(b)Our corporate bond investments had an average rating of A+.
(c)Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are included to permit reconciliation of the fair value hierarchy to the total plan assets.
Schedule of Changes In Level 3 Retirement Plan Assets
Changes in our Level 3 retirement plan assets during 2019 and 2018 were as follows:
 
Private Equity Investments
 
Real Estate Funds
 
Insurance Deposits Contracts
 
Retirement Annuity Contracts
 
Total
Level 3 Assets
December 31, 2017
$
18

 
$
51

 
$
120

 
$
—

 
$
189

Actual return on plan assets:
 
 
 
 
 
 
 
 

Unrealized losses, net
—

 
(1
)
 
—

 
—

 
(1
)
Realized gains, net
—

 
—

 
3

 
—

 
3

Purchases, sales and settlements, net
2

 
18

 
5

 
—

 
25

December 31, 2018
20

 
68

 
128

 
—

 
216

Actual return on plan assets:

 

 

 
 
 

Unrealized gains, net
5

 
6

 
6

 
—

 
17

Purchases, sales and settlements, net
1

 
10

 
3

 
35

 
49

December 31, 2019
$
26

 
$
84

 
$
137

 
$
35

 
$
282