Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost

Weighted average assumptions used to determine benefit obligations:


	Pension Benefits						Other Postretirement Benefits

December 31	2018		2017		2016		2018		2017		2016


Discount rate		4.1%		3.5%		3.9%		4.1%		3.4%		3.7%
Expected long term rate of return on plan assets		7.5%		7.5%		7.5%		5.3%		5.3%		5.3%
Interest crediting rate		3.8%		3.7%		3.7%
Rate of compensation increase		3.9% to 5.5%		3.9% to 5.5%		3.9% to 5.5%

Weighted average assumptions used to determine net periodic benefit cost:


	Pension Benefits						Other Postretirement Benefits

Year Ended December 31	2018		2017		2016		2018		2017		2016


Discount rate		3.6%		3.8%		4.0%		3.4%		3.7%		3.7%
Expected long term rate of return on plan assets		7.5%		7.5%		7.5%		5.3%		5.3%		5.3%
Interest crediting rate		3.7%		3.7%		3.7%
Rate of compensation increase		3.9% to 5.5%		3.9% to 5.5%		3.5% to 5.5%

Assumed Health Care Cost Trend Rates

Assumed health care cost trend rates:

December 31

2018

2017

2016

Health care cost trend rate assumed for next year

4.0% to 6.5%

4.0% to 7.0%

Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)

4.0% to 5.0%

4.0% to 5.0%

Year that the rate reaches the ultimate trend rate

2019-2022

2018-2022

2017-2021

Components of Net Periodic Benefit Cost

Net periodic benefit cost components:


	Pension Benefits									Other Postretirement Benefits
Year Ended December 31	2018			2017			2016			2018			2017			2016
(In millions)

Service cost	$	8		$	8		$	8			$ 1		$	1			$ 1
Interest cost		110			119			128			2			2			3
Expected return on plan assets		(179	)		(173	)		(177	)		(5	)		(5	)		(5)
Amortization of unrecognized net loss		42			43			46			(1	)
Amortization of unrecognized prior service benefit								(1	)		(2	)		(2	)		(3)
Settlement		9			11			3
Net periodic benefit cost	$	(10)		$	8		$	7			$ (5	)	$	(4	)		$ (4)

Reconciliation of Benefit Obligations and Plan Assets

The following provides a reconciliation of benefit obligations and plan assets:


	Pension Benefits						Other Postretirement Benefits
	2018			2017			2018			2017
(In millions)

Change in benefit obligation:

Benefit obligation at January 1	$	3,242		$	3,131		$	62		$	66
Acquisitions					103
Service cost		8			8			1			1
Interest cost		110			119			2			2
Plan participants’ contributions								4			5
Amendments
Actuarial (gain) loss		(212	)		100			(6	)		(1)
Benefits paid from plan assets		(187	)		(192	)		(10	)		(11)
Settlements		(35	)		(37	)
Foreign exchange		(7	)		10
Benefit obligation at December 31		2,919			3,242			53			62

Change in plan assets:

Fair value of plan assets at January 1		2,577			2,423			88			86
Acquisitions					75
Actual return on plan assets		(83	)		247						5
Company contributions		39			51			3			3
Plan participants’ contributions								4			5
Benefits paid from plan assets		(187	)		(192	)		(10	)		(11)
Settlements		(35	)		(37	)
Foreign exchange		(7	)		10
Fair value of plan assets at December 31		2,304			2,577			85			88

Funded status	$	(615	)	$	(665	)	$	32		$	26

Amounts Recognized in the Consolidated Balance Sheets

Pension Benefits

Other Postretirement Benefits

2018

2017

2018

2017

(In millions)

Amounts recognized in the Consolidated Balance Sheets consist of:

Other assets

$ 9

$ 4

$ 49

$ 47

Other liabilities

(624)

(669)

(17

)

(21)

Net amount recognized

$ (615)

$ (665)

$ 32

$ 26

Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Not Yet Recognized in Net Periodic (Benefit) Cost

Amounts recognized in Accumulated other comprehensive income (loss), not yet recognized in net periodic (benefit) cost:

Prior service credit

$ (2)

$ (3)

$ (1)

$ (3)

Net actuarial loss

1,065

1,069

(3)

(3)

Net amount recognized

$ 1,063

$ 1,066

$ (4)

$ (6)

Plans With Projected and Accumulated Benefit Obligations in Excess of Plan Assets

Information for plans with projected and accumulated benefit obligations in excess of plan assets:

Projected benefit obligation

$ 2,825

$ 3,132

Accumulated benefit obligation

2,813

3,117

$ 18

$ 21

Fair value of plan assets

2,201

2,462

Estimated Future Minimum Benefit Payments

The table below presents the estimated future minimum benefit payments at December 31, 2018.


Expected future benefit payments	Pension Benefits		Other Postretirement Benefits
(In millions)

2019		$ 218		$ 5
2020		223		5
2021		210		5
2022		218		4
2023		214		4
2024 – 2028		1,026		16

Pension Benefits [Member]

Defined Benefit Plan, Fair Value of Plan Assets Measured on Recurring Basis

Pension plan assets measured at fair value on a recurring basis are summarized below.


December 31, 2018	Level 1		Level 2		Level 3		Total
(In millions)

Plan assets at fair value:
Fixed maturity securities:
Corporate and other bonds			$	472	$	10	$	482
States, municipalities and political subdivisions				58				58
Asset-backed				165				165
Total fixed maturities	$	-		695		10		705
Equity securities		406		110				516
Short term investments		36		54				90
Fixed income mutual funds		120						120
Other assets				9				9
Total plan assets at fair value	$	562	$	868	$	10	$	1,440
Plan assets at net asset value: (a)
Limited partnerships								864
Total plan assets	$	562	$	868	$	10	$	2,304


December 31, 2017	Level 1		Level 2		Level 3		Total
(In millions)

Plan assets at fair value:
Fixed maturity securities:
Corporate and other bonds			$	522	$	10	$	532
States, municipalities and political subdivisions				62				62
Asset-backed				182				182
Total fixed maturities	$	-		766		10		776
Equity securities		449		122				571
Short term investments		29		11				40
Fixed income mutual funds		96						96
Other assets		13		9				22
Total plan assets at fair value	$	587	$	908	$	10	$	1,505
Plan assets at net asset value: (a)
Limited partnerships								990
Collective investment trust funds								82
Total plan assets	$	587	$	908	$	10	$	2,577

(a)

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position.