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EMPLOYEE RETIREMENT PLANS (Tables)
12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Schedule of pre-tax expense related to retirement plans
Pre-tax expense included in income from continuing operations related to our retirement plans was as follows, in millions:
 
2019
 
2018
 
2017
Defined-contribution plans
$
40

 
$
37

 
$
43

Defined-benefit pension plans
24

 
17

 
29

 
$
64

 
$
54

 
$
72


Schedule of changes in the projected benefit obligation and fair value of the plan assets, and the funded status of the Company's defined-benefit pension plans
Changes in the projected benefit obligation and fair value of plan assets, and the funded status of our defined-benefit pension plans were as follows, in millions:
 
2019
 
2018
 
Qualified
 
Non-Qualified
 
Qualified
 
Non-Qualified
Changes in projected benefit obligation:
 

 
 

 
 

 
 

Projected benefit obligation at January 1
$
896

 
$
155

 
$
961

 
$
170

Service cost
3

 

 
3

 

Interest cost
33

 
6

 
30

 
6

Actuarial loss (gain), net
149

 
13

 
(48
)
 
(9
)
Foreign currency exchange
(3
)
 

 
(7
)
 

Benefit payments
(44
)
 
(13
)
 
(43
)
 
(12
)
Projected benefit obligation at December 31
$
1,034

 
$
161

 
$
896

 
$
155

Changes in fair value of plan assets:
 

 
 

 
 

 
 

Fair value of plan assets at January 1
$
670

 
$

 
$
695

 
$

Actual return on plan assets
105

 

 
(25
)
 

Foreign currency exchange
(1
)
 

 
(4
)
 

Company contributions
56

 
13

 
52

 
12

Expenses, other
(6
)
 

 
(5
)
 

Benefit payments
(44
)
 
(13
)
 
(43
)
 
(12
)
Fair value of plan assets at December 31
$
780

 
$

 
$
670

 
$

Funded status at December 31
$
(254
)
 
$
(161
)
 
$
(226
)
 
$
(155
)






Schedule of amounts in the Company's consolidated balance sheets
Amounts in our consolidated balance sheets were as follows, in millions:
 
At December 31, 2019
 
At December 31, 2018
 
Qualified
 
Non-Qualified
 
Qualified
 
Non-Qualified
Other assets
$
1

 
$

 
$
1

 
$

Accrued liabilities
(1
)
 
(13
)
 
(1
)
 
(13
)
Other liabilities
(254
)
 
(148
)
 
(226
)
 
(142
)
Total net liability
$
(254
)
 
$
(161
)
 
$
(226
)
 
$
(155
)

Schedule of unrealized loss included in accumulated other comprehensive income before income taxes
Unrealized loss included in accumulated other comprehensive loss before income taxes was as follows, in millions:
 
At December 31, 2019
 
At December 31, 2018
 
Qualified
 
Non-Qualified
 
Qualified
 
Non-Qualified
Net loss
$
520

 
$
57

 
$
448

 
$
47

Net prior service cost
4

 

 
3

 

Total
$
524

 
$
57

 
$
451

 
$
47


Schedule of information for defined-benefit pension plans with an accumulated benefit obligation in excess of plan assets
Information for defined-benefit pension plans with an accumulated benefit obligation in excess of plan assets was as follows, in millions:
 
At December 31
 
2019
 
2018
 
Qualified
 
Non-Qualified
 
Qualified
 
Non-Qualified
Projected benefit obligation
$
1,019

 
$
161

 
$
882

 
$
155

Accumulated benefit obligation
1,019

 
161

 
882

 
155

Fair value of plan assets
763

 

 
655

 


Schedule of net periodic pension cost for the Company's defined-benefit pension plans Net periodic pension cost for our defined-benefit pension plans was as follows, in millions:
 
2019
 
2018
 
2017
 
Qualified
 
Non-Qualified
 
Qualified
 
Non-Qualified
 
Qualified
 
Non-Qualified
Service cost
$
3

 
$

 
$
3

 
$

 
$
3

 
$

Interest cost
39

 
6

 
36

 
6

 
44

 
6

Expected return on plan assets
(44
)
 

 
(48
)
 

 
(46
)
 

Recognized net loss
18

 
2

 
17

 
3

 
19

 
3

Net periodic pension cost
$
16

 
$
8

 
$
8

 
$
9

 
$
20

 
$
9


Schedule of the Company's qualified defined-benefit pension plan weighted average asset allocation Our qualified defined-benefit pension plan weighted average asset allocation, which is based upon fair value, was as follows:
 
2019
 
2018
Equity securities
41
%
 
34
%
Debt securities
54
%
 
49
%
Other
5
%
 
17
%
Total
100
%
 
100
%

Schedule of qualified defined-benefit pension plan assets at fair value
The following tables set forth, by level within the fair value hierarchy, the qualified defined-benefit pension plan assets at fair value as of December 31, 2019 and 2018, as well as those valued at NAV using the practical expedient, which approximates fair value, in millions.



M. EMPLOYEE RETIREMENT PLANS (Continued)
 
At December 31, 2019
 
Level 1
 
Level 2
 
Level 3
 
Valued at NAV
 
Total
Plan Assets
 
 
 
 
 
 
 
 
 
Common and Preferred Stocks:
 
 
 
 
 
 
 
 
 
United States
$
85

 
$

 
$

 
$
82

 
$
167

International
47

 

 

 
110

 
157

Private Equity and Hedge Funds:
 
 
 
 
 
 
 
 
 
United States

 

 
2

 

 
2

International

 

 
17

 

 
17

Corporate Debt Securities:
 
 
 
 
 
 
 
 
 
United States
74

 

 

 
124

 
198

International

 
1

 

 

 
1

Government and Other Debt Securities:
 
 
 
 
 
 
 
 
 
United States

 
3

 

 
148

 
151

International
29

 
38

 

 

 
67

Common Collective Trust Fund – United States

 
4

 

 

 
4

Buy-in Annuity - International

 
12

 

 

 
12

Short-Term and Other Investments:
 
 
 
 
 
 
 
 
 
United States
2

 

 

 

 
2

International
2

 

 

 

 
2

Total Plan Assets
$
239

 
$
58

 
$
19

 
$
464

 
$
780

 
At December 31, 2018
 
Level 1
 
Level 2
 
Level 3
 
Valued at NAV
 
Total
Plan Assets
 
 
 
 
 
 
 
 
 
Common and Preferred Stocks:
 
 
 
 
 
 
 
 
 
United States
$
81

 
$

 
$

 
$
21

 
$
102

International
37

 

 

 
89

 
126

Private Equity and Hedge Funds:
 
 
 
 
 
 
 
 
 
United States

 

 
32

 

 
32

International

 

 
27

 
34

 
61

Corporate Debt Securities:
 
 
 
 
 
 
 
 
 
United States
34

 

 

 
102

 
136

International

 
1

 

 

 
1

Government and Other Debt Securities:
 
 
 
 
 
 
 
 
 
United States

 
2

 

 
130

 
132

International
29

 
33

 

 

 
62

Common Collective Trust Fund – United States

 
4

 

 

 
4

Buy-in Annuity - International

 
11

 

 

 
11

Short-Term and Other Investments:
 
 
 
 
 
 
 
 
 

United States
1

 

 

 

 
1

International
2

 

 

 

 
2

Total Plan Assets
$
184

 
$
51

 
$
59

 
$
376

 
$
670


Schedule of changes in the fair value of the qualified defined-benefit pension plan level 3 assets
Changes in the fair value of the qualified defined-benefit pension plan Level 3 assets, were as follows, in millions:
 
2019
 
2018
Fair Value, January 1
$
59

 
$
60

Purchases
4

 
6

Sales
(41
)
 
(12
)
Unrealized (losses) gains
(3
)
 
5

Fair Value, December 31
$
19

 
$
59


Schedule of weighted-average major assumptions used in accounting for the Company's defined-benefit pension plans Weighted average major assumptions used in accounting for our defined-benefit pension plans were as follows:
 
2019
 
2018
 
2017
Discount rate for obligations
2.50
%
 
3.80
%
 
3.30
%
Expected return on plan assets
3.00
%
 
7.00
%
 
7.25
%
Rate of compensation increase
%
 
%
 
%
Discount rate for net periodic pension cost
3.80
%
 
3.30
%
 
3.50
%

Schedule of benefits expected to be paid relating to the Company's defined-benefit pension plans
At December 31, 2019, the benefits expected to be paid in each of the next five years, and in aggregate for the five years thereafter, relating to our defined-benefit pension plans, were as follows, in millions:
 
Qualified
Plans
 
Non-Qualified
Plans
2020
$
49

 
$
13

2021
834

 
12

2022
5

 
12

2023
5

 
12

2024
6

 
12

2025 - 2029
32

 
53