Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

The following table sets forth the components of retirement plan expense for the years ended December 31, 2019, 2018, and 2017:



	Pension Benefits									Postretirement Benefits
(In millions)	Year Ended December 31									Year Ended December 31
	2019			2018			2017			2019			2018			2017
Retirement plan expense
Defined benefit plans:
Service cost (benefits earned during the period)	$	58		$	66		$	78		$	2		$	2		$	2
Interest cost	82			93			106			5			5			6
Expected return on plan assets	(115		)	(146		)	(145		)	—			—			—
Settlement charges	96			117			—			3			—			—
Curtailments	—			(1		)	—			—			—			—
Amortization of actuarial loss	26			55			65			4			3			4
Amortization of prior service cost (credit)	(19		)	(19		)	(7		)	(15		)	(15		)	(13		)
Net periodic defined benefit plan expense	128			165			97			(1		)	(5		)	(1		)
Defined contribution plans	58			50			57			—			—			—
Total retirement plan expense	$	186		$	215		$	154		$	(1	)	$	(5	)	$	(1	)

Changes In Defined Benefit Obligation And Fair Value Of Defined Benefit Plan Assets

The following tables set forth changes in the defined benefit obligation and the fair value of defined benefit plan assets for the years ended December 31, 2019 and 2018:



	Pension Benefits						Postretirement Benefits
	December 31 2019			December 31 2018			December 31 2019			December 31 2018
	(In millions)						(In millions)
Benefit obligation, beginning	$	2,323		$	3,109		$	144		$	154
Service cost	58			66			2			2
Interest cost	82			93			5			5
Actuarial loss (gain)	363			(278		)	24			(4		)
Employee contributions	2			2			—			—
Curtailments	—			(1		)	—			—
Acquisitions	26			—			3			—
Settlements	35			(528		)	3			—
Benefits paid	(249		)	(99		)	(14		)	(13		)
Plan amendments	(2		)	2			—			—
Foreign currency effects	12			(43		)	—			—
Benefit obligation, ending	$	2,650		$	2,323		$	167		$	144

Fair value of plan assets, beginning	$	1,736		$	2,448		$	—		$	—
Actual return on plan assets	348			(122		)	—			—
Employer contributions	166			66			14			13
Employee contributions	2			2			—			—
Settlements	(10		)	(528		)	—			—
Business combinations	7			—			—			—
Benefits paid	(249		)	(99		)	(14		)	(13		)
Foreign currency effects	18			(31		)	—			—
Fair value of plan assets, ending	$	2,018		$	1,736		$	—		$	—

Funded status	$	(632	)	$	(587	)	$	(167	)	$	(144	)

Prepaid benefit cost	$	38		$	53		$	—		$	—
Accrued benefit liability – current	(18		)	(17		)	(16		)	(13		)
Accrued benefit liability – long-term	(652		)	(623		)	(151		)	(131		)
Net amount recognized in the balance sheet	$	(632	)	$	(587	)	$	(167	)	$	(144	)

Principal Assumptions In Developing Net Periodic Pension Cost

The following table sets forth the principal assumptions used in developing net periodic benefit cost:



	Pension Benefits		Postretirement Benefits
	December 31 2019	December 31 2018	December 31 2019	December 31 2018
Discount rate	3.9%	3.4%	4.3%	3.7%
Expected return on plan assets	6.5%	6.8%	N/A	N/A
Rate of compensation increase	4.9%	4.7%	N/A	N/A

The following table sets forth the principal assumptions used in developing the year-end actuarial present value of the projected benefit obligations:



	Pension Benefits				Postretirement Benefits
	December 31 2019		December 31 2018		December 31 2019	December 31 2018
Discount rate	2.9	%	3.9	%	3.2%	4.3%
Rate of compensation increase	4.9	%	4.9	%	N/A	N/A

Impact Of 1% Change In Assumed Health Care Cost Trend Rates

A 1% change in assumed health care cost trend rates would have the following effects:



	1% Increase		1% Decrease
	(In millions)
Effect on accumulated postretirement benefit obligations	$	5	$	(4	)

Schedule Of Fair Value Of Plan Assets

The following tables set forth, by level within the fair value hierarchy, the fair value of plan assets as of December 31, 2019 and 2018.



	Fair Value Measurements at December 31, 2019
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In millions)
Common stock	$	187	$	—	$	—	$	187
Mutual funds	575		—		—		575
Corporate bonds	—		249		—		249
U.S. Treasury instruments	322		—		—		322
U.S. government agency, state and local government bonds	—		4		—		4
Other	—		9		—		9
Total assets	$	1,084	$	262	$	—	$	1,346

Common collective trust funds at NAV
U.S. equity							391
International equity							281
Total assets at fair value							$	2,018



	Fair Value Measurements at December 31, 2018
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In millions)
Common stock	$	152	$	—	$	—	$	152
Mutual funds	540		—		—		540
Corporate bonds	—		406		—		406
U.S. Treasury instruments	112		—		—		112
U.S. government agency, state and local government bonds	—		31		—		31
Other	—		7		—		7
Total assets	$	804	$	444	$	—	$	1,248

Common collective trust funds at NAV
U.S. equity							351
International equity							137
Total assets at fair value							$	1,736

Actual Asset Allocation For Global Pension Plan Assets

The following table sets forth the actual asset allocation for the Company’s global pension plan assets as of the measurement date:



	December 31 2019⁽¹⁾⁽²⁾	December 31 2018⁽²⁾
Equity securities	53%	48%
Debt securities	36%	40%
Other	11%	12%
Total	100%	100%

⁽¹⁾

The Company’s U.S. pension plans contain approximately 73% of the Company’s global pension plan assets. The actual asset allocation for the Company’s U.S. pension plans as of the measurement date consists of 60% equity securities and 40% debt . The target asset allocation for the Company’s U.S. pension plans is approximately the same as the actual asset allocation. The actual asset allocation for the Company’s foreign pension plans as of the measurement date consists of 35% equity securities, 24% debt securities, and 41% in other investments. The target asset allocation for the Company’s foreign pension plans is approximately the same as the actual asset allocation.


⁽²⁾	The Company’s pension plans did not directly hold any shares of Company common stock as of the December 31, 2019 and 2018 measurement dates.

Expected Future Benefit Payments To Be Paid

The following benefit payments, which reflect expected future service, are expected to be paid by the benefit plans:



	Pension Benefits		Postretirement Benefits
	(In millions)
2020	$	96	$	16
2021	83		15
2022	88		14
2023	93		13
2024	101		13
2025-2029	579		51