Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

The following table sets forth the components of retirement plan expense for the years ended December 31, 2020, 2019, and 2018:


	Pension Benefits						Postretirement Benefits
(In millions)	Year Ended December 31						Year Ended December 31
	2020		2019		2018		2020		2019		2018
Retirement plan expense
Defined benefit plans:
Service cost (benefits earned during the period)	$	61	$	58	$	66	$	1	$	2	$	2
Interest cost	70		82		93		4		5		5
Expected return on plan assets	(126)		(115)		(146)		—		—		—
Settlement charges	—		96		117		—		3		—

Curtailments	—		—		(1)		—		—		—
Amortization of actuarial loss	38		26		55		6		4		3
Amortization of prior service cost (credit)	(19)		(19)		(19)		(13)		(15)		(15)
Net periodic defined benefit plan expense	24		128		165		(2)		(1)		(5)
Defined contribution plans	54		58		50		—		—		—
Total retirement plan expense	$	78	$	186	$	215	$	(2)	$	(1)	$	(5)

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, 2020 and 2019:


	Pension Benefits				Postretirement Benefits
	December 31 2020		December 31 2019		December 31 2020		December 31 2019
	(In millions)				(In millions)
Benefit obligation, beginning	$	2,650	$	2,323	$	167	$	144
Service cost	61		58		1		2
Interest cost	70		82		4		5
Actuarial loss (gain)	285		363		17		24
Employee contributions	2		2		—		—

Business combinations	—		26		—		3
Settlements	(17)		35		—		3


Benefits paid	(84)		(249)		(14)		(14)
Plan amendments	—		(2)		—		—

Foreign currency effects	47		12		(2)		—
Benefit obligation, ending	$	3,014	$	2,650	$	173	$	167

Fair value of plan assets, beginning	$	2,018	$	1,736	$	—	$	—
Actual return on plan assets	317		348		—		—
Employer contributions	85		166		14		14
Employee contributions	2		2		—		—
Settlements	(18)		(10)		—		—
Business combinations	—		7		—		—

Benefits paid	(84)		(249)		(14)		(14)

Foreign currency effects	17		18		—		—
Fair value of plan assets, ending	$	2,337	$	2,018	$	—	$	—

Funded status	$	(677)	$	(632)	$	(173)	$	(167)

Prepaid benefit cost	$	29	$	38	$	—	$	—
Accrued benefit liability – current	(19)		(18)		(16)		(16)
Accrued benefit liability – long-term	(687)		(652)		(157)		(151)
Net amount recognized in the balance sheet	$	(677)	$	(632)	$	(173)	$	(167)

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
2020

December 31
2019

December 31
2020

December 31
2019

Discount rate

2.9%

3.9%

3.2%

4.3%

Expected return on plan assets

6.6%

6.5%

N/A

Rate of compensation increase

4.9%

N/A

Interest crediting rate

2.2%

3.3%

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 2020		December 31 2019		December 31 2020	December 31 2019
Discount rate	2.3	%	2.9	%	2.3%	3.2%
Rate of compensation increase	4.8	%	4.9	%	N/A	N/A
Interest crediting rate	2.0	%	2.2	%	N/A	N/A

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, 2020 and 2019.


	Fair Value Measurements at December 31, 2020
	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	$	251	$	—	$	—	$	251


Mutual funds	666		—		—		666









Corporate bonds	—		328		—		328
U.S. Treasury instruments	345		—		—		345
U.S. government agency, state and local government bonds	—		4		—		4
Other	—		9		—		9
Total assets	$	1,262	$	341	$	—	$	1,603

Common collective trust funds at NAV
U.S. equity							418
International equity							316
Total assets at fair value							$	2,337


	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

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 2020(1)(2)	December 31 2019(2)
Equity securities	54%	53%
Debt securities	35%	36%
Other	11%	11%
Total	100%	100%

(1)The Company’s U.S. pension plans contain approximately 75% 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 36% equity securities, 20% debt securities, and 44% 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, 2020 and 2019 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)
2021	$	84	$	16
2022	90		15
2023	96		14
2024	101		14
2025	108		13
2026-2030	620		50