Pensions and Other Post-Retirement Benefit Plans (Notes)

12 Months Ended

Dec. 31, 2018

Pension, Other Post-Retirement Benefits and Employee Benefit Plans. [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

Pension and Other Post-Retirement Benefit Plans.

Pension and other post-retirement benefit plan costs and obligations are primarily within our Food Packaging segment. Pension plans and other post-retirement benefit plans for other segments are not material and are not included in our disclosures below.

Viskase sponsors several defined benefit pension plans, including defined contribution plans, varying by country and subsidiary. Additionally, Viskase sponsors health care and life insurance benefits for certain employees and retirees around the world. The pension benefits are funded based on the funding requirements of federal and international laws and regulations, as applicable, in advance of benefit payments and the other benefits are funded as benefits are provided to participating employees.

Components of net periodic benefit cost (credit) are as follows:

	U.S. and Non-U.S. Pension Benefits
	Year Ended December 31,
	2018			2017			2016
	(in millions)
Service cost	$	1		$	1		$	1
Interest cost	6			7			7
Expected return on plan assets	(6		)	(8		)	(8		)
Amortization of actuarial losses	1			5			4
Settlement loss recognized	7			—			—
	$	9		$	5		$	4

The following table provides disclosures for Viskase's benefit obligations, plan assets, funded status, and recognition in the consolidated balance sheets. As pension costs for Viskase are not material to our consolidated financial position and results of operations, we do not provide information regarding their inputs and valuation assumptions.

	U.S and Non-U.S. Pension Benefits
	2018			2017
	(in millions)
Change in benefit obligation:
Benefit obligation, beginning of year	$	187		$	164
Service cost	1			1
Interest cost	6			7
Benefits paid	(8		)	(10		)
Actuarial (gain) loss	(11		)	9
Plan settlements	(28		)	—
Increase due to acquisitions	—			15
Currency translation	(1		)	1
Benefit obligation, end of year	146			187
Change in plan assets:
Fair value of plan assets, beginning of year	115			110
Actual return on plan assets	(6		)	15
Employer contributions	3			—
Plan settlements	(28		)	—
Benefits paid	(7		)	(10		)
Fair value of plan assets, end of year	77			115
Funded status of the plan and amounts recognized in the consolidated balance sheets	$	(69	)	$	(72	)
Amounts recognized in accumulated other comprehensive loss, inclusive of tax impacts	$	(45	)	$	(50	)

Defined Benefit Plans Measured at Fair Value on a Recurring Basis

The following table presents Viskase's defined benefit plan assets measured at fair value on a recurring basis:

	December 31, 2018						December 31, 2017
	Level 1		Level 2		Total		Level 1		Level 2		Total
	(in millions)
U.S. and Non-U.S. Plans:
Cash and cash equivalents	$	3	$	—	$	3	$	4	$	—	$	4
Government debt securities	1		2		3		1		3		4
Exchange traded funds	16		—		16		26		—		26
Mutual funds	22		2		24		36		3		39
Common stock	21		—		21		33		—		33
	$	63	$	4	$	67	$	100	$	6	$	106
Investments measured at net asset value					10						9
Plan assets measured at fair value					$	77					$	115