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Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Change in Benefit Obligations
The following table sets forth the change in benefit obligation for our pension and postretirement benefit plans.
Pension BenefitsPostretirement Benefits
2020201920202019
Change in benefit obligation:
Benefit obligation, beginning of year$4,963 $4,511 $360 $376 
Service cost30 28 2 1 
Interest cost164 191 11 16 
Actuarial loss (gain)408 593 (8)8 
Curtailment gain(79)— — — 
Benefits paid(324)(360)(58)(59)
Participants’ contributions— — 12 13 
Retiree Medicare drug subsidy— — 3 5 
Benefit obligation, end of year$5,162 $4,963 $322 $360 
Change in Plan Assets
The following table sets forth the change in plan assets for our pension and postretirement benefit plans.
Pension BenefitsPostretirement Benefits
2020201920202019
Change in plan assets:
Fair value of plan assets, beginning of year$3,176 $2,932 $— $1 
Actual return on plan assets429 530 — (1)
Employer contributions66 74 43 41 
Benefits paid(324)(360)(58)(59)
Participants’ contributions— — 12 13 
Retiree Medicare drug subsidy— — 3 5 
Fair value of plan assets, end of year$3,347 $3,176 $— $— 
Funded Status and Amounts Recognized on Consolidated Balance Sheets
The funded status of pension and postretirement benefit obligations and the related amounts recognized on the Consolidated Balance Sheets were as follows:
Pension BenefitsPostretirement Benefits
At December 31,2020201920202019
Funded status at end of year$(1,815)$(1,787)$(322)$(360)
Amounts recognized on the Consolidated Balance Sheets:
Other assets$7 $5 $— $— 
Current liabilities(85)(69)(38)(42)
Noncurrent liabilities(1,737)(1,723)(284)(318)
Net amounts recognized$(1,815)$(1,787)$(322)$(360)
Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
The following amounts were recognized in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets.
Pension BenefitsPostretirement Benefits
At December 31,2020201920202019
Net actuarial (loss) gain$(2,144)$(2,153)$140 $147 
Net prior service cost(1)(3)— (1)
Share of equity investee(2)(2)— — 
(2,147)(2,158)140 146 
Deferred income taxes 560 563 (13)(14)
Net amount recognized in accumulated other
comprehensive income (loss)
$(1,587)$(1,595)$127 $132 
Schedule of Accumulated Benefit Obligations in Excess of Plan Assets
Information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below.
At December 31,20202019
Projected benefit obligation$5,161 $4,962 
Accumulated benefit obligation$5,161 $4,873 
Fair value of plan assets$3,340 $3,170 
Components of Net Periodic Benefit Cost
The following tables present the components of net periodic benefit cost and amounts recognized in other comprehensive income (loss).
Pension BenefitsPostretirement Benefits
Year Ended December 31,202020192018202020192018
Components of net periodic cost:
Service cost$30 $28 $30 $2 $1 $1 
Interest cost164 191 180 11 16 17 
Expected return on plan assets(194)(183)(214)— — — 
Amortization of actuarial losses (gains)103 94 87 (15)(18)(18)
Amortization of prior service cost 2 1 1 1 1 1 
Net periodic cost (a)
$105 $131 $84 $(1)$— $1 
(a) Includes amounts reflected in net earnings from discontinued operations of $5 million for 2020, $6 million for 2019 and $3 million for 2018.
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Pension BenefitsPostretirement Benefits
Year Ended December 31,202020192018202020192018
Other comprehensive income (loss):
Actuarial (loss) gain$(173)$(246)$(179)$8 $(9)$8 
Curtailment gain79 — — — — — 
Amortization of actuarial losses (gains) 103 94 87 (15)(18)(18)
Amortization of prior service cost 2 1 1 1 1 1 
11 (151)(91)(6)(26)(9)
Deferred income taxes(3)37 25 1 5 2 
Recognized in other comprehensive income
(loss), net of tax		$8 $(114)$(66)$(5)$(21)$(7)
Weighted Average Assumptions Used to Determine Benefit Obligations and Net Periodic Costs
Pension BenefitsPostretirement Benefits
202020192018202020192018
Weighted average assumptions used to determine benefit obligations at December 31:
Discount rate2.9 %3.5 %4.5 %2.6 %3.3 %4.4 %
Rate of compensation increase— %3.0 %3.0 %N/AN/AN/A
Weighted average assumptions used to determine net periodic costs for the year ended December 31:
Discount rate3.4 %4.5 %3.8 %3.3 %4.4 %3.9 %
Expected long-term return on plan assets6.4 %6.6 %6.6 %N/AN/A2.0 %
Cash balance interest crediting rate5.0 %5.0 %5.0 %N/AN/AN/A
Rate of compensation increase3.0 %3.0 %3.0 %N/AN/AN/A
N/A - not applicable
Assumptions Regarding Heath Care Cost Trend Rates for Postretirement Benefits
The following additional assumptions were used in accounting for postretirement benefits.
CBSViacom
2020201920202019
Projected health care cost trend rate (pre-65)6.6 %7.0 %6.6 %6.3 %
Projected health care cost trend rate (post-65)6.6 %7.0 %6.6 %5.7 %
Ultimate trend rate5.0 %5.0 %5.0 %4.5 %
Year ultimate trend rate is achieved 2025202520252026
Fair Value of Pension Plan Assets
The following tables set forth our pension plan assets measured at fair value on a recurring basis at December 31, 2020 and 2019. These assets have been categorized according to the three-level fair value hierarchy established by the FASB which prioritizes the inputs used in measuring fair value. Level 1 is based on quoted prices for the asset in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset in inactive markets or quoted prices for similar assets. Level 3 is based on unobservable inputs that market participants would use in pricing the asset. There are no investments categorized as Level 3.
At December 31, 2020Level 1Level 2Total
Cash and cash equivalents (a)
$8 $— $8 
Fixed income securities:
U.S. treasury securities78 — 78 
Government-related securities— 167 167 
Corporate bonds (b)
— 1,634 1,634 
Mortgage-backed and asset-backed securities— 56 56 
Equity securities:
U.S. large capitalization82 — 82 
U.S. small capitalization79 — 79 
Other— 30 30 
Total assets in fair value hierarchy$247 $1,887 $2,134 
Common collective funds measured at net asset value (c) (d)
1,149 
Limited partnerships measured at net asset value (c)
18 
Mutual funds measured at net asset value (c)
46 
Investments, at fair value$3,347 
At December 31, 2019Level 1Level 2Total
Cash and cash equivalents (a)
$1 $34 $35 
Fixed income securities:
U.S. treasury securities83 — 83 
Government-related securities— 171 171 
Corporate bonds (b)
— 1,562 1,562 
Mortgage-backed and asset-backed securities— 98 98 
Equity securities:
U.S. large capitalization113 — 113 
U.S. small capitalization40 — 40 
Other— 25 25 
Total assets in fair value hierarchy$237 $1,890 $2,127 
Common collective funds measured at net asset value (c) (d)
978 
Limited partnerships measured at net asset value (c)
23 
Mutual funds measured at net asset value (c)
48 
Investments, at fair value$3,176 
(a)  Assets categorized as Level 2 reflect investments in money market funds.
(b)  Securities of diverse sectors and industries, substantially all investment grade.
(c)  In accordance with FASB guidance investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.
(d)  Underlying investments consist mainly of U.S. large capitalization and international equity securities.
Estimated Future Benefit Payments
Estimated future benefit payments are as follows: 
202120222023202420252026-2030
Pension$464 $311 $305 $305 $305 $1,450 
Postretirement$39 $36 $34 $31 $28 $106 
Retiree Medicare drug subsidy$5 $5 $4 $4 $4 $18 
Participation in Multi-employer Defined Benefit Pension Plan
The table below presents information concerning our participation in multiemployer defined benefit pension plans.
Employer Identification Number/Pension Plan NumberPension
Protection Act		Company ContributionsExpiration Date of Collective Bargaining Agreement
Zone Status (a)
Pension Plan20202019202020192018
AFTRA Retirement Plan (b)
13-6414972-001GreenGreen$13 $12 $11 (c)
Directors Guild of America - Producer 95-2892780-001GreenGreen16 19 15 6/30/2020
Producer-Writers Guild of America95-2216351-001GreenGreen22 26 25 5/1/2020
Screen Actors Guild - Producers95-2110997-001GreenGreen24 43 36 6/30/2020
Motion Picture Industry95-1810805-001GreenGreen35 43 42 (d)
I.A.T.S.E. Local No. 33 Pension Trust Fund (e)
95-6377503-001GreenGreen3 5 10 12/31/2022
Other Plans7 16 12 
Total contributions$120 $164 $151 
(a) The Zone status for each individual plan listed was certified by each plan’s actuary as of the beginning of the plan years for 2020 and 2019. The plan year is the twelve months ending December 31 for each plan listed above except AFTRA Retirement Plan which has a plan year ending November 30.
(b) The Company was listed in AFTRA Retirement Plan’s Form 5500 as providing more than 5% of total contributions for the plan year ended November 30, 2019.
(c) The expiration dates range from June 30, 2020 through June 30, 2021.
(d) The expiration dates range from May 15, 2021 through March 2, 2022.
(e) The Company was listed in I.A.T.S.E. Local No. 33 Pension Trust Fund’s Form 5500 as providing more than 5% of total contributions for the plan year ended December 31, 2019.