Retirement Plans and Profit Sharing Arrangements (Tables)

12 Months Ended

Dec. 31, 2020

Defined Benefit Plans

Reconciliation of the changes in the defined postretirement benefit plan obligation [Table Text Block]

The following table provides a reconciliation of changes in the benefit obligation:

	Pension Plans				Other Postretirement Plans
	2020		2019		2020		2019
	(in millions)
Benefit obligation, January 1	$	1,111	$	967	$	14	$	14
Service cost	45		44		—		—
Interest cost	29		36		—		—
Plan change	—		(15)		—		—
Benefits paid	(10)		(9)		(1)		(1)
Actuarial (gain) loss	117		131		1		1
Curtailments	—		(7)		—		—
Settlements	(30)		(42)		—		—
Foreign currency rate changes	9		6		—		—
Benefit obligation, December 31	$	1,271	$	1,111	$	14	$	14

Schedule of amounts recognized in the Consolidated Balance Sheets [Table Text Block]

The following table provides the amounts recognized in the Consolidated Balance Sheets as of December 31, which equal the funded status of the plans:

	Pension Plans				Other Postretirement Plans
	2020		2019		2020		2019
	(in millions)
Benefit liability	$	(366)	$	(278)	$	(14)	$	(14)
Benefit asset	—		5		—		—
Net amount recognized	$	(366)	$	(273)	$	(14)	$	(14)

Accumulated benefit obligations in excess of the fair value of plan assets [Table Text Block]

The following table provides information for pension plans with benefit obligations in excess of plan assets:

	December 31,
	2020		2019
	(in millions)
Pension plans with accumulated benefit obligations in excess of plan assets
Accumulated benefit obligation	$	1,211	$	875
Fair value of plan assets	905		644
Pension plans with projected benefit obligations in excess of plan assets
Projected benefit obligation	$	1,271	$	922
Fair value of plan assets	905		644

Schedule of weighted average assumptions used to determine benefit obligations [Table Text Block]

The weighted average assumptions used to determine benefit obligations were as follows:

	Pension Plans				Other Postretirement Plans
	2020		2019		2020		2019
Discount rates	2.16	%	2.97	%	2.01	%	2.99	%
Rates of increase in compensation levels	3.96		4.01		N/A		N/A
Interest crediting rates for cash balance plans	5.00		5.00		N/A		N/A

Defined Benefit Plan, Assumptions [Table Text Block]

The weighted average assumptions used to determine net periodic benefit cost of pension plans were as follows:

	2020		2019		2018
Discount rates	2.97	%	4.00	%	3.30	%
Rates of increase in compensation levels	4.01		4.25		4.29
Expected long-term rates of return on assets	7.14		7.18		7.11
Interest crediting rates for cash balance plans	5.00		5.00		5.00

Schedule of pension plan assets measured at fair value on a recurring basis [Table Text Block]

The following tables present the Company’s pension plan assets measured at fair value on a recurring basis:

Asset Category	December 31, 2020
	Level 1		Level 2		Level 3		Total
	(in millions)
Equity securities:
U.S. large cap stocks	$	119	$	—	$	—	$	119
U.S. small cap stocks	80		—		—		80
Non-U.S. large cap stocks	36		—		—		36
Debt securities:
U.S. investment grade bonds	47		21		—		68
Non-U.S. investment grade bonds	18		—		—		18
Cash equivalents at NAV							25		(1)
Collective investment funds at NAV							289		(1)
Real estate investment trusts at NAV							20		(1)
Hedge funds at NAV							32		(1)
Pooled pension funds at NAV							218		(1)
Total	$	300	$	21	$	—	$	905

	December 31, 2019
Asset Category	Level 1		Level 2		Level 3		Total
	(in millions)
Equity securities:
U.S. large cap stocks	$	119	$	—	$	—	$	119
U.S. small cap stocks	91		—		—		91
Non-U.S. large cap stocks	32		—		—		32
Debt securities:
U.S. investment grade bonds	43		24		—		67
U.S. high yield bonds	6		—		—		6
Non-U.S. investment grade bonds	16		—		—		16
Cash equivalents at NAV							30		(1)
Collective investment funds at NAV							232		(1)
Real estate investment trusts at NAV							20		(1)
Hedge funds at NAV							29		(1)
Pooled pension funds at NAV							196		(1)
Total	$	307	$	24	$	—	$	838

(1) Amounts are comprised of certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy.

Schedule of expected benefit payments to retirees under retirement plans [Table Text Block]

The Company’s pension plans expect to make benefit payments to retirees as follows:

	Pension Plans		Other Postretirement Plans
	(in millions)
2021	$	104	$	1
2022	68		1
2023	79		1
2024	74		1
2025	74		1
2026-2028	389		5

Pension Plans [Member]

Defined Benefit Plans

Schedule of components of net periodic pension cost [Table Text Block]

All components of the net periodic benefit cost are recorded in general and administrative expense and were as follows:

	Years Ended December 31,
	2020		2019		2018
	(in millions)
Service cost	$	45	$	44	$	48
Interest cost	29		36		30
Expected return on plan assets	(55)		(53)		(48)
Amortization of prior service costs	(2)		—		—
Amortization of net loss	15		5		11
Other	7		8		5
Net periodic benefit cost	$	39	$	40	$	46

Reconciliation of the changes in the fair value of plan assets for the pension plans [Table Text Block]

The following table provides a reconciliation of changes in the fair value of assets:

	Pension Plans
	2020		2019
	(in millions)
Fair value of plan assets, January 1	$	838	$	728
Actual return on plan assets	67		130
Employer contributions	31		24
Benefits paid	(10)		(9)
Settlements	(30)		(42)
Foreign currency rate changes	9		7
Fair value of plan assets, December 31	$	905	$	838