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Retirement Plans and Profit Sharing Arrangements (Tables)
12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Schedule of components of net periodic benefit cost
Years Ended December 31,
202120202019
(in millions)
Service cost$45 $45 $44 
Interest cost21 29 36 
Expected return on plan assets(57)(55)(53)
Amortization of prior service credits(2)(2)— 
Amortization of net loss23 15 
Other
Net periodic benefit cost$35 $39 $40 
Reconciliation of changes in benefit obligation
Pension PlansOther Postretirement Plans
2021202020212020
(in millions)
Benefit obligation, January 1$1,271 $1,111 $14 $14 
Service cost45 45 — — 
Interest cost21 29 — — 
Plan change— — — 
Benefits paid(12)(10)(1)(1)
Actuarial (gain) loss16 117 — 
Acquisitions498 — — — 
Settlements(27)(30)— — 
Foreign currency rate changes(4)— — 
Benefit obligation, December 31$1,815 $1,271 $13 $14 
Reconciliation of changes in fair value of assets
Pension Plans
20212020
(in millions)
Fair value of plan assets, January 1$905 $838 
Actual return on plan assets121 67 
Employer contributions14 31 
Benefits paid(12)(10)
Acquisitions586 — 
Settlements(27)(30)
Foreign currency rate changes(4)
Fair value of plan assets, December 31$1,583 $905 
Schedule of amounts recognized in Consolidated Balance Sheets
Pension PlansOther Postretirement Plans
2021202020212020
(in millions)
Benefit liability$(339)$(366)$(13)$(14)
Benefit asset107 — — — 
Net amount recognized$(232)$(366)$(13)$(14)
Schedule of pension plans with benefit obligations in excess of plan assets
December 31,
20212020
(in millions)
Pension plans with accumulated benefit obligations in excess of plan assets
Accumulated benefit obligation$1,769 $1,211 
Fair value of plan assets1,583 905 
Pension plans with projected benefit obligations in excess of plan assets
Projected benefit obligation$1,815 $1,271 
Fair value of plan assets1,583 905 
Schedule of weighted average assumptions used to determine benefit obligations and net periodic benefit cost of pension plans
The weighted average assumptions used to determine benefit obligations were as follows:
Pension PlansOther Postretirement Plans
2021202020212020
Discount rates2.46 %2.16 %2.01 %2.01 %
Rates of increase in compensation levels3.72 3.96 N/AN/A
Interest crediting rates for cash balance plans5.00 5.00 N/AN/A
The weighted average assumptions used to determine net periodic benefit cost of pension plans were as follows:
202120202019
Discount rates2.33 %2.97 %4.00 %
Rates of increase in compensation levels5.21 4.01 4.25 
Expected long-term rates of return on assets6.58 7.14 7.18 
Interest crediting rates for cash balance plans5.00 5.00 5.00 
Schedule of pension plan assets measured at fair value on a recurring basis
Asset CategoryDecember 31, 2021
Level 1Level 2Level 3Total
(in millions)
Equity securities:
U.S. small cap stocks$102 $— $— $102 
Non-U.S. large cap stocks41 — — 41 
Debt securities:
U.S. investment grade bonds45 21 — 66 
Non-U.S. investment grade bonds17 — — 17 
Insurance contracts— — 41 41 
Cash equivalents at NAV20 
(1)
Collective investment funds at NAV984 
(1)
Real estate investment trusts at NAV24 
(1)
Hedge funds at NAV62 
(1)
Pooled pension funds at NAV226 
(1)
Total$205 $21 $41 $1,583 
December 31, 2020
Asset CategoryLevel 1Level 2Level 3Total
(in millions)
Equity securities:
U.S. large cap stocks$119 $— $— $119 
U.S. small cap stocks80 — — 80 
Non-U.S. large cap stocks36 — — 36 
Debt securities:
U.S. investment grade bonds47 21 — 68 
Non-U.S. investment grade bonds18 — — 18 
Cash equivalents at NAV 25 
(1)
Collective investment funds at NAV 289 
(1)
Real estate investment trusts at NAV20 
(1)
Hedge funds at NAV32 
(1)
Pooled pension funds at NAV 218 
(1)
Total $300 $21 $— $905 
(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 pension plan benefit payments to retirees
Pension PlansOther
Postretirement Plans
(in millions)
2022$64 $
202379 
202476 
202579 
202680 
2027-2031451