XML 59 R44.htm IDEA: XBRL DOCUMENT v3.20.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Schedule of Changes in Projected Benefit Obligations [Table Text Block]
A December 31 measurement date is used for all of the defined benefit and postretirement plans. The status of these plans as of December 31, 2020 and 2019 is summarized below (dollars in millions):
 December 31,
 Pension BenefitsOther Benefits
 2020201920202019
Change in benefit obligation:
Benefit obligation at beginning of year$220 $179 $87 $67 
Service cost14 13 3 3 
Interest cost6 7 2 3 
Participant contributions— — — — 
Actuarial (gains) losses25 28 (9)15 
Benefits paid(12)(8)(2)(1)
Foreign exchange translations and other adjustments1 1 — — 
Benefit obligation at end of year$254 $220 $81 $87 
Schedule of Changes in Fair Value of Plan Assets [Table Text Block]
 December 31,
 Pension BenefitsOther Benefits
 2020201920202019
Change in plan assets:
Fair value of plan assets at beginning of year$133 $103 $— $— 
Actual return on plan assets18 21 — — 
Employer contributions18 17 2 1 
Participant contributions— — — — 
Benefits paid and expenses(12)(8)(2)(1)
Fair value of plan assets at end of year$157 $133 $— $— 
Funded status at end of year$(97)$(87)$(81)$(87)
Schedule of Net Funded Status [Table Text Block]
 December 31,
 Qualified Plans
Non-Qualified Plans(1)
Total
 202020192020201920202019
Aggregate fair value of plan assets$157 $133 $— $— $157 $133 
Aggregate projected benefit obligations160 139 94 81 254 220 
Under funded$(3)$(6)$(94)$(81)$(97)$(87)
(1)For non-qualified plans, there are no required funding levels.
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
 December 31,
 Pension BenefitsOther Benefits
 2020201920202019
Amounts recognized in accumulated other comprehensive income:
Net actuarial loss$71 $59 $29 $39 
Net prior service cost (credit)— — (8)(9)
Total$71 $59 $21 $30 
Schedule Of Projected Benefit Obligations In Excess Of Fair Value Of Plan Assets [Table Text Block]
The following table presents information for qualified and non-qualified pension plans with a projected benefit obligation in excess of plan assets as of December 31, 2020 and 2019 (dollars in millions):
 20202019
Projected benefit obligation$254 $220 
Fair value of plan assets157 133 
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block]
The following table presents information for pension plans with an accumulated benefit obligation in excess of plan assets as of December 31, 2020 and 2019 (dollars in millions):
20202019
Accumulated benefit obligation$243 $212 
Fair value of plan assets157 133 
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
The components of net periodic benefit cost, included in other operating expenses on the consolidated statements of income, and other changes in plan assets and benefit obligations recognized in other comprehensive income were as follows (dollars in millions):
  
Pension BenefitsOther Benefits
 202020192018202020192018
Net periodic benefit cost:
Service cost$14 $13 $13 $3 $3 $3 
Interest cost6 7 5 2 3 2 
Expected return on plan assets(9)(7)(8)— — — 
Amortization of net actuarial losses5 4 4 2 1 2 
Amortization of prior service cost (credit)— — — (1)(1)(1)
Settlements— — — — — — 
Net periodic benefit cost16 17 14 6 6 6 
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial (gains) losses17 14 13 (8)14 (7)
Amortization of net actuarial (losses)(5)(4)(4)(2)(1)(2)
Amortization of prior service (cost) credit— — — 1 1 1 
Settlements— — — — — — 
Foreign exchange translations and other adjustments— — — — — — 
Total recognized in other comprehensive income12 10 9 (9)14 (8)
Total recognized in net periodic benefit cost and other comprehensive income$28 $27 $23 $(3)$20 $(2)
Schedule of Expected Benefit Payments [Table Text Block]
The following benefit payments, which reflect expected future service as appropriate, are expected to be paid (dollars in millions):
Pension Benefits    Other Benefits    
2021$11 $2 
202214 2 
202314 2 
202415 2 
202516 3 
2026-203092 18 
Defined Benefit Plan, Assumptions [Table Text Block]
Weighted average assumptions used to determine the accumulated benefit obligation and net benefit cost or income were as follows:
 Pension BenefitsOther Benefits
 202020192018202020192018
Discount rate used to determine benefit obligation2.22 %3.05 %4.02 %2.41 %3.17 %4.17 %
Discount rate used to determine net benefit cost or income3.03 %4.03 %3.41 %3.17 %4.17 %3.56 %
Expected long-term rate of return on plan assets7.00 %7.00 %7.35 %— %— %— %
Rate of compensation increases4.69 %4.61 %4.17 %— %— %— %
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block]
The assumed health care cost trend rates used in measuring the accumulated non-pension post-retirement benefit obligation were as follows:
 As of December 31,
 20202019
Health care cost trend rates assumed for next year7.00 %8.00 %
Ultimate cost trend rate4.50 %4.50 %
Year that the rate reaches the ultimate trend rate20262026
Schedule of Allocation of Plan Assets [Table Text Block]
The fair values of the Company’s qualified pension plan assets as of December 31, 2020 and 2019 are summarized below (dollars in millions):
  
December 31, 2020
  Fair Value Measurement Using:
 TotalLevel 1Level 2Level 3
Mutual Funds(1)
$157 $157 $— $— 
Cash— — — — 
Total$157 $157 $— $— 
(1)Mutual funds were invested 27% in U.S. equity funds, 39% in U.S. fixed income funds, 18% in non-U.S. equity funds and 16% in other.
  
December 31, 2019
  Fair Value Measurement Using:
 TotalLevel 1Level 2Level 3
Mutual Funds(2)
$133 $133 $— $— 
Cash— — — — 
Total$133 $133 $— $— 
(2)Mutual funds were invested 27% in U.S. equity funds, 39% in U.S. fixed income funds, 18% in non-U.S. equity funds and 16% in other.