Pension and Other Postretirement Benefit Plans (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
Retirement Benefits [Abstract] |
|
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] |
The following table provides a reconciliation of benefit obligations and plan assets of the company’s domestic and non-U.S. pension plans and postretirement benefit plans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Domestic Pension Benefits | | | | Non-U.S. Pension Benefits | | | | Postretirement Benefits | | | (In millions) | | 2019 | | 2018 | | 2019 | | 2018 | | 2019 | | 2018 | | | | | | | | | | | | | | Change in Projected Benefit Obligations | | | | | | | | | | | | | Benefit Obligation at Beginning of Year | | $ | 1,179 | | | $ | 1,300 | | | $ | 1,193 | | | $ | 1,324 | | | $ | 50 | | | $ | 63 | | Business combinations/divestiture | | — | | | 8 | | | (23) | | | — | | | — | | | 1 | | Service costs | | — | | | — | | | 23 | | | 26 | | | 1 | | | 1 | | Interest costs | | 45 | | | 41 | | | 24 | | | 23 | | | 2 | | | 2 | | Settlements | | — | | | — | | | (34) | | | (33) | | | — | | | — | | Plan participants' contributions | | — | | | — | | | 5 | | | 5 | | | — | | | — | | Actuarial (gains) losses | | 156 | | | (87) | | | 136 | | | (48) | | | 3 | | | (8) | | Benefits paid | | (78) | | | (83) | | | (27) | | | (34) | | | (2) | | | (2) | | Currency translation and other | | — | | | — | | | 6 | | | (70) | | | 1 | | | (7) | | | | | | | | | | | | | | | Benefit Obligation at End of Year | | $ | 1,302 | | | $ | 1,179 | | | $ | 1,303 | | | $ | 1,193 | | | $ | 55 | | | $ | 50 | | | | | | | | | | | | | | | Change in Fair Value of Plan Assets | | | | | | | | | | | | | Fair Value of Plan Assets at Beginning of Year | | $ | 1,091 | | | $ | 1,181 | | | $ | 932 | | | $ | 1,011 | | | $ | 8 | | | $ | 9 | | Business combinations/divestiture | | — | | | 7 | | | (15) | | | — | | | — | | | — | | Actual return on plan assets | | 183 | | | (49) | | | 60 | | | (21) | | | 2 | | | (1) | | Employer contribution | | 5 | | | 35 | | | 43 | | | 56 | | | 2 | | | 2 | | Settlements | | — | | | — | | | (34) | | | (33) | | | — | | | — | | Plan participants' contributions | | — | | | — | | | 5 | | | 5 | | | — | | | — | | Benefits paid | | (78) | | | (83) | | | (27) | | | (34) | | | (2) | | | (2) | | Currency translation and other | | — | | | — | | | 22 | | | (52) | | | — | | | — | | | | | | | | | | | | | | | Fair Value of Plan Assets at End of Year | | $ | 1,201 | | | $ | 1,091 | | | $ | 986 | | | $ | 932 | | | $ | 10 | | | $ | 8 | | | | | | | | | | | | | | | Funded Status | | $ | (101) | | | $ | (88) | | | $ | (317) | | | $ | (261) | | | $ | (45) | | | $ | (42) | | | | | | | | | | | | | | | Accumulated Benefit Obligation | | $ | 1,302 | | | $ | 1,179 | | | $ | 1,238 | | | $ | 1,136 | | | | | | | | | | | | | | | | | | | Amounts Recognized in Balance Sheet | | | | | | | | | | | | | Noncurrent assets | | $ | — | | | $ | — | | | $ | 97 | | | $ | 106 | | | $ | 9 | | | $ | 8 | | Current liability | | (6) | | | (6) | | | (8) | | | (8) | | | (3) | | | (3) | | Noncurrent liabilities | | (95) | | | (82) | | | (406) | | | (359) | | | (51) | | | (47) | | | | | | | | | | | | | | | Net amount recognized | | $ | (101) | | | $ | (88) | | | $ | (317) | | | $ | (261) | | | $ | (45) | | | $ | (42) | | | | | | | | | | | | | | | Amounts Recognized in Accumulated Other Comprehensive Items | | | | | | | | | | | | | Net actuarial loss | | $ | 195 | | | $ | 168 | | | $ | 200 | | | $ | 106 | | | $ | 5 | | | $ | 4 | | Prior service credits | | — | | | — | | | (3) | | | 5 | | | (5) | | | (5) | | | | | | | | | | | | | | | Net amount recognized | | $ | 195 | | | $ | 168 | | | $ | 197 | | | $ | 111 | | | $ | — | | | $ | (1) | |
|
Defined Benefit Plan, Assumptions [Table Text Block] |
The actuarial assumptions used to compute the funded status for the plans are based upon information available as of December 31, 2019 and 2018 and are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Domestic Pension Benefits | | | | Non-U.S. Pension Benefits | | | | Postretirement Benefits | | | | | 2019 | | 2018 | | 2019 | | 2018 | | 2019 | | 2018 | | | | | | | | | | | | | | Weighted Average Assumptions Used to Determine Projected Benefit Obligations | | | | | | | | | | | | | Discount rate | | 3.12 | % | | 4.21 | % | | 1.60 | % | | 2.34 | % | | 2.86 | % | | 3.81 | % | Average rate of increase in employee compensation | | N/A | | | N/A | | | 2.27 | % | | 2.47 | % | | N/A | | | N/A | | Initial healthcare cost trend rate | | | | | | | | | | 5.98 | % | | 6.35 | % | Ultimate healthcare cost trend rate | | | | | | | | | | 4.48 | % | | 4.89 | % |
The actuarial assumptions used to compute the net periodic pension benefit cost (income) are based upon information available as of the beginning of the year, as presented in the following table: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Domestic Pension Benefits | | | | | | Non-U.S. Pension Benefits | | | | | | | 2019 | | 2018 | | 2017 | | 2019 | | 2018 | | 2017 | | | | | | | | | | | | | | Weighted Average Assumptions Used to Determine Net Benefit Cost (Income) | | | | | | | | | | | | | Discount rate | | 4.22 | % | | 3.54 | % | | 4.06 | % | | 2.34 | % | | 2.10 | % | | 1.95 | % | Average rate of increase in employee compensation | | N/A | | | N/A | | | N/A | | | 2.47 | % | | 2.59 | % | | 3.10 | % | Expected long-term rate of return on assets | | 5.76 | % | | 5.75 | % | | 6.50 | % | | 3.25 | % | | 3.31 | % | | 3.11 | % |
|
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block] |
The projected benefit obligation and fair value of plan assets for the company’s qualified and non-qualified pension plans with projected benefit obligations in excess of plan assets are as follows: | | | | | | | | | | | | | | | | | Pension Plans | | | (In millions) | | 2019 | | 2018 | | | | | | Pension Plans with Projected Benefit Obligations in Excess of Plan Assets | | | | | Projected benefit obligation | | $ | 2,072 | | | $ | 1,876 | | Fair value of plan assets | | 1,557 | | | 1,421 | |
|
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] |
The accumulated benefit obligation and fair value of plan assets for the company's qualified and non-qualified pension plans with accumulated benefit obligations in excess of plan assets are as follows: | | | | | | | | | | | | | | | | | Pension Plans | | | (In millions) | | 2019 | | 2018 | | | | | | Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | | | | | Accumulated benefit obligation | | $ | 1,976 | | | $ | 1,792 | | Fair value of plan assets | | 1,525 | | | 1,393 | |
|
Schedule of Net Benefit Costs [Table Text Block] |
The net periodic pension benefit cost (income) includes the following components: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Domestic Pension Benefits | | | | | | Non-U.S. Pension Benefits | | | | | (In millions) | | 2019 | | 2018 | | 2017 | | 2019 | | 2018 | | 2017 | | | | | | | | | | | | | | Components of Net Benefit Cost (Income) | | | | | | | | | | | | | Service cost-benefits earned | | $ | — | | | $ | — | | | $ | — | | | $ | 23 | | | $ | 26 | | | $ | 26 | | Interest cost on benefit obligation | | 45 | | | 41 | | | 43 | | | 24 | | | 23 | | | 21 | | Expected return on plan assets | | (55) | | | (55) | | | (56) | | | (30) | | | (32) | | | (29) | | Amortization of actuarial net loss | | 2 | | | 3 | | | 2 | | | 6 | | | 7 | | | 9 | | Amortization of prior service benefit | | — | | | — | | | — | | | (1) | | | — | | | — | | Settlement/curtailment loss | | — | | | — | | | 1 | | | 4 | | | 7 | | | 5 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net periodic benefit cost (income) | | $ | (8) | | | $ | (11) | | | $ | (10) | | | $ | 26 | | | $ | 31 | | | $ | 32 | |
|
Schedule of Expected Benefit Payments [Table Text Block] |
Estimated future benefit payments during the next five years and in the aggregate for the five fiscal years thereafter, are as follows: | | | | | | | | | | | | | | | | | | | | | (In millions) | | Domestic Pension Benefits | | Non-U.S. Pension Benefits | | Post- retirement Benefits | | | | | | | | Expected Benefit Payments | | | | | | | 2020 | | $ | 90 | | | $ | 34 | | | $ | 2 | | 2021 | | 90 | | | 37 | | | 2 | | 2022 | | 87 | | | 38 | | | 2 | | 2023 | | 86 | | | 41 | | | 2 | | 2024 | | 85 | | | 45 | | | 2 | | 2025-2029 | | 390 | | | 250 | | | 8 | |
|
Schedule of Allocation of Plan Assets [Table Text Block] |
The fair values of the company’s plan assets at December 31, 2019 and 2018, by asset category are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, | | Quoted Prices in Active Markets | | Significant Other Observable Inputs | | Significant Unobservable Inputs | | Not Subject to Leveling (1) | (In millions) | | 2019 | | (Level 1) | | (Level 2) | | (Level 3) | | | | | | | | | | | | | | Domestic Pension Plan Assets | | | | | | | | | | | U.S. equity funds | | $ | 122 | | | $ | — | | | $ | — | | | $ | — | | | $ | 122 | | International equity funds | | 116 | | | — | | | — | | | — | | | 116 | | Fixed income funds | | 951 | | | — | | | — | | | — | | | 951 | | | | | | | | | | | | | Money market funds | | 12 | | | — | | | — | | | — | | | 12 | | | | | | | | | | | | | Total Domestic Pension Plans | | $ | 1,201 | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,201 | | | | | | | | | | | | | Non-U.S. Pension Plan Assets | | | | | | | | | | | Equity funds | | $ | 37 | | | $ | — | | | $ | — | | | $ | — | | | $ | 37 | | Fixed income funds | | 430 | | | — | | | — | | | — | | | 430 | | Hedge funds | | 61 | | | — | | | — | | | — | | | 61 | | Multi-asset funds | | 76 | | | — | | | — | | | — | | | 76 | | Derivative funds | | 129 | | | — | | | — | | | — | | | 129 | | Alternative investments | | 4 | | | — | | | — | | | — | | | 4 | | Insurance contracts | | 237 | | | — | | | 237 | | | — | | | — | | Cash / money market funds | | 12 | | | 9 | | | — | | | — | | | 3 | | | | | | | | | | | | | Total Non-U.S. Pension Plans | | $ | 986 | | | $ | 9 | | | $ | 237 | | | $ | — | | | $ | 740 | | (1) Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, | | Quoted Prices in Active Markets | | Significant Other Observable Inputs | | Significant Unobservable Inputs | | Not Subject to Leveling (1) | (In millions) | | 2018 | | (Level 1) | | (Level 2) | | (Level 3) | | | | | | | | | | | | | | Domestic Pension Plan Assets | | | | | | | | | | | U.S. equity funds | | $ | 104 | | | $ | — | | | $ | — | | | $ | — | | | $ | 104 | | International equity funds | | 103 | | | — | | | — | | | — | | | 103 | | Fixed income funds | | 868 | | | — | | | — | | | — | | | 868 | | | | | | | | | | | | | Money market funds | | 16 | | | — | | | — | | | — | | | 16 | | | | | | | | | | | | | Total Domestic Pension Plans | | $ | 1,091 | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,091 | | | | | | | | | | | | | Non-U.S. Pension Plan Assets | | | | | | | | | | | Equity funds | | $ | 43 | | | $ | — | | | $ | — | | | $ | — | | | $ | 43 | | Fixed income funds | | 299 | | | — | | | — | | | — | | | 299 | | Hedge funds | | 61 | | | — | | | — | | | — | | | 61 | | Multi-asset funds | | 97 | | | — | | | — | | | — | | | 97 | | Derivative funds | | 169 | | | — | | | — | | | — | | | 169 | | Alternative investments | | 20 | | | — | | | — | | | — | | | 20 | | Insurance contracts | | 237 | | | — | | | 237 | | | — | | | — | | Cash / money market funds | | 6 | | | 5 | | | — | | | — | | | 1 | | | | | | | | | | | | | Total Non-U.S. Pension Plans | | $ | 932 | | | $ | 5 | | | $ | 237 | | | $ | — | | | $ | 690 | | (1) Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. | | | | | | | | | | |
|