Pension and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

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.