XML 53 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2017
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of amounts recognized in the consolidated balance sheets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Plans

 

Non-U.S. Plans

 

(in millions)

 

2017

 

2016

 

2017

 

2016

 

Non-current asset

 

$

23

 

$

12

 

$

37

 

$

29

 

Current liabilities

 

 

(2)

 

 

(1)

 

 

(1)

 

 

(1)

 

Non-current liabilities

 

 

(10)

 

 

(10)

 

 

(49)

 

 

(40)

 

Net asset (liability) recognized

 

$

11

 

$

 1

 

$

(13)

 

$

(12)

 

 

Schedule of amounts recognized in accumulated other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Plans

 

Non-U.S. Plans

 

(in millions)

 

2017

 

2016

 

2017

 

2016

 

Net actuarial loss

 

$

21

 

$

28

 

$

55

 

$

52

 

Transition obligation

 

 

 

 

 

 

 1

 

 

 1

 

Prior service credit

 

 

(6)

 

 

(6)

 

 

(1)

 

 

(1)

 

Net amount recognized

 

$

15

 

$

22

 

$

55

 

$

52

 

 

Schedule of plan obligations and assets for plans with an accumulated benefit obligation in excess of plan assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Plans

 

Non-U.S. Plans

 

(in millions)

 

2017

 

2016

 

2017

 

2016

 

Projected benefit obligation

 

$

12

 

$

11

 

$

51

 

$

43

 

Accumulated benefit obligation

 

 

11

 

 

10

 

 

41

 

 

36

 

Fair value of plan assets

 

 

 

 

 

 

 2

 

 

 2

 

 

Components of net periodic benefit cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 

 

 

 

 

U.S. Plans

 

Non-U.S. Plans

 

 (in millions)

 

 

2017

 

2016

 

2015

 

2017

 

2016

 

2015

 

Service cost

 

 

$

 6

 

$

 6

 

$

 8

 

$

 3

 

$

 3

 

$

 4

 

Interest cost

 

 

 

13

 

 

14

 

 

14

 

 

11

 

 

10

 

 

12

 

Expected return on plan assets

 

 

 

(21)

 

 

(20)

 

 

(24)

 

 

(10)

 

 

(10)

 

 

(13)

 

Amortization of actuarial loss

 

 

 

 

 

 1

 

 

 1

 

 

 2

 

 

 2

 

 

 3

 

Amortization of prior service credit

 

 

 

(1)

 

 

 

 

 

 

 

 

 

 

 

Settlement loss

 

 

 

 

 

 

 

(1)

 

 

 

 

 1

 

 

 

Net periodic benefit cost

 

 

$

(3)

 

$

 1

 

$

(2)

 

$

 6

 

$

 6

 

$

 6

 

 

Schedule of amounts recorded in other comprehensive income and net periodic benefit cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions, pre-tax)

   

U.S. Plans

   

Non-U.S. Plans

 

 

 

2017

 

2016

 

2015

 

2017

 

2016

 

2015

 

Net actuarial (gain) loss

 

$

(7)

 

$

10

 

$

 

$

(3)

 

$

 6

 

$

(18)

 

Prior service credit

 

 

 

 

(6)

 

 

 

 

 

 

(1)

 

 

 

Amortization of actuarial loss

 

 

 

 

(1)

 

 

(1)

 

 

(2)

 

 

(2)

 

 

(3)

 

Amortization of prior service credit

 

 

 1

 

 

 

 

 

 

 

 

 

 

 

Settlement gain

 

 

 

 

 

 

 1

 

 

 

 

 

 

 

Total recorded in other comprehensive income

 

 

(6)

 

 

 3

 

 

 

 

(5)

 

 

 3

 

 

(21)

 

Net periodic benefit cost

 

 

(3)

 

 

 1

 

 

(2)

 

 

 6

 

 

 6

 

 

 6

 

Total recorded in other comprehensive income and net periodic benefit cost

 

$

(9)

 

$

 4

 

$

(2)

 

$

 1

 

$

 9

 

$

(15)

 

 

Schedule of weighted average assumptions used to determine the company's obligations

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Plans

 

Non-U.S. Plans

 

 

 

2017

 

2016

 

2017

 

2016

 

Discount rate

 

3.70

%  

4.30

%  

4.02

%  

4.34

%

Rate of compensation increase

 

4.42

 

4.54

 

3.58

 

3.62

 

 

Schedule of weighted average assumptions used to determine the company's net periodic benefit cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Plans

 

Non-U.S. Plans

 

 

 

2017

 

2016

 

2015

 

2017

 

2016

 

2015

 

Discount rate

 

4.30

%  

4.30

%  

4.00

%  

4.34

%  

4.57

%  

4.47

%

Expected long-term return on plan assets

 

5.75

 

5.75

 

7.00

 

5.29

 

5.41

 

6.48

 

Rate of compensation increase

 

4.54

 

4.71

 

4.31

 

3.62

 

3.73

 

3.76

 

 

Schedule of weighted average asset allocation

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Plans

 

Non-U.S. Plans

 

Asset Category

 

2017

 

2016

 

2017

 

2016

 

Equity securities

 

26

%  

38

%  

39

%  

41

%

Debt securities

 

73

 

61

 

46

 

44

 

Cash and other

 

1

 

1

 

15

 

15

 

Total

 

100

%  

100

%  

100

%  

100

%

 

Schedule of fair values of the company's plan assets, by asset category and level

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at December 31, 2017

 

(in millions)

   

Level 1

   

Level 2

   

Level 3

   

Total

 

U.S. Plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity index:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. (a)

 

$

 —

 

$

51

 

$

 —

 

$

51

 

International (b)

 

 

 —

 

 

55

 

 

 —

 

 

55

 

Fixed income index:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long bond  (c)

 

 

 —

 

 

273

 

 

 —

 

 

273

 

Long government bond (d)

 

 

 —

 

 

21

 

 

 —

 

 

21

 

Cash  (e)

 

 

 —

 

 

 4

 

 

 —

 

 

 4

 

Total U.S. Plans

 

$

 —

 

$

404

 

$

 —

 

$

404

 

Non-U.S. Plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity index:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. (a)

 

$

 —

 

$

12

 

$

 —

 

$

12

 

Canada (f)

 

 

 —

 

 

22

 

 

 —

 

 

22

 

International (b)

 

 

 —

 

 

52

 

 

 —

 

 

52

 

Real estate (g)

 

 

 —

 

 

 5

 

 

 —

 

 

 5

 

Fixed income index:

 

 

 

 

 

 

 

 

 

 

 

 

 

Intermediate bond (h)

 

 

 —

 

 

25

 

 

 —

 

 

25

 

Long bond (i)

 

 

 —

 

 

84

 

 

 —

 

 

84

 

Other (j)

 

 

 —

 

 

24

 

 

 —

 

 

24

 

Cash (e)

 

 

 2

 

 

 9

 

 

 —

 

 

11

 

Total Non-U.S. Plans

 

$

 2

 

$

233

 

$

 —

 

$

235

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at December 31, 2016

 

(in millions)

   

Level 1

   

Level 2

   

Level 3

   

Total

 

U.S. Plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity index:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. (a)

 

$

 —

 

$

70

 

$

 —

 

$

70

 

International (b)

 

 

 —

 

 

68

 

 

 —

 

 

68

 

Fixed income index:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long bond  (c)

 

 

 —

 

 

227

 

 

 —

 

 

227

 

Cash  (e)

 

 

 —

 

 

 3

 

 

 —

 

 

 3

 

Total U.S. Plans

 

$

 —

 

$

368

 

$

 —

 

$

368

 

Non-U.S. Plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity index:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. (a)

 

$

 —

 

$

11

 

$

 —

 

$

11

 

Canada (f)

 

 

 —

 

 

21

 

 

 —

 

 

21

 

International (b)

 

 

 —

 

 

49

 

 

 —

 

 

49

 

Real estate (g)

 

 

 —

 

 

 5

 

 

 —

 

 

 5

 

Fixed income index:

 

 

 

 

 

 

 

 

 

 

 

 

 

Intermediate bond (h)

 

 

 —

 

 

21

 

 

 —

 

 

21

 

Long bond (i)

 

 

 —

 

 

72

 

 

 —

 

 

72

 

Other (j)

 

 

 —

 

 

23

 

 

 —

 

 

23

 

Cash (e)

 

 

 1

 

 

 8

 

 

 —

 

 

 9

 

Total Non-U.S. Plans

 

$

 1

 

$

210

 

$

 —

 

$

211

 


(a)

This category consists of both passively and actively managed equity index funds that track the return of large capitalization U.S. equities.

(b)

This category consists of both passively and actively managed equity index funds that track an index of returns on international developed market equities as well as infrastructure assets.

(c)

This category consists of an actively managed fixed income index fund that invests in a diversified portfolio of fixed-income corporate securities with maturities generally exceeding 10 years.

(d)

This category consists of an actively managed fixed income index fund that invests in a diversified portfolio of fixed-income U.S. treasury securities with maturities generally exceeding 10 years.

(e)

This category represents cash or cash equivalents.

(f)

This category consists of an actively managed equity index fund that tracks against an index of large capitalization Canadian equities.

(g)

This category consists of an actively managed equity index fund that tracks against real estate investment trusts and real estate operating companies.

(h)

This category consists of both passively and actively managed fixed income index funds that track the return of intermediate duration government and investment grade corporate bonds.

(i)

This category consists of both passively and actively managed fixed income index funds that track the return of Canada government bonds, investment grade corporate bonds and hedge funds.

(j)

This category mainly consists of investment products provided by an insurance company that offers returns that are subject to a minimum guarantee and mutual funds.

Schedule of benefit payments, which reflect anticipated future service, as appropriate and are expected to be made

 

 

 

 

 

 

 

 

(in millions)

 

U.S. Plans

 

Non-U.S. Plans

 

2018

 

$

21

 

$

11

 

2019

 

 

20

 

 

12

 

2020

 

 

21

 

 

12

 

2021

 

 

22

 

 

12

 

2022

 

 

23

 

 

12

 

Years 2023 - 2027

 

 

124

 

 

70

 

 

Pension Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of funded status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Plans

 

Non-U.S. Plans

 

(in millions)

 

2017

 

2016

 

2017

 

2016

 

Benefit obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

At January 1

 

$

367

 

$

359

 

$

223

 

$

219

 

Service cost

 

 

 6

 

 

 6

 

 

 3

 

 

 3

 

Interest cost

 

 

13

 

 

14

 

 

11

 

 

10

 

Benefits paid

 

 

(23)

 

 

(16)

 

 

(12)

 

 

(15)

 

Actuarial (gain) loss

 

 

30

 

 

10

 

 

 7

 

 

 6

 

Curtailment/settlement/amendments

 

 

 

 

(6)

 

 

 

 

(5)

 

Foreign currency translation

 

 

 

 

 

 

16

 

 

 5

 

Benefit obligation at December 31

 

$

393

 

$

367

 

$

248

 

$

223

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets

 

 

 

 

 

 

 

 

 

 

 

 

 

At January 1

 

$

368

 

$

354

 

$

211

 

$

206

 

Actual return on plan assets

 

 

59

 

 

20

 

 

17

 

 

11

 

Employer contributions

 

 

 

 

10

 

 

 5

 

 

 7

 

Benefits paid

 

 

(23)

 

 

(16)

 

 

(12)

 

 

(15)

 

Plan settlements

 

 

 

 

 

 

 

 

(5)

 

Foreign currency translation

 

 

 

 

 

 

14

 

 

 7

 

Fair value of plan assets at December 31

 

$

404

 

$

368

 

$

235

 

$

211

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funded status

 

$

11

 

$

 1

 

$

(13)

 

$

(12)

 

 

Postemployment Retirement Benefits  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of funded status

 

 

 

 

 

 

 

 

(in millions)

 

2017

 

2016

 

Accumulated postretirement benefit obligation

 

 

 

 

 

 

 

At January 1

 

$

67

 

$

64

 

Service cost

 

 

 1

 

 

 1

 

Interest cost

 

 

 3

 

 

 2

 

Employee contributions

 

 

 1

 

 

 —

 

Actuarial loss

 

 

 2

 

 

 2

 

Benefits paid

 

 

(4)

 

 

(4)

 

Foreign currency translation

 

 

 —

 

 

 2

 

At December 31

 

 

70

 

 

67

 

Fair value of plan assets

 

 

 —

 

 

 —

 

Funded status

 

$

(70)

 

$

(67)

 

 

Schedule of amounts recognized in the consolidated balance sheets

 

 

 

 

 

 

 

 

(in millions)

 

2017

 

2016

 

Current liabilities

 

$

(4)

 

$

(4)

 

Non-current liabilities

 

 

(66)

 

 

(63)

 

Net liability recognized

 

$

(70)

 

$

(67)

 

 

Schedule of amounts recognized in accumulated other comprehensive loss

 

 

 

 

 

 

 

 

(in millions)

 

2017

 

2016

 

Net actuarial loss

 

$

11

 

$

 7

 

Prior service credit

 

 

(6)

 

 

(8)

 

Net amount recognized

 

$

 5

 

$

(1)

 

 

Components of net periodic benefit cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 

(in millions)

 

 

2017

 

2016

 

2015

Service cost

 

 

$

 1

 

$

 1

 

$

 1

Interest cost

 

 

 

 3

 

 

 2

 

 

 3

Amortization of prior service credit

 

 

 

(3)

 

 

(2)

 

 

(2)

Net periodic benefit cost

 

 

$

 1

 

$

 1

 

$

 2

 

Schedule of amounts recorded in other comprehensive income and net periodic benefit cost

 

 

 

 

 

 

 

 

 

 

 

(in millions, pre-tax)

 

2017

 

2016

 

2015

 

Net actuarial loss (gain)

 

$

 2

 

$

 2

 

$

(2)

 

Amortization of prior service credit

 

 

 3

 

 

 2

 

 

 2

 

New prior service credit

 

 

 

 

 

 

 2

 

Total recorded in other comprehensive income

 

 

 5

 

 

 4

 

 

 2

 

Net periodic benefit cost

 

 

 1

 

 

 1

 

 

 2

 

Total recorded in other comprehensive income and net periodic benefit cost

 

$

 6

 

$

 5

 

$

 4

 

 

Schedule of weighted average assumptions used to determine the company's obligations

 

 

 

 

 

 

 

 

2017

 

2016

 

Discount rate

 

4.92

%  

5.42

%

 

Schedule of weighted average assumptions used to determine the company's net periodic benefit cost

 

 

 

 

 

 

 

 

 

 

2017

 

2016

 

2015

 

Discount rate

 

5.46

%  

5.30

%  

5.70

%

 

Schedule of assumptions made in measuring the company's postretirement benefit obligation

 

 

 

 

 

 

 

 

 

 

U.S.

 

Canada

 

Brazil

 

2017 increase in per capita cost

 

6.50

%  

5.54

%  

8.41

%

Ultimate trend

 

4.50

%  

4.50

%  

8.41

%

Year ultimate trend reached

 

2037

 

2031

 

2017

 

 

Sensitivity to Trend Assumptions

 

 

 

 

(in millions)

 

2017

One-percentage point increase in trend rates:

 

 

 

- Increase in service cost and interest cost components

 

$

 1

- Increase in year-end benefit obligations

 

 

 7

 

 

 

 

One-percentage point decrease in trend rates:

 

 

 

- Decrease in service cost and interest cost components

 

 

 1

- Decrease in year-end benefit obligations

 

 

 6

 

Schedule of benefit payments, which reflect anticipated future service, as appropriate and are expected to be made

 

 

 

 

 

(in millions)

 

 

 

 

2018

 

$

 4

 

2019

 

 

 4

 

2020

 

 

 4

 

2021

 

 

 4

 

2022

 

 

 5

 

Years 2023 - 2027

 

 

24