Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

Retirement Benefits [Abstract]

Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation

	December 31,
	2018						2017
	Pension Benefits (1)			Other Postretirement Benefits			Pension Benefits (1)			Other Postretirement Benefits
	(In millions)
Change in benefit obligations:
Benefit obligations at January 1,	$	11,409		$	1,674		$	10,741		$	1,759
Service costs	223			6			238			6
Interest costs	391			55			429			76
Plan participants’ contributions	—			30			—			33
Plan amendments	(110		)	(7		)	—			—
Net actuarial (gains) losses	(713		)	(348		)	595			(95		)
Acquisition, divestitures, settlements and curtailments	(6		)	13			(27		)	—
Benefits paid	(623		)	(97		)	(600		)	(107		)
Effect of foreign currency translation	20			(2		)	33			2
Benefit obligations at December 31,	10,591			1,324			11,409			1,674
Change in plan assets:
Estimated fair value of plan assets at January 1,	9,688			1,434			9,009			1,386
Actual return on plan assets	(423		)	(27		)	968			125
Acquisition, divestitures and settlements	(5		)	16			(30		)	(1		)
Plan participants’ contributions	—			32			—			33
Employer contributions	306			4			329			(2		)
Benefits paid	(623		)	(97		)	(600		)	(107		)
Effect of foreign currency translation	5			(2		)	12			—
Estimated fair value of plan assets at December 31,	8,948			1,360			9,688			1,434
Over (under) funded status at December 31,	$	(1,643	)	$	36		$	(1,721	)	$	(240	)
Amounts recognized on the consolidated balance sheets:
Other assets	$	135		$	373		$	59		$	160
Other liabilities	(1,778		)	(337		)	(1,780		)	(400		)
Net amount recognized	$	(1,643	)	$	36		$	(1,721	)	$	(240	)
AOCI:
Net actuarial (gains) losses	$	2,979		$	(269	)	$	2,917		$	(55	)
Prior service costs (credit)	(118		)	(14		)	(11		)	(27		)
AOCI, before income tax	$	2,861		$	(283	)	$	2,906		$	(82	)
Accumulated benefit obligation	$	10,301		N/A			$	10,996		N/A

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(1) Includes nonqualified unfunded plans, for which the aggregate PBO was $1.1 billion and $1.2 billion at December 31, 2018 and 2017, respectively.

Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation

	December 31,
	2018						2017
	Pension Benefits (1)			Other Postretirement Benefits			Pension Benefits (1)			Other Postretirement Benefits
	(In millions)
Change in benefit obligations:
Benefit obligations at January 1,	$	11,409		$	1,674		$	10,741		$	1,759
Service costs	223			6			238			6
Interest costs	391			55			429			76
Plan participants’ contributions	—			30			—			33
Plan amendments	(110		)	(7		)	—			—
Net actuarial (gains) losses	(713		)	(348		)	595			(95		)
Acquisition, divestitures, settlements and curtailments	(6		)	13			(27		)	—
Benefits paid	(623		)	(97		)	(600		)	(107		)
Effect of foreign currency translation	20			(2		)	33			2
Benefit obligations at December 31,	10,591			1,324			11,409			1,674
Change in plan assets:
Estimated fair value of plan assets at January 1,	9,688			1,434			9,009			1,386
Actual return on plan assets	(423		)	(27		)	968			125
Acquisition, divestitures and settlements	(5		)	16			(30		)	(1		)
Plan participants’ contributions	—			32			—			33
Employer contributions	306			4			329			(2		)
Benefits paid	(623		)	(97		)	(600		)	(107		)
Effect of foreign currency translation	5			(2		)	12			—
Estimated fair value of plan assets at December 31,	8,948			1,360			9,688			1,434
Over (under) funded status at December 31,	$	(1,643	)	$	36		$	(1,721	)	$	(240	)
Amounts recognized on the consolidated balance sheets:
Other assets	$	135		$	373		$	59		$	160
Other liabilities	(1,778		)	(337		)	(1,780		)	(400		)
Net amount recognized	$	(1,643	)	$	36		$	(1,721	)	$	(240	)
AOCI:
Net actuarial (gains) losses	$	2,979		$	(269	)	$	2,917		$	(55	)
Prior service costs (credit)	(118		)	(14		)	(11		)	(27		)
AOCI, before income tax	$	2,861		$	(283	)	$	2,906		$	(82	)
Accumulated benefit obligation	$	10,301		N/A			$	10,996		N/A

__________________

(1) Includes nonqualified unfunded plans, for which the aggregate PBO was $1.1 billion and $1.2 billion at December 31, 2018 and 2017, respectively.

Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation

	December 31,
	2018						2017
	Pension Benefits (1)			Other Postretirement Benefits			Pension Benefits (1)			Other Postretirement Benefits
	(In millions)
Change in benefit obligations:
Benefit obligations at January 1,	$	11,409		$	1,674		$	10,741		$	1,759
Service costs	223			6			238			6
Interest costs	391			55			429			76
Plan participants’ contributions	—			30			—			33
Plan amendments	(110		)	(7		)	—			—
Net actuarial (gains) losses	(713		)	(348		)	595			(95		)
Acquisition, divestitures, settlements and curtailments	(6		)	13			(27		)	—
Benefits paid	(623		)	(97		)	(600		)	(107		)
Effect of foreign currency translation	20			(2		)	33			2
Benefit obligations at December 31,	10,591			1,324			11,409			1,674
Change in plan assets:
Estimated fair value of plan assets at January 1,	9,688			1,434			9,009			1,386
Actual return on plan assets	(423		)	(27		)	968			125
Acquisition, divestitures and settlements	(5		)	16			(30		)	(1		)
Plan participants’ contributions	—			32			—			33
Employer contributions	306			4			329			(2		)
Benefits paid	(623		)	(97		)	(600		)	(107		)
Effect of foreign currency translation	5			(2		)	12			—
Estimated fair value of plan assets at December 31,	8,948			1,360			9,688			1,434
Over (under) funded status at December 31,	$	(1,643	)	$	36		$	(1,721	)	$	(240	)
Amounts recognized on the consolidated balance sheets:
Other assets	$	135		$	373		$	59		$	160
Other liabilities	(1,778		)	(337		)	(1,780		)	(400		)
Net amount recognized	$	(1,643	)	$	36		$	(1,721	)	$	(240	)
AOCI:
Net actuarial (gains) losses	$	2,979		$	(269	)	$	2,917		$	(55	)
Prior service costs (credit)	(118		)	(14		)	(11		)	(27		)
AOCI, before income tax	$	2,861		$	(283	)	$	2,906		$	(82	)
Accumulated benefit obligation	$	10,301		N/A			$	10,996		N/A

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(1) Includes nonqualified unfunded plans, for which the aggregate PBO was $1.1 billion and $1.2 billion at December 31, 2018 and 2017, respectively.

Accumulated benefit obligations in excess of fair value of plan assets

Information for pension plans with PBOs in excess of plan assets and accumulated benefit obligations (“ABO”) in excess of plan assets was as follows at:

	December 31,
	2018		2017		2018		2017
	PBO Exceeds Estimated Fair Value of Plan Assets				ABO Exceeds Estimated Fair Value of Plan Assets
	(In millions)
Projected benefit obligations	$	2,021	$	2,016	$	1,999	$	1,996
Accumulated benefit obligations	$	1,921	$	1,904	$	1,906	$	1,890
Estimated fair value of plan assets	$	301	$	285	$	280	$	266

Defined benefit plan pension plans with projected benefit obligations in excess of plan assets

Information for pension plans with PBOs in excess of plan assets and accumulated benefit obligations (“ABO”) in excess of plan assets was as follows at:

	December 31,
	2018		2017		2018		2017
	PBO Exceeds Estimated Fair Value of Plan Assets				ABO Exceeds Estimated Fair Value of Plan Assets
	(In millions)
Projected benefit obligations	$	2,021	$	2,016	$	1,999	$	1,996
Accumulated benefit obligations	$	1,921	$	1,904	$	1,906	$	1,890
Estimated fair value of plan assets	$	301	$	285	$	280	$	266

Net periodic benefit costs and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss)

The benefit obligations, funded status and net periodic benefit costs related to these pension and other postretirement benefits were comprised of the following:

	December 31, 2018																		December 31, 2017
	Pension Benefits									Other Postretirement Benefits									Pension Benefits									Other Postretirement Benefits
	U.S. Plans			Non- U.S. Plans			Total			U.S. Plans			Non- U.S. Plans			Total			U.S. Plans			Non- U.S. Plans			Total			U.S. Plans			Non- U.S. Plans			Total
	(In millions)
Benefit obligations	$	9,580		$	1,011		$	10,591		$	1,288		$	36		$	1,324		$	10,500		$	909		$	11,409		$	1,648		$	26		$	1,674
Estimated fair value of plan assets	8,615			333			8,948			1,334			26			1,360			9,371			317			9,688			1,426			8			1,434
Over (under) funded status	$	(965	)	$	(678	)	$	(1,643	)	$	46		$	(10	)	$	36		$	(1,129	)	$	(592	)	$	(1,721	)	$	(222	)	$	(18	)	$	(240	)
Net periodic benefit costs	$	176		$	83		$	259		$	(66	)	$	2		$	(64	)	$	267		$	82		$	349		$	(12	)	$	2		$	(10	)

The components of net periodic benefit costs and other changes in plan assets and benefit obligations recognized in OCI were as follows:

	Years Ended December 31,
	2018						2017						2016
	Pension Benefits			Other Postretirement Benefits			Pension Benefits			Other Postretirement Benefits			Pension Benefits			Other Postretirement Benefits
	(In millions)
Net periodic benefit costs:
Service costs	$	223		$	6		$	238		$	6		$	272		$	9
Interest costs	391			55			429			76			423			82
Settlement and curtailment costs (1)	(1		)	—			4			2			2			19
Expected return on plan assets	(533		)	(71		)	(516		)	(72		)	(527		)	(75		)
Amortization of net actuarial (gains) losses	182			(34		)	195			—			189			10
Amortization of prior service costs (credit)	(3		)	(20		)	(1		)	(22		)	—			(6		)
Total net periodic benefit costs (credit)	259			(64		)	349			(10		)	359			39
Other changes in plan assets and benefit obligations recognized in OCI:
Net actuarial (gains) losses	244			(248		)	149			(146		)	238			(124		)
Prior service costs (credit)	(110		)	(7		)	(1		)	—			(11		)	(41		)
Amortization of net actuarial (gains) losses	(182		)	34			(195		)	—			(189		)	(10		)
Amortization of prior service (costs) credit	3			20			1			22			—			6
Discontinued operations	—			—			—			—			(1		)	1
Disposal of subsidiary	—			—			(30		)	2			—			—
Total recognized in OCI	(45		)	(201		)	(76		)	(122		)	37			(168		)
Total recognized in net periodic benefit costs and OCI	$	214		$	(265	)	$	273		$	(132	)	$	396		$	(129	)

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(1) The Company recognized curtailment charges in 2016 on certain postretirement benefit plans in connection with the U.S. Retail Advisor Force Divestiture. See Note 3.

Net periodic benefit costs and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss)

The components of net periodic benefit costs and other changes in plan assets and benefit obligations recognized in OCI were as follows:

	Years Ended December 31,
	2018						2017						2016
	Pension Benefits			Other Postretirement Benefits			Pension Benefits			Other Postretirement Benefits			Pension Benefits			Other Postretirement Benefits
	(In millions)
Net periodic benefit costs:
Service costs	$	223		$	6		$	238		$	6		$	272		$	9
Interest costs	391			55			429			76			423			82
Settlement and curtailment costs (1)	(1		)	—			4			2			2			19
Expected return on plan assets	(533		)	(71		)	(516		)	(72		)	(527		)	(75		)
Amortization of net actuarial (gains) losses	182			(34		)	195			—			189			10
Amortization of prior service costs (credit)	(3		)	(20		)	(1		)	(22		)	—			(6		)
Total net periodic benefit costs (credit)	259			(64		)	349			(10		)	359			39
Other changes in plan assets and benefit obligations recognized in OCI:
Net actuarial (gains) losses	244			(248		)	149			(146		)	238			(124		)
Prior service costs (credit)	(110		)	(7		)	(1		)	—			(11		)	(41		)
Amortization of net actuarial (gains) losses	(182		)	34			(195		)	—			(189		)	(10		)
Amortization of prior service (costs) credit	3			20			1			22			—			6
Discontinued operations	—			—			—			—			(1		)	1
Disposal of subsidiary	—			—			(30		)	2			—			—
Total recognized in OCI	(45		)	(201		)	(76		)	(122		)	37			(168		)
Total recognized in net periodic benefit costs and OCI	$	214		$	(265	)	$	273		$	(132	)	$	396		$	(129	)

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(1) The Company recognized curtailment charges in 2016 on certain postretirement benefit plans in connection with the U.S. Retail Advisor Force Divestiture. See Note 3.

Assumptions used in determining benefit obligations and net periodic benefit costs

Assumptions used in determining benefit obligations for the U.S. plans were as follows:

	Pension Benefits			Other Postretirement Benefits
December 31, 2018
Weighted average discount rate	4.35%			4.35%
Rate of compensation increase	2.25%	-	8.50%	N/A
December 31, 2017
Weighted average discount rate	3.65%			3.70%
Rate of compensation increase	2.25%	-	8.50%	N/A

Assumptions used in determining net periodic benefit costs for the U.S. plans were as follows:

	Pension Benefits			Other Postretirement Benefits
Year Ended December 31, 2018
Weighted average discount rate	3.65%			3.70%
Weighted average expected rate of return on plan assets	5.75%			5.11%
Rate of compensation increase	2.25%	-	8.50%	N/A
Year Ended December 31, 2017
Weighted average discount rate	4.30%			4.45%
Weighted average expected rate of return on plan assets	6.00%			5.36%
Rate of compensation increase	2.25%	-	8.50%	N/A
Year Ended December 31, 2016
Weighted average discount rate	4.13%			4.37%
Weighted average expected rate of return on plan assets	6.00%			5.53%
Rate of compensation increase	2.25%	-	8.50%	N/A

Assumed healthcare costs trend rates

The assumed healthcare costs trend rates used in measuring the APBO and net periodic benefit costs were as follows:

	December 31,
	2018				2017
	Before Age 65		Age 65 and older		Before Age 65		Age 65 and older
Following year	5.4	%	2.8	%	5.6	%	6.6	%
Ultimate rate to which cost increase is assumed to decline	3.9	%	4.2	%	4.0	%	4.3	%
Year in which the ultimate trend rate is reached	2080		2097		2086		2098

One-percentage point change in assumed healthcare cost trend rates

Assumed healthcare costs trend rates may have a significant effect on the amounts reported for healthcare plans. A 1% change in assumed healthcare costs trend rates would have the following effects on the U.S. plans as of December 31, 2018:

	One Percent Increase		One Percent Decrease
	(In millions)
Effect on total of service and interest costs components	$	5	$	(4	)
Effect of accumulated postretirement benefit obligations	$	121	$	(102	)

Plan Assets

The pension and other postretirement plan assets measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy are summarized as follows:

	December 31, 2018
	Pension Benefits								Other Postretirement Benefits
	Fair Value Hierarchy								Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
Corporate	$	—	$	3,350	$	1	$	3,351	$	—	$	313	$	—	$	313
U.S. government bonds	1,314		471		—		1,785		268		—		—		268
Foreign bonds	—		837		—		837		—		90		—		90
Federal agencies	—		88		—		88		—		16		—		16
Municipals	—		240		—		240		—		29		—		29
Short-term investments	1		198		—		199		1		397		—		398
Other (1)	210		590		1		801		3		69		—		72
Total fixed maturity securities AFS	1,525		5,774		2		7,301		272		914		—		1,186
Equity securities	706		195		—		901		155		18		—		173
Other investments	20		—		688		708		—		—		—		—
Derivative assets	33		4		1		38		1		—		—		1
Total assets	$	2,284	$	5,973	$	691	$	8,948	$	428	$	932	$	—	$	1,360

	December 31, 2017
	Pension Benefits								Other Postretirement Benefits
	Fair Value Hierarchy								Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
Corporate	$	—	$	3,833	$	1	$	3,834	$	20	$	362	$	—	$	382
U.S. government bonds	1,256		528		—		1,784		269		6		—		275
Foreign bonds	—		1,037		—		1,037		—		102		—		102
Federal agencies	35		134		—		169		—		17		—		17
Municipals	—		335		—		335		—		28		—		28
Short-term investments	135		192		—		327		8		390		—		398
Other (1)	7		388		10		405		—		68		—		68
Total fixed maturity securities AFS	1,433		6,447		11		7,891		297		973		—		1,270
Equity securities	797		177		3		977		154		—		—		154
Other investments	19		144		622		785		—		9		—		9
Derivative assets	33		2		—		35		1		—		—		1
Total assets	$	2,282	$	6,770	$	636	$	9,688	$	452	$	982	$	—	$	1,434

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(1) Other primarily includes money market securities, mortgage-backed securities, collateralized mortgage obligations and ABS.

The table below summarizes the actual weighted average allocation of the estimated fair value of total plan assets by asset class at December 31 for the years indicated and the approved target allocation by major asset class at December 31, 2018 for the Invested Plans:

	December 31,
	2018								2017
	U.S. Pension Benefits				U.S. Other Postretirement Benefits (1)				U.S. Pension Benefits		U.S. Other Postretirement Benefits (1)
	Target		Actual Allocation		Target		Actual Allocation		Actual Allocation		Actual Allocation
Asset Class
Fixed maturity securities AFS	82	%	82	%	85	%	82	%	82	%	84	%
Equity securities (2)	10	%	10	%	15	%	18	%	10	%	15	%
Alternative securities (3)	8	%	8	%	—	%	—	%	8	%	1	%
Total assets			100	%			100	%	100	%	100	%

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(1) U.S. other postretirement benefits do not reflect postretirement life’s plan assets invested in fixed maturity securities AFS.

(2) Equity securities percentage includes derivative assets.

(3) Alternative securities primarily include hedge, private equity and real estate funds.

Rollforward fair value measurement using significant unobservable outputs (level 3)

A rollforward of all pension and other postretirement benefit plan assets measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs was as follows:

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Pension Benefits
	Fixed Maturity Securities AFS:
	Corporate			Other (1)			Equity Securities			Other Investments			Derivative Assets
	(In millions)
Balance, January 1, 2017	$	—		$	9		$	—		$	637		$	65
Realized gains (losses)	(10		)	—			2			—			(22		)
Unrealized gains (losses)	10			—			—			(12		)	6
Purchases, sales, issuances and settlements, net	—			8			(4		)	—			(48		)
Transfers into and/or out of Level 3	1			(7		)	5			(3		)	(1		)
Balance, December 31, 2017	$	1		$	10		$	3		$	622		$	—
Realized gains (losses)	—			—			—			—			—
Unrealized gains (losses)	—			—			—			23			—
Purchases, sales, issuances and settlements, net	—			(3		)	—			43			—
Transfers into and/or out of Level 3	—			(6		)	(3		)	—			1
Balance, December 31, 2018	$	1		$	1		$	—		$	688		$	1

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(1) Other includes ABS and collateralized mortgage obligations.

Defined benefit plan estimated future benefit payments

Gross benefit payments for the next 10 years, which reflect expected future service where appropriate, are expected to be as follows:

	Pension Benefits		Other Postretirement Benefits
	(In millions)
2019	$	620	$	85
2020	$	636	$	83
2021	$	643	$	81
2022	$	661	$	82
2023	$	682	$	84
2024-2028	$	3,596	$	413