XML 59 R52.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation
 
 
December 31,
 
 
2019
 
2018
 
 
Pension
Benefits (1)
 
Other
Postretirement
Benefits
 
Pension
Benefits (1)
 
Other
Postretirement
Benefits
 
 
(In millions)
Change in benefit obligations:
 
 
 
 
 
 
 
 
Benefit obligations at January 1,
 
$
10,591

 
$
1,324

 
$
11,409

 
$
1,674

Service costs
 
214

 
5

 
223

 
6

Interest costs
 
425

 
53

 
391

 
55

Plan participants’ contributions
 
—

 
32

 
—

 
30

Plan amendments
 
3

 
—

 
(110
)
 
(7
)
Net actuarial (gains) losses (2)
 
1,360

 
(31
)
 
(713
)
 
(348
)
Acquisition, divestitures, settlements and curtailments
 
(5
)
 
(3
)
 
(6
)
 
13

Benefits paid
 
(647
)
 
(93
)
 
(623
)
 
(97
)
Effect of foreign currency translation
 
9

 
2

 
20

 
(2
)
Benefit obligations at December 31,
 
11,950

 
1,289

 
10,591

 
1,324

Change in plan assets:
 
 
 
 
 
 
 
 
Estimated fair value of plan assets at January 1,
 
8,948

 
1,360

 
9,688

 
1,434

Actual return on plan assets
 
1,619

 
173

 
(423
)
 
(27
)
Acquisition, divestitures and settlements
 
(5
)
 
(3
)
 
(5
)
 
16

Plan participants’ contributions
 
—

 
32

 
—

 
32

Employer contributions
 
311

 
(2
)
 
306

 
4

Benefits paid
 
(647
)
 
(93
)
 
(623
)
 
(97
)
Effect of foreign currency translation
 
4

 
1

 
5

 
(2
)
Estimated fair value of plan assets at December 31,
 
10,230

 
1,468

 
8,948

 
1,360

Over (under) funded status at December 31,
 
$
(1,720
)
 
$
179

 
$
(1,643
)
 
$
36

Amounts recognized on the consolidated balance sheets:
 
 
 
 
 
 
 
 
Other assets
 
$
147

 
$
617

 
$
135

 
$
373

Other liabilities
 
(1,867
)
 
(438
)
 
(1,778
)
 
(337
)
Net amount recognized
 
$
(1,720
)
 
$
179

 
$
(1,643
)
 
$
36

AOCI:
 
 
 
 
 
 
 
 
Net actuarial (gains) losses
 
$
3,009

 
$
(359
)
 
$
2,979

 
$
(269
)
Prior service costs (credit)
 
(100
)
 
(2
)
 
(118
)
 
(14
)
AOCI, before income tax
 
$
2,909

 
$
(361
)
 
$
2,861

 
$
(283
)
Accumulated benefit obligation
 
$
11,616

 
N/A

 
$
10,301

 
N/A

__________________
(1)
Includes nonqualified unfunded plans, for which the aggregate PBO was $1.2 billion and $1.1 billion at December 31, 2019 and 2018, respectively.
(2)
Significant sources of actuarial (gains) losses for pension and other postretirement benefits during 2019 include the impact of changes to the financial assumptions of $1.2 billion and $66 million, respectively, and plan experience of $103 million and ($97) million, respectively. Significant sources of actuarial (gains) losses for pension and other postretirement benefits during 2018 include the impact of changes to the financial assumptions of ($796) million and ($192) million, respectively, demographic assumptions of $23 million and ($48) million, respectively, and plan experience of $60 million and ($108) million, respectively.
Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation
 
 
December 31,
 
 
2019
 
2018
 
 
Pension
Benefits (1)
 
Other
Postretirement
Benefits
 
Pension
Benefits (1)
 
Other
Postretirement
Benefits
 
 
(In millions)
Change in benefit obligations:
 
 
 
 
 
 
 
 
Benefit obligations at January 1,
 
$
10,591

 
$
1,324

 
$
11,409

 
$
1,674

Service costs
 
214

 
5

 
223

 
6

Interest costs
 
425

 
53

 
391

 
55

Plan participants’ contributions
 
—

 
32

 
—

 
30

Plan amendments
 
3

 
—

 
(110
)
 
(7
)
Net actuarial (gains) losses (2)
 
1,360

 
(31
)
 
(713
)
 
(348
)
Acquisition, divestitures, settlements and curtailments
 
(5
)
 
(3
)
 
(6
)
 
13

Benefits paid
 
(647
)
 
(93
)
 
(623
)
 
(97
)
Effect of foreign currency translation
 
9

 
2

 
20

 
(2
)
Benefit obligations at December 31,
 
11,950

 
1,289

 
10,591

 
1,324

Change in plan assets:
 
 
 
 
 
 
 
 
Estimated fair value of plan assets at January 1,
 
8,948

 
1,360

 
9,688

 
1,434

Actual return on plan assets
 
1,619

 
173

 
(423
)
 
(27
)
Acquisition, divestitures and settlements
 
(5
)
 
(3
)
 
(5
)
 
16

Plan participants’ contributions
 
—

 
32

 
—

 
32

Employer contributions
 
311

 
(2
)
 
306

 
4

Benefits paid
 
(647
)
 
(93
)
 
(623
)
 
(97
)
Effect of foreign currency translation
 
4

 
1

 
5

 
(2
)
Estimated fair value of plan assets at December 31,
 
10,230

 
1,468

 
8,948

 
1,360

Over (under) funded status at December 31,
 
$
(1,720
)
 
$
179

 
$
(1,643
)
 
$
36

Amounts recognized on the consolidated balance sheets:
 
 
 
 
 
 
 
 
Other assets
 
$
147

 
$
617

 
$
135

 
$
373

Other liabilities
 
(1,867
)
 
(438
)
 
(1,778
)
 
(337
)
Net amount recognized
 
$
(1,720
)
 
$
179

 
$
(1,643
)
 
$
36

AOCI:
 
 
 
 
 
 
 
 
Net actuarial (gains) losses
 
$
3,009

 
$
(359
)
 
$
2,979

 
$
(269
)
Prior service costs (credit)
 
(100
)
 
(2
)
 
(118
)
 
(14
)
AOCI, before income tax
 
$
2,909

 
$
(361
)
 
$
2,861

 
$
(283
)
Accumulated benefit obligation
 
$
11,616

 
N/A

 
$
10,301

 
N/A

__________________
(1)
Includes nonqualified unfunded plans, for which the aggregate PBO was $1.2 billion and $1.1 billion at December 31, 2019 and 2018, respectively.
(2)
Significant sources of actuarial (gains) losses for pension and other postretirement benefits during 2019 include the impact of changes to the financial assumptions of $1.2 billion and $66 million, respectively, and plan experience of $103 million and ($97) million, respectively. Significant sources of actuarial (gains) losses for pension and other postretirement benefits during 2018 include the impact of changes to the financial assumptions of ($796) million and ($192) million, respectively, demographic assumptions of $23 million and ($48) million, respectively, and plan experience of $60 million and ($108) million, respectively.
Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation
 
 
December 31,
 
 
2019
 
2018
 
 
Pension
Benefits (1)
 
Other
Postretirement
Benefits
 
Pension
Benefits (1)
 
Other
Postretirement
Benefits
 
 
(In millions)
Change in benefit obligations:
 
 
 
 
 
 
 
 
Benefit obligations at January 1,
 
$
10,591

 
$
1,324

 
$
11,409

 
$
1,674

Service costs
 
214

 
5

 
223

 
6

Interest costs
 
425

 
53

 
391

 
55

Plan participants’ contributions
 
—

 
32

 
—

 
30

Plan amendments
 
3

 
—

 
(110
)
 
(7
)
Net actuarial (gains) losses (2)
 
1,360

 
(31
)
 
(713
)
 
(348
)
Acquisition, divestitures, settlements and curtailments
 
(5
)
 
(3
)
 
(6
)
 
13

Benefits paid
 
(647
)
 
(93
)
 
(623
)
 
(97
)
Effect of foreign currency translation
 
9

 
2

 
20

 
(2
)
Benefit obligations at December 31,
 
11,950

 
1,289

 
10,591

 
1,324

Change in plan assets:
 
 
 
 
 
 
 
 
Estimated fair value of plan assets at January 1,
 
8,948

 
1,360

 
9,688

 
1,434

Actual return on plan assets
 
1,619

 
173

 
(423
)
 
(27
)
Acquisition, divestitures and settlements
 
(5
)
 
(3
)
 
(5
)
 
16

Plan participants’ contributions
 
—

 
32

 
—

 
32

Employer contributions
 
311

 
(2
)
 
306

 
4

Benefits paid
 
(647
)
 
(93
)
 
(623
)
 
(97
)
Effect of foreign currency translation
 
4

 
1

 
5

 
(2
)
Estimated fair value of plan assets at December 31,
 
10,230

 
1,468

 
8,948

 
1,360

Over (under) funded status at December 31,
 
$
(1,720
)
 
$
179

 
$
(1,643
)
 
$
36

Amounts recognized on the consolidated balance sheets:
 
 
 
 
 
 
 
 
Other assets
 
$
147

 
$
617

 
$
135

 
$
373

Other liabilities
 
(1,867
)
 
(438
)
 
(1,778
)
 
(337
)
Net amount recognized
 
$
(1,720
)
 
$
179

 
$
(1,643
)
 
$
36

AOCI:
 
 
 
 
 
 
 
 
Net actuarial (gains) losses
 
$
3,009

 
$
(359
)
 
$
2,979

 
$
(269
)
Prior service costs (credit)
 
(100
)
 
(2
)
 
(118
)
 
(14
)
AOCI, before income tax
 
$
2,909

 
$
(361
)
 
$
2,861

 
$
(283
)
Accumulated benefit obligation
 
$
11,616

 
N/A

 
$
10,301

 
N/A

__________________
(1)
Includes nonqualified unfunded plans, for which the aggregate PBO was $1.2 billion and $1.1 billion at December 31, 2019 and 2018, respectively.
(2)
Significant sources of actuarial (gains) losses for pension and other postretirement benefits during 2019 include the impact of changes to the financial assumptions of $1.2 billion and $66 million, respectively, and plan experience of $103 million and ($97) million, respectively. Significant sources of actuarial (gains) losses for pension and other postretirement benefits during 2018 include the impact of changes to the financial assumptions of ($796) million and ($192) million, respectively, demographic assumptions of $23 million and ($48) million, respectively, and plan experience of $60 million and ($108) million, respectively.
Accumulated benefit obligations in excess of fair value of plan assets
Information for pension plans and other postretirement benefit plans with PBOs and/or accumulated benefit obligations (“ABO”) or APBO in excess of plan assets was as follows at:
 
December 31,
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
 
PBO Exceeds Estimated Fair Value
of Plan Assets
 
ABO Exceeds Estimated Fair Value
of Plan Assets
 
APBO Exceeds Estimated Fair Value
of Plan Assets
 
(In millions)
Projected benefit obligations
$
2,287

 
$
2,021

 
$
2,227

 
$
1,999

 
N/A

 
N/A

Accumulated benefit obligations
$
2,162

 
$
1,921

 
$
2,113

 
$
1,906

 
N/A

 
N/A

Accumulated postretirement benefit obligations
N/A

 
N/A

 
N/A

 
N/A

 
$
812

 
$
724

Estimated fair value of plan assets
$
487

 
$
301

 
$
430

 
$
280

 
$
375

 
$
388
Defined benefit plan pension plans with projected benefit obligations in excess of plan assets
Information for pension plans and other postretirement benefit plans with PBOs and/or accumulated benefit obligations (“ABO”) or APBO in excess of plan assets was as follows at:
 
December 31,
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
 
PBO Exceeds Estimated Fair Value
of Plan Assets
 
ABO Exceeds Estimated Fair Value
of Plan Assets
 
APBO Exceeds Estimated Fair Value
of Plan Assets
 
(In millions)
Projected benefit obligations
$
2,287

 
$
2,021

 
$
2,227

 
$
1,999

 
N/A

 
N/A

Accumulated benefit obligations
$
2,162

 
$
1,921

 
$
2,113

 
$
1,906

 
N/A

 
N/A

Accumulated postretirement benefit obligations
N/A

 
N/A

 
N/A

 
N/A

 
$
812

 
$
724

Estimated fair value of plan assets
$
487

 
$
301

 
$
430

 
$
280

 
$
375

 
$
388
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,
 
2019
 
2018
 
2017
 
Pension Benefits
 
Other Postretirement Benefits
 
Pension Benefits
 
Other Postretirement Benefits
 
Pension Benefits
 
Other Postretirement Benefits
 
(In millions)
Net periodic benefit costs:
 
 
 
 
 
 
 
 
 
 
 
Service costs
$
214

 
$
5

 
$
223

 
$
6

 
$
238

 
$
6

Interest costs
425

 
53

 
391

 
55

 
429

 
76

Settlement and curtailment costs
—

 
2

 
(1
)
 
—

 
4

 
2

Expected return on plan assets
(489
)
 
(67
)
 
(533
)
 
(71
)
 
(516
)
 
(72
)
Amortization of net actuarial (gains) losses
201

 
(48
)
 
182

 
(34
)
 
195

 
—

Amortization of prior service costs (credit)
(15
)
 
(12
)
 
(3
)
 
(20
)
 
(1
)
 
(22
)
Total net periodic benefit costs (credit)
336

 
(67
)
 
259

 
(64
)
 
349

 
(10
)
Other changes in plan assets and benefit obligations recognized in OCI:
 
 
 
 
 
 
 
 
 
 
 
Net actuarial (gains) losses
231

 
(138
)
 
244

 
(248
)
 
149

 
(146
)
Prior service costs (credit)
3

 
—

 
(110
)
 
(7
)
 
(1
)
 
—

Amortization of net actuarial (gains) losses
(201
)
 
48

 
(182
)
 
34

 
(195
)
 
—

Amortization of prior service (costs) credit
15

 
12

 
3

 
20

 
1

 
22

Disposal of subsidiary
—

 
—

 
—

 
—

 
(30
)
 
2

Total recognized in OCI
48

 
(78
)
 
(45
)
 
(201
)
 
(76
)
 
(122
)
Total recognized in net periodic benefit costs and OCI
$
384

 
$
(145
)
 
$
214

 
$
(265
)
 
$
273

 
$
(132
)

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, 2019
 
December 31, 2018
 
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
$
10,824

 
$
1,126

 
$
11,950

 
$
1,247

 
$
42

 
$
1,289

 
$
9,580

 
$
1,011

 
$
10,591

 
$
1,288

 
$
36

 
$
1,324

Estimated fair value of plan assets
9,742

 
488

 
10,230

 
1,441

 
27

 
1,468

 
8,615

 
333

 
8,948

 
1,334

 
26

 
1,360

Over (under) funded status
$
(1,082
)
 
$
(638
)
 
$
(1,720
)
 
$
194

 
$
(15
)
 
$
179

 
$
(965
)
 
$
(678
)
 
$
(1,643
)
 
$
46

 
$
(10
)
 
$
36

Net periodic benefit costs
$
244

 
$
92

 
$
336

 
$
(70
)
 
$
3

 
$
(67
)
 
$
176

 
$
83

 
$
259

 
$
(66
)
 
$
2

 
$
(64
)
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,
 
2019
 
2018
 
2017
 
Pension Benefits
 
Other Postretirement Benefits
 
Pension Benefits
 
Other Postretirement Benefits
 
Pension Benefits
 
Other Postretirement Benefits
 
(In millions)
Net periodic benefit costs:
 
 
 
 
 
 
 
 
 
 
 
Service costs
$
214

 
$
5

 
$
223

 
$
6

 
$
238

 
$
6

Interest costs
425

 
53

 
391

 
55

 
429

 
76

Settlement and curtailment costs
—

 
2

 
(1
)
 
—

 
4

 
2

Expected return on plan assets
(489
)
 
(67
)
 
(533
)
 
(71
)
 
(516
)
 
(72
)
Amortization of net actuarial (gains) losses
201

 
(48
)
 
182

 
(34
)
 
195

 
—

Amortization of prior service costs (credit)
(15
)
 
(12
)
 
(3
)
 
(20
)
 
(1
)
 
(22
)
Total net periodic benefit costs (credit)
336

 
(67
)
 
259

 
(64
)
 
349

 
(10
)
Other changes in plan assets and benefit obligations recognized in OCI:
 
 
 
 
 
 
 
 
 
 
 
Net actuarial (gains) losses
231

 
(138
)
 
244

 
(248
)
 
149

 
(146
)
Prior service costs (credit)
3

 
—

 
(110
)
 
(7
)
 
(1
)
 
—

Amortization of net actuarial (gains) losses
(201
)
 
48

 
(182
)
 
34

 
(195
)
 
—

Amortization of prior service (costs) credit
15

 
12

 
3

 
20

 
1

 
22

Disposal of subsidiary
—

 
—

 
—

 
—

 
(30
)
 
2

Total recognized in OCI
48

 
(78
)
 
(45
)
 
(201
)
 
(76
)
 
(122
)
Total recognized in net periodic benefit costs and OCI
$
384

 
$
(145
)
 
$
214

 
$
(265
)
 
$
273

 
$
(132
)
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, 2019
 
 
 
 
 
Weighted average discount rate
3.30%
 
3.45%
Weighted average interest crediting rate
3.99%
 
N/A
Rate of compensation increase
2.25%
-
8.50%
 
N/A
December 31, 2018
 
 
 
 
 
Weighted average discount rate
4.35%
 
4.35%
Weighted average interest crediting rate
4.09%
 
N/A
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, 2019
 
 
 
 
 
Weighted average discount rate
4.35%
 
4.35%
Weighted average interest crediting rate
4.01%
 
N/A
Weighted average expected rate of return on plan assets
5.75%
 
5.04%
Rate of compensation increase
2.25%
-
8.50%
 
N/A
Year Ended December 31, 2018
 
 
 
 
 
Weighted average discount rate
3.65%
 
3.70%
Weighted average interest crediting rate
4.13%
 
N/A
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 interest crediting rate
5.46%
 
N/A
Weighted average expected rate of return on plan assets
6.00%
 
5.36%
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,
 
2019
 
2018

Before
Age 65
 
Age 65 and
older
 
Before
Age 65
 
Age 65 and
older
Following year
4.9
%
 
(1.0
%)
 
5.4
%
 
2.8
%
Ultimate rate to which cost increase is assumed to decline
3.8
%
 
3.8
%
 
3.9
%
 
4.2
%
Year in which the ultimate trend rate is reached
2074
 
2074
 
2080
 
2097
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, 2019
 
 
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
 
$
—

 
$
3,750

 
$
—

 
$
3,750

 
$
—

 
$
278

 
$
—

 
$
278

U.S. government bonds
 
1,599

 
457

 
—

 
2,056

 
259

 
—

 
—

 
259

Foreign bonds
 
—

 
996

 
—

 
996

 
—

 
63

 
—

 
63

Federal agencies
 
—

 
106

 
—

 
106

 
—

 
9

 
—

 
9

Municipals
 
—

 
280

 
—

 
280

 
—

 
20

 
—

 
20

Short-term investments
 
—

 
192

 
—

 
192

 
24

 
383

 
—

 
407

Other (1)
 
328

 
620

 
—

 
948

 
151

 
219

 
3

 
373

Total fixed maturity securities AFS
 
1,927


6,401


—


8,328


434


972


3


1,409

Equity securities
 
962

 
215

 
—


1,177


59

 
—

 
—


59

Other investments
 
23

 
3

 
686

 
712

 
—

 
—

 
—

 
—

Derivative assets
 
10

 
3

 
—

 
13

 
—

 
—

 
—

 
—

Total assets
 
$
2,922


$
6,622


$
686


$
10,230


$
493


$
972


$
3


$
1,468

 
 
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

__________________
(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, 2019 for the Invested Plans:
 
 
December 31,
 
 
2019
 
2018
 
 
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
%
 
81
%
 
95
%
 
95
%
 
82
%
 
82
%
Equity securities (2)
 
15
%
 
12
%
 
5
%
 
5
%
 
10
%
 
18
%
Alternative securities (3)
 
3
%
 
7
%
 
—
%
 
—
%
 
8
%
 
—
%
Total assets
 
 
 
100
%
 
 
 
100
%
 
100
%
 
100
%
__________________
(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 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)
 
 
Fixed Maturity Securities AFS:
 
 
 
 
 
 
 
 
Corporate
 
Other (1)
 
Equity Securities
 
Other
Investments
 
Derivative
Assets
 
 
(In millions)
Balance, January 1, 2018
 
$
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

Realized gains (losses)
 
—

 
—

 
—

 
—

 
—

Unrealized gains (losses)
 
—

 
—

 
—

 
(1
)
 
(1
)
Purchases, sales, issuances and settlements, net
 
(1
)
 
2

 
—

 
(1
)
 
—

Transfers into and/or out of Level 3
 
—

 
—

 
—

 
—

 
—

Balance, December 31, 2019
 
$
—

 
$
3

 
$
—

 
$
686

 
$
—

__________________
(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)
2020
 
$
649

 
$
78

2021
 
$
658

 
$
74

2022
 
$
670

 
$
73

2023
 
$
688

 
$
72

2024
 
$
711

 
$
74

2025-2029
 
$
3,690

 
$
361