Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

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, 2020												December 31, 2019
	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	$	11,700	$	1,173	$	12,873	$	1,208	$	44	$	1,252	$	10,824	$	1,126	$	11,950	$	1,247	$	42	$	1,289
Estimated fair value of plan assets	10,692		564		11,256		1,465		27		1,492		9,742		488		10,230		1,441		27		1,468
Over (under) funded status	$	(1,008)	$	(609)	$	(1,617)	$	257	$	(17)	$	240	$	(1,082)	$	(638)	$	(1,720)	$	194	$	(15)	$	179
Net periodic benefit costs	$	143	$	103	$	246	$	(94)	$	2	$	(92)	$	244	$	92	$	336	$	(70)	$	3	$	(67)

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,
	2020				2019				2018
	Pension Benefits		Other Postretirement Benefits		Pension Benefits		Other Postretirement Benefits		Pension Benefits		Other Postretirement Benefits
	(In millions)
Net periodic benefit costs:
Service costs	$	226	$	5	$	214	$	5	$	223	$	6
Interest costs	363		42		425		53		391		55
Settlement and curtailment costs	10		—		—		2		(1)		—
Expected return on plan assets	(528)		(62)		(489)		(67)		(533)		(71)
Amortization of net actuarial (gains) losses	189		(74)		201		(48)		182		(34)
Amortization of prior service costs (credit)	(14)		(3)		(15)		(12)		(3)		(20)
Total net periodic benefit costs (credit)	246		(92)		336		(67)		259		(64)
Other changes in plan assets and benefit obligations recognized in OCI:
Net actuarial (gains) losses	(35)		(42)		231		(138)		244		(248)
Prior service costs (credit)	—		—		3		—		(110)		(7)
Amortization of net actuarial (gains) losses	(189)		74		(201)		48		(182)		34
Amortization of prior service (costs) credit	14		3		15		12		3		20
Settlement and curtailment (gains) losses	(10)		—		—		—		—		—
Exchange rate changes	5		—		—		—		—		—
Total recognized in OCI	(215)		35		48		(78)		(45)		(201)
Total recognized in net periodic benefit costs and OCI	$	31	$	(57)	$	384	$	(145)	$	214	$	(265)

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

Obligations and Funded Status

	December 31,
	2020				2019
	Pension Benefits (1)		Other Postretirement Benefits		Pension Benefits (1)		Other Postretirement Benefits
	(In millions)
Change in benefit obligations:
Benefit obligations at January 1,	$	11,950	$	1,289	$	10,591	$	1,324
Service costs	226		5		214		5
Interest costs	363		42		425		53
Plan participants’ contributions	—		32		—		32
Plan amendments	—		—		3		—
Net actuarial (gains) losses (2)	928		(15)		1,360		(31)
Acquisition, divestitures, settlements and curtailments	(55)		—		(5)		(3)
Benefits paid	(589)		(101)		(647)		(93)
Effect of foreign currency translation	50		—		9		2
Benefit obligations at December 31,	12,873		1,252		11,950		1,289
Change in plan assets:
Estimated fair value of plan assets at January 1,	10,230		1,468		8,948		1,360
Actual return on plan assets	1,491		89		1,619		173
Acquisition, divestitures and settlements	(55)		—		(5)		(3)
Plan participants’ contributions	—		32		—		32
Employer contributions	155		4		311		(2)
Benefits paid	(589)		(101)		(647)		(93)
Effect of foreign currency translation	24		—		4		1
Estimated fair value of plan assets at December 31,	11,256		1,492		10,230		1,468
Over (under) funded status at December 31,	$	(1,617)	$	240	$	(1,720)	$	179
Amounts recognized on the consolidated balance sheets:
Other assets	$	390	$	756	$	147	$	617
Other liabilities	(2,007)		(516)		(1,867)		(438)
Net amount recognized	$	(1,617)	$	240	$	(1,720)	$	179
AOCI:
Net actuarial (gains) losses	$	2,780	$	(327)	$	3,009	$	(359)
Prior service costs (credit)	(86)		1		(100)		(2)
AOCI, before income tax	$	2,694	$	(326)	$	2,909	$	(361)
Accumulated benefit obligation	$	12,510	N/A		$	11,616	N/A

__________________

(1)Includes nonqualified unfunded plans, for which the aggregate PBO was $1.4 billion and $1.2 billion at December 31, 2020 and 2019, respectively.

(2)For the year ended December 31, 2020, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions of $851 million and $103 million, respectively, demographic assumptions of $31 million and $4 million, respectively, and plan experience of $46 million and ($122) million, respectively. For the year ended December 31, 2019, significant sources of actuarial (gains) losses for pension and other postretirement benefits 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.

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

Obligations and Funded Status

	December 31,
	2020				2019
	Pension Benefits (1)		Other Postretirement Benefits		Pension Benefits (1)		Other Postretirement Benefits
	(In millions)
Change in benefit obligations:
Benefit obligations at January 1,	$	11,950	$	1,289	$	10,591	$	1,324
Service costs	226		5		214		5
Interest costs	363		42		425		53
Plan participants’ contributions	—		32		—		32
Plan amendments	—		—		3		—
Net actuarial (gains) losses (2)	928		(15)		1,360		(31)
Acquisition, divestitures, settlements and curtailments	(55)		—		(5)		(3)
Benefits paid	(589)		(101)		(647)		(93)
Effect of foreign currency translation	50		—		9		2
Benefit obligations at December 31,	12,873		1,252		11,950		1,289
Change in plan assets:
Estimated fair value of plan assets at January 1,	10,230		1,468		8,948		1,360
Actual return on plan assets	1,491		89		1,619		173
Acquisition, divestitures and settlements	(55)		—		(5)		(3)
Plan participants’ contributions	—		32		—		32
Employer contributions	155		4		311		(2)
Benefits paid	(589)		(101)		(647)		(93)
Effect of foreign currency translation	24		—		4		1
Estimated fair value of plan assets at December 31,	11,256		1,492		10,230		1,468
Over (under) funded status at December 31,	$	(1,617)	$	240	$	(1,720)	$	179
Amounts recognized on the consolidated balance sheets:
Other assets	$	390	$	756	$	147	$	617
Other liabilities	(2,007)		(516)		(1,867)		(438)
Net amount recognized	$	(1,617)	$	240	$	(1,720)	$	179
AOCI:
Net actuarial (gains) losses	$	2,780	$	(327)	$	3,009	$	(359)
Prior service costs (credit)	(86)		1		(100)		(2)
AOCI, before income tax	$	2,694	$	(326)	$	2,909	$	(361)
Accumulated benefit obligation	$	12,510	N/A		$	11,616	N/A

__________________

(1)Includes nonqualified unfunded plans, for which the aggregate PBO was $1.4 billion and $1.2 billion at December 31, 2020 and 2019, respectively.

(2)For the year ended December 31, 2020, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions of $851 million and $103 million, respectively, demographic assumptions of $31 million and $4 million, respectively, and plan experience of $46 million and ($122) million, respectively. For the year ended December 31, 2019, significant sources of actuarial (gains) losses for pension and other postretirement benefits 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.

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

Obligations and Funded Status

	December 31,
	2020				2019
	Pension Benefits (1)		Other Postretirement Benefits		Pension Benefits (1)		Other Postretirement Benefits
	(In millions)
Change in benefit obligations:
Benefit obligations at January 1,	$	11,950	$	1,289	$	10,591	$	1,324
Service costs	226		5		214		5
Interest costs	363		42		425		53
Plan participants’ contributions	—		32		—		32
Plan amendments	—		—		3		—
Net actuarial (gains) losses (2)	928		(15)		1,360		(31)
Acquisition, divestitures, settlements and curtailments	(55)		—		(5)		(3)
Benefits paid	(589)		(101)		(647)		(93)
Effect of foreign currency translation	50		—		9		2
Benefit obligations at December 31,	12,873		1,252		11,950		1,289
Change in plan assets:
Estimated fair value of plan assets at January 1,	10,230		1,468		8,948		1,360
Actual return on plan assets	1,491		89		1,619		173
Acquisition, divestitures and settlements	(55)		—		(5)		(3)
Plan participants’ contributions	—		32		—		32
Employer contributions	155		4		311		(2)
Benefits paid	(589)		(101)		(647)		(93)
Effect of foreign currency translation	24		—		4		1
Estimated fair value of plan assets at December 31,	11,256		1,492		10,230		1,468
Over (under) funded status at December 31,	$	(1,617)	$	240	$	(1,720)	$	179
Amounts recognized on the consolidated balance sheets:
Other assets	$	390	$	756	$	147	$	617
Other liabilities	(2,007)		(516)		(1,867)		(438)
Net amount recognized	$	(1,617)	$	240	$	(1,720)	$	179
AOCI:
Net actuarial (gains) losses	$	2,780	$	(327)	$	3,009	$	(359)
Prior service costs (credit)	(86)		1		(100)		(2)
AOCI, before income tax	$	2,694	$	(326)	$	2,909	$	(361)
Accumulated benefit obligation	$	12,510	N/A		$	11,616	N/A

__________________

(1)Includes nonqualified unfunded plans, for which the aggregate PBO was $1.4 billion and $1.2 billion at December 31, 2020 and 2019, respectively.

(2)For the year ended December 31, 2020, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions of $851 million and $103 million, respectively, demographic assumptions of $31 million and $4 million, respectively, and plan experience of $46 million and ($122) million, respectively. For the year ended December 31, 2019, significant sources of actuarial (gains) losses for pension and other postretirement benefits 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.

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,
	2020		2019		2020		2019		2020		2019
	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	$	2,469	$	2,287	$	2,441	$	2,227	N/A		N/A
Accumulated benefit obligations	$	2,332	$	2,162	$	2,312	$	2,113	N/A		N/A
Accumulated postretirement benefit obligations	N/A		N/A		N/A		N/A		$	868	$	812
Estimated fair value of plan assets	$	564	$	487	$	539	$	430	$	355	$	375

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,
	2020		2019		2020		2019		2020		2019
	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	$	2,469	$	2,287	$	2,441	$	2,227	N/A		N/A
Accumulated benefit obligations	$	2,332	$	2,162	$	2,312	$	2,113	N/A		N/A
Accumulated postretirement benefit obligations	N/A		N/A		N/A		N/A		$	868	$	812
Estimated fair value of plan assets	$	564	$	487	$	539	$	430	$	355	$	375

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,
	2020				2019				2018
	Pension Benefits		Other Postretirement Benefits		Pension Benefits		Other Postretirement Benefits		Pension Benefits		Other Postretirement Benefits
	(In millions)
Net periodic benefit costs:
Service costs	$	226	$	5	$	214	$	5	$	223	$	6
Interest costs	363		42		425		53		391		55
Settlement and curtailment costs	10		—		—		2		(1)		—
Expected return on plan assets	(528)		(62)		(489)		(67)		(533)		(71)
Amortization of net actuarial (gains) losses	189		(74)		201		(48)		182		(34)
Amortization of prior service costs (credit)	(14)		(3)		(15)		(12)		(3)		(20)
Total net periodic benefit costs (credit)	246		(92)		336		(67)		259		(64)
Other changes in plan assets and benefit obligations recognized in OCI:
Net actuarial (gains) losses	(35)		(42)		231		(138)		244		(248)
Prior service costs (credit)	—		—		3		—		(110)		(7)
Amortization of net actuarial (gains) losses	(189)		74		(201)		48		(182)		34
Amortization of prior service (costs) credit	14		3		15		12		3		20
Settlement and curtailment (gains) losses	(10)		—		—		—		—		—
Exchange rate changes	5		—		—		—		—		—
Total recognized in OCI	(215)		35		48		(78)		(45)		(201)
Total recognized in net periodic benefit costs and OCI	$	31	$	(57)	$	384	$	(145)	$	214	$	(265)

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, 2020
Weighted average discount rate	2.65%			2.85%
Weighted average interest crediting rate	3.46%			N/A
Rate of compensation increase	2.50%	-	8.00%	N/A
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

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, 2020
Weighted average discount rate	3.30%			3.45%
Weighted average interest crediting rate	3.38%			N/A
Weighted average expected rate of return on plan assets	5.50%			4.31%
Rate of compensation increase	2.25%	-	8.50%	N/A
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

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,
	2020				2019
	Before Age 65		Age 65 and older		Before Age 65		Age 65 and older
Following year	5.8	%	5.6	%	4.9	%	(1.0)	%
Ultimate rate to which cost increase is assumed to decline	3.8	%	3.8	%	3.8	%	3.8	%
Year in which the ultimate trend rate is reached	2074		2074		2074		2074

Plan Assets

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, 2020 for the Invested Plans:

	December 31,
	2020								2019
	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	85	%	85	%	95	%	95	%	81	%	95	%
Equity securities (2)	11	%	8	%	5	%	5	%	12	%	5	%
Alternative securities (3)	4	%	7	%	—	%	—	%	7	%	—	%
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.

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, 2020
	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	$	—	$	4,704	$	—	$	4,704	$	—	$	244	$	—	$	244
U.S. government bonds	1,820		48		—		1,868		51		—		—		51
Foreign bonds	—		990		—		990		—		69		—		69
Federal agencies	—		114		—		114		—		2		—		2
Municipals	—		310		—		310		—		8		—		8
Short-term investments	—		265		—		265		471		503		—		974
Other (1)	399		757		—		1,156		44		44		—		88
Total fixed maturity securities AFS	2,219		7,188		—		9,407		566		870		—		1,436
Equity securities	826		275		—		1,101		56		—		—		56
Other investments	26		—		708		734		—		—		—		—
Derivative assets	14		—		—		14		—		—		—		—
Total assets	$	3,085	$	7,463	$	708	$	11,256	$	622	$	870	$	—	$	1,492

	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

__________________

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

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, 2019	$	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	$	—
Realized gains (losses)	—		—		—		—		—
Unrealized gains (losses)	—		—		—		(55)		—
Purchases, sales, issuances and settlements, net	—		(3)		—		77		—
Transfers into and/or out of Level 3	—		—		—		—		—
Balance, December 31, 2020	$	—	$	—	$	—	$	708	$	—

__________________

(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)
2021	$	674	$	71
2022	$	684	$	70
2023	$	704	$	68
2024	$	722	$	68
2025	$	732	$	66
2026-2030	$	3,781	$	314