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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2021
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, 2021December 31, 2020
Pension BenefitsOther Postretirement
Benefits		Pension BenefitsOther Postretirement
Benefits
U.S.
Plans		Non-
U.S.
Plans		TotalU.S.
Plans		Non-
U.S.
Plans		TotalU.S.
Plans		Non-
U.S.
Plans		TotalU.S.
Plans		Non-
U.S.
Plans		Total
(In millions)
Benefit obligations
$11,086 $1,096 $12,182 $1,099 $39 $1,138 $11,700 $1,173 $12,873 $1,208 $44 $1,252 
Estimated fair value of plan assets
10,392 579 10,971 1,417 26 1,443 10,692 564 11,256 1,465 27 1,492 
Over (under) funded status
$(694)$(517)$(1,211)$318 $(13)$305 $(1,008)$(609)$(1,617)$257 $(17)$240 
Net periodic benefit costs
$97 $97 $194 $(55)$2 $(53)$143 $103 $246 $(94)$2 $(92)
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,
202120202019
Pension BenefitsOther Postretirement BenefitsPension BenefitsOther Postretirement BenefitsPension BenefitsOther Postretirement Benefits
(In millions)
Net periodic benefit costs:
Service costs$215 $4 $226 $5 $214 $5 
Interest costs342 37 363 42 425 53 
Settlement and curtailment (gains) losses
(7)1 10 — — 2 
Expected return on plan assets(506)(56)(528)(62)(489)(67)
Amortization of net actuarial (gains) losses162 (39)189 (74)201 (48)
Amortization of prior service costs (credit)(12)— (14)(3)(15)(12)
Total net periodic benefit costs (credit)
194 (53)246 (92)336 (67)
Other changes in plan assets and benefit obligations recognized in OCI:
Net actuarial (gains) losses(166)(54)(35)(42)231 (138)
Prior service costs (credit)1 (1)— — 3 — 
Amortization of net actuarial (gains) losses
(162)39 (189)74 (201)48 
Amortization of prior service (costs) credit
12 — 14 3 15 12 
Settlement and curtailment (gains) losses
(10)10 (10)— — — 
Exchange rate changes
(8)— 5 — — — 
Total recognized in OCI(333)(6)(215)35 48 (78)
Total recognized in net periodic benefit costs and OCI
$(139)$(59)$31 $(57)$384 $(145)
Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation
Obligations and Funded Status
December 31,
20212020
Pension
Benefits (1)		Other
Postretirement
Benefits		Pension
Benefits (1)		Other
Postretirement
Benefits
(In millions)
Change in benefit obligations:
Benefit obligations at January 1,
$12,873 $1,252 $11,950 $1,289 
Service costs
215 4 226 5 
Interest costs
342 37 363 42 
Plan participants’ contributions
— 32 — 32 
Plan amendments
1 — — — 
Net actuarial (gains) losses (2)
(363)(96)928 (15)
Acquisition, divestitures, settlements and curtailments
(111)8 (55)— 
Benefits paid
(665)(99)(589)(101)
Effect of foreign currency translation
(110)— 50 — 
Benefit obligations at December 31,
12,182 1,138 12,873 1,252 
Change in plan assets:
Estimated fair value of plan assets at January 1,
11,256 1,492 10,230 1,468 
Actual return on plan assets
310 14 1,491 89 
Acquisition, divestitures and settlements
(35)(1)(55)— 
Plan participants’ contributions
— 32 — 32 
Employer contributions
163 5 155 4 
Benefits paid
(665)(99)(589)(101)
Effect of foreign currency translation
(58)— 24 — 
Estimated fair value of plan assets at December 31,
10,971 1,443 11,256 1,492 
Over (under) funded status at December 31,
$(1,211)$305 $(1,617)$240 
Amounts recognized on the consolidated balance sheets:
Other assets
$640 $788 $390 $756 
Other liabilities
(1,851)(483)(2,007)(516)
Net amount recognized
$(1,211)$305 $(1,617)$240 
AOCI:
Net actuarial (gains) losses
$2,416 $(332)$2,780 $(327)
Prior service costs (credit)
(55)— (86)1 
AOCI, before income tax
$2,361 $(332)$2,694 $(326)
Accumulated benefit obligation
$11,934 N/A$12,510 N/A
__________________
(1)Includes nonqualified unfunded plans, for which the aggregate PBO was $1.3 billion and $1.4 billion at December 31, 2021 and 2020, respectively.
(2)For the year ended December 31, 2021, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions of ($389) million and ($34) million, respectively, demographic assumptions of $0 and ($4) million, respectively, and plan experience of $26 million and ($58) million, respectively. 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.
Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation
Obligations and Funded Status
December 31,
20212020
Pension
Benefits (1)		Other
Postretirement
Benefits		Pension
Benefits (1)		Other
Postretirement
Benefits
(In millions)
Change in benefit obligations:
Benefit obligations at January 1,
$12,873 $1,252 $11,950 $1,289 
Service costs
215 4 226 5 
Interest costs
342 37 363 42 
Plan participants’ contributions
— 32 — 32 
Plan amendments
1 — — — 
Net actuarial (gains) losses (2)
(363)(96)928 (15)
Acquisition, divestitures, settlements and curtailments
(111)8 (55)— 
Benefits paid
(665)(99)(589)(101)
Effect of foreign currency translation
(110)— 50 — 
Benefit obligations at December 31,
12,182 1,138 12,873 1,252 
Change in plan assets:
Estimated fair value of plan assets at January 1,
11,256 1,492 10,230 1,468 
Actual return on plan assets
310 14 1,491 89 
Acquisition, divestitures and settlements
(35)(1)(55)— 
Plan participants’ contributions
— 32 — 32 
Employer contributions
163 5 155 4 
Benefits paid
(665)(99)(589)(101)
Effect of foreign currency translation
(58)— 24 — 
Estimated fair value of plan assets at December 31,
10,971 1,443 11,256 1,492 
Over (under) funded status at December 31,
$(1,211)$305 $(1,617)$240 
Amounts recognized on the consolidated balance sheets:
Other assets
$640 $788 $390 $756 
Other liabilities
(1,851)(483)(2,007)(516)
Net amount recognized
$(1,211)$305 $(1,617)$240 
AOCI:
Net actuarial (gains) losses
$2,416 $(332)$2,780 $(327)
Prior service costs (credit)
(55)— (86)1 
AOCI, before income tax
$2,361 $(332)$2,694 $(326)
Accumulated benefit obligation
$11,934 N/A$12,510 N/A
__________________
(1)Includes nonqualified unfunded plans, for which the aggregate PBO was $1.3 billion and $1.4 billion at December 31, 2021 and 2020, respectively.
(2)For the year ended December 31, 2021, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions of ($389) million and ($34) million, respectively, demographic assumptions of $0 and ($4) million, respectively, and plan experience of $26 million and ($58) million, respectively. 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.
Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation
Obligations and Funded Status
December 31,
20212020
Pension
Benefits (1)		Other
Postretirement
Benefits		Pension
Benefits (1)		Other
Postretirement
Benefits
(In millions)
Change in benefit obligations:
Benefit obligations at January 1,
$12,873 $1,252 $11,950 $1,289 
Service costs
215 4 226 5 
Interest costs
342 37 363 42 
Plan participants’ contributions
— 32 — 32 
Plan amendments
1 — — — 
Net actuarial (gains) losses (2)
(363)(96)928 (15)
Acquisition, divestitures, settlements and curtailments
(111)8 (55)— 
Benefits paid
(665)(99)(589)(101)
Effect of foreign currency translation
(110)— 50 — 
Benefit obligations at December 31,
12,182 1,138 12,873 1,252 
Change in plan assets:
Estimated fair value of plan assets at January 1,
11,256 1,492 10,230 1,468 
Actual return on plan assets
310 14 1,491 89 
Acquisition, divestitures and settlements
(35)(1)(55)— 
Plan participants’ contributions
— 32 — 32 
Employer contributions
163 5 155 4 
Benefits paid
(665)(99)(589)(101)
Effect of foreign currency translation
(58)— 24 — 
Estimated fair value of plan assets at December 31,
10,971 1,443 11,256 1,492 
Over (under) funded status at December 31,
$(1,211)$305 $(1,617)$240 
Amounts recognized on the consolidated balance sheets:
Other assets
$640 $788 $390 $756 
Other liabilities
(1,851)(483)(2,007)(516)
Net amount recognized
$(1,211)$305 $(1,617)$240 
AOCI:
Net actuarial (gains) losses
$2,416 $(332)$2,780 $(327)
Prior service costs (credit)
(55)— (86)1 
AOCI, before income tax
$2,361 $(332)$2,694 $(326)
Accumulated benefit obligation
$11,934 N/A$12,510 N/A
__________________
(1)Includes nonqualified unfunded plans, for which the aggregate PBO was $1.3 billion and $1.4 billion at December 31, 2021 and 2020, respectively.
(2)For the year ended December 31, 2021, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions of ($389) million and ($34) million, respectively, demographic assumptions of $0 and ($4) million, respectively, and plan experience of $26 million and ($58) million, respectively. 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.
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,
202120202021202020212020
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
$1,840 $2,469 $1,831 $2,441 N/AN/A
Accumulated benefit obligations
$1,740 $2,332 $1,740 $2,312 N/AN/A
Accumulated postretirement benefit obligations
N/AN/AN/AN/A$813 $868 
Estimated fair value of plan assets
$9 $564 $— $539 $331 $355 
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,
202120202021202020212020
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
$1,840 $2,469 $1,831 $2,441 N/AN/A
Accumulated benefit obligations
$1,740 $2,332 $1,740 $2,312 N/AN/A
Accumulated postretirement benefit obligations
N/AN/AN/AN/A$813 $868 
Estimated fair value of plan assets
$9 $564 $— $539 $331 $355 
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,
202120202019
Pension BenefitsOther Postretirement BenefitsPension BenefitsOther Postretirement BenefitsPension BenefitsOther Postretirement Benefits
(In millions)
Net periodic benefit costs:
Service costs$215 $4 $226 $5 $214 $5 
Interest costs342 37 363 42 425 53 
Settlement and curtailment (gains) losses
(7)1 10 — — 2 
Expected return on plan assets(506)(56)(528)(62)(489)(67)
Amortization of net actuarial (gains) losses162 (39)189 (74)201 (48)
Amortization of prior service costs (credit)(12)— (14)(3)(15)(12)
Total net periodic benefit costs (credit)
194 (53)246 (92)336 (67)
Other changes in plan assets and benefit obligations recognized in OCI:
Net actuarial (gains) losses(166)(54)(35)(42)231 (138)
Prior service costs (credit)1 (1)— — 3 — 
Amortization of net actuarial (gains) losses
(162)39 (189)74 (201)48 
Amortization of prior service (costs) credit
12 — 14 3 15 12 
Settlement and curtailment (gains) losses
(10)10 (10)— — — 
Exchange rate changes
(8)— 5 — — — 
Total recognized in OCI(333)(6)(215)35 48 (78)
Total recognized in net periodic benefit costs and OCI
$(139)$(59)$31 $(57)$384 $(145)
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 BenefitsOther Postretirement Benefits
December 31, 2021
Weighted average discount rate2.95%3.05%
Weighted average interest crediting rate3.18%N/A
Rate of compensation increase2.50%-8.00%N/A
December 31, 2020
Weighted average discount rate2.65%2.85%
Weighted average interest crediting rate3.46%N/A
Rate of compensation increase2.50%-8.00%N/A
Assumptions used in determining net periodic benefit costs for the U.S. plans were as follows:
Pension BenefitsOther Postretirement Benefits
Year Ended December 31, 2021
Weighted average discount rate3.01%3.14%
Weighted average interest crediting rate3.24%N/A
Weighted average expected rate of return on plan assets5.00%3.87%
Rate of compensation increase2.5%-8.00%N/A
Year Ended December 31, 2020
Weighted average discount rate3.30%3.45%
Weighted average interest crediting rate3.38%N/A
Weighted average expected rate of return on plan assets5.50%4.31%
Rate of compensation increase2.25%-8.50%N/A
Year Ended December 31, 2019
Weighted average discount rate4.35%4.35%
Weighted average interest crediting rate4.01%N/A
Weighted average expected rate of return on plan assets5.75%5.04%
Rate of compensation increase2.25%-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,
20212020
Before
Age 65		Age 65 and
older		Before
Age 65		Age 65 and
older
Following year
5.1 %3.3 %5.8 %5.6 %
Ultimate rate to which cost increase is assumed to decline
3.7 %3.8 %3.8 %3.8 %
Year in which the ultimate trend rate is reached
2074207420742074
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, 2021 for the Invested Plans:
December 31,
20212020
U.S. Pension
Benefits
U.S. Other
Postretirement
Benefits (1)
U.S. Pension
Benefits		U.S. Other
Postretirement
Benefits (1)
TargetActual
Allocation		TargetActual
Allocation		Actual
Allocation		Actual
Allocation
Asset Class
Fixed maturity securities AFS
85 %84 %95 %95 %85 %95 %
Equity securities (2)
7 %7 %5 %5 %8 %5 %
Alternative securities (3)
8 %9 %— %— %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, 2021
Pension BenefitsOther Postretirement Benefits
Fair Value HierarchyFair Value Hierarchy
Level 1Level 2Level 3Total
Estimated
Fair Value		Level 1Level 2Level 3Total
Estimated
Fair Value
(In millions)
Assets
Fixed maturity securities AFS:
Corporate
$— $4,305 $— $4,305 $— $222 $— $222 
U.S. government bonds
1,824 80 — 1,904 69 — — 69 
Foreign bonds
— 1,115 1 1,116 — 51 — 51 
Federal agencies
— 83 — 83 — 10 — 10 
Municipals
— 248 — 248 — 8 — 8 
Short-term investments
142 484 — 626 486 482 — 968 
Other (1)
155 627 1 783 14 45 — 59 
Total fixed maturity securities AFS
2,121 6,942 2 9,065 569 818 — 1,387 
Equity securities
601 283 11 895 55 — — 55 
Other investments
42 1 954 997 1 — — 1 
Derivative assets
14 — — 14 — — — — 
Total assets
$2,778 $7,226 $967 $10,971 $625 $818 $— $1,443 
December 31, 2020
Pension BenefitsOther Postretirement Benefits
Fair Value HierarchyFair Value Hierarchy
Level 1Level 2Level 3Total
Estimated
Fair Value		Level 1Level 2Level 3Total
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 $— $1,492 
__________________
(1)Other primarily includes money market securities, mortgage-backed securities, collateralized mortgage obligations and ABS.
Rollforward fair value measurement using significant unobservable outputs (level 3)
A rollforward of all pension and other postretirement benefit plan assets measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs was as follows:
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Fixed Maturity Securities AFS:
Foreign BondsOther (1)Equity SecuritiesOther
Investments
(In millions)
Balance, January 1, 2020$— $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 
Realized gains (losses)— — — — 
Unrealized gains (losses)— — — 63 
Purchases, sales, issuances and settlements, net
1 1 11 183 
Transfers into and/or out of Level 3— — — — 
Balance, December 31, 2021$1 $1 $11 $954 
__________________
(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 BenefitsOther Postretirement Benefits
(In millions)
2022$704 $72 
2023$712 $71 
2024$728 $69 
2025$733 $67 
2026$751 $65 
2027-2031$3,779 $304