XML 55 R40.htm IDEA: XBRL DOCUMENT v3.22.0.1
Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Pension Plans  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Projected Benefit Obligations, Plan Assets and Funded Status of Pension Plans
The projected benefit obligations, plan assets and funded status of our pension plans were:
 U.S. PlansNon-U.S. Plans
 2021202020212020
 (in millions)
Projected benefit obligation at January 1$1,887 $1,748 $11,658 $10,458 
Service cost6 6 137 121 
Interest cost42 49 130 149 
Benefits paid(31)(35)(533)(473)
Settlements paid(113)(95)— — 
Actuarial (gains)/losses(63)213 (269)679 
Currency— — (308)572 
Other (1)
1 1 6 152 
Projected benefit obligation at December 311,729 1,887 10,821 11,658 
Fair value of plan assets at January 11,959 1,739 10,972 9,758 
Actual return on plan assets1 337 548 865 
Contributions10 13 292 208 
Benefits paid(31)(35)(533)(473)
Settlements paid(113)(95)— — 
Currency— — (258)489 
Other (1)
— — — 125 
Fair value of plan assets at December 311,826 1,959 11,021 10,972 
Net pension (liabilities)/assets at December 31$97 $72 $200 $(686)

(1)In 2020 we reviewed the impact of market changes on design features of certain historical defined contribution plans. The review resulted in additional plans being accounted for as defined benefit pension plans, which resulted in increases of $133 million in the projected benefit obligation and $125 million in plan assets in 2020.
Schedule of Pension Plans Resulted in Net Pension Asset (Liability)
The combined U.S. and non-U.S. pension plans resulted in a net pension asset of $297 million at December 31, 2021 and a net pension liability of $614 million at December 31, 2020. We recognized these amounts in our consolidated balance sheets as follows:
 As of December 31,
 20212020
 (in millions)
Prepaid pension assets$1,009 $672 
Other current liabilities(31)(29)
Accrued pension costs(681)(1,257)
$297 $(614)
Schedule of Projected Benefit Obligations, Accumulated Benefit Obligations and Fair Value of Plan Assets
Certain of our U.S. and non-U.S. plans are underfunded with accumulated benefit obligations in excess of plan assets. For these plans, the projected benefit obligations, accumulated benefit obligations and the fair value of plan assets were:
 U.S. PlansNon-U.S. Plans
 As of December 31,As of December 31,
 2021202020212020
 (in millions)
Projected benefit obligation$42 $51 $1,889 $4,059 
Accumulated benefit obligation42 51 1,805 3,873 
Fair value of plan assets3 3 1,223 2,827 
Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligations
We used the following weighted-average assumptions to determine our benefit obligations under the pension plans:
 U.S. PlansNon-U.S. Plans
 As of December 31,As of December 31,
 2021202020212020
Discount rate3.01 %2.73 %1.73 %1.33 %
Expected rate of return on plan assets4.50 %4.50 %3.44 %3.90 %
Rate of compensation increase4.00 %4.00 %2.83 %3.16 %
We used the following weighted-average assumptions to determine our net periodic pension cost:
 U.S. PlansNon-U.S. Plans
 For the Years Ended December 31,For the Years Ended December 31,
 202120202019202120202019
Discount rate2.73 %3.44 %4.40 %1.33 %1.74 %2.45 %
Expected rate of return
on plan assets		4.50 %5.00 %5.75 %3.90 %4.20 %4.80 %
Rate of compensation increase4.00 %4.00 %4.00 %3.16 %3.17 %3.31 %
Schedule of Components of Net Costs
Net periodic pension cost consisted of the following:
 U.S. PlansNon-U.S. Plans
 For the Years Ended December 31,For the Years Ended December 31,
 202120202019202120202019
 (in millions)
Service cost$6 $6 $38 $137 $121 $122 
Interest cost42 49 60 130 149 202 
Expected return on plan assets(72)(77)(88)(419)(400)(404)
Amortization:
Net loss/(gain)17 17 30 130 118 148 
Prior service cost/(benefit)1 1 1 (6)(7)(6)
Curtailment credit (1)
— — — (17)— — 
Settlement losses and other expenses19 18 16 3 4 (3)
Net periodic pension cost$13 $14 $57 $(42)$(15)$59 
 
(1)During the third quarter of 2021, we terminated our Defined Benefit Pension Scheme in Nigeria. During the second quarter of 2021, we made a decision to freeze our Defined Benefit Pension Scheme in the United Kingdom. As a result, we recognized curtailment credits of ($17 million) in 2021 recorded within benefit plan non-service income. In connection with the United Kingdom plan freeze, we also incurred incentive payment charges and other expenses of $48 million in 2021 included in operating income.
Schedule of Fair Values of Pension Plan Assets
The fair value of pension plan assets was determined using the following fair value measurements:
 As of December 31, 2021
Asset CategoryTotal Fair
Value		Quoted Prices
in Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
 (in millions)
U.S. equity securities$4 $4 $— $— 
Non-U.S. equity securities3 3 — — 
Pooled funds - equity securities1,545 1,084 461 — 
Total equity securities1,552 1,091 461 — 
Government bonds3,777 56 3,721 — 
Pooled funds - fixed-income securities648 449 199 — 
Corporate bonds and other
   fixed-income securities		3,943 139 1,415 2,389 
Total fixed-income securities8,368 644 5,335 2,389 
Real estate251 179 — 72 
Private equity4 — — 4 
Cash5 4 — 1 
Other162 157 5 — 
Total assets in the fair value hierarchy$10,342 $2,075 $5,801 $2,466 
Investments measured at net asset value2,382 
Total investments at fair value$12,724 
 As of December 31, 2020
Asset CategoryTotal Fair
Value		Quoted Prices
in Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
 (in millions)
U.S. equity securities$4 $4 $— $— 
Non-U.S. equity securities1 1 — — 
Pooled funds - equity securities2,225 999 1,226 — 
Total equity securities2,230 1,004 1,226 — 
Government bonds4,340 60 4,280 — 
Pooled funds - fixed-income securities622 439 183 — 
Corporate bonds and other
   fixed-income securities		2,860 258 811 1,791 
Total fixed-income securities7,822 757 5,274 1,791 
Real estate212 142 — 70 
Private equity3 — — 3 
Cash117 107 10 — 
Other5 4 — 1 
Total assets in the fair value hierarchy$10,389 $2,014 $6,510 $1,865 
Investments measured at net asset value2,413 
Total investments at fair value$12,802 
The percentage of fair value of pension plan assets was:
 U.S. PlansNon-U.S. Plans
 As of December 31,As of December 31,
Asset Category2021202020212020
Equity securities15%15%17%23%
Fixed-income securities85%85%62%58%
Real estate——3%5%
Hedge funds———%2%
Buy-in annuity policies——17%11%
Cash——1%1%
Total100%100%100%100%
Schedule of Changes in Level 3 Plan Assets
Changes in our Level 3 plan assets, which are recorded in other comprehensive earnings/(losses), included:
Asset CategoryJanuary 1,
2021
Balance		Net Realized
and Unrealized
Gains/
(Losses)		Net Purchases,
Issuances and
Settlements		Net Transfers
Into/(Out of)
Level 3		Currency
Impact		December 31,
2021
Balance
 (in millions)
Corporate bond and other
   fixed-income securities		$1,791 $(178)$784 $— $(10)$2,387 
Real estate70 7 1 — (4)74 
Private equity and other4 1 — — — 5 
Total Level 3 investments$1,865 $(170)$785 $— $(14)$2,466 
Asset CategoryJanuary 1,
2020
Balance		Net Realized
and Unrealized
Gains/
(Losses)		Net Purchases,
Issuances and
Settlements		Net Transfers
Into/(Out of)
Level 3		Currency
Impact		December 31,
2020
Balance
 (in millions)
Corporate bond and other
   fixed-income securities		$1,836 $16 $(110)$— $49 $1,791 
Real estate62 5 — — 3 70 
Private equity and other4 — — — — 4 
Total Level 3 investments$1,902 $21 $(110)$— $52 $1,865 
Schedule of Estimated Future Benefit Payments
The estimated future benefit payments from our pension plans at December 31, 2021 were (in millions):
 202220232024202520262027-2031
U.S. Plans$154$106$101$103$102$495
Non-U.S. Plans4224144254304432,266
Postretirement Health Care Plan  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligations
We used the following weighted-average assumptions to determine our net periodic postretirement health care cost:
 U.S. PlansNon-U.S. Plans
 For the Years Ended December 31,For the Years Ended December 31,
 202120202019202120202019
Discount rate2.68%3.41%4.37%3.35%3.86%4.40%
Health care cost trend rate5.75%6.00%6.25%5.66%5.42%5.44%
Schedule of Components of Net Costs
Net periodic postretirement health care costs consisted of the following:
 For the Years Ended December 31,
 202120202019
 (in millions)
Service cost$4 $5 $5 
Interest cost8 12 15 
Amortization:
Net loss/(gain)2 7 6 
Prior service credit— (30)(38)
Net periodic postretirement health care costs/(benefit)$14 $(6)$(12)
Schedule of Estimated Future Benefit Payments
Our estimated future benefit payments for our postretirement health care plans at December 31, 2021 were (in millions):
 202220232024202520262027-2031
U.S. Plans$11$11$11$11$11$50
Non-U.S. Plans5555528
Schedule of Changes in Accumulated Postemployment Benefit Obligations
Our postretirement health care plans are not funded. The changes in and the amount of the accrued benefit obligation were:
 As of December 31,
 20212020
 (in millions)
Accrued benefit obligation at January 1$361 $403 
Service cost4 5 
Interest cost8 12 
Benefits paid(15)(17)
Currency(1)(1)
Actuarial losses/(gains)(39)(41)
Accrued benefit obligation at December 31$317 $361 
Schedule of Weighted-Average Assumptions to Determine Benefit Obligations
We used the following weighted-average assumptions to determine our postretirement benefit obligations:
 U.S. PlansNon-U.S. Plans
 As of December 31,As of December 31,
 2021202020212020
Discount rate2.96 %2.68 %3.81 %3.35 %
Health care cost trend rate assumed for next year5.50 %5.75 %5.72 %5.66 %
Ultimate trend rate5.00 %5.00 %4.47 %4.44 %
Year that the rate reaches the ultimate trend rate2024202420402040
Postemployment Benefit Plans  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Components of Net Costs
Our postemployment plans are not funded. The changes in and the amount of the accrued benefit obligation at December 31, 2021 and 2020 were:
 As of December 31,
 20212020
 (in millions)
Accrued benefit obligation at January 1$65 $66 
Service cost6 6 
Interest cost3 3 
Benefits paid(12)(10)
Actuarial losses/(gains)(6)— 
Accrued benefit obligation at December 31$56 $65 
Schedule of Changes in Accumulated Postemployment Benefit Obligations
Net periodic postemployment costs consisted of the following:
 For the Years Ended December 31,
 202120202019
 (in millions)
Service cost$6 $6 $6 
Interest cost3 3 5 
Amortization of net gains(4)(2)(4)
Net periodic postemployment costs$5 $7 $7