Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Components of Pension Expense and Benefits Cost

The components of pension expense were as follows:

U.S. Plans	2019			2018			2017
Service cost	$	15		$	17		$	14
Interest cost	50			47			50
Expected return on plan assets	(70		)	(85		)	(83		)
Amortization of actuarial loss	55			51			52
Amortization of prior service cost	1			1			1
Net periodic cost	$	51		$	31		$	34

Non-U.S. Plans	2019			2018			2017
Service cost	$	15		$	26		$	22
Interest cost	71			75			75
Expected return on plan assets	(138		)	(159		)	(146		)
Settlements	44			38			—
Curtailments	(14		)	—			(3		)
Amortization of actuarial loss	38			45			42
Amortization of prior service credit	(1		)	(11		)	(11		)
Net periodic cost / (benefit)	$	15		$	14		$	(21	)

The components of net postretirement benefits cost were as follows:

Other Postretirement Benefits	2019			2018			2017
Service cost	$	1		$	4		$	—
Interest cost	6			6			6
Amortization of prior service credit	(34		)	(37		)	(40		)
Amortization of actuarial loss	3			4			4
Net periodic benefit credit	$	(24	)	$	(23	)	$	(30	)

Schedule of Projected Benefit Obligations, Accumulated Benefit Obligations, Plan Assets and Funded Status

The projected benefit obligations, accumulated benefit obligations, plan assets and funded status of the Company's U.S. and non-U.S. plans were as follows:

	U.S. Plans						Non-U.S. Plans
	2019			2018			2019			2018
Projected Benefit Obligations
Benefit obligations at January 1	$	1,371		$	1,499		$	3,102		$	3,507
Service cost	15			17			15			26
Interest cost	50			47			71			75
Plan participants’ contributions	—			—			2			4
Amendments	(1		)	—			—			—
Settlements	—			—			(152		)	(121		)
Curtailments	—			—			(18		)	—
Actuarial loss	133			(83		)	242			(199		)
Acquisitions	—			—			—			148
Benefits paid	(128		)	(109		)	(152		)	(150		)
Foreign currency translation	—			—			110			(188		)
Benefit obligations at December 31	$	1,440		$	1,371		$	3,220		$	3,102
Plan Assets
Fair value of plan assets at January 1	$	1,012		$	1,220		$	3,264		$	3,665
Actual return on plan assets	244			(102		)	373			(39		)
Employer contributions	3			3			19			16
Plan participants’ contributions	—			—			2			4
Settlements	—			—			(152		)	(121		)
Acquisitions	—			—			—			90
Benefits paid	(128		)	(109		)	(152		)	(150		)
Foreign currency translation	—			—			126			(201		)
Fair value of plan assets at December 31	$	1,131		$	1,012		$	3,480		$	3,264
Funded status	$	(309	)	$	(359	)	$	260		$	162
Accumulated benefit obligations at December 31	$	1,397		$	1,327		$	3,182		$	3,009

Information for Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets

Information for pension plans with accumulated benefit obligations in excess of plan assets was as follows: 

U.S. Plans	2019		2018
Projected benefit obligations	$	1,440	$	1,371
Accumulated benefit obligations	1,397		1,327
Fair value of plan assets	1,131		1,012

Non-U.S. Plans	2019		2018
Projected benefit obligations	$	399	$	363
Accumulated benefit obligations	383		329
Fair value of plan assets	187		167

Schedule of Ranges for Asset Allocation and Summary of Defined Benefit Plan Assets and Accrued Income

The levels assigned to the defined benefit plan assets as of December 31, 2019 and 2018 are summarized in the tables below: 

	2019
	U.S. plan assets		Non-U.S. plan assets		Total
Level 1
Cash and cash equivalents	$	23	$	190	$	213
Global large cap equity	—		7		7
U.S. large cap equity	155		4		159
U.S. mid/small cap equity	218		27		245
Mutual funds – global equity	144		—		144
Mutual funds – U.S. equity	206		—		206
Mutual funds – fixed income	67		—		67
	813		228		1,041
Level 2
Government issued debt securities	—		260		260
Corporate debt securities	52		332		384
Asset backed securities	—		2		2
Structured debt	—		811		811
Insurance contracts	—		105		105
Derivatives	—		194		194
Investment funds – fixed income	—		373		373
Investment funds – global equity	—		297		297
Investment funds – emerging markets	—		33		33
	52		2,407		2,459
Level 3
Investment funds – real estate	96		220		316
Hedge funds	—		43		43
Private equity	5		70		75
Real estate – direct	21		9		30
	122		342		464
Total assets in fair value hierarchy	987		2,977		3,964
Investments measured at NAV Practical Expedient (a)
Investment funds – fixed income	102		91		193
Investment funds – global equity	18		78		96
Investment funds – emerging markets	23		—		23
Hedge funds	—		328		328
	143		497		640
Total investments at fair value	$	1,130	$	3,474	$	4,604

	2018
	U.S. plan assets		Non-U.S. plan assets		Total
Level 1
Cash and cash equivalents	$	34	$	225	$	259
Global large cap equity	—		27		27
U.S. large cap equity	66		3		69
U.S. mid/small cap equity	182		16		198
Mutual funds – global equity	133		—		133
Mutual funds – U.S. equity	188		—		188
Mutual funds – fixed income	104		—		104
	707		271		978
Level 2
Government issued debt securities	—		341		341
Corporate debt securities	49		212		261
Asset backed securities	—		2		2
Structured debt	—		699		699
Insurance contracts	—		105		105
Derivatives	—		103		103
Investment funds – fixed income	—		411		411
Investment funds – global equity	—		268		268
	49		2,141		2,190
Level 3
Investment funds – real estate	94		196		290
Hedge funds	—		113		113
Private equity	9		94		103
Real estate – direct	20		7		27
	123		410		533
Total assets in fair value hierarchy	879		2,822		3,701
Investments measured at NAV Practical Expedient (a)
Investment funds – fixed income	98		112		210
Investment funds – global equity	14		43		57
Investment funds – emerging markets	20		—		20
Hedge funds	—		282		282
	132		437		569
Total investments at fair value	$	1,011	$	3,259	$	4,270

(a) In accordance with ASU No. 2015-07, certain investments that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy.

Accrued income excluded from the tables above was as follows:

	2019		2018
U.S. plan assets	$	1	$	1
Non-U.S. plan assets	6		5

The strategic ranges for asset allocation in the U.S. plans are as follows: 

U.S. equities	39	%	to	49	%
International equities	12	%	to	18	%
Fixed income	16	%	to	26	%
Balanced funds	7	%	to	13	%
Real estate	7	%	to	13	%

The strategic ranges for asset allocation in the U.K. plan are as follows:

Investment grade credit	30	%	to	90	%
Equities	0	%	to	30	%
Hedge funds	0	%	to	10	%
Real estate	0	%	to	5	%
Alternative credit	0	%	to	20	%
Other	0	%	to	20	%

Reconciliation of Plan Assets Using Level 3

The following tables reconcile the beginning and ending balances of plan assets measured using significant unobservable inputs (Level 3).

	Hedge funds			Private equity			Real estate			Total
Balance at January 1, 2018	$	189		$	147		$	182		$	518
Foreign currency translation	(11		)	(8		)	(5		)	(24		)
Asset returns – assets held at reporting date	(18		)	(11		)	(9		)	(38		)
Asset returns – assets sold during the period	20			28			15			63
Purchases, sales and settlements, net	(67		)	(53		)	70			(50		)
Asset transfers during the period	—			—			64			64
Balance at December 31, 2018	113			103			317			533
Foreign currency translation	4			4			8			16
Asset returns – assets held at reporting date	(6		)	(22		)	25			(3		)
Asset returns – assets sold during the period	7			17			6			30
Purchases, sales and settlements, net	(75		)	(27		)	(10		)	(112		)
Balance at December 31, 2019	$	43		$	75		$	346		$	464

Additional Information About Pension Plan Assets Valued Using Net Asset Value

The following table presents additional information about the pension plan assets valued using net asset value as a practical expedient:

	Fair Value		Redemption Frequency	Redemption Notice Period
Balance at December 31, 2019
Investment funds – fixed income	$	193	Semi-monthly	1 - 5 days
Investment funds – global equity	96		Monthly	1 - 15 days
Investment funds – emerging markets	23		Daily	30 days
Hedge funds	328		Monthly	1 - 30 days
Balance at December 31, 2018
Investment funds – fixed income	$	210	Semi-monthly	1 day
Investment funds – global equity	57		Monthly	1 - 15 days
Investment funds – emerging markets	20		Daily	30 days
Hedge funds	282		Monthly	1 - 45 days

Schedule of Pension Assets and Liabilities

Pension assets and liabilities included in the Consolidated Balance Sheets were: 

	2019		2018
Non-current assets	$	491	$	360
Current liabilities	13		14
Non-current liabilities	533		549

Schedule of Changes in Net Loss and Prior Service Cost/(Credit)

Changes in the net loss and prior service credit for the Company’s postretirement benefit plans were: 

	2019						2018						2017
	Net loss			Prior service			Net loss			Prior service			Net loss			Prior service
Balance at January 1	$	31		$	(105	)	$	49		$	(142	)	$	49		$	(182	)
Reclassification to net periodic benefit cost	(3		)	34			(4		)	37			(4		)	40
Current year gain (loss)	14			—			(14		)	—			4			—
Amendments	—			(1		)	—			—			—			—
Balance at December 31	$	42		$	(72	)	$	31		$	(105	)	$	49		$	(142	)

Changes in the net loss and prior service cost (credit) for the Company’s pension plans were: 

	2019						2018						2017
	Net loss			Prior service			Net loss			Prior service			Net loss			Prior service
Balance at January 1	$	1,962		$	(6	)	$	2,057		$	(16	)	$	2,032		$	(32	)
Reclassification to net periodic benefit cost	(137		)	14			(134		)	10			(95		)	14
Current year gain (loss)	(53		)	—			103			—			21			—
Amendments	—			—			—			—			—			4
Foreign currency translation	36			—			(64		)	—			99			(2		)
Balance at December 31	$	1,808		$	8		$	1,962		$	(6	)	$	2,057		$	(16	)

Schedule of Expected Future Benefit Payments

Expected future benefit payments are as follows:

	Benefit Payments
2020	$	16
2021	13
2022	13
2023	12
2024	12
2025 - 2029	49

Expected future benefit payments as of December 31, 2019 are: 

	U.S. plans		Non-U.S. plans
2020	$	104	$	161
2021	96		164
2022	98		165
2023	100		168
2024	99		166
2025 - 2029	448		837

Schedule of Benefit Obligations Weighted Average Actuarial Assumptions

The weighted average actuarial assumptions used to calculate pension expense for each year were: 

U.S. Plans	2019		2018		2017
Discount rate - service cost	4.7	%	3.9	%	4.7	%
Discount rate - interest cost	3.9	%	3.2	%	3.4	%
Compensation increase	4.5	%	4.7	%	4.6	%
Long-term rate of return	7.3	%	7.3	%	7.5	%

Non-U.S. Plans	2019		2018		2017
Discount rate - service cost	3.0	%	2.6	%	2.8	%
Discount rate - interest cost	2.7	%	2.2	%	2.3	%
Compensation increase	3.2	%	3.2	%	3.3	%
Long-term rate of return	4.3	%	4.4	%	4.5	%

The weighted average actuarial assumptions used to calculate the benefit obligations at December 31 were: 

U.S. Plans	2019		2018		2017
Discount rate	3.2	%	4.3	%	3.7	%
Compensation increase	4.7	%	4.5	%	4.7	%

Non-U.S. Plans	2019		2018		2017
Discount rate	2.1	%	2.9	%	2.5	%
Compensation increase	3.0	%	3.2	%	3.2	%

Weighted average discount rates used to calculate the benefit obligations at the end of each year and the cost for each year are presented below. 

	2019		2018		2017
Benefit obligations	3.5	%	4.5	%	3.8	%
Service cost	4.8	%	4.9	%	5.0	%
Interest cost	4.2	%	4.1	%	3.5	%

Schedule of Changes in Benefit Obligations

Changes in the benefit obligations were:

	2019			2018
Benefit obligations at January 1	$	147		$	168
Service cost	1			4
Interest cost	6			6
Amendments	6			—
Actuarial (gain) loss	14			(15		)
Benefits paid	(13		)	(13		)
Foreign currency translation	3			(3		)
Benefit obligations at December 31	$	164		$	147

Schedule of Assumed Health Care Cost Trend Rates

The assumed health care cost trend rates at December 31, 2019 were as follows: 

Health care cost trend rate assumed for 2019	5.3	%
Rate that the cost trend rate gradually declines to	4.0	%
Year that the rate reaches the rate it is assumed to remain	2035

Schedule of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

A one-percentage-point change in assumed health care cost trend rates would have the following effects: 

	One percentage point
	Increase		Decrease
Effect on total service and interest cost	$	1	$	1
Effect on postretirement benefit obligation	$	6	$	6