XML 81 R46.htm IDEA: XBRL DOCUMENT v3.22.0.1
Pension and Other Postretirement Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Schedule of Changes in Benefit Obligations
The changes in our pension and OPEB benefit obligations and plan assets for the years ended December 31, 2021 and 2020, and the funded status and reconciliation of amounts recognized in our Consolidated Balance Sheets as of December 31, 2021 and 2020, were as follows:
 Pension PlansOPEB Plans
(In millions)2021202020212020
Change in benefit obligations:
Benefit obligations as of beginning of year$5,246 $5,188 $136 $147 
Service cost16 14 1 
Interest cost133 151 3 
Actuarial (gain) loss
(168)265 (7)(6)
Participant contributions6 2 
Special termination benefits  — 
Curtailments(7)(2)(1)(1)
Settlements(15)(118) — 
Benefits paid(345)(341)(13)(13)
Effect of foreign currency exchange rate changes31 79 1 
Benefit obligations as of end of year4,897 5,246 122 136 
Change in plan assets:
Fair value of plan assets as of beginning of year3,806 3,862  — 
Actual return on plan assets296 241  — 
Employer contributions86 91 11 11 
Participant contributions6 2 
Settlements(15)(118) — 
Benefits paid(345)(341)(13)(13)
Effect of foreign currency exchange rate changes22 64  — 
Fair value of plan assets as of end of year3,856 3,806  — 
Funded status as of end of year$(1,041)$(1,440)$(122)$(136)
Amounts recognized in our Consolidated Balance Sheets consisted of:
Other assets$2 $— $ $— 
Accounts payable and other
(3)(3)(11)(11)
Pension and OPEB obligations(1,040)(1,437)(111)(125)
Net obligations recognized$(1,041)$(1,440)$(122)$(136)
Schedule of Change in Plan Assets
The changes in our pension and OPEB benefit obligations and plan assets for the years ended December 31, 2021 and 2020, and the funded status and reconciliation of amounts recognized in our Consolidated Balance Sheets as of December 31, 2021 and 2020, were as follows:
 Pension PlansOPEB Plans
(In millions)2021202020212020
Change in benefit obligations:
Benefit obligations as of beginning of year$5,246 $5,188 $136 $147 
Service cost16 14 1 
Interest cost133 151 3 
Actuarial (gain) loss
(168)265 (7)(6)
Participant contributions6 2 
Special termination benefits  — 
Curtailments(7)(2)(1)(1)
Settlements(15)(118) — 
Benefits paid(345)(341)(13)(13)
Effect of foreign currency exchange rate changes31 79 1 
Benefit obligations as of end of year4,897 5,246 122 136 
Change in plan assets:
Fair value of plan assets as of beginning of year3,806 3,862  — 
Actual return on plan assets296 241  — 
Employer contributions86 91 11 11 
Participant contributions6 2 
Settlements(15)(118) — 
Benefits paid(345)(341)(13)(13)
Effect of foreign currency exchange rate changes22 64  — 
Fair value of plan assets as of end of year3,856 3,806  — 
Funded status as of end of year$(1,041)$(1,440)$(122)$(136)
Amounts recognized in our Consolidated Balance Sheets consisted of:
Other assets$2 $— $ $— 
Accounts payable and other
(3)(3)(11)(11)
Pension and OPEB obligations(1,040)(1,437)(111)(125)
Net obligations recognized$(1,041)$(1,440)$(122)$(136)
Schedule of Amounts Recognized in Consolidated Balance Sheets
The changes in our pension and OPEB benefit obligations and plan assets for the years ended December 31, 2021 and 2020, and the funded status and reconciliation of amounts recognized in our Consolidated Balance Sheets as of December 31, 2021 and 2020, were as follows:
 Pension PlansOPEB Plans
(In millions)2021202020212020
Change in benefit obligations:
Benefit obligations as of beginning of year$5,246 $5,188 $136 $147 
Service cost16 14 1 
Interest cost133 151 3 
Actuarial (gain) loss
(168)265 (7)(6)
Participant contributions6 2 
Special termination benefits  — 
Curtailments(7)(2)(1)(1)
Settlements(15)(118) — 
Benefits paid(345)(341)(13)(13)
Effect of foreign currency exchange rate changes31 79 1 
Benefit obligations as of end of year4,897 5,246 122 136 
Change in plan assets:
Fair value of plan assets as of beginning of year3,806 3,862  — 
Actual return on plan assets296 241  — 
Employer contributions86 91 11 11 
Participant contributions6 2 
Settlements(15)(118) — 
Benefits paid(345)(341)(13)(13)
Effect of foreign currency exchange rate changes22 64  — 
Fair value of plan assets as of end of year3,856 3,806  — 
Funded status as of end of year$(1,041)$(1,440)$(122)$(136)
Amounts recognized in our Consolidated Balance Sheets consisted of:
Other assets$2 $— $ $— 
Accounts payable and other
(3)(3)(11)(11)
Pension and OPEB obligations(1,040)(1,437)(111)(125)
Net obligations recognized$(1,041)$(1,440)$(122)$(136)
Schedule of Components of Net Periodic Benefit Cost Relating to Pension and OPEB Plans
The components of net periodic benefit cost (credit) relating to our pension and OPEB plans for the years ended December 31, 2021, 2020 and 2019, were as follows:
Pension PlansOPEB Plans
(In millions)202120202019202120202019
Interest cost$133 $151 $181 $3 $$
Expected return on plan assets(215)(226)(251) — — 
Amortization of prior service costs (credits)
1 — — (4)(4)(11)
Amortization of actuarial losses (gains)
78 63 34 (6)(6)(6)
Non-operating credits
(3)(12)(36)(7)(6)(11)
Service cost16 14 15 1 — 
Net periodic benefit costs (credits) before special events
13 (21)(6)(5)(11)
Curtailments, settlements and other (gains) losses (1)
(1)32 —  (14)— 
$12 $34 $(21)$(6)$(19)$(11)
(1)Includes a settlement loss of $28 million for the year ended December 31, 2020, resulting from the wind-up of the Thorold pension plan.
Schedule of Weighted-Average Assumptions Used to Determine Projected Benefit Obligations and Net Periodic Benefit Cost
The weighted-average assumptions used to determine the benefit obligations at the measurement dates (each December 31) and the net periodic benefit costs (credits) for the years ended December 31, 2021, 2020 and 2019, were as follows:
Pension PlansOPEB Plans
202120202019202120202019
Benefit obligations:
Discount rate2.8 %2.5 %3.0 %2.9 %2.5 %3.1 %
Rate of compensation increase2.1 %2.1 %2.1 %
Net periodic benefit cost (credit):
Discount rate2.5 %3.0 %3.8 %2.5 %3.1 %3.9 %
Expected return on assets5.7 %6.0 %6.5 %
Rate of compensation increase2.1 %2.1 %2.1 %
Schedule of Assumed Health Care Cost Trend Rates Used to Determine Benefit Obligations
The assumed health care cost trend rates used to determine the benefit obligations for our domestic and foreign OPEB plans as of December 31, 2021 and 2020, were as follows:
20212020
Domestic PlanForeign PlansDomestic PlanForeign Plans
Health care cost trend rate assumed for next year7.0 %4.8 %7.2 %4.8 %
Rate to which the cost trend rate is assumed to decline (ultimate trend rate)
4.5 %4.5 %4.5 %4.5 %
Year that the rate reaches the ultimate trend rate2033203320332033
Schedule of Fair Value of Plan Assets Held by Pension Plans
The fair value of plan assets held by our pension plans as of December 31, 2021, was as follows:
(In millions)TotalLevel 1Level 2Level 3
Equity securities:
U.S. companies$646 $646 $ $ 
Non-U.S. companies872 872   
Debt securities:
Corporate and government securities1,197 29 1,168  
Asset-backed securities87  87  
Cash and cash equivalents117 117   
Certain insurance contracts (1)
314   314 
Other plan assets, net(4) (4) 
Total before investments measured at NAV$3,229 $1,664 $1,251 $314 
Investments measured at NAV627 
$3,856 
(1)The Level 3 plan assets were purchased during the year ended December 31, 2021. There were no Level 3 plan asset
balances during the year ended December 31, 2020.
The fair value of plan assets held by our pension plans as of December 31, 2020, was as follows:
(In millions)TotalLevel 1Level 2Level 3
Equity securities:
U.S. companies$737 $737 $ $ 
Non-U.S. companies1,197 1,197   
Debt securities:
Corporate and government securities1,086 36 1,050  
Asset-backed securities148  148  
Cash and cash equivalents179 179   
Other plan assets, net9  9  
Total before investments measured at NAV$3,356 $2,149 $1,207 $ 
Investments measured at NAV450 
$3,806 
Schedule of Expected Benefit Payments and Future Contributions
As of December 31, 2021, benefit payments expected to be paid over the next 10 years are as follows:
(In millions)
Pension
Plans (1)
OPEB Plans
2022$347 $11 
2023$330 $10 
2024$323 $10 
2025$316 $
2026$308 $
2027 - 2031
$1,425 $38 
(1)Benefit payments are expected to be paid from the plans’ net assets.