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Pension (Tables)
12 Months Ended
Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Projected benefit obligations and assets

 

 

 

Pension

 

 

 

Benefits

(In millions)

 

2019

2018

Change in benefit obligation

 

 

 

 

 

Benefit obligation, January 1

 

$

4,741

$

4,969

Service cost

 

 

2

 

3

Interest cost

 

 

194

 

169

Assumed in acquisition

 

 

-

 

137

Litigation settlement

 

 

142

 

32

Loss (gain) from past experience

 

 

574

(1)

(235)

Benefits paid from plan assets

 

 

(325)

 

(314)

Benefits paid — other

 

 

(14)

 

(20)

Benefit obligation, December 31

 

 

5,314

 

4,741

Change in plan assets

 

 

 

 

 

Fair value of plan assets, January 1

 

 

4,151

 

4,281

Assumed in acquisition

 

 

-

 

96

Actual return on plan assets

 

 

594

 

85

Benefits paid

 

 

(325)

 

(314)

Contributions

 

 

21

 

3

Fair value of plan assets, December 31

 

 

4,441

 

4,151

Funded status

 

$

(873)

$

(590)

 

 

 

 

 

 

Liability in Consolidated Balance Sheets

 

 

 

 

 

Accrued expenses and other liabilities

 

$

(18)

$

(30)

Other non-current liabilities

 

$

(855)

$

(560)

(1) Loss reflects a decrease in the discount rate and an unfavorable change in the mortality assumption.

Expected benefit payments

 

 

 

 

 

 

Pension

(In millions)

 

Benefits

2020

 

$

322

2021

 

$

312

2022

 

$

314

2023

 

$

318

2024

 

$

318

2025-2029

 

$

1,574

Postretirement benefits liability adjustment included in AOCI

 

Pension Benefits

(In millions)

2019

2018

Unrecognized net (losses)

$

(2,132)

$

(1,980)

Unrecognized prior service cost

 

(5)

 

(6)

Postretirement benefits liability adjustment

$

(2,137)

$

(1,986)

Components of net defined benefit plan costs

 

 

Pension Benefits

(In millions)

 

2019

2018

2017

Service cost

 

$

2

$

3

$

3

Interest cost

 

 

194

 

169

 

186

Expected long-term return on plan assets

 

 

(245)

 

(257)

 

(260)

Litigation settlement

 

 

142

 

32

 

-

Amortization of:

 

 

 

 

 

 

 

Net loss from past experience

 

 

59

 

70

 

66

Settlement loss

 

 

10

 

-

 

7

Net plan cost

 

$

162

$

17

$

2

Assumptions for pension and other postretirement benefit plans

 

 

2019

2018

Discount rate:

 

 

 

Pension benefit obligation

 

3.30%

4.23%

Pension benefit cost

 

4.23%

3.51%

Expected long-term return on plan assets:

 

 

 

Pension benefit cost

 

6.75%

7.00%

Mortality table for pension obligations

 

White Collar mortality table with MP 2019 projection scale

RP 2014 with MP 2018 projection scale

Annual expense for 401(k) plans

(In millions)

2019

2018

2017

Expense

$

256

$

196

$

122

Pension Benefits [Member]  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Fair value of pension plan assets

(In millions)

 

2019

 

2018

Debt securities:

 

 

 

 

Corporate

$

1,906

$

1,446

Asset-backed

 

41

 

32

Fund investments

 

460

 

768

Total debt securities

 

2,407

 

2,246

Equity securities:

 

 

 

 

Domestic

 

582

 

506

International, including funds and pooled separate accounts (1)

 

419

 

360

Total equity securities

 

1,001

 

866

Securities partnerships

 

531

 

477

Real estate funds, including pooled separate accounts (1)

 

230

 

250

Commercial mortgage loans

 

96

 

110

Hedge funds

 

24

 

36

Guaranteed deposit account contract

 

100

 

107

Cash equivalents and other current assets, net

 

52

 

59

Total pension assets at fair value

$

4,441

$

4,151

 

 

 

 

 

(1) A pooled separate account has several participating benefit plans and each owns a share of the total pool of investments.