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Retirement Plans and Other Retiree Benefits (Tables)
 12 Months Ended
Dec. 31, 2018
Retirement Benefits [Abstract]  
Schedule of Allocation of Plan Assets
The target asset allocation for the Company’s defined benefit plans is as follows:
  
 
United States
 
International
Asset Category
 

 

Equity securities
 
22
%
 
37
%
Fixed income securities
 
60
%
 
43
%
Real estate and other investments
 
18
%
 
20
%
Total
 
100
%
 
100
%

At December 31, 2018 the allocation of the Company’s plan assets and the level of valuation input, as applicable, for each major asset category were as follows:
 
 
Level of Valuation
Input
 
Pension Plans
 
 
  
 
 
United States
 
International
 
Other Retiree
Benefit Plans
 
 
  
 
 
 
 
 
 
Cash and cash equivalents
 
Level 1
 
$
29

 
$
9

 
$
1

U.S. common stocks
 
Level 1
 
75

 
3

 
3

International common stocks
 
Level 1
 
—

 
4

 
—

Pooled funds(1)
 
Level 1
 
106

 
82

 
4

Fixed income securities(2)
 
Level 2
 
865

 
24

 
28

Guaranteed investment contracts(3)
 
Level 2
 
1

 
51

 
—

 
 
  
 
1,076

 
173

 
36

Investments valued using NAV per share(4)
 
  
 


 


 


Domestic, developed and emerging markets equity funds
 
  
 
229

 
134

 
8

Fixed income funds(5)
 
  
 
116

 
173

 
4

Hedge funds(6)
 
  
 
56

 
6

 
2

Multi-Asset funds(7)
 
  
 
94

 
2


3

Real estate funds(8)
 
 
 
39

 
22

 
1

 
 
  
 
534

 
337

 
18

 
 
 
 
 
 
 
 
 
Other assets and liabilities, net(9)
 
 
 
(42
)
 
—

 
—

Total Investments
 
 
 
$
1,568

 
$
510

 
$
54

 
 
 
 
 
 
 
 
 

At December 31, 2017 the allocation of the Company’s plan assets and the level of valuation input, as applicable, for each major asset category were as follows:
 
 
Level of Valuation
Input
 
Pension Plans
 
 
  
 
 
United States
 
International
 
Other Retiree
Benefit Plans
 
 
  
 
 
 
 
 
 
Cash and cash equivalents
 
Level 1
 
$
21

 
$
11

 
$
—

U.S. common stocks
 
Level 1
 
127

 
4

 
—

International common stocks
 
Level 1
 
—

 
3

 
—

Pooled funds(1)
 
Level 1
 
138

 
94

 
—

Fixed income securities(2)
 
Level 2
 
843

 
24

 
—

Guaranteed investment contracts(3)
 
Level 2
 
1

 
53

 
—

 
 
  
 
1,130

 
189

 
—

Investments valued using NAV per share(4)
 
  
 


 


 


Domestic, developed and emerging markets equity funds
 
  
 
350

 
189

 
—

Fixed income funds(5)
 
  
 
122

 
167

 
—

Hedge funds(6)
 
  
 
82

 
5

 
—

Multi-Asset funds(7)
 
  
 
115

 
3


—

Real estate funds(8)
 
 
 
38

 
22

 
—

 
 
 
 
707

 
386

 
—

 
 
 
 
 
 
 
 
 
Other assets and liabilities, net(9)
 
 
 
(25
)
 
—

 
—

Total Investments
 
  
 
$
1,812

 
$
575

 
$
—

_______
(1) 
Pooled funds primarily invest in U.S. and foreign equity securities, debt and money market securities.
(2) 
The fixed income securities are traded over the counter and certain of these securities lack daily pricing or liquidity and as such are classified as Level 2. As of both December 31, 2018 and 2017, approximately 50% of the U.S. pension plan fixed income portfolio was invested in U.S. treasury or agency securities, with the remainder invested in other government bonds and corporate bonds.
(3) 
The guaranteed investment contracts (“GICs”) represent contracts with insurance companies measured at the cash surrender value of each contract. The Level 2 valuation reflects that the cash surrender value is based principally on a referenced pool of investment funds with active redemption.
(4) 
Investments that are measured at fair value using net asset value (“NAV”) per share as a practical expedient have not been classified in the fair value hierarchy. The NAV is based on the value of the underlying investments owned, minus its liabilities, divided by the number of shares outstanding. There are no unfunded commitments related to these investments. Redemption notice period primarily ranges from 0-3 months and redemption frequency windows range from daily to quarterly.
(5) 
Fixed income funds primarily invest in U.S. government and investment grade corporate bonds.
(6) 
Consists of investments in underlying hedge fund strategies that are primarily implemented through the use of long and short equity and fixed income securities and derivative instruments such as futures and options.
(7) 
Multi-Asset funds primarily invest across a variety of asset classes, including global stocks and bonds, as well as alternative strategies.
(8) 
Real estate is valued using the NAV per unit of funds that are invested in real estate property. The investment value of the real estate property is determined quarterly using independent market appraisals as determined by the investment manager.
(9) 
This category primarily includes unsettled trades for investments purchased and sold and dividend receivables.
Defined benefit plans disclosures
The Company uses a December 31 measurement date for its defined benefit and other retiree benefit plans. Summarized information for the Company’s defined benefit and other retiree benefit plans is as follows:
  
 
Pension Plans
 
Other Retiree Benefit Plans
 
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
  
 
United States
 
International
 
 
 
 
Change in Benefit Obligations
 
 
 
 
 
 
 
 
 
 
 
 
Benefit obligations at beginning of year
 
$
2,363

 
$
2,298

 
$
847

 
$
800

 
$
960

 
$
923

Service cost
 
1

 
1

 
14

 
16

 
16

 
13

Interest cost
 
86

 
94

 
21


22

 
38


40

Participants’ contributions
 
—

 
—

 
2

 
2

 
—

 
—

Acquisitions/plan amendments
 
—

 
—

 
4

 
(6
)
 
—

 
—

Actuarial loss (gain)
 
(139
)
 
110

 
(11
)
 
(11
)
 
(88
)
 
21

Foreign exchange impact
 
—

 
—

 
(40
)
 
72

 
(5
)
 
3

Termination benefits (1)
 
9

 
24

 
—

 
—

 
—

 
(3
)
Curtailments and settlements
 
(4
)
 
—

 
(7
)
 
(11
)
 
—

 
—

Benefit payments
 
(169
)
 
(164
)
 
(42
)
 
(36
)
 
(45
)
 
(37
)
Other
 
—

 
—

 
(1
)
 
(1
)
 
—

 
—

Benefit obligations at end of year
 
$
2,147

 
$
2,363

 
$
787

 
$
847

 
$
876

 
$
960

Change in Plan Assets
 
 
 
 
 
 
 
 
 
 

 
 

Fair value of plan assets at beginning of year
 
$
1,812

 
$
1,646

 
$
575

 
$
509

 
$
—

 
$
—

Actual return on plan assets
 
(101
)
 
225

 
(16
)
 
42

 
(1
)
 
—

Company contributions
 
30

 
105

 
27

 
30

 
100

 
37

Participants’ contributions
 
—

 
—

 
3

 
2

 
—

 
—

Foreign exchange impact
 
—

 
—

 
(29
)
 
40

 
—

 
—

Settlements and acquisitions
 
(4
)
 
—

 
(7
)
 
(11
)
 
—

 
—

Benefit payments
 
(169
)
 
(164
)
 
(42
)
 
(36
)
 
(45
)
 
(37
)
Other
 
—

 
—

 
(1
)
 
(1
)
 
—

 
—

Fair value of plan assets at end of year
 
$
1,568

 
$
1,812

 
$
510

 
$
575

 
$
54

 
$
—

Funded Status
 
 
 
 
 
 
 
 
 
 

 
 

Benefit obligations at end of year
 
$
2,147

 
$
2,363

 
$
787

 
$
847

 
$
876

 
$
960

Fair value of plan assets at end of year
 
1,568

 
1,812

 
510

 
575

 
54

 
—

Net amount recognized
 
$
(579
)
 
$
(551
)
 
$
(277
)
 
$
(272
)
 
$
(822
)
 
$
(960
)
Amounts Recognized in Balance Sheet
 
 
 
 
 
 

 
 

 
 

 
 

Noncurrent assets
 
$
—

 
$
—

 
$
6

 
$
22

 
$
—

 
$
—

Current liabilities
 
(26
)
 
(24
)
 
(12
)
 
(13
)
 
(46
)
 
(44
)
Noncurrent liabilities
 
(553
)
 
(527
)
 
(271
)
 
(281
)
 
(776
)
 
(916
)
Net amount recognized
 
$
(579
)
 
$
(551
)
 
$
(277
)
 
$
(272
)
 
$
(822
)
 
$
(960
)
Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
 
 
 
 
 
 

 
 

 
 

 
 

Actuarial loss
 
$
940

 
$
911

 
$
226

 
$
209

 
$
239

 
$
338

Transition/prior service cost
 
1

 
1

 
6

 
1

 
(1
)
 
(1
)
  
 
$
941

 
$
912

 
$
232

 
$
210

 
$
238

 
$
337

Accumulated benefit obligation
 
$
2,090

 
$
2,293

 
$
731

 
$
787

 
$
—

 
$
—

  
 
Pension Plans
 
Other Retiree Benefit Plans
  
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
  
 
United States
 
International
 
 
 
 
Weighted-Average Assumptions Used to Determine Benefit Obligations
 
 
 
 
 
 
 
 
 
 

 
 
Discount rate
 
4.38
%
 
3.73
%
 
2.80
%
 
2.53
%
 
4.43
%
 
3.80
%
Long-term rate of return on plan assets
 
6.60
%
 
6.60
%
 
4.06
%
 
4.04
%
 
6.60
%
 
6.60
%
Long-term rate of compensation increase
 
3.50
%
 
3.50
%
 
2.86
%
 
2.79
%
 
3.50
%
 
3.50
%
ESOP growth rate
 
—
%
 
—
%
 
—
%
 
—
%
 
10.00
%
 
10.00
%
Medical cost trend rate of increase
 
—
%
 
—
%
 
—
%
 
—
%
 
6.00
%
 
6.00
%
_________
(1) 
Represents pension and other retiree benefit enhancements incurred in 2018 and 2017 pursuant to the Global Growth and Efficiency Program.
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
A 1% change in the assumed medical cost trend rate would have the following approximate effect:
  
 
One percentage point
  
 
Increase
 
Decrease
Accumulated postretirement benefit obligation
 
$
115

 
$
(93
)
Total of service and interest cost components
 
10

 
(7
)
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

Plans with projected benefit obligations in excess of plan assets and plans with accumulated benefit obligations in excess of plan assets as of December 31 consisted of the following:
  
 
Years Ended December 31,
  
 
2018
 
2017
Benefit Obligation Exceeds Fair Value of Plan Assets
 
 
 
 
Projected benefit obligation
 
$
2,882

 
$
2,834

Fair value of plan assets
 
2,007

 
1,992

 
 
 
 
 
Accumulated benefit obligation
 
2,689

 
2,641

Fair value of plan assets
 
1,924

 
1,905
Schedule of Net Benefit Costs
Summarized information regarding the net periodic benefit costs for the Company’s defined benefit and other retiree benefit plans is as follows:
  
 
Pension Plans
 
Other Retiree Benefit Plans
  
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
  
 
United States
 
International
 
 
 
 
 
 
Components of Net Periodic Benefit Cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
 
$
1

 
$
1

 
$
1

 
$
14

 
$
16

 
$
16

 
$
16

 
$
13

 
$
13

Interest cost
 
86

 
94

 
105

 
21

 
22

 
25

 
38

 
40

 
43

Annual ESOP allocation
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Expected return on plan assets
 
(115
)
 
(111
)
 
(109
)
 
(21
)
 
(22
)
 
(23
)
 
(2
)
 
—

 
(1
)
Amortization of transition and prior service costs (credits)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Amortization of actuarial loss
 
47

 
48

 
41

 
8

 
10

 
8

 
14

 
13

 
14

Net periodic benefit cost
 
$
19

 
$
32

 
$
38

 
$
22

 
$
26

 
$
26

 
$
66

 
$
66

 
$
69

Other postretirement charges
 
9

 
24

 
3

 
2

 
4

 
11

 
—

 
(3
)
 
1

Total pension cost
 
$
28

 
$
56

 
$
41

 
$
24

 
$
30

 
$
37

 
$
66

 
$
63

 
$
70

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Discount rate
 
3.73
%
 
4.27
%
 
4.93
%

2.53
%
 
2.59
%
 
3.17
%
 
3.80
%
 
4.41
%
 
4.97
%
Long-term rate of return on plan assets
 
6.60
%
 
6.80
%
 
6.80
%
 
4.04
%
 
4.14
%
 
4.62
%
 
6.60
%
 
6.80
%
 
6.80
%
Long-term rate of compensation increase
 
3.50
%
 
3.50
%
 
3.50
%
 
2.79
%
 
2.58
%
 
2.78
%
 
—
%
 
—
%
 
—
%
ESOP growth rate
 
—
%
 
—
%
 
—
%
 
—
%
 
—
%
 
—
%
 
10.00
%
 
10.00
%
 
10.00
%
Medical cost trend rate of increase
 
—
%
 
—
%
 
—
%
 
—
%
 
—
%
 
—
%
 
6.00
%
 
6.33
%
 
6.67
%
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year
The estimated actuarial loss and the estimated transition/prior service cost for defined benefit and other retiree benefit plans that will be amortized from Accumulated other comprehensive income (loss) into net periodic benefit cost over the next fiscal year is as follows:
  
 
Pension Plans
 
Other Retiree Benefit Plans
Net actuarial loss
 
$
60

 
$
11

Net transition and prior service cost
 
—

 
—
Schedule of Expected Benefit Payments
Total benefit payments expected to be paid to participants from plan assets, or directly from the Company’s assets to participants in unfunded plans, are as follows:
  
 
Pension Plans
 
 
 
 
Years Ended December 31,
 
United States
 
International
 
Other Retiree Benefit Plans
 
Total
2019
 
$
149

 
$
35

 
$
47

 
$
231

2020
 
146

 
35

 
47

 
228

2021
 
147

 
37

 
48

 
232

2022
 
151

 
36

 
48

 
235

2023
 
151

 
40

 
49

 
240

2024-2028
 
736

 
217

 
256

 
1,209