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Retirement Plans and Other Retiree Benefits (Tables)
12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Schedule of Allocation of Plan Assets The target asset allocation for the Company’s defined benefit plans is as follows:
  United StatesInternational
Asset Category
Equity securities21 %22 %
Fixed income securities76 %63 %
Real estate and other investments%15 %
Total100 %100 %
At December 31, 2021, 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 StatesInternationalOther Retiree
Benefit Plans
     
Cash and cash equivalentsLevel 1$38 $$— 
U.S. common stocksLevel 1— — 
International common stocksLevel 1— 13 — 
Pooled funds(1)
Level 148 116 — 
Fixed income securities(2)
Level 2905 67 — 
Guaranteed investment contracts(3)
Level 251 — 
  992 258 — 
Investments valued using NAV per share(4)
  
Domestic, developed and emerging markets equity funds  361 97 — 
Fixed income funds(5)
  469 328 — 
Hedge funds(6)
  — — 
Multi-asset funds(7)
  26 — 
Real estate funds(8)
— 30 — 
  856 465 — 
Other assets and liabilities, net(9)
(14)— — 
Total Investments$1,834 $723 $— 
At December 31, 2020, 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 StatesInternationalOther Retiree
Benefit Plans
    
Cash and cash equivalentsLevel 1$50 $12 $— 
U.S. common stocksLevel 1— — 
International common stocksLevel 1— — 
Pooled funds(1)
Level 165 117 — 
Fixed income securities(2)
Level 21,117 59 
Guaranteed investment contracts(3)
Level 255 — 
  1,233 252 
Investments valued using NAV per share(4)
  
Domestic, developed and emerging markets equity funds  456 183 
Fixed income funds(5)
  136 225 — 
Hedge funds(6)
  — — 
Multi-asset funds(7)
  77 — 
Real estate funds(8)
34 30 — 
703 446 
Other assets and liabilities, net(9)
(15)— — 
Total Investments  $1,921 $698 $
_______
(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 December 31, 2021, approximately 40% 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, compared to approximately 50% as of December 31, 2020.
(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 PlansOther Retiree Benefit Plans
 202120202021202020212020
  United StatesInternational  
Change in Benefit Obligations      
Benefit obligations at beginning of year$2,363 $2,272 $1,013 $876 $1,112 $1,050 
Service cost— 19 17 26 20 
Interest cost61 74 20 21 35 37 
Participants’ contributions— — — — 
Acquisitions/plan amendments(2)— — 30 — — 
Actuarial loss (gain)(52)171 (39)65 (50)61 
Foreign exchange impact— — (38)46 (8)(9)
Termination benefits— — — — — 
Curtailments and settlements(5)(3)(4)(7)— — 
Benefit payments(158)(155)(40)(40)(35)(47)
Other— — — — — — 
Benefit obligations at end of year$2,207 $2,363 $937 $1,013 $1,080 $1,112 
Change in Plan Assets  
Fair value of plan assets at beginning of year$1,921 $1,806 $698 $586 $$37 
Actual return on plan assets46 243 45 59 — 
Company contributions28 30 33 36 32 11 
Participants’ contributions— — — — 
Foreign exchange impact— — (14)26 — — 
Settlements and acquisitions(3)(3)(5)26 — — 
Benefit payments(158)(155)(40)(40)(35)(47)
Other— — — — — — 
Fair value of plan assets at end of year$1,834 $1,921 $723 $698 $— $
Funded Status  
Benefit obligations at end of year$2,207 $2,363 $937 $1,013 $1,080 $1,112 
Fair value of plan assets at end of year1,834 1,921 723 698 — 
Net amount recognized$(373)$(442)$(214)$(315)$(1,080)$(1,109)
Amounts Recognized in Balance Sheet    
Noncurrent assets$70 $20 $72 $18 $— $— 
Current liabilities(27)(30)(13)(14)(47)(45)
Noncurrent liabilities(416)(432)(273)(319)(1,033)(1,064)
Net amount recognized$(373)$(442)$(214)$(315)$(1,080)$(1,109)
Amounts Recognized in Accumulated Other Comprehensive Income (Loss)  
Actuarial loss$866 $902 $179 $255 $356 $429 
Transition/prior service cost— — — 
  $866 $903 $188 $262 $356 $429 
Accumulated benefit obligation$2,171 $2,325 $872 $946 $— $— 
  Pension PlansOther Retiree Benefit Plans
  202120202021202020212020
  United StatesInternational  
Weighted-Average Assumptions Used to Determine Benefit Obligations      
Discount rate2.98 %2.65 %2.10 %1.61 %3.06 %2.88 %
Expected long-term rate of return on plan assets5.70 %5.70 %2.72 %2.93 %N/A5.70 %
Long-term rate of compensation increase3.50 %3.50 %2.89 %2.62 %3.50 %3.50 %
ESOP growth rate— %— %— %— %6.00 %10.00 %
Medical cost trend rate of increase— %— %— %— %6.00 %6.00 %
Interest Crediting Rate2.85 %2.48 %0.84 %0.83 %— %— %
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
Pension 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:
  20212020
Benefit Obligation Exceeds Fair Value of Plan Assets  
Projected benefit obligation$805 $1,092 
Fair value of plan assets82 299 
Accumulated benefit obligation771 882 
Fair value of plan assets81 134 

Other Retiree Benefit plans with accumulated postretirement benefit obligation in excess of plan assets as of December 31 consisted of the following:
  20212020
Benefit Obligation Exceeds Fair Value of Plan Assets  
Accumulated postretirement benefit obligation$1,080 $1,112 
Fair value of plan assets— 
Schedule of Net Benefit Costs Summarized information regarding the net periodic benefit costs for the Company’s defined benefit and other retiree benefit plans is as follows:
  Pension PlansOther Retiree Benefit Plans
  202120202019202120202019202120202019
  United StatesInternational   
Components of Net Periodic Benefit Cost         
Service cost$— $$$19 $17 $14 $26 $20 $15 
Interest cost61 74 90 20 21 22 35 37 41 
Expected return on plan assets(106)(111)(103)(20)(22)(19)— (2)(3)
Amortization of transition and prior service costs (credits)— — — — — — — 
Amortization of actuarial loss47 46 51 11 23 18 11 
Net periodic benefit cost$$10 $39 $31 $25 $27 $84 $73 $64 
Other postretirement charges(3)— — — — 
Total pension cost$(1)$14 $46 $32 $25 $28 $84 $73 $64 
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost         
Discount rate2.65 %3.40 %4.38 %

1.61 %2.06 %2.80 %2.88 %3.56 %4.43 %
Expected long-term rate of return on plan assets5.70 %6.30 %6.60 %2.93 %3.38 %4.06 %5.70 %6.30 %6.60 %
Long-term rate of compensation increase3.50 %3.50 %3.50 %2.62 %2.83 %2.86 %— %— %— %
ESOP growth rate— %— %— %— %— %— %10.00 %10.00 %10.00 %
Medical cost trend rate of increase— %— %— %— %— %— %6.00 %6.00 %6.00 %
Interest Crediting Rate2.48 %3.21 %4.26 %0.83 %0.85 %0.85 %— %— %— %
Schedule of Expected Benefit Payments Total benefit payments expected to be paid to participants in both funded and unfunded plans are estimated as follows:
  Pension Plans 
Years Ended December 31,United StatesInternationalOther Retiree Benefit PlansTotal
2022$147 $43 $47 $237 
2023146 40 48 234 
2024147 45 49 241 
2025144 44 50 238 
2026147 46 51 244 
2027-2031692 246 267 1,205