Nonoperating Income (Expense)

12 Months Ended

Dec. 31, 2018

Other Income and Expenses [Abstract]

Nonoperating Income (Expense)

NONOPERATING INCOME (EXPENSE)

As described in Notes 1, 11 and 12, in the first quarter of 2018, the Company adopted ASU No. 2017-07. The ASU requires the Company to disaggregate the service cost component from the other components of net periodic benefit costs and requires the Company to present the other components of net periodic benefit cost in other income, net. The ASU also requires application on a retrospective basis. As a result of adopting this ASU, the Company classified $37 million, $31 million and $16 million of net pension and postretirement benefits as other income as of December 31, 2018, 2017 and 2016, respectively.

The Company received $138 millionof cash proceeds and recorded$22 millionin short-term other receivables from the sale of certain marketable equity securities during 2017. The Company recorded a pretax gain related to this sale of$73 million ($46 million after-tax or $0.06 per diluted share).

During 2016, the Company received cash proceeds of $265 million from the sale of certain marketable equity securities and recorded a pretax gain related to this sale of $223 million ($140 million after-tax or $0.20 per diluted share).

During 2016, the Company also paid $188 million of make-whole premiums associated with the early extinguishment of the Redeemed Notes. The Company recorded a loss on extinguishment of these borrowings, net of certain deferred gains, of $179 million ($112 million after-tax or $0.16 per diluted share).