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Pension, Other Postretirement Benefits and Savings Plans (Tables)
 12 Months Ended
Dec. 31, 2018
Retirement Benefits [Abstract]  
Benefit Costs and Amounts Recognized in Other Comprehensive (Income) Loss
Total benefits cost (credit) and amounts recognized in other comprehensive (income) loss follows:
 
Pension Plans
 
 
 
 
 
 
 
U.S.
 
Non-U.S.
 
Other Postretirement Benefits
(In millions)
2018
 
2017
 
2016
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
Benefits cost (credit):
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Service cost
$
4

 
$
4

 
$
5

 
$
28

 
$
31

 
$
29

 
$
3

 
$
4

 
$
3

Interest cost
157

 
160

 
164

 
69

 
71

 
80

 
12

 
13

 
12

Expected return on plan assets
(219
)
 
(241
)
 
(255
)
 
(70
)
 
(80
)
 
(88
)
 
—

 
(1
)
 
—

Amortization of prior service credit
—

 
—

 
—

 
—

 
—

 
—

 
(8
)
 
(29
)
 
(45
)
Amortization of net losses
112

 
111

 
109

 
29

 
32

 
27

 
4

 
6

 
5

Net periodic cost (credit)
54

 
34

 
23

 
56

 
54

 
48

 
11

 
(7
)
 
(25
)
Net curtailments/settlements/termination benefits
8

 
29

 
—

 
13

 
3

 
16

 
—

 
—

 
2

Total benefits cost (credit)
$
62

 
$
63

 
$
23

 
$
69

 
$
57

 
$
64

 
$
11

 
$
(7
)
 
$
(23
)
Recognized in other comprehensive (income) loss before tax and minority:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Prior service cost (credit) from plan amendments
$
—

 
$
—

 
$
—

 
$
31

 
$
3

 
$
—

 
$
(16
)
 
$
3

 
$
—

Increase (decrease) in net actuarial losses
14

 
128

 
81

 
(18
)
 
25

 
35

 
(14
)
 
(15
)
 
(1
)
Amortization of prior service credit in net periodic cost
—

 
—

 
—

 
—

 
—

 
—

 
8

 
29

 
45

Amortization of net losses in net periodic cost
(112
)
 
(111
)
 
(109
)
 
(30
)
 
(29
)
 
(27
)
 
(5
)
 
(6
)
 
(5
)
Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements, and divestitures
(11
)
 
(29
)
 
—

 
(14
)
 
(12
)
 
(17
)
 
—

 
—

 
—

Total recognized in other comprehensive (income) loss before tax and minority
(109
)
 
(12
)
 
(28
)
 
(31
)
 
(13
)
 
(9
)
 
(27
)
 
11

 
39

Total recognized in total benefits cost (credit) and other comprehensive (income) loss before tax and minority
$
(47
)
 
$
51

 
$
(5
)
 
$
38

 
$
44

 
$
55

 
$
(16
)
 
$
4

 
$
16
Changes in Benefit Obligation and Plan Assets
The change in benefit obligation and plan assets for 2018 and 2017 and the amounts recognized in our Consolidated Balance Sheet at December 31, 2018 and 2017 are as follows:
 
Pension Plans
 
 
 
 
 
U.S.
 
Non-U.S.
 
Other Postretirement Benefits
(In millions)
2018
 
2017
 
2018
 
2017
 
2018
 
2017
Change in benefit obligation:
 

 
 

 
 

 
 

 
 

 
 

Beginning balance
$
(5,331
)
 
$
(5,285
)
 
$
(3,109
)
 
$
(2,863
)
 
$
(286
)
 
$
(294
)
Service cost — benefits earned
(4
)
 
(4
)
 
(28
)
 
(31
)
 
(3
)
 
(4
)
Interest cost
(157
)
 
(160
)
 
(69
)
 
(71
)
 
(12
)
 
(13
)
Plan amendments
—

 
—

 
(29
)
 
(3
)
 
14

 
(3
)
Actuarial gain (loss)
315

 
(303
)
 
40

 
(29
)
 
19

 
15

Participant contributions
—

 
—

 
(2
)
 
(2
)
 
(13
)
 
(14
)
Curtailments/settlements/termination benefits
25

 
55

 
113

 
21

 
—

 
—

Foreign currency translation
—

 
—

 
177

 
(280
)
 
15

 
(9
)
Benefit payments
418

 
366

 
133

 
149

 
32

 
36

Ending balance
$
(4,734
)
 
$
(5,331
)
 
$
(2,774
)
 
$
(3,109
)
 
$
(234
)
 
$
(286
)
Change in plan assets:
 

 
 

 
 

 
 

 
 

 
 

Beginning balance
$
4,978

 
$
4,972

 
$
2,806

 
$
2,507

 
$
4

 
$
4

Actual return on plan assets
(110
)
 
417

 
4

 
146

 
—

 
—

Company contributions to plan assets
—

 
—

 
36

 
56

 
2

 
2

Cash funding of direct participant payments
17

 
10

 
21

 
24

 
16

 
20

Participant contributions
—

 
—

 
2

 
2

 
13

 
14

Settlements
(22
)
 
(55
)
 
(112
)
 
(11
)
 
—

 
—

Foreign currency translation
—

 
—

 
(160
)
 
231

 
—

 
—

Benefit payments
(418
)
 
(366
)
 
(133
)
 
(149
)
 
(32
)
 
(36
)
Ending balance
$
4,445

 
$
4,978

 
$
2,464

 
$
2,806

 
$
3

 
$
4

Funded status at end of year
$
(289
)
 
$
(353
)
 
$
(310
)
 
$
(303
)
 
$
(231
)
 
$
(282
)
Funded Status Recognized in the Consolidated Balance Sheets
The funded status recognized in the Consolidated Balance Sheets consists of:
 
Pension Plans
 
 
 
 
 
U.S.
 
Non-U.S.
 
Other Postretirement Benefits
(In millions)
2018
 
2017
 
2018
 
2017
 
2018
 
2017
Noncurrent assets
$
—

 
$
—

 
$
325

 
$
349

 
$
—

 
$
—

Current liabilities
(20
)
 
(16
)
 
(20
)
 
(21
)
 
(17
)
 
(20
)
Noncurrent liabilities
(269
)
 
(337
)
 
(615
)
 
(631
)
 
(214
)
 
(262
)
Net amount recognized
$
(289
)
 
$
(353
)
 
$
(310
)
 
$
(303
)
 
$
(231
)
 
$
(282
)
Amounts Recognized in Accumulated Other Comprehensive Loss
The amounts recognized in AOCL, net of tax, consist of:
 
Pension Plans
 
 
 
 
 
U.S.
 
Non-U.S.
 
Other Postretirement Benefits
(In millions)
2018
 
2017
 
2018
 
2017
 
2018
 
2017
Prior service (credit) cost
$
(3
)
 
$
(4
)
 
$
31

 
$
4

 
$
(32
)
 
$
(27
)
Net actuarial loss
2,493

 
2,603

 
611

 
669

 
25

 
47

Gross amount recognized
2,490

 
2,599

 
642

 
673

 
(7
)
 
20

Deferred income taxes
(77
)
 
(103
)
 
(105
)
 
(109
)
 
(19
)
 
(26
)
Minority shareholders’ equity
—

 
—

 
(1
)
 
(1
)
 
—

 
—

Net amount recognized
$
2,413

 
$
2,496

 
$
536

 
$
563

 
$
(26
)
 
$
(6
)
Weighted Average Assumptions Used
The following table presents significant weighted average assumptions used to determine benefit obligations at December 31:
 
Pension Plans
 
Other
Postretirement
Benefits
 
2018
 
2017
 
2018
 
2017
Discount rate:
 

 
 

 
 

 
 

— U.S.
4.24
%
 
3.56
%
 
4.16
%
 
3.44
%
— Non-U.S.
2.69

 
2.53

 
5.03

 
4.92

Rate of compensation increase:
 

 
 

 
 

 
 

— U.S.
N/A

 
N/A

 
N/A

 
N/A

— Non-U.S.
2.91

 
2.91

 
N/A

 
N/A


The following table presents significant weighted average assumptions used to determine benefits cost for the years ended December 31:
 
Pension Plans
 
Other Postretirement Benefits
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
Discount rate for determining interest cost:
 
 
 
 
 
 
 
 
 
 
 
— U.S.
3.09
%
 
3.18
%
 
3.23
%
 
2.99
%
 
3.02
%
 
2.98
%
— Non-U.S.
2.56

 
2.70

 
3.37

 
6.13

 
5.98

 
6.31

Expected long term return on plan assets:
 

 
 

 
 

 
 

 
 

 
 
— U.S.
4.58

 
5.08

 
5.33

 
N/A

 
N/A

 
N/A

— Non-U.S.
3.02

 
3.12

 
3.81

 
N/A

 
N/A

 
N/A

Rate of compensation increase:
 

 
 

 
 

 
 

 
 

 
 
— U.S.
N/A

 
N/A

 
N/A

 
N/A

 
N/A

 
N/A

— Non-U.S.
2.91

 
3.18

 
2.63

 
N/A

 
N/A

 
N/A
Estimated Future Benefit Payments
The following table presents estimated future benefit payments from the plans as of December 31, 2018. Benefit payments for other postretirement benefits are presented net of retiree contributions and Medicare Part D Subsidy Receipts:
 
Pension Plans
 
Other Postretirement Benefits
(In millions)
U.S.
 
Non-U.S.
 
 
2019
$
417

 
$
123

 
$
18

2020
388

 
120

 
18

2021
380

 
122

 
17

2022
363

 
128

 
17

2023
353

 
130

 
16

2024-2028
1,650

 
693

 
76
Selected Pension Plan Information
The following table presents selected information on our pension plans:
 
U.S.
 
Non-U.S.
(In millions)
2018
 
2017
 
2018
 
2017
All plans:
 

 
 

 
 

 
 

Accumulated benefit obligation
$
4,725

 
$
5,320

 
$
2,688

 
$
3,017

Plans not fully-funded:
 

 
 

 
 

 
 

Projected benefit obligation
$
4,732

 
$
5,329

 
$
908

 
$
945

Accumulated benefit obligation
4,723

 
5,318

 
852

 
887

Fair value of plan assets
4,443

 
4,976

 
281

 
302
Assumed Health Care Cost Trend Rates
Assumed health care cost trend rates at December 31 follow:
 
2018
 
2017
Health care cost trend rate assumed for the next year
6.5
%
 
6.5
%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
5.0

 
5.0

Year that the rate reaches the ultimate trend rate
2025

 
2025
Effect of 1% Change in Assumed Health Care Cost Trend Rates
A 1% change in the assumed health care cost trend would have increased (decreased) the accumulated other postretirement benefits obligation at December 31, 2018 and the aggregate service and interest cost for the year then ended as follows:
(In millions)
1% Increase
 
1% Decrease
Accumulated other postretirement benefits obligation
$
13

 
$
(10
)
Aggregate service and interest cost
1

 
(1
)
Pension Plan Weighted Average Investment Allocation
Our pension plan weighted average investment allocation at December 31, by asset category, follows:
 
U.S.
 
Non-U.S.
 
2018
 
2017
 
2018
 
2017
Cash and short term securities
2
%
 
2
%
 
1
%
 
1
%
Equity securities
6

 
6

 
4

 
9

Debt securities
92

 
92

 
94

 
85

Alternatives
—

 
—

 
1

 
5

Total
100
%
 
100
%
 
100
%
 
100
%
Fair Values of Pension Plan Assets
The fair values of our pension plan assets at December 31, 2018, by asset category are as follows:
 
U.S.
 
Non-U.S.
(In millions)
Total
 
Quoted
Prices
in Active
Markets
for Identical
Assets (Level 1)
 
Significant
Other
Observable
Inputs (Level 2)
 
Significant
Other
Unobservable
Inputs (Level 3)
 
Total
 
Quoted
Prices in Active
Markets for
Identical
Assets (Level 1)
 
Significant
Other
Observable
Inputs (Level 2)
 
Significant
Other
Unobservable
Inputs (Level 3)
Cash and Short Term Securities
$
48

 
$
48

 
$
—

 
$
—

 
$
29

 
$
26

 
$
3

 
$
—

Equity Securities
 

 
 

 
 

 
 

 
 

 
 
 
 
 
 
Common and Preferred Stock
—

 
—

 
—

 
—

 
19

 
19

 
—

 
—

Commingled Funds
—

 
—

 
—

 
—

 
14

 
14

 
—

 
—

Mutual Funds
—

 
—

 
—

 
—

 
4

 
4

 
—

 
—

Debt Securities
 

 
 

 
 

 
 

 
 

 
 
 
 
 
 
Corporate Bonds
2,344

 
—

 
2,344

 
—

 
171

 
17

 
154

 
—

Government Bonds
968

 
—

 
968

 
—

 
2,158

 
62

 
2,096

 
—

Repurchase Agreements
—

 
—

 
—

 
—

 
(641
)
 
—

 
(641
)
 
—

Asset Backed Securities
63

 
—

 
63

 
—

 
67

 
5

 
62

 
—

Mutual Funds
—

 
—

 
—

 
—

 
18

 
8

 
10

 
—

Alternatives
 

 
 

 
 

 
 

 
 

 
 
 
 
 
 
Insurance Contracts
2

 
—

 
—

 
2

 
19

 
—

 
—

 
19

Other Investments
—

 
—

 
—

 
—

 
6

 
—

 
4

 
2

Total Investments in the Fair Value Hierarchy
3,425

 
$
48

 
$
3,375

 
$
2

 
1,864

 
$
155

 
$
1,688

 
$
21

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments Measured at Net Asset Value, as Practical Expedient:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commingled Funds
11

 
 
 
 
 
 
 
56

 
 
 
 
 
 
Mutual Funds
—

 
 
 
 
 
 
 
7

 
 
 
 
 
 
Partnership Interests
247

 
 
 
 
 
 
 
—

 
 
 
 
 
 
Debt Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mutual Funds
90

 
 
 
 
 
 
 
7

 
 
 
 
 
 
Commingled Funds
603

 
 
 
 
 
 
 
638

 
 
 
 
 
 
Short Term Securities


 
 
 
 
 
 
 


 
 
 
 
 
 
Commingled Funds
59

 
 
 
 
 
 
 
7

 
 
 
 
 
 
Alternatives
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commingled Funds
—

 
 
 
 
 
 
 
5

 
 
 
 
 
 
Total Investments
4,435

 
 
 
 
 
 
 
2,584

 
 
 
 
 
 
Other
10

 
 

 
 

 
 

 
(120
)
 
 

 
 

 
 

Total Plan Assets
$
4,445

 
 

 
 

 
 

 
$
2,464

 
 

 
 

 
 


The fair values of our pension plan assets at December 31, 2017, by asset category are as follows:
 
U.S.
 
Non-U.S.
(In millions)
Total
 
Quoted
Prices
in Active
Markets
for Identical
Assets (Level 1)
 
Significant
Other
Observable
Inputs (Level 2)
 
Significant
Other
Unobservable
Inputs (Level 3)
 
Total
 
Quoted
Prices in Active
Markets for
Identical
Assets (Level 1)
 
Significant
Other
Observable
Inputs (Level 2)
 
Significant
Other
Unobservable
Inputs (Level 3)
Cash and Short Term Securities
$
55

 
$
39

 
$
16

 
$
—

 
$
20

 
$
19

 
$
1

 
$
—

Equity Securities
 

 
 

 
 

 
 
 
 

 
 
 
 
 
 
Common and Preferred Stock
—

 
—

 
—

 
—

 
24

 
24

 
—

 
—

Commingled Funds
—

 
—

 
—

 
—

 
148

 
17

 
—

 
131

Mutual Funds
—

 
—

 
—

 
—

 
5

 
5

 
—

 
—

Debt Securities
 

 
 

 
 
 
 
 
 

 
 
 
 
 
 
Corporate Bonds
2,699

 
—

 
2,698

 
1

 
156

 
14

 
142

 
—

Government Bonds
1,033

 
—

 
1,033

 
—

 
2,358

 
73

 
2,285

 
—

Repurchase Agreements
—

 
—

 
—

 
—

 
(763
)
 
—

 
(763
)
 
—

Asset Backed Securities
58

 
—

 
58

 
—

 
47

 
4

 
43

 
—

Commingled Funds
—

 
—

 
—

 
—

 
10

 
—

 
10

 
—

Mutual Funds
—

 
—

 
—

 
—

 
7

 
7

 
—

 
—

Alternatives
 

 
 
 
 
 
 
 
 

 
 
 
 
 
 
Real Estate
—

 
—

 
—

 
—

 
4

 
—

 
—

 
4

Insurance Contracts
2

 
—

 
—

 
2

 
18

 
—

 
—

 
18

Other Investments
—

 
—

 
—

 
—

 
10

 
—

 
7

 
3

Total Investments in the Fair Value Hierarchy
3,847

 
$
39

 
$
3,805

 
$
3

 
2,044

 
$
163

 
$
1,725

 
$
156

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments Measured at Net Asset Value, as Practical Expedient:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commingled Funds
54

 
 
 
 
 
 
 
66

 
 
 
 
 
 
Mutual Funds
—

 
 
 
 
 
 
 
18

 
 
 
 
 
 
Partnership Interests
238

 
 
 
 
 
 
 
—

 
 
 
 
 
 
Debt Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mutual Funds
111

 
 
 
 
 
 
 
7

 
 
 
 
 
 
Commingled Funds
682

 
 
 
 
 
 
 
579

 
 
 
 
 
 
Short Term Securities


 
 
 
 
 
 
 


 
 
 
 
 
 
Commingled Funds
67

 
 
 
 
 
 
 
6

 
 
 
 
 
 
Alternatives
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commingled Funds
—

 
 
 
 
 
 
 
95

 
 
 
 
 
 
Total Investments
4,999

 
 
 
 
 
 
 
2,815

 
 
 
 
 
 
Other
(21
)
 
 

 
 

 
 

 
(9
)
 
 

 
 

 
 

Total Plan Assets
$
4,978

 
 

 
 

 
 

 
$
2,806

 
 

 
 

 
 
Changes in Fair Value of Pension Plan Investments Classified as Level 3
The following table sets forth a summary of changes in fair value of the pension plan investments classified as Level 3 for the year ended December 31, 2018:
 
 
Non-U.S.
(In millions)
 
Insurance Contracts
 
Real Estate
 
Equity Securities - Commingled Funds
 
Other
Balance, beginning of year
 
$
18

 
$
4

 
$
131

 
$
3

Realized gains (losses)
 
—

 
—

 
(1
)
 
—

Purchases, sales, issuances and settlements (net)
 
2

 
(4
)
 
(128
)
 
(1
)
Foreign currency translation
 
(1
)
 
—

 
(2
)
 
—

Balance, end of year
 
$
19

 
$
—

 
$
—

 
$
2

The following table sets forth a summary of changes in fair value of the pension plan investments classified as Level 3 for the year ended December 31, 2017:
 
 
Non-U.S.
(In millions)
 
Insurance Contracts
 
Real Estate
 
Equity Securities - Commingled Funds
 
Other
Balance, beginning of year
 
$
14

 
$
61

 
$
118

 
$
3

Realized gains (losses)
 
—

 
4

 
2

 
—

Unrealized (losses) gains relating to instruments still held at the reporting date
 
—

 
1

 
18

 
—

Purchases, sales, issuances and settlements (net)
 
2

 
(65
)
 
(18
)
 
—

Foreign currency translation
 
2

 
3

 
11

 
—

Balance, end of year
 
$
18

 
$
4

 
$
131

 
$
3