Pension, Other Postretirement Benefits and Savings Plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Benefit Costs and Amounts Recognized in Other Comprehensive (Income) Loss

Total benefits cost and amounts recognized in other comprehensive (income) loss follows:

	Pension Plans
	U.S.									Non-U.S.									Other Postretirement Benefits
(In millions)	2021			2020			2019			2021			2020			2019			2021			2020			2019
Benefits cost (credit):
Service cost	$	9		$	4		$	3		$	30		$	30		$	26		$	3		$	2		$	2
Interest cost		94			126			173			47			56			69			9			8			11
Expected return on plan assets		(196	)		(193	)		(223	)		(48	)		(54	)		(59	)		—			—			—
Amortization of prior service cost (credit)		—			—			—			1			1			2			(6	)		(9	)		(9	)
Amortization of net losses		107			109			112			33			38			29			3			4			3
Net periodic cost	$	14		$	46		$	65		$	63		$	71		$	67		$	9		$	5		$	7
Net curtailments/settlements /termination benefits		41			31			8			2			(4	)		3			—			(4	)		—
Total benefits cost	$	55		$	77		$	73		$	65		$	67		$	70		$	9		$	1		$	7
Recognized in other comprehensive (income) loss before tax and minority:
Prior service cost (credit) from plan amendments	$	—		$	—		$	—		$	3		$	3		$	(2	)	$	(4	)	$	—		$	—
(Decrease) increase in net actuarial losses		(45	)		108			4			(136	)		(100	)		201			(20	)		5			6
Amortization of prior service (cost) credit in net periodic cost		—			—			—			(2	)		(2	)		(2	)		6			9			9
Amortization of net losses in net periodic cost		(107	)		(109	)		(112	)		(33	)		(38	)		(29	)		(3	)		(4	)		(3	)
Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments and settlements		(41	)		(26	)		(5	)		(2	)		(9	)		(3	)		—			6			2
Total recognized in other comprehensive (income) loss before tax and minority	$	(193	)	$	(27	)	$	(113	)	$	(170	)	$	(146	)	$	165		$	(21	)	$	16		$	14
Total recognized in total benefits cost and other comprehensive (income) loss before tax and minority	$	(138	)	$	50		$	(40	)	$	(105	)	$	(79	)	$	235		$	(12	)	$	17		$	21

Changes in Benefit Obligation and Plan Assets

The change in benefit obligation and plan assets for 2021 and 2020 and the amounts recognized in our Consolidated Balance Sheets at December 31, 2021 and 2020 are as follows:

	Pension Plans
	U.S.						Non-U.S.						Other Postretirement Benefits
(In millions)	2021			2020			2021			2020			2021			2020
Change in benefit obligation:
Beginning balance	$	(5,235	)	$	(5,009	)	$	(3,382	)	$	(3,195	)	$	(236	)	$	(241	)
Service cost — benefits earned		(9	)		(4	)		(30	)		(30	)		(3	)		(2	)
Interest cost		(94	)		(126	)		(47	)		(56	)		(9	)		(8	)
Plan amendments		—			—			(3	)		(3	)		4			—
Actuarial gain (loss)		153			(520	)		168			(123	)		21			(4	)
Participant contributions		—			—			(1	)		(3	)		(8	)		(8	)
Curtailments/settlements/ termination benefits		90			51			10			21			—			—
Acquisition of Cooper Tire (1)		(1,088	)		—			(450	)		—			(205	)		—
Foreign currency translation		—			—			118			(133	)		2			4
Benefit payments		385			373			153			140			28			23
Ending balance	$	(5,798	)	$	(5,235	)	$	(3,464	)	$	(3,382	)	$	(406	)	$	(236	)
Change in plan assets:
Beginning balance	$	4,970		$	4,780		$	3,041		$	2,740		$	—		$	—
Actual return on plan assets		86			605			(9	)		305			—			—
Company contributions to plan assets		29			—			30			20			—			—
Cash funding of direct participant payments		10			14			22			22			20			15
Participant contributions		—			—			1			3			8			8
Settlements		(90	)		(56	)		(10	)		(8	)		—			—
Acquisition of Cooper Tire (1)		1,100			—			412			—			—			—
Foreign currency translation		—			—			(62	)		99			—			—
Benefit payments		(385	)		(373	)		(153	)		(140	)		(28	)		(23	)
Ending balance	$	5,720		$	4,970		$	3,272		$	3,041		$	—		$	—
Funded status at end of year	$	(78	)	$	(265	)	$	(192	)	$	(341	)	$	(406	)	$	(236	)

(1)Represents the fair value of Cooper Tire related benefit plan obligations and plan assets as of the Closing Date.

Funded Status Recognized in the Consolidated Balance Sheets

The funded status recognized in the Consolidated Balance Sheets consists of:

	Pension Plans												Other Postretirement
	U.S.						Non-U.S.						Benefits
(In millions)	2021			2020			2021			2020			2021			2020
Noncurrent assets	$	96		$	—		$	432		$	408		$	—		$	—
Current liabilities		(7	)		(11	)		(22	)		(22	)		(25	)		(16	)
Noncurrent liabilities		(167	)		(254	)		(602	)		(727	)		(381	)		(220	)
Net amount recognized	$	(78	)	$	(265	)	$	(192	)	$	(341	)	$	(406	)	$	(236	)

Amounts Recognized in Accumulated Other Comprehensive Loss

The amounts recognized in AOCL, net of tax and minority interest, consist of:

	Pension Plans												Other Postretirement
	U.S.						Non-U.S.						Benefits
(In millions)	2021			2020			2021			2020			2021			2020
Prior service (credit) cost	$	(3	)	$	(3	)	$	26		$	25		$	(5	)	$	(7	)
Net actuarial loss		2,160			2,353			465			636			7			30
Gross amount recognized		2,157			2,350			491			661			2			23
Deferred income taxes		3			(43	)		(64	)		(104	)		(23	)		(29	)
Minority shareholders’ equity		—			—			(1	)		(2	)		—			—
Net amount recognized	$	2,160		$	2,307		$	426		$	555		$	(21	)	$	(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
	2021			2020			2021			2020
Discount rate:
—U.S.		2.82	%		2.42	%		2.87	%		2.34	%
—Non-U.S.		2.01			1.49			4.69			4.09
Rate of compensation increase:
—U.S.	N/A			N/A			N/A			N/A
—Non-U.S.		2.77			2.89		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
	2021			2020			2019			2021			2020			2019
Discount rate for determining interest cost:
—U.S.		1.72	%		2.66	%		3.85	%		1.97	%		2.68	%		3.79	%
—Non-U.S.		1.82			2.26			2.84			6.54			5.68			6.25
Expected long term return on plan assets:
—U.S.		3.74			4.22			5.25		N/A			N/A			N/A
—Non-U.S.		2.27			2.52			2.95		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.		2.89			2.92			2.91		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, 2021. Benefit payments for other postretirement benefits are presented net of retiree contributions and Medicare Part D Subsidy Receipts:

	Pension Plans				Other Postretirement
(In millions)	U.S.		Non-U.S.		Benefits
2022	$	476	$	155	$	26
2023		432		147		26
2024		421		151		25
2025		408		153		25
2026		406		156		25
2027-2031		1,830		831		121

Selected Pension Plan Information

The following table presents selected information on our pension plans:

	U.S.				Non-U.S.
(In millions)	2021		2020		2021		2020
All plans:
Accumulated benefit obligation	$	5,780	$	5,220	$	3,385	$	3,284
Plans not fully-funded:
Projected benefit obligation	$	1,847	$	5,235	$	1,273	$	933
Accumulated benefit obligation		1,829		5,220		1,216		856
Fair value of plan assets		1,674		4,970		650		185

Assumed Health Care Cost Trend Rates

Assumed health care cost trend rates at December 31 follow:

	2021			2020
Health care cost trend rate assumed for the next year		6.5	%		6.0	%
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		2028			2025

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.
	2021			2020			2021			2020
Cash and short term securities		1	%		3	%		2	%		2	%
Equity securities		6			4			6			4
Debt securities		92			93			90			93
Alternatives		1			—			2			1
Total		100	%		100	%		100	%		100	%

Fair Values of Pension Plan Assets

The fair values of our pension plan assets at December 31, 2021 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	$	71		$	71	$	—	$	—	$	56		$	51	$	5		$	—
Equity Securities
Common and Preferred Stock		—			—		—		—		28			28		—			—
Commingled Funds		—			—		—		—		20			20		—			—
Mutual Funds		—			—		—		—		37			8		29			—
Debt Securities
Corporate Bonds		2,673			—		2,673		—		286			5		281			—
Government Bonds		958			—		958		—		2,391			71		2,320			—
Repurchase Agreements		—			—		—		—		(570	)		—		(570	)		—
Asset Backed Securities		172			—		172		—		26			7		19			—
Commingled Funds		—			—		—		—		29			20		9			—
Mutual Funds		—			—		—		—		9			9		—			—
Alternatives
Insurance Contracts		1			—		—		1		25			—		—			25
Derivatives		4			—		4		—		2			—		2			—
Total Investments in the Fair Value Hierarchy		3,879		$	71	$	3,807	$	1		2,339		$	219	$	2,095		$	25
Investments Measured at Net Asset Value, as Practical Expedient:
Equity Securities
Commingled Funds		8									102
Mutual Funds		167									2
Partnership Interests		161									13
Debt Securities
Mutual Funds		877									76
Commingled Funds		388									708
Partnership Interests		143									39
Short Term Securities
Commingled Funds		78									19
Pooled Separate Accounts		10									—
Alternatives
Commingled Funds		60									39
Total Investments		5,771									3,337
Other		(51	)								(65	)
Total Plan Assets	$	5,720								$	3,272

The fair values of our pension plan assets at December 31, 2020 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	$	122		$	122	$	—	$	—	$	46		$	42	$	4		$	—
Equity Securities
Common and Preferred Stock		—			—		—		—		24			24		—			—
Commingled Funds		—			—		—		—		19			19		—			—
Mutual Funds		—			—		—		—		6			6		—			—
Debt Securities
Corporate Bonds		2,843			—		2,842		1		230			24		206			—
Government Bonds		1,038			—		1,038		—		2,503			42		2,461			—
Repurchase Agreements		—			—		—		—		(650	)		—		(650	)		—
Asset Backed Securities		280			—		280		—		76			8		68			—
Commingled Funds		—			—		—		—		20			20		—			—
Mutual Funds		—			—		—		—		19			9		10			—
Alternatives
Insurance Contracts		2			—		—		2		28			—		—			28
Other Investments		7			—		7		—		6			—		5			1
Total Investments in the Fair Value Hierarchy		4,292		$	122	$	4,167	$	3		2,327		$	194	$	2,104		$	29
Investments Measured at Net Asset Value, as Practical Expedient:
Equity Securities
Commingled Funds		23									62
Mutual Funds		—									4
Partnership Interests		166									—
Debt Securities
Mutual Funds		148									81
Commingled Funds		295									665
Partnership Interests		102									—
Short Term Securities
Commingled Funds		22									3
Alternatives
Commingled Funds		—									6
Total Investments		5,048									3,148
Other		(78	)								(107	)
Total Plan Assets	$	4,970								$	3,041

Changes in Fair Value of Non-U.S. Pension Plan Insurance Contracts Classified as Level 3

The following table sets forth a summary of changes in fair value of the non-U.S. pension plan insurance contracts classified as Level 3:

(In millions)	2021			2020
Balance, beginning of year	$	28		$	22
Unrealized gains relating to instruments still held at the reporting date		(1	)		3
Purchases, sales, issuances and settlements (net)		—			1
Foreign currency translation		(2	)		2
Balance, end of year	$	25		$	28