Pension, Other Postretirement Benefits and Savings Plans (Tables)

12 Months Ended

Dec. 31, 2020

Compensation And Retirement Disclosure [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)	2020			2019			2018			2020			2019			2018			2020			2019			2018
Benefits cost (credit):
Service cost	$	4		$	3		$	4		$	30		$	26		$	28		$	2		$	2		$	3
Interest cost		126			173			157			56			69			69			8			11			12
Expected return on plan assets		(193	)		(223	)		(219	)		(54	)		(59	)		(70	)		—			—			—
Amortization of prior service cost (credit)		—			—			—			1			2			—			(9	)		(9	)		(8	)
Amortization of net losses		109			112			112			38			29			29			4			3			4
Net periodic cost	$	46		$	65		$	54		$	71		$	67		$	56		$	5		$	7		$	11
Net curtailments/settlements /termination benefits		31			8			8			(4	)		3			13			(4	)		—			—
Total benefits cost	$	77		$	73		$	62		$	67		$	70		$	69		$	1		$	7		$	11
Recognized in other comprehensive (income) loss before tax and minority:
Prior service cost (credit) from plan amendments	$	—		$	—		$	—		$	3		$	(2	)	$	31		$	—		$	—		$	(16	)
Increase (decrease) in net actuarial losses		108			4			14			(100	)		201			(18	)		5			6			(14	)
Amortization of prior service (cost) credit in net periodic cost		—			—			—			(2	)		(2	)		—			9			9			8
Amortization of net losses in net periodic cost		(109	)		(112	)		(112	)		(38	)		(29	)		(30	)		(4	)		(3	)		(5	)
Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements, and divestitures		(26	)		(5	)		(11	)		(9	)		(3	)		(14	)		6			2			—
Total recognized in other comprehensive (income) loss before tax and minority		(27	)		(113	)		(109	)		(146	)		165			(31	)		16			14			(27	)
Total recognized in total benefits cost and other comprehensive (income) loss before tax and minority	$	50		$	(40	)	$	(47	)	$	(79	)	$	235		$	38		$	17		$	21		$	(16	)

Changes in Benefit Obligation and Plan Assets

The change in benefit obligation and plan assets for 2020 and 2019 and the amounts recognized in our Consolidated Balance Sheets at December 31, 2020 and 2019 are as follows:

	Pension Plans
	U.S.						Non-U.S.						Other Postretirement Benefits
(In millions)	2020			2019			2020			2019			2020			2019
Change in benefit obligation:
Beginning balance	$	(5,009	)	$	(4,734	)	$	(3,195	)	$	(2,774	)	$	(241	)	$	(234	)
Newly adopted plans		—			—			—			(19	)		—			—
Service cost — benefits earned		(4	)		(3	)		(30	)		(26	)		(2	)		(2	)
Interest cost		(126	)		(173	)		(56	)		(69	)		(8	)		(11	)
Plan amendments		—			—			(3	)		2			—			—
Actuarial loss		(520	)		(477	)		(123	)		(381	)		(4	)		(6	)
Participant contributions		—			—			(3	)		(2	)		(8	)		(12	)
Curtailments/settlements/termination benefits		51			12			21			5			—			(2	)
Foreign currency translation		—			—			(133	)		(62	)		4			(5	)
Benefit payments		373			366			140			131			23			31
Ending balance	$	(5,235	)	$	(5,009	)	$	(3,382	)	$	(3,195	)	$	(236	)	$	(241	)
Change in plan assets:
Beginning balance	$	4,780		$	4,445		$	2,740		$	2,464		$	—		$	3
Newly adopted plans		—			—			—			19			—			—
Actual return on plan assets		605			696			305			252			—			—
Company contributions to plan assets		—			—			20			39			—			—
Cash funding of direct participant payments		14			20			22			20			15			16
Participant contributions		—			—			3			2			8			12
Settlements		(56	)		(15	)		(8	)		(5	)		—			—
Foreign currency translation		—			—			99			80			—			—
Benefit payments		(373	)		(366	)		(140	)		(131	)		(23	)		(31	)
Ending balance	$	4,970		$	4,780		$	3,041		$	2,740		$	—		$	—
Funded status at end of year	$	(265	)	$	(229	)	$	(341	)	$	(455	)	$	(236	)	$	(241	)

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)	2020			2019			2020			2019			2020			2019
Noncurrent assets	$	—		$	—		$	408		$	237		$	—		$	—
Current liabilities		(11	)		(16	)		(22	)		(20	)		(16	)		(16	)
Noncurrent liabilities		(254	)		(213	)		(727	)		(672	)		(220	)		(225	)
Net amount recognized	$	(265	)	$	(229	)	$	(341	)	$	(455	)	$	(236	)	$	(241	)

Amounts Recognized in Accumulated Other Comprehensive Loss

The amounts recognized in AOCL, net of tax, consist of:

	Pension Plans												Other Postretirement
	U.S.						Non-U.S.						Benefits
(In millions)	2020			2019			2020			2019			2020			2019
Prior service (credit) cost	$	(3	)	$	(3	)	$	25		$	25		$	(7	)	$	(23	)
Net actuarial loss		2,353			2,380			636			782			30			30
Gross amount recognized		2,350			2,377			661			807			23			7
Deferred income taxes		(43	)		(50	)		(104	)		(135	)		(29	)		(22	)
Minority shareholders’ equity		—			—			(2	)		(1	)		—			—
Net amount recognized	$	2,307		$	2,327		$	555		$	671		$	(6	)	$	(15	)

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
	2020			2019			2020			2019
Discount rate:
—U.S.		2.42	%		3.22	%		2.34	%		3.14	%
—Non-U.S.		1.49			1.98			4.09			4.39
Rate of compensation increase:
—U.S.	N/A			N/A			N/A			N/A
—Non-U.S.		2.89			2.92		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
	2020			2019			2018			2020			2019			2018
Discount rate for determining interest cost:
—U.S.		2.66	%		3.85	%		3.09	%		2.68	%		3.79	%		2.99	%
—Non-U.S.		2.26			2.84			2.56			5.68			6.25			6.13
Expected long term return on plan assets:
—U.S.		4.22			5.25			4.58		N/A			N/A			N/A
—Non-U.S.		2.52			2.95			3.02		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.		2.92			2.91			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, 2020. 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
2021	$	417	$	136	$	16
2022		390		129		16
2023		366		130		15
2024		352		137		15
2025		339		138		14
2026-2030		1,578		743		68

Selected Pension Plan Information

The following table presents selected information on our pension plans:

	U.S.				Non-U.S.
(In millions)	2020		2019		2020		2019
All plans:
Accumulated benefit obligation	$	5,220	$	4,994	$	3,284	$	3,097
Plans not fully-funded:
Projected benefit obligation	$	5,235	$	5,009	$	933	$	1,059
Accumulated benefit obligation		5,220		4,994		856		991
Fair value of plan assets		4,970		4,780		185		370

Assumed Health Care Cost Trend Rates

Assumed health care cost trend rates at December 31 follow:

	2020			2019
Health care cost trend rate assumed for the next year		6.0	%		6.3	%
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

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.
	2020			2019			2020			2019
Cash and short term securities		3	%		2	%		2	%		1	%
Equity securities		4			6			4			3
Debt securities		93			92			93			96
Alternatives		—			—			1			—
Total		100	%		100	%		100	%		100	%

Fair Values of Pension Plan Assets

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

The fair values of our pension plan assets at December 31, 2019 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	$	47		$	47	$	—	$	—	$	33		$	29	$	4		$	—
Equity Securities
Common and Preferred Stock		—			—		—		—		24			24		—			—
Commingled Funds		—			—		—		—		36			36		—			—
Mutual Funds		—			—		—		—		5			5		—			—
Debt Securities
Corporate Bonds		2,577			—		2,576		1		190			10		180			—
Government Bonds		1,120			—		1,120		—		2,271			60		2,211			—
Repurchase Agreements		—			—		—		—		(511	)		—		(511	)		—
Asset Backed Securities		283			—		282		1		74			5		69			—
Mutual Funds		—			—		—		—		19			9		10			—
Alternatives
Insurance Contracts		2			—		—		2		22			—		—			22
Other Investments		2			—		2		—		(4	)		—		(5	)		1
Total Investments in the Fair Value Hierarchy		4,031		$	47	$	3,980	$	4		2,159		$	178	$	1,958		$	23
Investments Measured at Net Asset Value, as Practical Expedient:
Equity Securities
Commingled Funds		9									69
Mutual Funds		—									11
Partnership Interests		267									—
Debt Securities
Mutual Funds		141									7
Commingled Funds		310									604
Short Term Securities
Commingled Funds		67									4
Alternatives
Commingled Funds		—									6
Total Investments		4,825									2,860
Other		(45	)								(120	)
Total Plan Assets	$	4,780								$	2,740

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)	2020		2019
Balance, beginning of year	$	22	$	19
Unrealized gains relating to instruments still held at the reporting date		3		1
Purchases, sales, issuances and settlements (net)		1		2
Foreign currency translation		2		—
Balance, end of year	$	28	$	22