XML 63 R28.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Employee Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Benefit Cost Information or Defined Benefit Plan and Other Postretirement Benefit Plan
Summarized financial information about postretirement plans, excluding defined contribution retirement plans, is presented below:
 
Pension Benefits
 
Other Benefits
 
Year Ended December 31
 
2019
 
2018
 
2019
 
2018
Change in Benefit Obligation
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
3,687

 
$
4,296

 
$
673

 
$
765

Service cost
21

 
36

 
8

 
11

Interest cost
121

 
128

 
28

 
28

Actuarial (gain) loss(a)
446

 
(256
)
 
36

 
(79
)
Currency and other
51

 
(96
)
 

 
(5
)
Benefit payments from plans
(142
)
 
(198
)
 

 

Direct benefit payments
(10
)

(8
)

(52
)

(48
)
Settlements and curtailments
(127
)
 
(215
)
 

 
1

Benefit obligation at end of year
4,047

 
3,687

 
693

 
673

Change in Plan Assets
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
3,398

 
3,897

 

 

Actual return on plan assets
572

 
(132
)
 

 

Employer contributions
50

 
166

 

 

Currency and other
51

 
(116
)
 

 

Benefit payments
(142
)
 
(198
)
 

 

Settlements
(126
)
 
(219
)
 

 

Fair value of plan assets at end of year
3,803

 
3,398

 

 

Funded Status
$
(244
)
 
$
(289
)
 
$
(693
)
 
$
(673
)

(a) The actuarial net losses in 2019 and the actuarial net gains in 2018 were primarily due to discount rate decreases in 2019 and discount rate increases in 2018.
 
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan  
Information for the Principal Plans and All Other Pension Plans
 
Principal Plans
 
All Other
Pension Plans
 
Total
 
Year Ended December 31
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Projected benefit obligation (“PBO”)
$
3,406

 
$
3,094

 
$
641

 
$
593

 
$
4,047

 
$
3,687

Accumulated benefit obligation (“ABO”)
3,406

 
3,094

 
561

 
521

 
3,967

 
3,615

Fair value of plan assets
3,303

 
2,936

 
500

 
462

 
3,803

 
3,398


Pension Plans with an ABO in Excess of Plan Assets
Information for Pension Plans with an ABO in Excess of Plan Assets
 
December 31
 
2019
 
2018
ABO
$
1,956

 
$
1,826

Fair value of plan assets
1,714

 
1,547


 
Pension Plans with a PBO in Excess of Plan Assets
Information for Pension Plans with a PBO in Excess of Plan Assets
 
December 31
 
2019
 
2018
PBO
$
2,303

 
$
2,038

Fair value of plan assets
2,039

 
1,727


 
Components of Net Periodic Benefit Cost
Components of Net Periodic Benefit Cost
 
Pension Benefits
 
Other Benefits
 
Year Ended December 31
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Service cost
$
21

 
$
36

 
$
41

 
$
8

 
$
11

 
$
12

Interest cost
121

 
128

 
129

 
28

 
28

 
32

Expected return on plan assets(a)
(144
)
 
(166
)
 
(156
)
 

 

 

Recognized net actuarial loss
44

 
47

 
57

 

 
1

 
1

Settlements and curtailments
45

 
136

 
7

 

 

 

Other
(4
)
 
(7
)
 
(9
)
 
(1
)
 
(3
)
 
(2
)
Net periodic benefit cost
$
83

 
$
174

 
$
69

 
$
35

 
$
37

 
$
43

(a)
The expected return on plan assets is determined by multiplying the fair value of plan assets at the remeasurement date, typically the prior year-end adjusted for estimated current year cash benefit payments and contributions, by the expected long-term rate of return.
 
Weighted-Average Assumptions Used to Determine Net Cost
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31
 
Pension Benefits
 
Other Benefits
 
Projected 2020
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Discount rate
2.51
%
 
3.40
%
 
3.23
%
 
3.19
%
 
4.50
%
 
3.91
%
 
4.29
%
Expected long-term return on plan assets
3.66
%
 
4.39
%
 
4.50
%
 
4.46
%
 

 

 

Rate of compensation increase
3.08
%
 
3.08
%
 
2.27
%
 
2.29
%
 

 

 


Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31
 
Pension Benefits
 
Other Benefits
 
2019
 
2018
 
2019
 
2018
Discount rate
2.51
%
 
3.40
%
 
3.51
%
 
4.50
%
Rate of compensation increase
3.08
%
 
3.08
%
 

 


 
Estimated Future Benefit Payments Over the next ten years, we expect that the following gross benefit payments will occur:
 
Pension Benefits
 
Other Benefits
2020
$
234

 
$
56

2021
212

 
61

2022
215

 
62

2023
216

 
61

2024
218

 
59

2025-2029
1,060

 
254


 
Principal plan assets as of 2019    
Pension Plan Assets of the Principal Plans Measured at Fair Value
 
Fair Value Measurements at December 31, 2019
 
Total
Plan Assets
 
Assets at Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Assets at Significant
Observable
Inputs
(Level 2)
 
Assets at Significant
Unobservable
Inputs
(Level 3)
Cash and Cash Equivalents
 
 
 
 
 
 
 
Held directly
$
44

 
$
44

 
$

 
$

Held through mutual and pooled funds measured at net asset value
31

 

 

 

Fixed Income
 
 
 
 
 
 
 
Held directly
 
 
 
 
 
 
 
U.S. government and municipals
161

 
147

 
14

 

U.S. corporate debt
221

 

 
221

 

International bonds
9

 

 
9

 

Held through mutual and pooled funds measured at net asset value
 
 
 
 
 
 
 
U.S. government and municipals
586

 

 

 

U.S. corporate debt
662

 

 

 

International bonds
504

 

 

 

Equity
 
 
 
 
 
 
 
Held directly
 
 
 
 
 
 
 
U.S. equity
39

 
39

 

 

International equity
32

 
32

 

 

Held through mutual and pooled funds measured at net asset value
 
 
 
 
 
 
 
Non-U.S. equity
86

 

 

 

Global equity
572

 

 

 

Insurance Contracts
372

 

 

 
372

Other
(16
)
 
(4
)
 

 

Total Plan Assets
$
3,303

 
$
258

 
$
244

 
$
372


 
Principal plan assets as of 2018    
Pension Plan Assets of the Principal Plans Measured at Fair Value  
 
Fair Value Measurements at December 31, 2018
 
Total
Plan Assets
 
Assets at Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 

Assets at Significant
Observable
Inputs
(Level 2)

 
Assets at Significant
Unobservable
Inputs
(Level 3)
Cash and Cash Equivalents
 
 
 
 
 
 
 
Held directly
$
15

 
$
15

 
$

 
$

Held through mutual and pooled funds measured at net asset value
45

 

 

 

Fixed Income
 
 
 
 
 
 
 
Held directly
 
 
 
 
 
 
 
U.S. government and municipals
161

 
145

 
16

 

U.S. corporate debt
196

 

 
196

 

International bonds
13

 

 
13

 

Held through mutual and pooled funds measured at net asset value
 
 
 
 
 
 
 
U.S. government and municipals
479

 

 

 

U.S. corporate debt
593

 

 

 

International bonds
494

 

 

 

Equity
 
 
 
 
 
 
 
Held directly
 
 
 
 
 
 
 
U.S. equity
30

 
30

 

 

International equity
31

 
31

 

 

Held through mutual and pooled funds measured at net asset value
 
 
 
 
 
 
 
Non-U.S. equity
73

 

 

 

Global equity
448

 

 

 

Insurance Contracts
347

 

 

 
347

Other
11

 
9

 

 

Total Plan Assets
$
2,936

 
$
230

 
$
225

 
$
347