Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Benefit Plans [Abstract]

Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost

Weighted average assumptions used to determine benefit obligations:

	Pension Benefits			Other Postretirement Benefits
December 31	2020	2019	2018	2020	2019	2018
Discount rate	2.1%	3.0%	4.1%	2.2%	3.0%	4.1%
Interest crediting rate	3.0%	3.7%	3.8%
Rate of compensation increase	0.0% to 3.0%	3.0% to 5.5%	3.9% to 5.5%

Weighted average assumptions used to determine net periodic benefit cost:

	Pension Benefits			Other Postretirement Benefits
Year Ended December 31	2020	2019	2018	2020	2019	2018
Discount rate	3.0%	4.0%	3.6%	2.9%	4.0%	3.4%
Expected long term rate of return on plan assets	7.2%	7.5%	7.5%	3.6%	3.6%	5.3%
Interest crediting rate	3.7%	3.7%	3.7%
Rate of compensation increase	0.0% to 3.0%	3.0% to 5.5%	3.9% to 5.5%

Assumed Health Care Cost Trend Rates

Assumed health care cost trend rates:

December 31	2020		2019		2018
Health care cost trend rate assumed for next year	4.0% to 7.5%		4.0% to 8.0%		4.0% to 6.5%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.0% to 5.0%		4.0% to 5.0%		4.0% to 5.0%
Year that the rate reaches the ultimate trend rate		2021-2026		2021-2026		2019-2022

Net Periodic (Benefit) Cost Components

Net periodic (benefit) cost components:

	Pension Benefits									Other Postretirement Benefits
Year Ended December 31	2020			2019			2018			2020			2019			2018
(In millions)
Service cost	$	3		$	7		$	8								$	1
Interest cost		92			117			110		$	2		$	2			2
Expected return on plan assets		(173	)		(159	)		(179	)		(3	)		(3	)		(5	)
Amortization of unrecognized net loss		48			45			42			(1	)		(1	)		(1	)
Amortization of unrecognized prior service benefit																	(2	)
Settlements and curtailments		10			1			9			(1	)
Net periodic (benefit) cost	$	(20	)	$	11		$	(10	)	$	(3	)	$	(2	)	$	(5	)

Reconciliation of Benefit Obligations and Plan Assets

The following provides a reconciliation of benefit obligations and plan assets:

	Pension Benefits						Other Postretirement Benefits
	2020			2019			2020			2019
(In millions)
Change in benefit obligation:
Benefit obligation at January 1	$	3,137		$	2,919		$	52		$	53
Service cost		3			7
Interest cost		92			117			2			2
Plan participants’ contributions								4			4
Amendments					1
Actuarial loss		236			299			3			3
Benefits paid from plan assets		(189	)		(191	)		(10	)		(10	)
Settlements and curtailments		(40	)		(19	)
Foreign exchange		4			4
Benefit obligation at December 31		3,243			3,137			51			52

Change in plan assets:
Fair value of plan assets at January 1		2,576			2,304			90			85
Actual return on plan assets		327			328			8			8
Company contributions		61			146			4			3
Plan participants’ contributions								4			4
Benefits paid from plan assets		(189	)		(191	)		(10	)		(10	)
Settlements		(40	)		(15	)
Foreign exchange		4			4
Fair value of plan assets at December 31		2,739			2,576			96			90
Funded status	$	(504	)	$	(561	)	$	45		$	38

Amounts Recognized in the Consolidated Balance Sheets

	Pension Benefits						Other Postretirement Benefits
	2020			2019			2020			2019
(In millions)
Amounts recognized in the Consolidated Balance Sheets consist of:
Other assets	$	4		$	5		$	61		$	54
Other liabilities		(508	)		(566	)		(16	)		(16	)
Net amount recognized	$	(504	)	$	(561	)	$	45		$	38

Amounts Not Yet Recognized in Net Periodic (Benefit) Cost

Amounts recognized in Accumulated other comprehensive income (loss), not yet recognized in net periodic (benefit) cost:
Prior service credit								$	(1	)
Net actuarial loss	$	1,169	$	1,144	$	(5	)		(4	)
Net amount recognized	$	1,169	$	1,144	$	(5	)	$	(5	)

Plans With Projected and Accumulated Benefit Obligations in Excess of Plan Assets

Information for plans with projected and accumulated benefit obligations in excess of plan assets:
Projected benefit obligation	$	3,103	$	3,021
Accumulated benefit obligation		3,096		3,014	$	16	$	16
Fair value of plan assets		2,596		2,456

Estimated Future Minimum Benefit Payments

The table below presents the estimated future minimum benefit payments at December 31, 2020.

			Other
	Pension		Postretirement
Expected future benefit payments	Benefits		Benefits
(In millions)
2021	$	222	$	4
2022		215		4
2023		218		4
2024		212		3
2025		211		3
2026 – 2030		974		13

Plan Assets Measured at Fair Value on Recurring Basis

Pension plan assets measured at fair value on a recurring basis are summarized below.

December 31, 2020	Level 1		Level 2		Level 3		Total
(In millions)
Plan assets at fair value:
Fixed maturity securities:
Corporate and other bonds			$	643	$	9	$	652
States, municipalities and political subdivisions				32				32
Asset-backed				98				98
Total fixed maturities	$	-		773		9		782
Equity securities		785		137				922
Short term investments		37		38				75
Fixed income mutual funds		139						139
Other assets				8				8
Total plan assets at fair value	$	961	$	956	$	9	$	1,926
Plan assets at net asset value: (a)
Limited partnerships								813
Total plan assets	$	961	$	956	$	9	$	2,739

December 31, 2019	Level 1		Level 2		Level 3		Total
(In millions)
Plan assets at fair value:
Fixed maturity securities:
Corporate and other bonds			$	587	$	10	$	597
States, municipalities and political subdivisions				51				51
Asset-backed				154				154
Total fixed maturities	$	-		792		10		802
Equity securities		541		128				669
Short term investments		74		7				81
Fixed income mutual funds		128						128
Other assets		11		9				20
Total plan assets at fair value	$	754	$	936	$	10	$	1,700
Plan assets at net asset value: (a)
Limited partnerships								876
Total plan assets	$	754	$	936	$	10	$	2,576

(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position.

Other postretirement benefits plan assets measured at fair value on a recurring basis are summarized below.

December 31, 2020	Level 1		Level 2		Level 3		Total
(In millions)
Fixed maturity securities:
Corporate and other bonds			$	24			$	24
States, municipalities and political subdivisions				14				14
Asset-backed				33				33
Total fixed maturities	$	-		71		-	$	71
Short term investments		5						5
Fixed income mutual funds		20						20
Total	$	25	$	71	$	-	$	96

December 31, 2019
Fixed maturity securities:
Corporate and other bonds			$	22			$	22
States, municipalities and political subdivisions				16				16
Asset-backed				31				31
Total fixed maturities	$	-		69		-	$	69
Short term investments		3						3
Fixed income mutual funds		18						18
Total	$	21	$	69	$	-	$	90