Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

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	2019			2018			2017			2019			2018			2017
Discount rate		3.0	%		4.1	%		3.5	%		3.0	%		4.1	%		3.4	%
Expected long term rate of return on plan assets		7.5	%		7.5	%		7.5	%		3.6	%		5.3	%		5.3	%
Interest crediting rate		3.7	%		3.8	%		3.7	%
Rate of compensation increase		3.0% to 5.5	%		3.9% 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	2019			2018			2017			2019			2018			2017
Discount rate		4.0	%		3.6	%		3.8	%		4.0	%		3.4	%		3.7	%
Expected long term rate of return on plan assets		7.5	%		7.5	%		7.5	%		3.6	%		5.3	%		5.3	%
Interest crediting rate		3.7	%		3.7	%		3.7	%
Rate of compensation increase		3.0% to 5.5	%		3.9% to 5.5	%		3.9% to 5.5	%

Assumed Health Care Cost Trend Rates

Assumed health care cost trend rates:

December 31	2019		2018			2017
Health care cost trend rate assumed for next year		4.0% to 8.0%		4.0% to 6.5	%		4.0% to 7.0	%
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		2019-2022			2018-2022

Components of Net Periodic Benefit Cost

Net periodic benefit cost components:

	Pension Benefits									Other Postretirement Benefits
Year Ended December 31	2019			2018			2017			2019			2018			2017
(In millions)
Service cost	$	7		$	8		$	8					$	1		$	1
Interest cost		117			110			119		$	2			2			2
Expected return on plan assets		(159	)		(179	)		(173	)		(3	)		(5	)		(5	)
Amortization of unrecognized
net loss		45			42			43			(1	)		(1	)
Amortization of unrecognized prior
service benefit														(2	)		(2	)
Settlements and curtailments		1			9			11
Net periodic benefit cost	$	11		$	(10	)	$	8		$	(2	)	$	(5	)	$	(4	)

Reconciliation of Benefit Obligations and Plan Assets

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

	Pension Benefits						Other Postretirement Benefits
	2019			2018			2019			2018
(In millions)
Change in benefit obligation:
Benefit obligation at January 1	$	2,919		$	3,242		$	53		$	62
Acquisitions
Service cost		7			8						1
Interest cost		117			110			2			2
Plan participants’ contributions								4			4
Amendments		1
Actuarial (gain) loss		299			(212	)		3			(6	)
Benefits paid from plan assets		(191	)		(187	)		(10	)		(10	)
Settlements and curtailments		(19	)		(35	)
Foreign exchange		4			(7	)
Benefit obligation at December 31		3,137			2,919			52			53
Change in plan assets:
Fair value of plan assets at January 1		2,304			2,577			85			88
Acquisitions
Actual return on plan assets		328			(83	)		8
Company contributions		146			39			3			3
Plan participants’ contributions								4			4
Benefits paid from plan assets		(191	)		(187	)		(10	)		(10	)
Settlements		(15	)		(35	)
Foreign exchange		4			(7	)
Fair value of plan assets at December 31		2,576			2,304			90			85
Funded status	$	(561	)	$	(615	)	$	38		$	32

Amounts Recognized in the Consolidated Balance Sheets

	Pension Benefits						Other Postretirement Benefits
	2019			2018			2019			2018
(In millions)
Amounts recognized in the Consolidated Balance Sheets consist of:
Other assets	$	5		$	9		$	54		$	49
Other liabilities		(566	)		(624	)		(16	)		(17	)
Net amount recognized	$	(561	)	$	(615	)	$	38		$	32

Amounts Recognized in Accumulated Other Comprehensive Income (Loss), 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			$	(2	)	$	(1	)	$	(1	)
Net actuarial loss	$	1,144		1,065			(4	)		(3	)
Net amount recognized	$	1,144	$	1,063		$	(5	)	$	(4	)

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	$	3,021	$	2,825
Accumulated benefit obligation		3,014		2,813	$	16	$	18
Fair value of plan assets		2,456		2,201

Estimated Future Minimum Benefit Payments

The table below presents the estimated future minimum benefit payments at December 31, 2019.

Expected future benefit payments	Pension Benefits		Other Postretirement Benefits
(In millions)
2020	$	234	$	5
2021		211		5
2022		215		4
2023		217		4
2024		212		3
2025 – 2029		1,001		14

Pension Benefits [Member]

Defined Benefit Plan, Fair Value of Plan Assets Measured on Recurring Basis

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

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
December 31, 2018	Level 1		Level 2		Level 3		Total
Plan assets at fair value:
Fixed maturity securities:
Corporate and other bonds			$	472	$	10	$	482
States, municipalities and political subdivisions				58				58
Asset-backed				165				165
Total fixed maturities	$	–		695		10		705
Equity securities		406		110				516
Short term investments		36		54				90
Fixed income mutual funds		120						120
Other assets				9				9
Total plan assets at fair value	$	562	$	868	$	10	$	1,440
Plan assets at net asset value: (a)
Limited partnerships								864
Total plan assets	$	562	$	868	$	10	$	2,304

(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 [Member]

Defined Benefit Plan, Fair Value of Plan Assets Measured on Recurring Basis

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

December 31, 2019	Level 1		Level 2		Level 3		Total
(In millions)
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
December 31, 2018
Fixed maturity securities:
Corporate and other bonds			$	24			$	24
States, municipalities and political subdivisions				11				11
Asset-backed				30				30
Total fixed maturities	$	-		65	$	-		65
Short term investments		4						4
Fixed income mutual funds		16						16
Total	$	20	$	65	$	-	$	85