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Pension Benefit Plans and Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2020
Pension Benefit Plans  
Defined Benefit Plans and Other Postretirement Benefit Plans  
Changes in the benefit obligations

U.S.

Non-U.S.

 

    

2020

    

2019

    

2020

    

2019

 

Obligations at beginning of year

$

1,505

$

1,413

$

1,150

$

1,022

Change in benefit obligations:

Service cost

 

11

 

12

 

13

 

12

Interest cost

 

50

 

58

 

26

 

33

Actuarial (gain) loss

134

144

67

116

Settlements

(24)

(35)

 

(63)

(44)

Acquisitions (Divestiture)

 

(56)

30

Participant contributions

 

1

 

1

Benefit payments

 

(86)

 

(87)

 

(51)

 

(37)

Other

6

(6)

Foreign currency translation

 

34

 

23

Net change in benefit obligations

 

85

 

92

 

(23)

 

128

Obligations at end of year

$

1,590

$

1,505

$

1,127

$

1,150

Changes in the fair value of the pension plans' assets

U.S.

Non-U.S.

 

    

2020

    

2019

    

2020

    

2019

 

Fair value at beginning of year

$

1,215

$

1,094

$

947

$

843

Change in fair value:

Actual gain (loss) on plan assets

 

161

 

235

 

99

 

110

Benefit payments

 

(86)

 

(87)

 

(51)

 

(37)

Employer contributions

 

58

 

8

 

45

 

25

Participant contributions

 

1

 

1

Settlements

(24)

(35)

(63)

(44)

Acquisitions (Divestitures)

(71)

30

Foreign currency translation

 

23

 

26

Other

 

(1)

 

(7)

Net change in fair value of assets

 

109

 

121

 

(18)

 

104

Fair value at end of year

$

1,324

$

1,215

$

929

$

947

Funded status

U.S.

Non-U.S.

 

2020

2019

2020

2019

 

Plan assets at fair value

    

$

1,324

    

$

1,215

    

$

929

    

$

947

Projected benefit obligations

 

1,590

 

1,505

 

1,127

 

1,150

Plan assets less than projected benefit obligations

 

(266)

 

(290)

 

(198)

 

(203)

Items not yet recognized in pension expense:

Actuarial loss

 

708

 

722

 

323

 

327

Prior service cost

 

 

 

11

 

5

 

708

 

722

 

334

 

332

Net amount recognized

$

442

$

432

$

136

$

129

Net amount recognized included in the Consolidated Balance Sheets

U.S.

Non-U.S.

 

    

2020

    

2019

    

2020

    

2019

 

Pension assets

$

$

$

67

$

42

Current pension liability, included with other accrued liabilities

 

(2)

 

(1)

 

(8)

 

(6)

Pension benefits

 

(264)

 

(289)

 

(257)

 

(239)

Accumulated other comprehensive loss

 

708

 

722

 

334

 

332

Net amount recognized

$

442

$

432

$

136

$

129

Changes in plan assets and/or benefit obligations recognized in accumulated other comprehensive income

U.S.

Non-U.S.

 

    

2020

    

2019

    

2020

    

2019

 

Current year actuarial (gain) loss

$

57

$

(6)

$

12

$

54

Amortization of actuarial loss

 

(56)

 

(41)

 

(12)

 

(10)

Settlement

(14)

(22)

(12)

(9)

Other

5

 

2

 

1

 

(13)

 

(64)

 

(10)

 

36

Translation

 

12

 

8

Change in accumulated other comprehensive loss

$

(13)

$

(64)

$

2

$

44

Components of net periodic pension cost

U.S.

Non-U.S.

 

2020

2019

2018

2020

2019

2018

 

Service cost

    

$

11

    

$

12

    

$

14

    

$

13

    

$

12

    

$

15

Interest cost

 

50

 

58

 

59

 

26

 

33

 

32

Expected asset return

 

(85)

 

(86)

 

(98)

 

(45)

 

(48)

 

(52)

Amortization:

Actuarial loss

 

56

 

41

 

51

 

12

 

10

 

11

Net expense

$

32

$

25

$

26

$

6

$

7

$

6

Information for plans with projected and accumulated benefit obligations in excess of the fair value of plan assets

Projected Benefit Obligation Exceeds 

Accumulated Benefit Obligation Exceeds

 

the Fair Value of Plan Assets

the Fair Value of Plan Assets

 

U.S.

Non-U.S.

U.S.

Non-U.S.

 

    

2020

2019

    

2020

2019

    

2020

2019

    

2020

2019

Projected benefit obligations

$

1,590

$

1,505

$

331

$

952

$

1,590

$

1,505

$

331

$

952

Accumulated benefit obligation

 

1,590

 

1,505

 

309

 

927

 

1,590

 

1,505

 

309

 

927

Fair value of plan assets

 

1,324

 

1,215

 

67

 

706

 

1,324

 

1,215

 

67

 

706

Weighted average assumptions used to determine benefit obligations and net periodic pension costs for pension plans, and accumulated postretirement benefit obligation and net postretirement benefit cost for postretirement plans

The weighted average assumptions used to determine benefit obligations are as follows:

U.S.

Non-U.S.

 

    

2020

    

2019

    

2020

    

2019

 

Discount rate

 

2.61

%  

3.39

%  

1.92

%  

2.53

%

Rate of compensation increase

 

N/A

N/A

2.80

%  

2.89

%

The weighted average assumptions used to determine net periodic pension costs are as follows:

U.S.

Non-U.S.

 

2020

2019

2018

2020

2019

2018

 

Discount rate

    

3.39

%  

4.36

%  

3.69

%  

2.53

%  

3.01

%  

2.76

%

Rate of compensation increase

 

N/A

N/A

N/A

%  

2.86

%  

2.76

%  

2.78

%

Expected long-term rate of return on assets

 

7.15

%  

7.25

%  

7.25

%  

5.23

%  

5.50

%  

5.52

%

Fair value of defined benefit pension plan assets and target allocations

2020

2019

    

Level 1

    

Level 2

    

Level 3

    

Total

    

Level 1

    

Level 2

    

Level 3

    

Total

    

Cash and cash equivalents

$

31

$

$

$

31

$

8

$

$

$

8

Equity securities

Debt securities

36

2

38

55

3

58

Other

26

26

23

23

Total

$

67

$

28

$

$

63

$

26

$

 

Investments measured at net asset value

 

$

834

 

$

858

 

Total non-U.S. assets at fair value

$

929

$

947

Estimated future benefit payments, reflecting expected future service, as appropriate, expected to be paid

Year(s)

    

U.S.

    

Non-U.S.

2021

$

99

$

41

2022

 

100

 

45

2023

 

95

 

46

2024

 

96

 

47

2025

 

93

 

48

2026-2030

 

445

 

266

Other Post-retirement Benefits  
Defined Benefit Plans and Other Postretirement Benefit Plans  
Changes in the benefit obligations

U.S.

Non-U.S.

 

    

2020

    

2019

    

2020

    

2019

 

Obligations at beginning of year

$

72

$

74

$

71

$

80

Change in benefit obligations:

Service cost

 

 

 

2

 

1

Interest cost

 

2

 

4

 

2

 

3

Actuarial (gain) loss

 

14

 

3

 

5

 

(15)

Benefit payments

 

(11)

 

(9)

 

(2)

 

(2)

Foreign currency translation

 

2

 

4

Other

(39)

Net change in benefit obligations

 

(34)

 

(2)

 

9

 

(9)

Obligations at end of year

$

38

$

72

$

80

$

71

Funded status

U.S.

Non-U.S.

 

    

2020

    

2019

    

2020

    

2019

 

Postretirement benefit obligations

$

(38)

$

(72)

$

(80)

$

(71)

Items not yet recognized in net postretirement benefit cost:

Actuarial gain (loss)

 

20

 

1

 

(7)

 

(1)

Prior service credit

 

(35)

 

8

 

(15)

 

9

 

(7)

 

(1)

Net amount recognized

$

(53)

$

(63)

$

(87)

$

(72)

Net amount recognized included in the Consolidated Balance Sheets

U.S.

Non-U.S.

 

    

2020

    

2019

    

2020

    

2019

 

Current nonpension postretirement benefit, included with Other accrued liabilities

$

(2)

$

(5)

$

(3)

$

(3)

Nonpension postretirement benefits

 

(36)

 

(67)

 

(77)

 

(68)

Accumulated other comprehensive income (loss)

 

(15)

 

9

 

(7)

 

(1)

Net amount recognized

$

(53)

$

(63)

$

(87)

$

(72)

Changes in plan assets and/or benefit obligations recognized in accumulated other comprehensive income

U.S.

Non-U.S.

 

    

2020

    

2019

    

2020

    

2019

 

Current year actuarial (gain) loss

$

14

$

3

$

5

$

(15)

Amortization of actuarial loss

 

(5)

 

(1)

Amortization of prior service credit

 

12

 

8

Other adjustments

(39)

 

$

(18)

$

10

$

5

$

(15)

Components of net periodic pension cost

U.S.

Non-U.S.

 

    

2020

    

2019

    

2018

    

2020

    

2019

    

2018

 

Service cost

$

$

$

$

2

$

1

$

1

Interest cost

 

2

 

4

 

3

 

2

 

3

 

3

Amortization:

Actuarial (gain) loss

 

(11)

 

1

 

2

Prior service credit

 

5

 

(8)

 

(7)

(1)

Net amortization

 

(6)

 

(7)

 

(5)

 

(1)

 

 

Net postretirement benefit (income) cost

$

(4)

$

(3)

$

(2)

$

3

$

4

$

4

Weighted average assumptions used to determine benefit obligations and net periodic pension costs for pension plans, and accumulated postretirement benefit obligation and net postretirement benefit cost for postretirement plans

U.S.

Non-U.S.

 

    

2020

    

2019

    

2018

    

2020

    

2019

    

2018

 

Accumulated postretirement benefit obligation

 

2.48

%  

3.31

%  

4.30

%  

2.55

%  

3.00

%  

3.60

%  

Net postretirement benefit cost

 

3.31

%  

4.30

%  

3.61

%  

3.00

%  

3.60

%  

3.35

%  

Weighted average assumed health care cost trend rates

U.S.

Non-U.S.

 

    

2020

    

2019

    

2020

    

2019

 

Health care cost trend rate assumed for next year

 

6.60

%  

5.80

%  

5.00

%  

5.00

%  

Rate to which the cost trend rate is assumed to decline (ultimate trend rate)

 

5.00

%  

5.00

%  

5.00

%  

5.00

%  

Year that the rate reaches the ultimate trend rate

 

2029

2028

N/A

N/A

Estimated future benefit payments, reflecting expected future service, as appropriate, expected to be paid

Year(s)

    

U.S.

    

Non-U.S.

 

2021

$

2

$

3

2022

 

2

 

3

2023

 

2

 

3

2024

 

2

 

3

2025

 

2

 

3

2026  -  2030

 

10

 

16