Pensions and Other Post-Retirement Benefit Plans (Notes)

12 Months Ended

Dec. 31, 2019

Pension, Other Post-Retirement Benefits and Employee Benefit Plans. [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

Pension and Other Post-Retirement Benefit Plans.

Pension and other post-retirement benefit plan costs and obligations are primarily within our Food Packaging segment. Pension plans and other post-retirement benefit plans for other segments are not material and are not included in our disclosures below.

Viskase sponsors several defined benefit pension plans, including defined contribution plans, varying by country and subsidiary. Additionally, Viskase sponsors health care and life insurance benefits for certain employees and retirees around the world. The pension benefits are funded based on the funding requirements of federal and international laws and regulations, as applicable, in advance of benefit payments and the other benefits are funded as benefits are provided to participating employees.

Components of net periodic benefit cost (credit) are as follows:

	U.S. and Non-U.S. Pension Benefits
	Year Ended December 31,
	2019		2018		2017
	(in millions)
Service cost	$	—	$	1	$	1
Interest cost	6		6		7
Expected return on plan assets	(4)		(5)		(8)
Amortization of actuarial losses	1		1		5
Settlement loss recognized	—		7		—
	$	3	$	10	$	5

The following table provides disclosures for Viskase’s benefit obligations, plan assets, funded status, and recognition in the consolidated balance sheets. As pension costs for Viskase are not material to our consolidated financial position and results of operations, we do not provide information regarding their inputs and valuation assumptions.

	U.S and Non-U.S. Pension Benefits
	2019		2018
	(in millions)
Change in benefit obligation:
Benefit obligation, beginning of year	$	148	$	188
Service cost	—		1
Interest cost	6		6
Benefits paid	(7)		(8)
Actuarial (gain) loss	11		(10)
Plan settlements	—		(28)
Currency translation	(4)		(1)
Benefit obligation, end of year	154		148
Change in plan assets:
Fair value of plan assets, beginning of year	77		115
Actual return on plan assets	15		(6)
Employer contributions	4		3
Plan settlements	—		(28)
Benefits paid	(7)		(7)
Fair value of plan assets, end of year	89		77
Funded status of the plan and amounts recognized in the consolidated balance sheets	$	(65)	$	(71)
Amounts recognized in accumulated other comprehensive loss, inclusive of tax impacts	$	(39)	$	(44)

Defined Benefit Plans Measured at Fair Value on a Recurring Basis

The following table presents Viskase’s defined benefit plan assets measured at fair value on a recurring basis:

	December 31, 2019						December 31, 2018
	Level 1		Level 2		Total		Level 1		Level 2		Total
	(in millions)
U.S. and Non-U.S. Plans:
Cash and cash equivalents	$	3	$	—	$	3	$	3	$	—	$	3
Government debt securities	1		2		3		1		2		3
Exchange traded funds	18		—		18		16		—		16
Mutual funds	26		2		28		22		2		24
Common stock	27		—		27		21		—		21
	$	75	$	4	$	79	$	63	$	4	$	67
Investments measured at net asset value					11						10
Plan assets measured at fair value					$	90					$	77