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Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Change in Benefit Obligations
The following table sets forth the change in benefit obligation for our pension and postretirement benefit plans.
 
Pension Benefits
 
Postretirement Benefits
 
2019
 
2018
 
2019
 
2018
Change in benefit obligation:
 
 
 
 
 
 
 
Benefit obligation, beginning of year
$
4,511

 
$
4,877

 
$
376

 
$
456

Service cost
28

 
30

 
1

 
1

Interest cost
191

 
180

 
16

 
17

Actuarial loss (gain)
593

 
(240
)
 
8

 
(8
)
Benefits paid
(360
)
 
(336
)
 
(59
)
 
(106
)
Participants’ contributions
—

 
—

 
13

 
12

Retiree Medicare drug subsidy
—

 
—

 
5

 
4

Benefit obligation, end of year
$
4,963

 
$
4,511

 
$
360

 
$
376
Change in Plan Assets
The following table sets forth the change in plan assets for our pension and postretirement benefit plans.
 
Pension Benefits
 
Postretirement Benefits
 
2019
 
2018
 
2019
 
2018
Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets, beginning of year
$
2,932

 
$
3,412

 
$
1

 
$
—

Actual return on plan assets
530

 
(205
)
 
(1
)
 
—

Employer contributions
74

 
61

 
41

 
91

Benefits paid
(360
)
 
(336
)
 
(59
)
 
(106
)
Participants’ contributions
—

 
—

 
13

 
12

Retiree Medicare drug subsidy
—

 
—

 
5

 
4

Fair value of plan assets, end of year
$
3,176

 
$
2,932

 
$
—

 
$
1
Funded Status and Amounts Recognized on Consolidated Balance Sheets
The funded status of pension and postretirement benefit obligations and the related amounts recognized on the Consolidated Balance Sheets were as follows:
 
Pension Benefits
 
Postretirement Benefits
At December 31,
2019
 
2018
 
2019
 
2018
Funded status at end of year
$
(1,787
)
 
$
(1,579
)
 
$
(360
)
 
$
(375
)
Amounts recognized on the Consolidated Balance Sheets:
 
 
 
 
 
 
 
Other assets
$
5

 
$
5

 
$
—

 
$
—

Current liabilities
(69
)
 
(70
)
 
(42
)
 
(48
)
Noncurrent liabilities
(1,723
)
 
(1,514
)
 
(318
)
 
(327
)
Net amounts recognized
$
(1,787
)
 
$
(1,579
)
 
$
(360
)
 
$
(375
)
Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
The following amounts were recognized in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets.
 
Pension Benefits
 
Postretirement Benefits
At December 31,
2019
 
2018
 
2019
 
2018
Net actuarial (loss) gain
$
(2,153
)
 
$
(2,001
)
 
$
147

 
$
174

Net prior service cost
(3
)
 
(5
)
 
(1
)
 
(2
)
Share of equity investee
(2
)
 
(1
)
 
—

 
—

 
(2,158
)
 
(2,007
)
 
146

 
172

Deferred income taxes (a)
563

 
756

 
(14
)
 
(19
)
Net amount recognized in accumulated other
comprehensive income (loss)
$
(1,595
)
 
$
(1,251
)
 
$
132

 
$
153


(a) The decrease in 2019 primarily reflects the reclassification of certain income tax effects of the Tax Reform Act on items within accumulated other comprehensive loss to retained earnings upon the adoption of new FASB guidance (see Note 1).
Schedule of Accumulated Benefit Obligations in Excess of Plan Assets
Information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below.
At December 31,
2019
 
2018
Projected benefit obligation
$
4,962

 
$
4,511

Accumulated benefit obligation
$
4,873

 
$
4,427

Fair value of plan assets
$
3,170

 
$
2,926
Components of Net Periodic Benefit Cost
The following tables present the components of net periodic benefit cost and amounts recognized in other comprehensive income (loss).
 
Pension Benefits
 
Postretirement Benefits
Year Ended December 31,
2019

2018

2017

2019

2018

2017
Components of net periodic cost:
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
28

 
$
30

 
$
28

 
$
1

 
$
1

 
$
1

Interest cost
191

 
180

 
219

 
16

 
17

 
19

Expected return on plan assets
(183
)
 
(214
)
 
(230
)
 
—

 
—

 
—

Amortization of actuarial losses (gains)
94

 
87

 
105

 
(18
)
 
(18
)
 
(22
)
Amortization of prior service cost
1

 
1

 
1

 
1

 
1

 
1

Settlements
—

 
—

 
352

 
—

 
—

 
—

Net periodic cost
$
131

 
$
84

 
$
475

 
$
—

 
$
1

 
$
(1
)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
 
Pension Benefits
 
Postretirement Benefits
Year Ended December 31,
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Other comprehensive income (loss):
 
-200
 
 
 
45
 
 
 
 
 
Actuarial (loss) gain
$
(246
)
 
$
(179
)
 
$
(269
)
 
$
(9
)
 
$
8

 
$
(20
)
Amortization of actuarial losses (gains) (a)
94

 
87

 
105

 
(18
)
 
(18
)
 
(22
)
Amortization of prior service cost (a)
1

 
1

 
1

 
1

 
1

 
1

Settlements (a)
—

 
—

 
352

 
—

 
—

 
—

 
(151
)
 
(91
)
 
189

 
(26
)
 
(9
)
 
(41
)
Deferred income taxes
37

 
25

 
(94
)
 
5

 
2

 
13

Recognized in other comprehensive income
(loss), net of tax
$
(114
)
 
$
(66
)
 
$
95

 
$
(21
)
 
$
(7
)
 
$
(28
)
(a)  Reflects amounts reclassified from accumulated other comprehensive income (loss) to net earnings.
Weighted Average Assumptions Used to Determine Benefit Obligations and Net Periodic Costs
 
Pension Benefits
 
Postretirement Benefits
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Weighted average assumptions used to determine benefit obligations at December 31:
 
 
 
 
 
 
 
 
 
 
 
Discount rate
3.5
%
 
4.5
%
 
3.9
%
 
3.3
%
 
4.4
%
 
3.9
%
Rate of compensation increase
3.0
%
 
3.0
%
 
3.0
%
 
N/A

 
N/A

 
N/A

Weighted average assumptions used to determine net periodic costs for the year ended December 31:
 
 
 
 
 
 
 
 
 
 
 
Discount rate
4.5
%
 
3.8
%
 
4.2
%
 
4.4
%
 
3.9
%
 
4.1
%
Expected long-term return on plan assets
6.6
%
 
6.6
%
 
6.6
%
 
N/A

 
N/A

 
2.0
%
Rate of compensation increase
3.0
%
 
3.0
%
 
3.0
%
 
N/A

 
N/A

 
N/A

N/A - not applicable
Assumptions Regarding Heath Care Cost Trend Rates for Postretirement Benefits
The following additional assumptions were used in accounting for postretirement benefits.
 
CBS
 
Viacom
 
2019
 
2018
 
2019
 
2018
Projected health care cost trend rate (pre-65)
7.0
%
 
6.6
%
 
6.3
%
 
6.7
%
Projected health care cost trend rate (post-65)
7.0
%
 
6.6
%
 
5.7
%
 
5.9
%
Ultimate trend rate
5.0
%
 
5.0
%
 
4.5
%
 
4.5
%
Year ultimate trend rate is achieved
2025

 
2023

 
2026

 
2026
Impact of One Percentage Point Change in Assumed Health Care Trend Rates
A one percentage point change in assumed health care cost trend rates would have the following effects:
 
One Percentage
 
One Percentage
 
Point Increase
 
Point Decrease
Effect on total service and interest cost components
 
$
—

 
 
 
$
—

 
Effect on the accumulated postretirement benefit obligation
 
$
5

 
 
 
$
(5
)
 
Fair Value of Pension Plan Assets
The following tables set forth our pension plan assets measured at fair value on a recurring basis at December 31, 2019 and 2018. These assets have been categorized according to the three-level fair value hierarchy established by the FASB which prioritizes the inputs used in measuring fair value. Level 1 is based on quoted prices for the asset in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset in inactive markets or quoted prices for similar assets. Level 3 is based on unobservable inputs that market participants would use in pricing the asset.
At December 31, 2019
Level 1
 
Level 2
 
Level 3
 
Total
Cash and cash equivalents (a)
$
1

 
$
34

 
$
—

 
$
35

Fixed income securities:
 
 
 
 
 
 


U.S. treasury securities
83

 
—

 
—

 
83

Government-related securities
—

 
171

 
—

 
171

Corporate bonds (b)
—

 
1,562

 
—

 
1,562

Mortgage-backed and asset-backed securities
—

 
98

 
—

 
98

Equity securities:
 
 
 
 
 
 


U.S. large capitalization
113

 
—

 
—

 
113

U.S. small capitalization
40

 
—

 
—

 
40

Other
—

 
25

 
—

 
25

Total assets in fair value hierarchy
$
237

 
$
1,890

 
$
—

 
$
2,127

Common collective funds measured at net asset value (c) (d)
 
 
 
 
 
 
978

Limited partnerships measured at net asset value (c)
 
 
 
 
 
 
23

Mutual funds measured at net asset value (c)
 
 
 
 
 
 
48

Investments, at fair value
 
 
 
 
 
 
$
3,176

At December 31, 2018
Level 1
 
Level 2
 
Level 3
 
Total
Cash and cash equivalents (a)
$
4

 
$
7

 
$
—

 
$
11

Fixed income securities:
 
 
 
 
 
 
 
U.S. treasury securities
85

 
31

 
—

 
116

Government-related securities
—

 
169

 
—

 
169

Corporate bonds (b)
—

 
1,529

 
—

 
1,529

Mortgage-backed and asset-backed securities
—

 
120

 
—

 
120

Equity securities:
 
 
 
 
 
 


U.S. large capitalization
150

 
—

 
—

 
150

U.S. small capitalization
35

 
—

 
—

 
35

Other
1

 
18

 
—

 
19

Total assets in fair value hierarchy
$
275

 
$
1,874

 
$
—

 
$
2,149

Common collective funds measured at net asset value (c) (d)
 
 
 
 
 
 
688

Limited partnerships measured at net asset value (c)
 
 
 
 
 
 
63

Mutual funds measured at net asset value (c)
 
 
 
 
 
 
32

Investments, at fair value
 
 
 
 
 
 
$
2,932

(a)  Assets categorized as Level 2 reflect investments in money market funds.
(b)  Securities of diverse sectors and industries, substantially all investment grade.
(c)  In accordance with FASB guidance investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.
(d)  Underlying investments consist mainly of U.S. large capitalization and international equity securities.
Estimated Future Benefit Payments
Estimated future benefit payments are as follows: 
 
2020
 
2021
 
2022
 
2023
 
2024
 
2025-2029
Pension
$
357

 
$
304

 
$
305

 
$
307

 
$
304

 
$
1,487

Postretirement
$
48

 
$
45

 
$
42

 
$
40

 
$
37

 
$
144

Retiree Medicare drug subsidy
$
5

 
$
5

 
$
5

 
$
5

 
$
4

 
$
20
Participation in Multi-employer Defined Benefit Pension Plan
The table below presents information concerning our participation in multiemployer defined benefit pension plans.
 
 
Employer Identification Number/Pension Plan Number
 
Pension
Protection Act
 
Company Contributions
 
Expiration Date of Collective Bargaining Agreement
 
 
 
Zone Status (a)
 
 
Pension Plan
 
 
2019
2018
 
2019
 
2018
 
2017
 
AFTRA Retirement Plan (b)
 
13-6414972-001
 
Green
Green
 
$
12

 
$
11

 
$
12

 
(c)
Directors Guild of America - Producer (d)
 
95-2892780-001
 
Green
Green
 
19

 
15

 
15

 
6/30/2020
Producer-Writers Guild of America
 
95-2216351-001
 
Green
Green
 
26

 
25

 
22

 
5/1/2020
Screen Actors Guild - Producers
 
95-2110997-001
 
Green
Green
 
43

 
36

 
29

 
6/30/2020
Motion Picture Industry
 
95-1810805-001
 
Green
Green
 
43

 
42

 
40

 
(e)
I.A.T.S.E. Local No. 33 Pension Trust Fund (f) 
 
95-6377503-001
 
Green
Green
 
5

 
10

 
9

 
12/31/2019
Other Plans
 
 
 
 
 
 
16

 
12

 
10

 
 
 
 
Total contributions
 
$
164

 
$
151

 
$
137

 
 
(a) The Zone status for each individual plan listed was certified by each plan’s actuary as of the beginning of the plan years for 2019 and 2018. The plan year is the twelve months ending December 31 for each plan listed above except AFTRA Retirement Plan which has a plan year ending November 30.
(b) The Company was listed in AFTRA Retirement Plan’s Form 5500 as providing more than 5% of total contributions for the plan year ended November 30, 2018.
(c) The expiration dates range from June 30, 2020 through June 30, 2021.
(d) The Company was listed in Directors Guild of America - Producer Pension Plan’s Form 5500 as providing more than 5% of total contributions for the plan year ended December 2018.
(e) The expiration dates range from May 15, 2021 through March 2, 2022.
(f) The Company was listed in I.A.T.S.E. Local No. 33 Pension Trust Fund’s Form 5500 as providing more than 5% of total contributions for the plan year ended December 31, 2018.