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RETIREMENT BENEFITS (Tables)
 3 Months Ended
Mar. 31, 2019
Retirement Benefits [Abstract]  
Components of net (benefit) expense The following table summarizes the components of net (benefit) expense recognized in the Consolidated Statement of Income for the Company’s pension and postretirement plans for Significant Plans and All Other Plans:
 
Three Months Ended March 31,
 
Pension plans
Postretirement benefit plans
 
U.S. plans
Non-U.S. plans
U.S. plans
Non-U.S. plans
In millions of dollars
2019
2018
2019
2018
2019
2018
2019
2018
Benefits earned during the period
$
—

$
1

$
36

$
38

$
—

$
—

$
2

$
2

Interest cost on benefit obligation
130

123

75

75

7

6

26

26

Expected return on plan assets
(203
)
(213
)
(68
)
(78
)
(5
)
(3
)
(21
)
(23
)
Amortization of unrecognized:
 

 
 

 

 

 

 

 

Prior service cost (benefit)
1

—

(1
)
(1
)
—

—

(2
)
(2
)
Net actuarial loss
44

47

15

13

—

—

5

7

Settlement loss(1)
—

—

—

4

—

—

—

—

Total net (benefit) expense
$
(28
)
$
(42
)
$
57

$
51

$
2

$
3

$
10

$
10

























(1)
Losses due to settlement relate to repositioning and divestiture activities.

The following table summarizes the components of net expense recognized in the Consolidated Statement of Income for the Company’s U.S. post employment plans:
 
Three Months Ended March 31,
In millions of dollars
2019
2018
Service-related expense




Interest cost on benefit obligation
$
—

$
—

Expected return on plan assets
—

—

Amortization of unrecognized:




     Prior service benefit
—

(8
)
     Net actuarial loss
1

1

Total service-related benefit
$
1

$
(7
)
Non-service-related expense
$
4

$
6

Total net (benefit) expense
$
5

$
(1
)
Summary of the funded status and amounts recognized in the Consolidated Balance Sheet for the Company's U.S. qualified, non-qualified plans and plans outside the U.S. The following table summarizes the funded status and amounts recognized on the Consolidated Balance Sheet for the Company’s
Significant Plans:
 
Three Months Ended March 31, 2019
 
Pension plans
Postretirement benefit plans
In millions of dollars
U.S. plans
Non-U.S. plans
U.S. plans
Non-U.S. plans
Change in projected benefit obligation
 

 

 

 

Projected benefit obligation at beginning of year
$
12,655

$
7,149

$
662

$
1,159

Plans measured annually
(25
)
(1,862
)
—

(307
)
Projected benefit obligation at beginning of year—Significant Plans
$
12,630

$
5,287

$
662

$
852

Benefits earned during the period
—

20

—

1

Interest cost on benefit obligation
130

63

7

23

Actuarial loss
493

252

13

38

Benefits paid, net of participants’ contributions and government subsidy
(215
)
(55
)
(7
)
(11
)
Foreign exchange impact and other
—

13

—

11

Projected benefit obligation at period end—Significant Plans
$
13,038

$
5,580

$
675

$
914


 
Three Months Ended March 31, 2019
 
Pension plans
Postretirement benefit plans
In millions of dollars
U.S. plans
Non-U.S. plans
U.S. plans
Non-U.S. plans
Change in plan assets
 

 

 

 

Plan assets at fair value at beginning of year
$
11,490

$
6,699

$
345

$
1,036

Plans measured annually
—

(1,248
)
—

(9
)
Plan assets at fair value at beginning of year—Significant Plans
$
11,490

$
5,451

$
345

$
1,027

Actual return on plan assets
688

273

15

29

Company contributions, net of reimbursements
14

14

(6
)
—

Benefits paid, net of participants’ contributions and government subsidy

(215
)
(55
)
(7
)
(11
)
Foreign exchange impact and other
—

25

—

14

Plan assets at fair value at period end—Significant Plans
$
11,977

$
5,708

$
347

$
1,059

Funded status of the Significant Plans
 
 
 
 
Qualified plans(1)
$
(391
)
$
128

$
(328
)
$
145

Nonqualified plans
(670
)
—

—

—

Funded status of the plans at period end—Significant Plans
$
(1,061
)
$
128

$
(328
)
$
145

Net amount recognized at period end
 

 

 

 

Benefit asset
$
—

$
766

$
—

$
145

Benefit liability
(1,061
)
(638
)
(328
)
—

Net amount recognized on the balance sheet—Significant Plans
$
(1,061
)
$
128

$
(328
)
$
145

Amounts recognized in AOCI at period end
 

 

 

Prior service benefit
$
—

$
15

$
—

$
73

Net actuarial (loss) gain
(6,848
)
(978
)
50

(314
)
Net amount recognized in equity (pretax)—Significant Plans
$
(6,848
)
$
(963
)
$
50

$
(241
)
Accumulated benefit obligation at period end—Significant Plans
$
13,029

$
5,302

$
675

$
914


(1)
The U.S. qualified pension plan is fully funded pursuant to the Employee Retirement Income Security Act of 1974, as amended (ERISA), funding rules as of January 1, 2019 and no minimum required funding is expected for 2019.
Change in accumulated other comprehensive income (loss) The following table shows the change in AOCI related to the Company’s pension, postretirement and post employment plans:
In millions of dollars
Three Months Ended 
 March 31, 2019
For Year Ended December 31, 2018
Beginning of period balance, net of tax(1)(2)
$
(6,257
)
$
(6,183
)
Actuarial assumptions changes and plan experience
(795
)
1,288

Net asset gain (loss) due to difference between actual and expected returns
690

(1,732
)
Net amortization
62

214

Prior service cost
—

(7
)
Curtailment/settlement gain(3)
—

7

Foreign exchange impact and other
(25
)
136

Change in deferred taxes, net
4

20

Change, net of tax
$
(64
)
$
(74
)
End of period balance, net of tax(1)(2)
$
(6,321
)
$
(6,257
)

(1)
See Note 17 to the Consolidated Financial Statements for further discussion of net AOCI balance.
(2)
Includes net-of-tax amounts for certain profit sharing plans outside the U.S.
(3)
Curtailment and settlement relate to repositioning and divestiture activities.
Assumptions used in determining benefit obligations and net benefit expense The discount rates utilized during the period in determining the pension and postretirement net (benefit) expense for the Significant Plans are as follows:
Net (benefit) expense assumed discount rates during the period
Three Months Ended
Mar. 31, 2019
Dec. 31, 2018
U.S. plans
 
 
Qualified pension
4.25%
4.30%
Nonqualified pension
4.25
4.30
Postretirement
4.20
4.20
Non-U.S. plans
 
 
Pension
0.75-10.75
0.95-10.75
Weighted average
5.09
5.08
Postretirement
10.75
10.10


The discount rates utilized at period-end in determining the pension and postretirement benefit obligations for the Significant Plans are as follows:
Plan obligations assumed discount rates at period ended
Mar. 31, 2019
Dec. 31, 2018
Mar. 31, 2018
U.S. plans
 
 
 
Qualified pension
3.85%
4.25%
3.95%
Nonqualified pension
3.90
4.25
3.95
Postretirement
3.80
4.20
3.90
Non-U.S. plans
 
 
 
Pension
0.45-10.30
0.75-10.75
0.75-9.90
Weighted average
4.74
5.09
4.88
Postretirement
10.30
10.75
9.50
Effect of one-percentage-point change in the discount rates on pension expense The following table summarizes the estimated effect on the Company’s Significant Plans quarterly expense of a one-percentage-point change in the discount rate:
 
Three Months Ended March 31, 2019
In millions of dollars
One-percentage-point increase
One-percentage-point decrease
Pension
 
 
   U.S. plans
$
5

$
(8
)
   Non-U.S. plans
(2
)
6

Postretirement
 
 
   U.S. plans
—

(1
)
   Non-U.S. plans
(2
)
2
Schedule of company contributions The following table summarizes the Company’s actual contributions for the three months ended March 31, 2019 and 2018, as well as estimated expected Company contributions for the remainder of 2019 and the actual contributions made for the remainder of 2018:
 
Pension plans 
Postretirement plans 
 
U.S. plans(1)
Non-U.S. plans
U.S. plans
Non-U.S. plans
In millions of dollars
2019
2018
2019
2018
2019
2018
2019
2018
Company contributions(2) for the three months ended
  March 31
$
14

$
14

$
34

$
29

$
—

$
—

$
3

$
3

Company contributions made during the remainder
  of the year
—

41

—

153

—

150

—

6

Company contributions expected to be made during
  the remainder of the year
43

—

107

—

—

—

7

—


(1)
The U.S. plans include benefits paid directly by the Company for the nonqualified pension plans.
(2)
Company contributions are composed of cash contributions made to the plans and benefits paid directly by the Company.
Defined contribution plans The following table summarizes the Company’s contributionsfor the defined contribution plans:
 
Three Months Ended March 31,
In millions of dollars
2019
2018
   U.S. plans
$
99

$
104

   Non-U.S. plans
68

76