XML 134 R51.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Weighted Average Assumptions Used in Calculating the Net Periodic Benefit Cost for Pension Plans and Other Postretirement Plans
Weighted Average Assumptions Used in Calculating the Benefit Obligations and the Net Amount Recognized
 
Pension Benefits
Other Postretirement Benefits
 
For the years ended December 31,
 
2019
2018
2019
2018
Discount rate
3.33
%
4.35
%
3.15
%
4.23
%

Weighted Average Assumptions Used in Calculating the Net Periodic Benefit Cost for Pension Plans
 
For the years ended December 31,
 
2019
2018
2017
Discount rate
4.35
%
3.73
%
4.22
%
Expected long-term rate of return on plan assets
6.45
%
6.60
%
6.60
%

Weighted Average Assumptions Used in Calculating the Net Periodic Benefit Cost for Other Postretirement Plans
 
For the years ended December 31,
 
2019
2018
2017
Discount rate
4.23
%
3.55
%
3.97
%
Expected long-term rate of return on plan assets
6.00
%
6.60
%
6.60
%

Assumed Health Care Cost Trend Rates
Assumed Health Care Cost Trend Rates
 
For the years ended December 31,
 
2019
2018
2017
Pre-65 health care cost trend rate
7.00
%
6.50
%
6.75
%
Post-65 health care cost trend rate
N/A

N/A

N/A

Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
4.50
%
4.50
%
4.50
%
Year that the rate reaches the ultimate trend rate
2033

2028

2028


Change in Benefit Obligation
Change in Benefit Obligation
 
Pension Benefits
Other Postretirement Benefits
 
For the years ended December 31,
 
2019
2018
2019
2018
Benefit obligation — beginning of year
$
4,000

$
4,376

$
220

$
256

Service cost
4

4

—

—

Interest cost
159

142

8

7

Plan participants’ contributions
—

—

13

11

Actuarial loss (gain)
48

(6
)
6

—

Amendments
—

—

(2
)
—

Changes in assumptions
488

(329
)
19

(11
)
Benefits and expenses paid
(201
)
(186
)
(41
)
(45
)
Retiree drug subsidy
—

—

—

2

Foreign exchange adjustment
—

(1
)
—

—

Benefit obligation — end of year
$
4,498

$
4,000

$
223

$
220


Change in Plan Assets
Change in Plan Assets
 
Pension Benefits
Other Postretirement Benefits
 
For the years ended December 31,
 
2019
2018
2019
2018
Fair value of plan assets — beginning of year
$
3,344

$
3,592

$
85

$
114

Actual return on plan assets
701

(172
)
12

(2
)
Employer contributions [1]
70

103

—

—

Benefits paid [2]
(176
)
(161
)
(22
)
(27
)
Expenses paid
(26
)
(17
)
—

—

Foreign exchange adjustment
1

(1
)
—

—

Fair value of plan assets — end of year
$
3,914

$
3,344

$
75

$
85

Funded status — end of year
$
(584
)
$
(656
)
$
(148
)
$
(135
)

[1]
Employer contributions in 2019 and 2018 to the U.S. qualified defined benefit pension plan were discretionary, made in cash, and did not include contributions of the Company’s common stock.
[2]
Other postretirement benefits paid represent non-key employee postretirement medical benefits paid from the Company's prefunded trust fund.
Defined Benefit Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets
Defined Benefit Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets
 
As of December 31,
 
2019
2018
Projected benefit obligation
$
4,498

$
4,000

Accumulated benefit obligation
$
4,498

$
4,000

Fair value of plan assets
$
3,914

$
3,344


Amounts Recognized in Consolidated Balance Sheets
Amounts Recognized in the Consolidated Balance Sheets
 
Pension Benefits
Other Postretirement Benefits
 
As of December 31,
 
2019
2018
2019
2018
Other liabilities
$
584

$
656

$
148

$
135


Net Periodic Cost (Benefit)
Net Periodic Cost (Benefit)
 
Pension Benefits
Other Postretirement Benefits
 
For the years ended December 31,
 
2019
2018
2017
2019
2018
2017
Service cost
$
4

$
4

$
4

$
—

$
—

$
—

Interest cost
159

142

170

8

7

8

Expected return on plan assets
(226
)
(227
)
(267
)
(4
)
(7
)
(8
)
Amortization of prior service credit
—

—

—

(7
)
(7
)
(7
)
Amortization of actuarial loss
44

49

56

6

6

5

Settlements
—

—

750

—

—

—

Net periodic cost (benefit)
$
(19
)
$
(32
)
$
713

$
3

$
(1
)
$
(2
)

Amounts Recognized in Other Comprehensive Income (Loss)
Amounts Recognized in Other Comprehensive Income (Loss)
 
Pension Benefits
Other Postretirement Benefits
 
For the years ended December 31,
 
2019
2018
2017
2019
2018
2017
Amortization of actuarial loss
$
44

$
49

$
56

$
6

$
6

$
5

Settlement loss
—

—

750

—

—

—

Amortization of prior service credit
—

—

—

(7
)
(6
)
(7
)
Net loss arising during the year
(88
)
(91
)
(209
)
(18
)
3

(12
)
Prior service cost (credit)
—

—

—

2

—

—

Total
$
(44
)
$
(42
)
$
597

$
(17
)
$
3

$
(14
)

Amounts in Accumulated Other Comprehensive Income (Loss), Before Tax, not yet Recognized as Components of Net Periodic Benefit Cost
Amounts in Accumulated Other Comprehensive Income (Loss), Before Tax, not yet Recognized as Components of Net Periodic Benefit Cost
 
Pension Benefits
Other Postretirement Benefits
 
As of December 31,
 
2019
2018
2017
2019
2018
2017
Net loss
$
(2,052
)
$
(2,008
)
$
(1,966
)
$
(132
)
$
(120
)
$
(129
)
Prior service credit
—

—

—

67

72

78

Total
$
(2,052
)
$
(2,008
)
$
(1,966
)
$
(65
)
$
(48
)
$
(51
)

Plan Assets
Target Asset Allocation
 
Pension Plans
Other Postretirement Plans
 
Minimum
Maximum
Minimum
Maximum
Equity securities
5
%
35
%
15
%
45
%
Fixed income securities
50
%
70
%
55
%
85
%
Alternative assets
—
%
45
%
—
%
—
%

Pension Plan Assets at Fair Value
 
As of December 31, 2019
 
As of December 31, 2018
Asset Category
Level 1
Level 2
Level 3
Total
 
Level 1
Level 2
Level 3
Total
Short-term investments:
$
34

$
54

$
—

$
88

 
$
50

$
60

$
—

$
110

Fixed Income Securities:
 
 
 
 
 
 
 
 
 
Corporate
—

2,058

27

2,085

 
—

1,663

14

1,677

RMBS
—

61

—

61

 
—

62

1

63

U.S. Treasuries
—

101

—

101

 
10

120

—

130

Foreign government
—

17

1

18

 
—

15

2

17

CMBS
—

32

—

32

 
—

22

—

22

Other fixed income [1]
—

96

1

97

 
—

52

1

53

  Mortgage Loans
—

—

131

131

 
—

—

133

133

Equity Securities:
 
 
 
 
 
 
 
 
 
Domestic
429

1

—

430

 
376

3

—

379

International
261

—

—

261

 
303

—

—

303

Total pension plan assets at fair value, in the fair value hierarchy [2]
$
724

$
2,420

$
160

$
3,304

 
$
739

$
1,997

$
151

$
2,887

Other Investments, at net asset value [3]:
 
 
 
 
 
 
 
 
 
Private Market Alternatives






358

 
 
 
 
272

Hedge funds






212

 
 
 
 
186

Total pension plan assets at fair value.
$
724

$
2,420

$
160

$
3,874

 
$
739

$
1,997

$
151

$
3,345

[1]
Includes ABS, municipal bonds, and CDOs.
[2]
Excludes approximately $40 and $1 as of December 31, 2019 and 2018, respectively, of investment receivables net of investment payables that are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value.
[3]
Investments that are measured at net asset value per share or an equivalent and have not been classified in the fair value hierarchy.
Other Postretirement Plan Assets at Fair Value
 
As of December 31, 2019
 
As of December 31, 2018
Asset Category
Level 1
Level 2
Level 3
Total
 
Level 1
Level 2
Level 3
Total
Short-term investments
$
3

$
—

$
—

$
3

 
$
4

$
—

$
—

$
4

Fixed Income Securities:
 
 
 
 
 
 
 
 
 
Corporate
—

18

—

18

 
—

19

—

19

RMBS
—

12

—

12

 
—

15

—

15

U.S. Treasuries
—

20

—

20

 
6

13

—

19

Foreign government
—

—

—

—

 
—

1

—

1

CMBS
—

1

—

1

 
—

2

—

2

Other fixed income
—

2

—

2

 
—

2

—

2

Equity Securities:
 
 
 
 
 
 
 
 
 
Large-cap
19



—

19

 
23

—

—

23

Total other postretirement plan assets at fair value [1]
$
22

$
53

$
—

$
75

 
$
33

$
52

$
—

$
85


[1]
Excludes approximately $1 of investment payables net of investment receivables as of December 31, 2018 that are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value.
Pension Plan Assets Fair Value Measurements Using Significant Unobservable Inputs
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Assets
Corporate
RMBS
Foreign government
Mortgage loans
Other [1]
Totals
Fair Value as of January 1, 2019
$
14

$
1

$
2

$
133

$
1

$
151

Realized gains,net
3

—

—

—

—

3

Changes in unrealized gains, net
2

—

—

4

—

6

Purchases
7

—

—

—

—

7

Settlements
—

—

—

—

—

—

Sales
(3
)
(1
)
(1
)
(6
)
—

(11
)
Transfers into Level 3
4

—

—

—

—

4

Transfers out of Level 3
—

—

—

—

—

—

Fair Value as of December 31, 2019
$
27

$
—

$
1

$
131

$
1

$
160

 
 
 
 
 
 
 
Fair Value as of January 1, 2018
$
14

$
2

$
1

$
140

$
4

$
161

Realized gains,net
—

—

—

—

—

—

Changes in unrealized (losses) gains, net
(1
)
—

—

(1
)
—

(2
)
Purchases
5

—

1

—

—

6

Settlements
—

—

—

—

—

—

Sales
(4
)
(1
)
—

(6
)
(3
)
(14
)
Transfers into Level 3
—

—

—

—

—

—

Transfers out of Level 3
—

—

—

—

—

—

Fair Value as of December 31, 2018
$
14

$
1

$
2

$
133

$
1

$
151


[1]
"Other" includes U.S. Treasuries, Other fixed income and CMBS investments.
Amounts of Benefits Expected to be Paid over the next Ten Years from Pension and other Postretirement Plans
Amounts of Benefits Expected to be Paid over the next Ten Years from Pension and other Postretirement Plans as of December 31, 2019
 
Pension Benefits
Other Postretirement Benefits
2020
$
240

$
25

2021
248

23

2022
254

20

2023
256

18

2024
258

16

2025 - 2029
1,291

63

Total
$
2,547

$
165