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Pension and Postretirement Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans |
Reconciliation of the beginning and ending balances of the benefit obligation and the fair value of plan assets |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Qualified and Non-qualified |  |  |  |  |  |  |
|  | Pension Benefits |  | Postretirement |
|  | United States |  | International |  | Benefits |
(Millions) |  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |
Change in benefit obligation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 17,360 |  | $ | 16,202 |  | $ | 7,502 |  | $ | 6,625 |  | $ | 2,410 |  | $ | 2,259 |
Acquisitions/Transfers |  |  | — |  |  | — |  |  | (11) |  |  | 3 |  |  | — |  |  | — |
Service cost |  |  | 288 |  |  | 268 |  |  | 143 |  |  | 142 |  |  | 52 |  |  | 52 |
Interest cost |  |  | 563 |  |  | 565 |  |  | 157 |  |  | 157 |  |  | 79 |  |  | 80 |
Participant contributions |  |  | — |  |  | — |  |  | 9 |  |  | 8 |  |  | — |  |  | — |
Foreign exchange rate changes |  |  | — |  |  | — |  |  | (387) |  |  | 667 |  |  | (13) |  |  | 3 |
Plan amendments |  |  | — |  |  | — |  |  | 7 |  |  | 6 |  |  | — |  |  | (6) |
Actuarial (gain) loss |  |  | (1,226) |  |  | 1,263 |  |  | (144) |  |  | 170 |  |  | (244) |  |  | 127 |
Benefit payments |  |  | (1,034) |  |  | (936) |  |  | (304) |  |  | (276) |  |  | (109) |  |  | (105) |
Settlements, curtailments, special termination benefits and other |  |  | (3) |  |  | (2) |  |  | (7) |  |  | — |  |  | — |  |  | — |
Benefit obligation at end of year |  | $ | 15,948 |  | $ | 17,360 |  | $ | 6,965 |  | $ | 7,502 |  | $ | 2,175 |  | $ | 2,410 |
Change in plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 15,686 |  | $ | 14,081 |  | $ | 6,737 |  | $ | 5,617 |  | $ | 1,397 |  | $ | 1,356 |
Acquisitions/Transfers |  |  | (4) |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |
Actual return on plan assets |  |  | (95) |  |  | 1,693 |  |  | (38) |  |  | 714 |  |  | (32) |  |  | 143 |
Company contributions |  |  | 254 |  |  | 852 |  |  | 112 |  |  | 112 |  |  | 4 |  |  | 3 |
Participant contributions |  |  | — |  |  | — |  |  | 9 |  |  | 8 |  |  | — |  |  | — |
Foreign exchange rate changes |  |  | — |  |  | — |  |  | (346) |  |  | 560 |  |  | — |  |  | — |
Benefit payments |  |  | (1,034) |  |  | (936) |  |  | (304) |  |  | (276) |  |  | (109) |  |  | (105) |
Settlements, curtailments, special termination benefits and other |  |  | (4) |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value of plan assets at end of year |  | $ | 14,803 |  | $ | 15,686 |  | $ | 6,170 |  | $ | 6,737 |  | $ | 1,260 |  | $ | 1,397 |
Funded status at end of year |  | $ | (1,145) |  | $ | (1,674) |  | $ | (795) |  | $ | (765) |  | $ | (915) |  | $ | (1,013) |
Amounts recognized in the Consolidated Balance Sheet |
|  | Qualified and Non-qualified |  |  |  |  |  |  |
|  | Pension Benefits |  | Postretirement |
|  | United States |  | International |  | Benefits |
(Millions) |  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |
Amounts recognized in the Consolidated Balance Sheet as of Dec. 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-current assets |  | $ | — |  | $ | 4 |  | $ | 208 |  | $ | 233 |  | $ | — |  | $ | — |
Accrued benefit cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  | (60) |  |  | (53) |  |  | (13) |  |  | (12) |  |  | (3) |  |  | (4) |
Non-current liabilities |  |  | (1,085) |  |  | (1,625) |  |  | (990) |  |  | (986) |  |  | (912) |  |  | (1,009) |
Ending balance |  | $ | (1,145) |  | $ | (1,674) |  | $ | (795) |  | $ | (765) |  | $ | (915) |  | $ | (1,013) |
Amounts recognized in accumulated other comprehensive income |
|  | Qualified and Non-qualified |  |  |  |  |  |  |
|  | Pension Benefits |  | Postretirement |
|  | United States |  | International |  | Benefits |
(Millions) |  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |
Amounts recognized in accumulated other comprehensive income as of Dec. 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss (gain) |  | $ | 5,374 |  | $ | 5,921 |  | $ | 1,713 |  | $ | 1,720 |  | $ | 584 |  | $ | 774 |
Prior service cost (credit) |  |  | (152) |  |  | (175) |  |  | (20) |  |  | (40) |  |  | (123) |  |  | (163) |
Ending balance |  | $ | 5,222 |  | $ | 5,746 |  | $ | 1,693 |  | $ | 1,680 |  | $ | 461 |  | $ | 611 |
Amounts relating to pension plans with accumulated benefit obligations in excess of plan assets | The following amounts relate to pension plans with accumulated benefit obligations in excess of plan assets as of December 31:
|  | Qualified and Non-qualified Pension Plans |
|  | United States |  | International |
(Millions) |  | 2018 |  | 2017 |  | 2018 |  | 2017 |
Projected benefit obligation |  | $ | 593 |  | $ | 17,350 |  | $ | 2,613 |  | $ | 2,687 |
Accumulated benefit obligation |  |  | 521 |  |  | 16,260 |  |  | 2,415 |  |  | 2,449 |
Fair value of plan assets |  |  | 9 |  |  | 15,671 |  |  | 1,633 |  |  | 1,731 |
Components of net periodic benefit cost (benefit) | Components of net periodic cost and other amounts recognized in other comprehensive income The service cost component of defined benefit net periodic benefit cost is recorded in cost of sales, selling, general and administrative expenses, and research, development and related expenses. As discussed in Note 6, the other components of net periodic benefit cost are reflected in other expense (income), net. Components of net periodic benefit cost and other supplemental information for the years ended December 31 follow:
|  | Qualified and Non-qualified |  |  |  |  |  |  |  |  |  |
|  | Pension Benefits |  | Postretirement |
|  | United States |  | International |  | Benefits |
(Millions) |  | 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016 |
Net periodic benefit cost (benefit) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 288 |  | $ | 268 |  | $ | 259 |  | $ | 143 |  | $ | 142 |  | $ | 133 |  | $ | 52 |  | $ | 52 |  | $ | 54 |
Non-operating expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  |  | 563 |  |  | 565 |  |  | 575 |  |  | 157 |  |  | 157 |  |  | 171 |  |  | 79 |  |  | 80 |  |  | 79 |
Expected return on plan assets |  |  | (1,087) |  |  | (1,035) |  |  | (1,043) |  |  | (307) |  |  | (292) |  |  | (309) |  |  | (84) |  |  | (86) |  |  | (90) |
Amortization of transition asset |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |
Amortization of prior service benefit |  |  | (23) |  |  | (23) |  |  | (24) |  |  | (13) |  |  | (13) |  |  | (13) |  |  | (40) |  |  | (53) |  |  | (55) |
Amortization of net actuarial loss |  |  | 503 |  |  | 388 |  |  | 354 |  |  | 114 |  |  | 126 |  |  | 91 |  |  | 61 |  |  | 56 |  |  | 61 |
Settlements, curtailments, special termination benefits and other |  |  | — |  |  | 2 |  |  | 4 |  |  | 4 |  |  | 4 |  |  | 4 |  |  | — |  |  | (4) |  |  | — |
Total non-operating expense (benefit) |  |  | (44) |  |  | (103) |  |  | (134) |  |  | (45) |  |  | (18) |  |  | (57) |  |  | 16 |  |  | (7) |  |  | (5) |
Total net periodic benefit cost (benefit) |  | $ | 244 |  | $ | 165 |  | $ | 125 |  | $ | 98 |  | $ | 124 |  | $ | 76 |  | $ | 68 |  | $ | 45 |  | $ | 49 |
Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of transition asset |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |
Prior service cost (benefit) |  |  | — |  |  | — |  |  | 5 |  |  | 7 |  |  | 6 |  |  | (5) |  |  | — |  |  | (1) |  |  | — |
Amortization of prior service benefit |  |  | 23 |  |  | 23 |  |  | 24 |  |  | 13 |  |  | 13 |  |  | 13 |  |  | 40 |  |  | 53 |  |  | 55 |
Net actuarial (gain) loss |  |  | (44) |  |  | 605 |  |  | 692 |  |  | 190 |  |  | (248) |  |  | 512 |  |  | (127) |  |  | 69 |  |  | 8 |
Amortization of net actuarial loss |  |  | (503) |  |  | (388) |  |  | (354) |  |  | (114) |  |  | (126) |  |  | (91) |  |  | (61) |  |  | (56) |  |  | (61) |
Foreign currency |  |  | — |  |  | — |  |  | — |  |  | (83) |  |  | 167 |  |  | (93) |  |  | (2) |  |  | — |  |  | — |
Total recognized in other comprehensive (income) loss |  | $ | (524) |  | $ | 240 |  | $ | 367 |  | $ | 13 |  | $ | (188) |  | $ | 337 |  | $ | (150) |  | $ | 65 |  | $ | 2 |
Total recognized in net periodic benefit cost (benefit) and other comprehensive (income) loss |  | $ | (280) |  | $ | 405 |  | $ | 492 |  | $ | 111 |  | $ | (64) |  | $ | 413 |  | $ | (82) |  | $ | 110 |  | $ | 51 |
Weighted-average assumptions used to determine benefit obligations and net cost | Weighted-average assumptions used to determine benefit obligations as of December 31
|  | Qualified and Non-qualified Pension Benefits |  | Postretirement |
|  | United States |  | International |  | Benefits |
|  | 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016 |
Discount rate |  | 4.36 | % | 3.68 | % | 4.21 | % | 2.50 | % | 2.41 | % | 2.54 | % | 4.41 | % | 3.79 | % | 4.26 | %
Compensation rate increase |  | 4.10 | % | 4.10 | % | 4.10 | % | 2.89 | % | 2.89 | % | 2.90 | % | N/A |  | N/A |  | N/A |
Weighted-average assumptions used to determine net cost for years ended December 31
|  | Qualified and Non-qualified Pension Benefits |  | Postretirement |
|  | United States |  | International |  | Benefits |
|  | 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016 |
Discount rate - service cost |  | 3.78 | % | 4.42 | % | 4.70 | % | 2.27 | % | 2.32 | % | 2.84 | % | 3.86 | % | 4.50 | % | 4.70 | %
Discount rate - interest cost |  | 3.35 | % | 3.61 | % | 3.73 | % | 2.14 | % | 2.25 | % | 2.72 | % | 3.52 | % | 3.80 | % | 3.80 | %
Expected return on assets |  | 7.25 | % | 7.25 | % | 7.50 | % | 5.02 | % | 5.16 | % | 5.77 | % | 6.53 | % | 6.48 | % | 6.91 | %
Compensation rate increase |  | 4.10 | % | 4.10 | % | 4.10 | % | 2.89 | % | 2.90 | % | 2.90 | % | N/A |  | N/A |  | N/A |
Estimated future pension and postretirement benefit payments | Future Pension and Postretirement Benefit Payments The following table provides the estimated pension and postretirement benefit payments that are payable from the plans to participants.
|  | Qualified and Non-qualified |  |  |  |
|  | Pension Benefits |  | Postretirement |
(Millions) |  | United States |  | International |  | Benefits |
2019 Benefit Payments |  | $ | 1,094 |  | $ | 240 |  | $ | 122 |
2020 Benefit Payments |  |  | 1,097 |  |  | 242 |  |  | 130 |
2021 Benefit Payments |  |  | 1,105 |  |  | 258 |  |  | 139 |
2022 Benefit Payments |  |  | 1,117 |  |  | 269 |  |  | 147 |
2023 Benefit Payments |  |  | 1,130 |  |  | 289 |  |  | 157 |
Next five years |  |  | 5,683 |  |  | 1,623 |  |  | 842 |
Qualified and Non-qualified Pension Benefits | United States |
Defined Benefit Plans and Other Postretirement Benefit Plans |
Fair values of the assets held by the plans by asset category | The fair values of the assets held by the U.S. pension plans by asset class are as follows:
|  | Fair Value Measurements Using Inputs Considered as |  | Fair Value at |
(Millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Dec. 31, |
Asset Class |  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |
Equities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. equities |  | $ | 1,369 |  | $ | 1,568 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 1,369 |  | $ | 1,568 |
Non-U.S. equities |  |  | 1,234 |  |  | 1,527 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,234 |  |  | 1,527 |
Index and long/short equity funds* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 372 |  |  | 422 |
Total Equities |  | $ | 2,603 |  | $ | 3,095 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 2,975 |  | $ | 3,517 |
Fixed Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  | $ | 1,889 |  | $ | 2,666 |  | $ | 732 |  | $ | 484 |  | $ | — |  | $ | — |  | $ | 2,621 |  | $ | 3,150 |
Non-U.S. government securities |  |  | — |  |  | — |  |  | 44 |  |  | 168 |  |  | — |  |  | — |  |  | 44 |  |  | 168 |
Preferred and convertible securities |  |  | — |  |  | 4 |  |  | 44 |  |  | 2 |  |  | — |  |  | — |  |  | 44 |  |  | 6 |
U.S. corporate bonds |  |  | 9 |  |  | 10 |  |  | 2,941 |  |  | 2,904 |  |  | — |  |  | — |  |  | 2,950 |  |  | 2,914 |
Non-U.S. corporate bonds |  |  | — |  |  | — |  |  | 475 |  |  | 614 |  |  | — |  |  | — |  |  | 475 |  |  | 614 |
Derivative instruments |  |  | 2 |  |  | — |  |  | 111 |  |  | 110 |  |  | — |  |  | — |  |  | 113 |  |  | 110 |
Other* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9 |  |  | 8 |
Total Fixed Income |  | $ | 1,900 |  | $ | 2,680 |  | $ | 4,347 |  | $ | 4,282 |  | $ | — |  | $ | — |  | $ | 6,256 |  | $ | 6,970 |
Private Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | (7) |  | $ | — |  | $ | (7) |
Growth equity |  |  | 45 |  |  | 34 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 45 |  |  | 34 |
Partnership investments* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,064 |  |  | 2,062 |
Total Private Equity |  | $ | 45 |  | $ | 34 |  | $ | — |  | $ | — |  | $ | — |  | $ | (7) |  | $ | 2,109 |  | $ | 2,089 |
Absolute Return |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income and other |  | $ | 28 |  | $ | 31 |  | $ | 114 |  | $ | 102 |  | $ | — |  | $ | — |  | $ | 142 |  | $ | 133 |
Hedge fund/fund of funds* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,866 |  |  | 1,871 |
Partnership investments* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 429 |  |  | 335 |
Total Absolute Return |  | $ | 28 |  | $ | 31 |  | $ | 114 |  | $ | 102 |  | $ | — |  | $ | — |  | $ | 2,437 |  | $ | 2,339 |
Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 412 |  | $ | 109 |  | $ | 4 |  | $ | 14 |  | $ | — |  | $ | 1 |  | $ | 416 |  | $ | 124 |
Repurchase agreements and derivative margin activity |  |  | — |  |  | — |  |  | (1) |  |  | (502) |  |  | — |  |  | — |  |  | (1) |  |  | (502) |
Cash and cash equivalents, valued at net asset value* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 870 |  |  | 1,402 |
Total Cash and Cash Equivalents |  | $ | 412 |  | $ | 109 |  | $ | 3 |  | $ | (488) |  | $ | — |  | $ | 1 |  | $ | 1,285 |  | $ | 1,024 |
Total |  | $ | 4,988 |  | $ | 5,949 |  | $ | 4,464 |  | $ | 3,896 |  | $ | — |  | $ | (6) |  | $ | 15,062 |  | $ | 15,939 |
Other items to reconcile to fair value of plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (259) |  | $ | (253) |
Fair value of plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 14,803 |  | $ | 15,686 |
Qualified and Non-qualified Pension Benefits | International |
Defined Benefit Plans and Other Postretirement Benefit Plans |
Fair values of the assets held by the plans by asset category | The fair values of the assets held by the international pension plans by asset class are as follows:
|  | Fair Value Measurements Using Inputs Considered as |  | Fair Value at |
(Millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Dec. 31, |
Asset Class |  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |
Equities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Growth equities |  | $ | 460 |  | $ | 659 |  | $ | 248 |  | $ | 289 |  | $ | — |  | $ | — |  | $ | 708 |  | $ | 948 |
Value equities |  |  | 446 |  |  | 597 |  |  | 42 |  |  | 43 |  |  | — |  |  | — |  |  | 488 |  |  | 640 |
Core equities |  |  | 55 |  |  | 62 |  |  | 742 |  |  | 790 |  |  | 5 |  |  | 4 |  |  | 802 |  |  | 856 |
Equities, valued at net asset value* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16 |  |  | 21 |
Total Equities |  | $ | 961 |  | $ | 1,318 |  | $ | 1,032 |  | $ | 1,122 |  | $ | 5 |  | $ | 4 |  | $ | 2,014 |  | $ | 2,465 |
Fixed Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic government |  | $ | 334 |  | $ | 362 |  | $ | 351 |  | $ | 256 |  | $ | 5 |  | $ | 4 |  | $ | 690 |  | $ | 622 |
Foreign government |  |  | 150 |  |  | 168 |  |  | 321 |  |  | 338 |  |  | — |  |  | — |  |  | 471 |  |  | 506 |
Corporate debt securities |  |  | 56 |  |  | 63 |  |  | 993 |  |  | 1,072 |  |  | 9 |  |  | 10 |  |  | 1,058 |  |  | 1,145 |
Fixed income securities, valued at net asset value* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 961 |  |  | 976 |
Total Fixed Income |  | $ | 540 |  | $ | 593 |  | $ | 1,665 |  | $ | 1,666 |  | $ | 14 |  | $ | 14 |  | $ | 3,180 |  | $ | 3,249 |
Private Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate |  | $ | 5 |  | $ | 36 |  | $ | 75 |  | $ | 74 |  | $ | 4 |  | $ | 3 |  | $ | 84 |  | $ | 113 |
Real estate, valued at net asset value* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 37 |  |  | 36 |
Partnership investments* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 89 |  |  | 68 |
Total Private Equity |  | $ | 5 |  | $ | 36 |  | $ | 75 |  | $ | 74 |  | $ | 4 |  | $ | 3 |  | $ | 210 |  | $ | 217 |
Absolute Return |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 1 |  | $ | — |  | $ | 1 |  | $ | 2 |  | $ | — |  | $ | — |  | $ | 2 |  | $ | 2 |
Insurance |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 496 |  |  | 519 |  |  | 496 |  |  | 519 |
Other |  |  | — |  |  | — |  |  | 33 |  |  | — |  |  | 8 |  |  | 7 |  |  | 41 |  |  | 7 |
Other, valued at net asset value* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | 1 |
Hedge funds* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 186 |  |  | 194 |
Total Absolute Return |  | $ | 1 |  | $ | — |  | $ | 34 |  | $ | 2 |  | $ | 504 |  | $ | 526 |  | $ | 725 |  | $ | 723 |
Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 71 |  | $ | 67 |  | $ | 22 |  | $ | 34 |  | $ | — |  | $ | — |  | $ | 93 |  | $ | 101 |
Cash and cash equivalents, valued at net asset value* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1 |  |  | 3 |
Total Cash and Cash Equivalents |  | $ | 71 |  | $ | 67 |  | $ | 22 |  | $ | 34 |  | $ | — |  | $ | — |  | $ | 94 |  | $ | 104 |
Total |  | $ | 1,578 |  | $ | 2,014 |  | $ | 2,828 |  | $ | 2,898 |  | $ | 527 |  | $ | 547 |  | $ | 6,223 |  | $ | 6,758 |
Other items to reconcile to fair value of plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (53) |  | $ | (21) |
Fair value of plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 6,170 |  | $ | 6,737 |
Postretirement Benefits |
Defined Benefit Plans and Other Postretirement Benefit Plans |
Fair values of the assets held by the plans by asset category | The fair values of the assets held by the postretirement benefit plans by asset class are as follows:
|  | Fair Value Measurements Using Inputs Considered as |  | Fair Value at |
(Millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Dec. 31, |
Asset Class |  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |
Equities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. equities |  | $ | 356 |  | $ | 465 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 356 |  | $ | 465 |
Non-U.S. equities |  |  | 58 |  |  | 71 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 58 |  |  | 71 |
Index and long/short equity funds* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 34 |  |  | 45 |
Total Equities |  | $ | 414 |  | $ | 536 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 448 |  | $ | 581 |
Fixed Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  | $ | 112 |  | $ | 136 |  | $ | 213 |  | $ | 205 |  | $ | — |  | $ | — |  | $ | 325 |  | $ | 341 |
Non-U.S. government securities |  |  | — |  |  | — |  |  | 4 |  |  | 9 |  |  | — |  |  | — |  |  | 4 |  |  | 9 |
U.S. corporate bonds |  |  | — |  |  | — |  |  | 162 |  |  | 159 |  |  | — |  |  | — |  |  | 162 |  |  | 159 |
Non-U.S. corporate bonds |  |  | — |  |  | — |  |  | 32 |  |  | 35 |  |  | — |  |  | — |  |  | 32 |  |  | 35 |
Derivative instruments |  |  | — |  |  | — |  |  | 5 |  |  | 4 |  |  | — |  |  | — |  |  | 5 |  |  | 4 |
Total Fixed Income |  | $ | 112 |  | $ | 136 |  | $ | 416 |  | $ | 412 |  | $ | — |  | $ | — |  | $ | 528 |  | $ | 548 |
Private Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Growth equity |  | $ | 2 |  | $ | 2 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 2 |  | $ | 2 |
Partnership investments* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 101 |  |  | 109 |
Total Private Equity |  | $ | 2 |  | $ | 2 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 103 |  | $ | 111 |
Absolute Return |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income and other |  | $ | 1 |  | $ | 1 |  | $ | 5 |  | $ | 4 |  | $ | — |  | $ | — |  | $ | 6 |  | $ | 5 |
Hedge fund/fund of funds* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 80 |  |  | 76 |
Partnership investments* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18 |  |  | 14 |
Total Absolute Return |  | $ | 1 |  | $ | 1 |  | $ | 5 |  | $ | 4 |  | $ | — |  | $ | — |  | $ | 104 |  | $ | 95 |
Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 47 |  | $ | 34 |  | $ | 5 |  | $ | 1 |  | $ | — |  | $ | — |  | $ | 52 |  | $ | 35 |
Repurchase agreements and derivative margin activity |  |  | — |  |  | — |  |  | — |  |  | (20) |  |  | — |  |  | — |  |  | — |  |  | (20) |
Cash and cash equivalents, valued at net asset value* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 37 |  |  | 57 |
Total Cash and Cash Equivalents |  | $ | 47 |  | $ | 34 |  | $ | 5 |  | $ | (19) |  | $ | — |  | $ | — |  | $ | 89 |  | $ | 72 |
Total |  | $ | 576 |  | $ | 709 |  | $ | 426 |  | $ | 397 |  | $ | — |  | $ | — |  | $ | 1,272 |  | $ | 1,407 |
Other items to reconcile to fair value of plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (12) |  | $ | (10) |
Fair value of plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,260 |  | $ | 1,397 |

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