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Employee Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Benefit Cost Information or Defined Benefit Plan and Other Postretirement Benefit Plan
Summarized financial information about postretirement plans, excluding defined contribution retirement plans, is presented below:
Pension BenefitsOther Benefits
Year Ended December 31
2021202020212020
Change in Benefit Obligation
Benefit obligation at beginning of year$4,341 $4,047 $709 $693 
Service cost21 22 8 
Interest cost80 95 19 23 
Actuarial (gain) loss(a)
(105)333 (8)42 
Currency and other(54)134 (3)(10)
Benefit payments from plans(138)(169) — 
Direct benefit payments(8)(8)(54)(47)
Settlements and curtailments(326)(113)(2)— 
Benefit obligation at end of year3,811 4,341 669 709 
Change in Plan Assets
Fair value of plan assets at beginning of year4,193 3,803  — 
Actual return on plan assets52 489  — 
Employer contributions10 40  — 
Currency and other(45)120  — 
Benefit payments(138)(169) — 
Settlements(328)(90) — 
Fair value of plan assets at end of year3,744 4,193  — 
Funded Status$(67)$(148)$(669)$(709)
(a) The actuarial net gains in 2021 and actuarial net losses in 2020 were primarily due to discount rate increases and decreases, respectively.
 
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
Information for the Principal Plans and All Other Pension Plans
Principal PlansAll Other
Pension Plans
Total
Year Ended December 31
202120202021202020212020
Projected benefit obligation (“PBO”)$3,339 $3,629 $472 $712 $3,811 $4,341 
Accumulated benefit obligation (“ABO”)3,339 3,629 408 619 3,747 4,248 
Fair value of plan assets3,389 3,627 355 566 3,744 4,193 
 
Pension Plans with an ABO in Excess of Plan Assets
Information for Pension Plans with an ABO in Excess of Plan Assets
December 31
20212020
ABO$1,788 $311 
Fair value of plan assets1,616 119 
 
Pension Plans with a PBO in Excess of Plan Assets
Information for Pension Plans with a PBO in Excess of Plan Assets
December 31
20212020
PBO$1,835 $744 
Fair value of plan assets1,648 529 
 
Components of Net Periodic Benefit Cost
Components of Net Periodic Benefit Cost
Pension BenefitsOther Benefits
Year Ended December 31
202120202019202120202019
Service cost$21 $22 $21 $8 $$
Interest cost80 95 121 19 23 28 
Expected return on plan assets(a)
(132)(134)(144) — — 
Recognized net actuarial loss37 42 44 1 — 
Settlements and curtailments
89 49 45  — — 
Other
(5)(4)(4)(2)(2)(1)
Net periodic benefit cost$90 $70 $83 $26 $30 $35 
(a)The expected return on plan assets is determined by multiplying the fair value of plan assets at the remeasurement date, typically the prior year-end adjusted for estimated current year cash benefit payments and contributions, by the expected long-term rate of return.
 
Weighted-Average Assumptions Used to Determine Net Cost
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31
Pension BenefitsOther Benefits
Projected 2022202120202019202120202019
Discount rate2.36 %1.98 %2.44 %3.40 %2.69 %3.51 %4.50 %
Expected long-term return on plan assets3.52 %3.41 %3.66 %4.39 % — — 
Rate of compensation increase3.23 %3.07 %3.08 %3.08 % — — 

Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31
Pension BenefitsOther Benefits
2021202020212020
Discount rate2.36 %1.93 %3.15 %2.69 %
Rate of compensation increase3.23 %3.07 % — 
 
Estimated Future Benefit Payments Over the next ten years, we expect that the following gross benefit payments will occur:
Pension BenefitsOther Benefits
2022$196 $61 
2023199 62 
2024206 61 
2025203 58 
2026205 54 
2027-20311,004 236 
 
Pension Plan Assets of the Principal Plans Measured at Fair Value
Fair Value Measurements at December 31, 2021
Total
Plan Assets
Assets at Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Assets at Significant
Observable
Inputs
(Level 2)
Assets at Significant
Unobservable
Inputs
(Level 3)
Cash and Cash Equivalents
Held directly$50 $50 $ $ 
Held through mutual and pooled funds measured at net asset value26    
Fixed Income
Held directly
U.S. government and municipals166 158 8  
U.S. corporate debt293 7 286  
International bonds43  43  
Held through mutual and pooled funds measured at net asset value
U.S. government and municipals149    
U.S. corporate debt646    
International bonds1,144    
Equity
Held directly
U.S. equity17 17   
International equity32 32   
Held through mutual and pooled funds measured at net asset value
Non-U.S. equity46    
Global equity423    
Insurance Contracts355   355 
Other(1)1   
Total Plan Assets$3,389 $265 $337 $355 
Fair Value Measurements at December 31, 2020
Total
Plan Assets
Assets at Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)

Assets at Significant
Observable
Inputs
(Level 2)
Assets at Significant
Unobservable
Inputs
(Level 3)
Cash and Cash Equivalents
Held directly$56 $56 $— $— 
Held through mutual and pooled funds measured at net asset value15 — — — 
Fixed Income
Held directly
U.S. government and municipals191 171 20 — 
U.S. corporate debt310 — 310 — 
International bonds42 — 42 — 
Held through mutual and pooled funds measured at net asset value
U.S. government and municipals167 — — — 
U.S. corporate debt730 — — — 
International bonds1,062 — — — 
Equity
Held directly
U.S. equity
18 18 — — 
International equity31 31 — — 
Held through mutual and pooled funds measured at net asset value
Non-U.S. equity107 — — — 
Global equity517 — — — 
Insurance Contracts380 — — 380 
Other— — 
Total Plan Assets$3,627 $277 $372 $380