Post-Employment Benefits (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of aggregate accumulated benefit obligations, projected benefit obligations and aggregate plan assets for plans whose accumulated benefit obligation exceeded plan assets


					Medical and Dental
	Defined Benefit Plans				Plans
(in millions)	2020		2019		2020		2019
Projected benefit obligations, January 1	$	11,238	$	9,093	$	1,556	$	1,292
Service cost — benefits earned during the year		336		250		46		23
Interest cost on projected benefit obligations		300		337		42		52
(Gains) losses, primarily changes in discount rates, plan design changes, law changes and differences between actual and estimated health care costs		1,305		1,856		(5)		228
Benefits paid		(327)		(302)		(73)		(76)
Other, including foreign currency translation		277		4		1		37
Projected benefit obligations, December 31	$	13,129	$	11,238	$	1,567	$	1,556
Plan assets at fair value, January 1	$	10,277	$	8,553	$	360	$	351
Actual return (loss) on plan assets		1,463		1,622		46		65
Company contributions		400		382		12		12
Benefits paid		(327)		(302)		(65)		(68)
Other, including foreign currency translation		205		22		—		—
Plan assets at fair value, December 31	$	12,018	$	10,277	$	353	$	360
Projected benefit obligations greater than plan assets, December 31	$	(1,111)	$	(961)	$	(1,214)	$	(1,196)
Long-term assets	$	824	$	687	$	—	$	—
Short-term liabilities		(29)		(26)		(1)		(1)
Long-term liabilities		(1,906)		(1,622)		(1,213)		(1,195)
Net liability	$	(1,111)	$	(961)	$	(1,214)	$	(1,196)
Amounts Recognized in Accumulated Other Comprehensive Income (loss):
Actuarial losses, net	$	4,559	$	4,131	$	486	$	529
Prior service cost (credits)		(5)		(2)		(67)		(95)
Total	$	4,554	$	4,129	$	419	$	434

Schedule of projected benefit obligations and the aggregate plan assets, for plans where the projected benefit obligations exceeded plan assets


(in millions)	2020		2019
Projected benefit obligation	$	8,946	$	7,585
Fair value of plan assets		7,010		5,936

Schedule of plans where the accumulated benefit obligations exceeded plan assets the aggregate accumulated benefit obligations, the projected benefit obligations and the aggregate plan assets


(in millions)	2020		2019
Accumulated benefit obligation	$	2,459	$	1,985
Projected benefit obligation		2,773		2,266
Fair value of plan assets		965		821

Schedule of components of the net periodic benefit cost for the entity's major defined benefit plans and post-employment medical and dental benefit plans


							Medical and
	Defined Benefit Plans						Dental Plans
(in millions)	2020		2019		2018		2020		2019		2018
Service cost — benefits earned during the year	$	336	$	250	$	293	$	46	$	23	$	26
Interest cost on projected benefit obligations		300		337		308		42		52		48
Expected return on plans' assets		(770)		(710)		(680)		(28)		(27)		(33)
Amortization of actuarial losses		255		132		205		21		22		33
Amortization of prior service cost (credits)		1		1		1		(28)		(32)		(45)
Total net cost	$	122	$	10	$	127	$	53	$	38	$	29

Schedule of weighted average assumptions used to determine benefit obligations and net cost for defined benefit plans and medical and dental plans

The weighted average assumptions used to determine benefit obligations for defined benefit plans and medical and dental plans are as follows:


	2020		2019		2018
Discount rate	2.3	%	3.0	%	4.0	%
Expected aggregate average long-term change in compensation	4.3	%	4.3	%	4.3	%

The weighted average assumptions used to determine the net cost for defined benefit plans and medical and dental plans are as follows:


	2020		2019		2018
Discount rate	3.0	%	4.0	%	3.4	%
Expected return on plan assets	7.5	%	7.5	%	7.7	%
Expected aggregate average long-term change in compensation	4.3	%	4.3	%	4.4	%

Schedule of assumed health care cost trend rates

The assumed health care cost trend rates for medical and dental plans at December 31 were as follows:


	2020		2019		2018
Health care cost trend rate assumed for the next year	8	%	9	%	9	%
Rate that the cost trend rate gradually declines to	5	%	5	%	5	%
Year that rate reaches the assumed ultimate rate	2025		2025		2025

Schedule of basis used to measure the defined benefit and medical and dental plan assets at fair value


			Basis of Fair Value Measurement
			Quoted		Significant
			Prices in		Other		Significant
	Outstanding		Active		Observable		Unobservable		Measured at
(in millions)	Balances		Markets		Inputs		Inputs		NAV (j)
December 31, 2020:
Equities:
U.S. large cap (a)	$	3,410	$	2,202	$	—	$	—	$	1,208
U.S. mid and small cap (b)		775		721		—		3		51
International (c)		2,654		542		—		—		2,112
Fixed income securities:
U.S. government securities (d)		475		23		289		—		163
Corporate debt instruments (e)		1,408		425		908		—		75
Non-U.S. government securities (f)		523		16		—		—		507
Other (g)		503		159		72		—		272
Absolute return funds (h)		1,618		462		—		—		1,156
Cash and Cash Equivalents		281		77		—		—		204
Other (i)		724		9		—		—		715
	$	12,371	$	4,636	$	1,269	$	3	$	6,463
December 31, 2019:
Equities:
U.S. large cap (a)	$	2,873	$	1,647	$	—	$	—	$	1,226
U.S. mid and small cap (b)		648		548		4		2		94
International (c)		2,202		464		—		—		1,738
Fixed income securities:
U.S. government securities (d)		562		52		357		—		153
Corporate debt instruments (e)		1,266		362		724		—		180
Non-U.S. government securities (f)		445		3		2		—		440
Other (g)		320		69		27		—		224
Absolute return funds (h)		1,557		424		—		—		1,133
Cash and Cash Equivalents		182		84		—		—		98
Other (i)		582		8		—		1		573
	$	10,637	$	3,661	$	1,114	$	3	$	5,859

(a)	A mix of index funds and actively managed equity accounts that are benchmarked to various large cap indices.

(b)	A mix of index funds and actively managed equity accounts that are benchmarked to various mid and small cap indices.

(c)	A mix of index funds and actively managed pooled investment funds that are benchmarked to various non-U.S. equity indices in both developed and emerging markets.

(d)	A mix of index funds and actively managed accounts that are benchmarked to various U.S. government bond indices.

(e)	A mix of index funds and actively managed accounts that are benchmarked to various corporate bond indices.

(f)	Primarily United Kingdom, Japan and Eurozone government bonds.

(g)	Primarily asset backed securities and an actively managed, diversified fixed income vehicle benchmarked to the one-month Libor / Euribor.

(h)

Primarily funds invested by managers that have a global mandate with the flexibility to allocate capital broadly across a wide range of asset classes and strategies including, but not limited to equities, fixed income, commodities, interest rate futures, currencies and other securities to outperform an agreed upon benchmark with specific return and volatility targets.

(i)	Primarily investments in private funds, such as private equity, private credit, private real estate and private energy funds.

(j)

Investments measured at fair value using the net asset value (NAV) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

Schedule of total benefit payments expected to be paid to participants


	Defined		Medical and
(in millions)	Benefit Plans		Dental Plans
2021	$	340	$	72
2022		355		73
2023		373		74
2024		395		75
2025		415		76
2026 to 2030		2,410		394