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Postretirement Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
Retirement Benefits [Abstract] |
Expense Related to Defined Benefit and Retiree Health Care Benefit Plans | Expenses related to defined benefit and retiree health care benefit plans are as follows:
| U.S. Defined Benefit |  | U.S. Retiree Health Care |  | Non-U.S. Defined Benefit
| 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Service cost | $ | 18 |  |  | $ | 18 |  |  | $ | 19 |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 5 |  |  | $ | 34 |  |  | $ | 31 |  |  | $ | 36 |
Interest cost | 31 |  |  | 38 |  |  | 35 |  |  | 13 |  |  | 14 |  |  | 15 |  |  | 38 |  |  | 43 |  |  | 45 |
Expected return on plan assets | (36) |  |  | (41) |  |  | (42) |  |  | (12) |  |  | (14) |  |  | (15) |  |  | (78) |  |  | (86) |  |  | (67) |
Amortization of prior service cost (credit) | — |  |  | — |  |  | — |  |  | (2) |  |  | (1) |  |  | (3) |  |  | 1 |  |  | 1 |  |  | (1) |
Recognized net actuarial loss | 7 |  |  | 9 |  |  | 17 |  |  | — |  |  | — |  |  | 2 |  |  | 14 |  |  | 29 |  |  | 20 |
Net periodic benefit costs | 20 |  |  | 24 |  |  | 29 |  |  | 2 |  |  | 2 |  |  | 4 |  |  | 9 |  |  | 18 |  |  | 33 |
Settlement losses | 16 |  |  | 10 |  |  | 23 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 3 |  |  | 3 |
Total, including other postretirement losses | $ | 36 |  |  | $ | 34 |  |  | $ | 52 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 4 |  |  | $ | 10 |  |  | $ | 21 |  |  | $ | 36 |
Schedule of Changes in the Benefit Obligations and Plan Assets for the Defined Benefit and Retiree Health Care Benefit Plans | Changes in the benefit obligations and plan assets for defined benefit and retiree health care benefit plans are as follows:
| U.S. Defined Benefit |  | U.S. Retiree Health Care |  | Non-U.S. Defined Benefit
| 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
Change in plan benefit obligation |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year: | $ | 960 |  |  | $ | 874 |  |  | $ | 359 |  |  | $ | 361 |  |  | $ | 2,581 |  |  | $ | 2,411 |
Service cost | 18 |  |  | 18 |  |  | 3 |  |  | 3 |  |  | 34 |  |  | 31 |
Interest cost | 31 |  |  | 38 |  |  | 13 |  |  | 14 |  |  | 38 |  |  | 43 |
Participant contributions | — |  |  | — |  |  | 13 |  |  | 13 |  |  | 7 |  |  | 7 |
Benefits paid | (12) |  |  | (11) |  |  | (39) |  |  | (41) |  |  | (95) |  |  | (103) |
Settlements | (94) |  |  | (66) |  |  | — |  |  | — |  |  | (8) |  |  | (12) |
Curtailments | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |
Actuarial loss (gain) | 194 |  |  | 107 |  |  | 40 |  |  | 9 |  |  | 143 |  |  | 193 |
Plan amendments | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |
Effects of exchange rate changes | — |  |  | — |  |  | — |  |  | — |  |  | 167 |  |  | 12 |
Benefit obligation at end of year | $ | 1,097 |  |  | $ | 960 |  |  | $ | 389 |  |  | $ | 359 |  |  | $ | 2,868 |  |  | $ | 2,581 |
Change in plan assets |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year: | $ | 987 |  |  | $ | 869 |  |  | $ | 356 |  |  | $ | 330 |  |  | $ | 2,661 |  |  | $ | 2,410 |
Actual return on plan assets | 164 |  |  | 185 |  |  | 58 |  |  | 53 |  |  | 260 |  |  | 337 |
Employer contributions (qualified plans) | — |  |  | — |  |  | 1 |  |  | 1 |  |  | 11 |  |  | 9 |
Employer contributions (non-qualified plans) | 16 |  |  | 10 |  |  | — |  |  | — |  |  | — |  |  | — |
Participant contributions | — |  |  | — |  |  | 13 |  |  | 13 |  |  | 7 |  |  | 7 |
Benefits paid | (12) |  |  | (11) |  |  | (39) |  |  | (41) |  |  | (95) |  |  | (103) |
Settlements | (94) |  |  | (66) |  |  | — |  |  | — |  |  | (8) |  |  | (12) |
Effects of exchange rate changes | — |  |  | — |  |  | — |  |  | — |  |  | 172 |  |  | 13 |
Fair value of plan assets at end of year | $ | 1,061 |  |  | $ | 987 |  |  | $ | 389 |  |  | $ | 356 |  |  | $ | 3,008 |  |  | $ | 2,661 |
Funded status at end of year | $ | (36) |  |  | $ | 27 |  |  | $ | — |  |  | $ | (3) |  |  | $ | 140 |  |  | $ | 80 |
Schedule of Amounts Recognized in our Balance Sheet | Amounts recognized on our Consolidated Balance Sheets as of December 31, are as follows:
| U.S. Defined Benefit |  | U.S. Retiree Health Care |  | Non-U.S. Defined Benefit |  | Total
2020 |  |  |  |  |  |  |
Overfunded retirement plans | $ | 9 |  |  | $ | 3 |  |  | $ | 234 |  |  | $ | 246 |
Accrued expenses and other liabilities & other long-term liabilities | (6) |  |  | — |  |  | (5) |  |  | (11) |
Underfunded retirement plans | (39) |  |  | (3) |  |  | (89) |  |  | (131) |
Funded status at end of 2020 | $ | (36) |  |  | $ | — |  |  | $ | 140 |  |  | $ | 104 |
2019 |  |  |  |  |  |  |
Overfunded retirement plans | $ | 73 |  |  | $ | — |  |  | $ | 145 |  |  | $ | 218 |
Accrued expenses and other liabilities & other long-term liabilities | (17) |  |  | — |  |  | (4) |  |  | (21) |
Underfunded retirement plans | (29) |  |  | (3) |  |  | (61) |  |  | (93) |
Funded status at end of 2019 | $ | 27 |  |  | $ | (3) |  |  | $ | 80 |  |  | $ | 104 |
Schedule of Change in AOCI | The change in AOCI is as follows:
| U.S. Defined Benefit |  | U.S. Retiree Health Care |  | Non-U.S. Defined Benefit |  | Total
| Net Actuarial Loss |  | Net Actuarial Loss |  | Prior Service Credit |  | Net Actuarial Loss |  | Prior Service Credit |  | Net Actuarial Loss |  | Prior Service Credit
AOCI balance, net of taxes, December 31, 2019 | $ | 91 |  |  | $ | (3) |  |  | $ | (4) |  |  | $ | 259 |  |  | $ | 2 |  |  | $ | 347 |  |  | $ | (2) |
Changes in AOCI by category: |  |  |  |  |  |  |  |  |  |  |  |  |
Adjustments | 66 |  |  | (6) |  |  | — |  |  | (16) |  |  | — |  |  | 44 |  |  | — |
Recognized within net income | (23) |  |  | — |  |  | 2 |  |  | (15) |  |  | (1) |  |  | (38) |  |  | 1 |
Tax effect | (9) |  |  | 1 |  |  | — |  |  | 14 |  |  | — |  |  | 6 |  |  | — |
Total change to AOCI | 34 |  |  | (5) |  |  | 2 |  |  | (17) |  |  | (1) |  |  | 12 |  |  | 1 |
AOCI balance, net of taxes, December 31, 2020 | $ | 125 |  |  | $ | (8) |  |  | $ | (2) |  |  | $ | 242 |  |  | $ | 1 |  |  | $ | 359 |  |  | $ | (1) |
Schedule of Allocation of Plan Assets | The tables below set forth the fair value of our plan assets using the same three-level hierarchy of fair-value inputs described in Note 6.
| December 31, 2020
| Level 1 |  | Level 2 |  |  |  | Other (a) |  | Total
Assets of U.S. defined benefit plan: |  |  |  |  |  |  |  |  |
Fixed income securities and cash equivalents | $ | — |  |  | $ | — |  |  |  |  | $ | 743 |  |  | $ | 743 |
Equity securities | — |  |  | — |  |  |  |  | 318 |  |  | 318 |
Total | $ | — |  |  | $ | — |  |  |  |  | $ | 1,061 |  |  | $ | 1,061 |
Assets of U.S. retiree health care plan: |  |  |  |  |  |  |  |  |
Fixed income securities and cash equivalents | $ | 29 |  |  | $ | — |  |  |  |  | $ | 222 |  |  | $ | 251 |
Equity securities | — |  |  | — |  |  |  |  | 138 |  |  | 138 |
Total | $ | 29 |  |  | $ | — |  |  |  |  | $ | 360 |  |  | $ | 389 |
Assets of non-U.S. defined benefit plans: |  |  |  |  |  |  |  |  |
Fixed income securities and cash equivalents | $ | 69 |  |  | $ | 146 |  |  |  |  | $ | 2,063 |  |  | $ | 2,278 |
Equity securities | 43 |  |  | 2 |  |  |  |  | 685 |  |  | 730 |
Total | $ | 112 |  |  | $ | 148 |  |  |  |  | $ | 2,748 |  |  | $ | 3,008 |
(a)Consists of bond index and equity index funds, measured at net asset value per share, as well as cash equivalents.
| December 31, 2019
| Level 1 |  | Level 2 |  |  |  | Other (a) |  | Total
Assets of U.S. defined benefit plan: |  |  |  |  |  |  |  |  |
Fixed income securities and cash equivalents | $ | — |  |  | $ | — |  |  |  |  | $ | 640 |  |  | $ | 640 |
Equity securities | — |  |  | — |  |  |  |  | 347 |  |  | 347 |
Total | $ | — |  |  | $ | — |  |  |  |  | $ | 987 |  |  | $ | 987 |
Assets of U.S. retiree health care plan: |  |  |  |  |  |  |  |  |
Fixed income securities and cash equivalents | $ | 62 |  |  | $ | — |  |  |  |  | $ | 168 |  |  | $ | 230 |
Equity securities | — |  |  | — |  |  |  |  | 126 |  |  | 126 |
Total | $ | 62 |  |  | $ | — |  |  |  |  | $ | 294 |  |  | $ | 356 |
Assets of non-U.S. defined benefit plans: |  |  |  |  |  |  |  |  |
Fixed income securities and cash equivalents | $ | 59 |  |  | $ | 126 |  |  |  |  | $ | 1,762 |  |  | $ | 1,947 |
Equity securities | 41 |  |  | 2 |  |  |  |  | 671 |  |  | 714 |
Total | $ | 100 |  |  | $ | 128 |  |  |  |  | $ | 2,433 |  |  | $ | 2,661 |
(a)Consists of bond index and equity index funds, measured at net asset value per share, as well as cash equivalents. The target allocation ranges for the plans that hold a substantial majority of the defined benefit assets are as follows:
| U.S. Defined Benefit |  | U.S. Retiree Health Care |  | Non-U.S. Defined Benefit
Fixed income securities and cash equivalents | 65% – 80% |  | 65% – 80% |  | 60% – 100%
Equity securities | 20% – 35% |  | 20% – 35% |  | 0% – 40%
Weighted average asset allocations as of December 31 are as follows:
| U.S. Defined Benefit |  | U.S. Retiree Health Care |  | Non-U.S. Defined Benefit
| 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
Fixed income securities and cash equivalents | 70% |  | 65% |  | 65% |  | 65% |  | 76% |  | 73%
Equity securities | 30% |  | 35% |  | 35% |  | 35% |  | 24% |  | 27%
Schedule of Assumptions Used | Assumptions and investment policies
| U.S. Defined Benefit |  | U.S. Retiree Health Care |  | Non-U.S. Defined Benefit
| 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
Weighted average assumptions used to determine benefit obligations: |  |  |  |  |  |  |  |  |  |  |
Discount rate | 2.81% |  | 3.62% |  | 2.74% |  | 3.63% |  | 1.31% |  | 1.46%
Long-term pay progression | 3.70% |  | 3.30% |  | n/a |  | n/a |  | 3.15% |  | 3.06%
Weighted average assumptions used to determine net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |
Discount rate | 3.42% |  | 4.35% |  | 3.63% |  | 4.30% |  | 1.46% |  | 1.85%
Long-term rate of return on plan assets | 4.00% |  | 4.90% |  | 3.50% |  | 4.40% |  | 2.93% |  | 3.62%
Long-term pay progression | 3.30% |  | 3.30% |  | n/a |  | n/a |  | 3.06% |  | 3.03%
Schedule of Assumed Future Benefit Payments | The following assumed future benefit payments to plan participants in the next 10 years are used to measure our benefit obligations. Almost all of the payments, which may vary significantly from these assumptions, will be made from plan assets and not from company assets.
| 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026 – 2030
U.S. Defined Benefit | $ | 95 |  |  | $ | 137 |  |  | $ | 102 |  |  | $ | 100 |  |  | $ | 102 |  |  | $ | 490 |
U.S. Retiree Health Care | 29 |  |  | 28 |  |  | 27 |  |  | 26 |  |  | 25 |  |  | 113 |
Non-U.S. Defined Benefit | 99 |  |  | 102 |  |  | 102 |  |  | 105 |  |  | 106 |  |  | 558 |
Schedule of Assumed Health Care Cost Trend Rates for U.S Retiree Health Care Benefit Plan | Assumed health care cost trend rates for the U.S. retiree health care benefit plan as of December 31 are as follows:
| 2020 |  | 2019
Assumed health care cost trend rate for next year | 6.75% |  | 7.00%
Ultimate trend rate | 5.00% |  | 5.00%
Year in which ultimate trend rate is reached | 2028 |  | 2028

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- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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