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Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2019
Accounting Policies [Abstract] |
Schedule of Components of Other Income, Net | The components of other expense (income), net for the year ended December 31 are as follows:
(in millions) | 2019 |  | 2018 |  | 2017
Other components of net periodic benefit cost 1 | $ | 79 |  |  | $ | (30 | ) |  | $ | (27 | )
Net loss from investments | 19 |  |  | 5 |  |  | — |
Other expense (income), net | $ | 98 |  |  | $ | (25 | ) |  | $ | (27 | )
1 During 2019, the Company purchased a group annuity contract under which an insurance company assumed a portion of the Company's obligation to pay pension benefits to the plan's beneficiaries. The purchase of this group annuity contract was funded by pension plan assets. The net periodic benefit cost for our retirement and post retirement plans for 2019 includes a non-cash pre-tax settlement charge of $113 million reflecting the accelerated recognition of a portion of unamortized actuarial losses in the plan.
Schedule of Assumptions Used in Valuing the Options Granted | We use a lattice-based option-pricing model to estimate the fair value of options granted. The following assumptions were used in valuing the options granted:
|  | Year Ended
|  | December 31, 2018
Risk-free average interest rate |  | 2.6 - 2.7% |
Dividend yield |  | 1.1 | %
Volatility |  | 21.8 - 22.0% |
Expected life (years) |  | 5.67 - 6.07 |
Weighted-average grant-date fair value per option |  | $ | 112.98 |
We use a lattice-based option-pricing model to estimate the fair value of options granted. The following assumptions were used in valuing the options granted:
| Year Ended
| December 31, 2018
Risk-free average interest rate | 2.6 - 2.7% |
Dividend yield | 1.1 | %
Volatility | 21.8 - 22.0% |
Expected life (years) | 5.67 - 6.07 |
Weighted-average grant-date fair value per option | $ | 112.98 |

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- Definition Tabular disclosure of the detailed components of other nonoperating income. May include methodology, assumptions and amounts for: (a) dividends, (b) interest on securities, (c) profits on securities (net of losses), and (d) miscellaneous other income items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.7) -URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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