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Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2019
Retirement Benefits [Abstract] |
Schedule of the Benefit Obligation, the Fair Value of Plan Assets, and the Funded Status | A summary of the benefit obligation and the fair value of plan assets, as well as the funded status for the retirement and postretirement plans as of December 31, 2019 and 2018, is as follows (benefits paid in the table below include only those amounts contributed directly to or paid directly from plan assets):
(in millions) | Retirement Plans |  | Postretirement Plans
| 2019 |  | 2018 |  | 2019 |  | 2018
Net benefit obligation at beginning of year | $ | 2,076 |  |  | $ | 2,329 |  |  | $ | 40 |  |  | $ | 49 |
Service cost | 3 |  |  | 3 |  |  | — |  |  | — |
Interest cost | 64 |  |  | 71 |  |  | 1 |  |  | 1 |
Plan participants’ contributions | — |  |  | — |  |  | 2 |  |  | 3 |
Actuarial loss (gain) | 232 |  |  | (199 | ) |  | 1 |  |  | (4 | )
Gross benefits paid | (75 | ) |  | (103 | ) |  | (6 | ) |  | (8 | )
Foreign currency effect | 13 |  |  | (26 | ) |  | — |  |  | — |
Other adjustments 1 | (368 | ) |  | 1 |  |  | — |  |  | (1 | )
Net benefit obligation at end of year | 1,945 |  |  | 2,076 |  |  | 38 |  |  | 40 |
Fair value of plan assets at beginning of year | 1,987 |  |  | 2,219 |  |  | 16 |  |  | 20 |
Actual return on plan assets | 354 |  |  | (113 | ) |  | 1 |  |  | — |
Employer contributions | 46 |  |  | 9 |  |  | — |  |  | 1 |
Plan participants’ contributions | — |  |  | — |  |  | 3 |  |  | 3 |
Gross benefits paid | (75 | ) |  | (103 | ) |  | (7 | ) |  | (8 | )
Foreign currency effect | 16 |  |  | (25 | ) |  | — |  |  | — |
Other adjustments 1 | (368 | ) |  | — |  |  | — |  |  | — |
Fair value of plan assets at end of year | 1,960 |  |  | 1,987 |  |  | 13 |  |  | 16 |
Funded status | $ | 15 |  |  | $ | (89 | ) |  | $ | (25 | ) |  | $ | (24 | )
Amounts recognized in consolidated balance sheets: |  |  |  |  |  |  |
Non-current assets | $ | 259 |  |  | $ | 125 |  |  | $ | — |  |  | $ | — |
Current liabilities | (10 | ) |  | (9 | ) |  | — |  |  | — |
Non-current liabilities | (234 | ) |  | (205 | ) |  | (25 | ) |  | (24 | )
| $ | 15 |  |  | $ | (89 | ) |  | $ | (25 | ) |  | $ | (24 | )
Accumulated benefit obligation | $ | 1,932 |  |  | $ | 2,066 |  |  |  |  |
Plans with accumulated benefit obligation in excess of the fair value of plan assets: |  |  |  |  |  |  |
Projected benefit obligation | $ | 244 |  |  | $ | 214 |  |  |  |  |
Accumulated benefit obligation | $ | 231 |  |  | $ | 204 |  |  |  |  |
Fair value of plan assets | $ | — |  |  | $ | — |  |  |  |  |
Amounts recognized in accumulated other comprehensive loss, net of tax: |  |  |  |  |  |  |
Net actuarial loss (gain) | $ | 355 |  |  | $ | 460 |  |  | $ | (40 | ) |  | $ | (41 | )
Prior service credit | 2 |  |  | 2 |  |  | (13 | ) |  | (14 | )
Total recognized | $ | 357 |  |  | $ | 462 |  |  | $ | (53 | ) |  | $ | (55 | )
1 Relates to the impact of a retiree annuity purchase in 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.
Schedule of Net Periodic Benefit Cost | A summary of net periodic benefit cost for our retirement and postretirement plans for the years ended December 31, is as follows:
(in millions) | Retirement Plans |  | Postretirement Plans
| 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017
Service cost | $ | 3 |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 64 |  |  | 71 |  |  | 74 |  |  | 1 |  |  | 1 |  |  | 2 |
Expected return on assets | (108 | ) |  | (124 | ) |  | (126 | ) |  | — |  |  | — |  |  | — |
Amortization of: |  |  |  |  |  |  |  |  |  |  |
Actuarial loss (gain) | 12 |  |  | 20 |  |  | 18 |  |  | (2 | ) |  | (2 | ) |  | (2 | )
Prior service credit | — |  |  | — |  |  | — |  |  | (1 | ) |  | (1 | ) |  | (2 | )
Net periodic benefit cost | (29 | ) |  | (30 | ) |  | (31 | ) |  | (2 | ) |  | (2 | ) |  | (2 | )
Settlement charge | 113 |  | 1 | 4 |  | 2 | 8 |  | 2 | — |  |  | — |  |  | — |
Total net periodic benefit cost | $ | 84 |  |  | $ | (26 | ) |  | $ | (23 | ) |  | $ | (2 | ) |  | $ | (2 | ) |  | $ | (2 | )
1 | Relates to the impact of a retiree annuity purchase in 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 non-cash pretax settlement charge reflects the accelerated recognition of a portion of unamortized actuarial losses in the plan.
2 Represents a charge related to our U.K retirement plan.
Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income, Net of Tax | Other changes in plan assets and benefit obligations recognized in other comprehensive income, net of tax for the years ended December 31, are as follows:
(in millions) | Retirement Plans |  | Postretirement Plans
| 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017
Net actuarial (gain) loss | $ | (10 | ) |  | $ | 28 |  |  | $ | (20 | ) |  | $ | — |  |  | $ | (7 | ) |  | $ | (3 | )
Recognized actuarial (gain) loss | (10 | ) |  | (15 | ) |  | (12 | ) |  | 1 |  |  | 1 |  |  | 1 |
Prior service (credit) cost | — |  |  | 1 |  |  | — |  |  | 1 |  |  | 1 |  |  | 1 |
Settlement charge | (85 | ) | 1 | (4 | ) | 2 | (7 | ) | 2 | — |  |  | — |  |  | — |
Total recognized | $ | (105 | ) |  | $ | 10 |  |  | $ | (39 | ) |  | $ | 2 |  |  | $ | (5 | ) |  | $ | (1 | )
1 | Relates to the impact of a retiree annuity purchase in 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 non-cash after tax settlement charge reflects the accelerated recognition of a portion of unamortized actuarial losses in the plan.
2 | Represents a charge related to our U.K retirement plan.
Schedule of Assumptions Used |
| Retirement Plans |  | Postretirement Plans
| 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017
Benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Discount rate 2 | 3.45 | % |  | 4.40 | % |  | 3.68 | % |  | 3.08 | % |  | 4.15 | % |  | 3.40 | %
Net periodic cost: |  |  |  |  |  |  |  |  |  |  |
Weighted-average healthcare cost rate 1 |  |  |  |  |  |  | 6.50 | % |  | 6.50 | % |  | 7.00 | %
Discount rate - U.S. plan 2 | 4.40 | % |  | 3.68 | % |  | 4.13 | % |  | 4.15 | % |  | 3.40 | % |  | 3.69 | %
Discount rate - U.K. plan 2 | 2.72 | % |  | 2.41 | % |  | 2.58 | % |  |  |  |  |  |
Return on assets 3 | 6.00 | % |  | 6.00 | % |  | 6.25 | % |  |  |  |  |  |
1 | The assumed weighted-average healthcare cost trend rate will decrease ratably from 6% in 2019 to 5% in 2024 and remain at that level thereafter. Assumed healthcare cost trends have an effect on the amounts reported for the healthcare plans. A one percentage point change in assumed healthcare cost trend creates the following effects:
(in millions) | 1% point increase |  | 1% point decrease
Effect on postretirement obligation | $ | — |  |  | $ | — |
2 | Effective January 1, 2019, we changed our discount rate assumption on our U.S. retirement plans to 4.40% from 3.68% in 2018 and changed our discount rate assumption on our U.K. plan to 2.72% from 2.41% in 2018.
3 The expected return on assets assumption is calculated based on the plan’s asset allocation strategy and projected market returns over the long-term. Effective January 1, 2020, our return on assets assumption for the U.S. plan was reduced to
Schedule of Information about the Expected Cash Flows for Retirement and Post-Retirement Plans and Impact of the Medicare Subsidy | Information about the expected cash flows for our retirement and postretirement plans and the impact of the Medicare subsidy is as follows:
(in millions) |  |  | Postretirement Plans 2
| Retirement 1 Plans |  | Gross payments |  | Retiree contributions |  | Medicare subsidy 3 |  | Net payments
2020 | $ | 63 |  |  | $ | 7 |  |  | $ | (2 | ) |  | $ | — |  |  | $ | 5 |
2021 | 66 |  |  | 6 |  |  | (2 | ) |  | — |  |  | 4 |
2022 | 69 |  |  | 6 |  |  | (2 | ) |  | — |  |  | 4 |
2023 | 72 |  |  | 5 |  |  | (1 | ) |  | — |  |  | 4 |
2024 | 75 |  |  | 5 |  |  | (1 | ) |  | — |  |  | 4 |
2025-2029 | 413 |  |  | 17 |  |  | (6 | ) |  | — |  |  | 11 |
1 | Reflects the total benefits expected to be paid from the plans or from our assets including both our share of the benefit cost and the participants’ share of the cost.
2 | Reflects the total benefits expected to be paid from our assets.
3 Expected medicare subsidy amounts, for the years presented, are less than $1 million.
Schedule of Fair Value of Defined Benefit Plan Assets by Asset Class | The fair value of our defined benefit plans assets as of December 31, 2019 and 2018, by asset class is as follows:
(in millions) | December 31, 2019
| Total |  | Level 1 |  | Level 2 |  | Level 3
Cash and short-term investments | $ | 3 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |
Equities: |  |  |  |  |  |  |
U.S. indexes 1 | 23 |  |  | 23 |  |  | — |  |  | — |
U.S. growth and value | 56 |  |  | 56 |  |  | — |  |  | — |
Fixed income: |  |  |  |  |  |  |
Long duration strategy 2 | 1,078 |  |  | — |  |  | 1,078 |  |  | — |
Intermediate duration securities | 20 |  |  | — |  |  | 20 |  |  | — |
Agency mortgage backed securities | 3 |  |  | — |  |  | 3 |  |  | — |
Asset backed securities | 14 |  |  | — |  |  | 14 |  |  | — |
Non-agency mortgage backed securities 3 | 11 |  |  | — |  |  | 11 |  |  | — |
International, excluding U.K. | 15 |  |  | — |  |  | 15 |  |  | — |
Real Estate: |  |  |  |  |  |  |
U.K. 4 | 39 |  |  | — |  |  | — |  |  | 39 |
Total | $ | 1,262 |  |  | $ | 82 |  |  | $ | 1,141 |  |  | $ | 39 |
Collective investment funds 5 | $ | 698 |  |  |  |  |  |  |
Total | $ | 1,960 |  |  |  |  |  |  |
(in millions) | December 31, 2018
| Total |  | Level 1 |  | Level 2 |  | Level 3
Cash and short-term investments | $ | 4 |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |
Equities: |  |  |  |  |  |  |
U.S. indexes 1 | 21 |  |  | 21 |  |  | — |  |  | — |
U.S. growth and value | 69 |  |  | 69 |  |  | — |  |  | — |
U.K. | — |  |  | — |  |  | — |  |  | — |
International, excluding U.K. | — |  |  | — |  |  | — |  |  | — |
Fixed income: |  |  |  |  |  |  |
Long duration strategy 2 | 1,070 |  |  | — |  |  | 1,070 |  |  | — |
Intermediate duration securities | 35 |  |  | — |  |  | 35 |  |  | — |
Agency mortgage backed securities | 4 |  |  | — |  |  | 4 |  |  | — |
Asset backed securities | 18 |  |  | — |  |  | 18 |  |  | — |
Non-agency mortgage backed securities 3 | 13 |  |  | — |  |  | 13 |  |  | — |
International, excluding U.K. | 18 |  |  | — |  |  | 18 |  |  | — |
Real Estate: |  |  |  |  |  |  |
U.K. 4 | 39 |  |  | — |  |  | — |  |  | 39 |
Total | $ | 1,291 |  |  | $ | 94 |  |  | $ | 1,158 |  |  | $ | 39 |
Collective investment funds 5 | $ | 696 |  |  |  |  |  |  |
Total | $ | 1,987 |  |  |  |  |  |  |
1 | Includes securities that are tracked in the S&P Smallcap 600 index.
2 | Includes securities that are mainly investment grade obligations of issuers in the U.S.
3 | Includes U.S. mortgage-backed securities that are not backed by the U.S. government.
4 | Includes a fund which holds real estate properties in the U.K.
5 | Includes the Standard & Poor's 500 Composite Stock Index, the Standard & Poor's MidCap 400 Composite Stock Index, a short-term investment fund which is a common collective trust vehicle, and other various asset classes.
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | The following table details further information on our plan assets where we have used significant unobservable inputs :
(in millions) | Level 3
Balance as of December 31, 2018 | $ | 39 |
Purchases | — |
Distributions | — |
Gain (loss) | — |
Balance as of December 31, 2019 | $ | 39 |

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