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Pension Benefit Plans (Tables) - Pension benefit plans | 12 Months Ended
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Dec. 31, 2020
Defined Benefit Plans and Other Post-Retirement Benefit Plans [Line Items] |
Funded Status Of Pension Plans | The following sets forth the funded status of the U.S. and non-U.S. plans as of the most recent actuarial valuations using measurement dates of December 31 ($ in millions):
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits
| 2020 |  | 2019 |  | 2020 |  | 2019
Change in pension benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | (2,468) |  |  | $ | (2,340) |  |  | $ | (1,446) |  |  | $ | (1,315) |
Service cost | — |  |  | (6) |  |  | (40) |  |  | (25) |
Interest cost | (69) |  |  | (89) |  |  | (22) |  |  | (24) |
Employee contributions | — |  |  | — |  |  | (6) |  |  | (5) |
Benefits and other expenses paid | 165 |  |  | 164 |  |  | 59 |  |  | 48 |
Acquisitions and other | (96) |  |  | — |  |  | (436) |  |  | — |
Actuarial loss | (273) |  |  | (237) |  |  | (106) |  |  | (152) |
Amendments, settlements and curtailments | 23 |  |  | 40 |  |  | 4 |  |  | 47 |
Foreign exchange rate impact | — |  |  | — |  |  | (168) |  |  | (20) |
Benefit obligation at end of year | (2,718) |  |  | (2,468) |  |  | (2,161) |  |  | (1,446) |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | 1,866 |  |  | 1,778 |  |  | 1,138 |  |  | 1,032 |
Actual return on plan assets | 227 |  |  | 283 |  |  | 104 |  |  | 115 |
Employer contributions | 140 |  |  | 10 |  |  | 51 |  |  | 44 |
Employee contributions | — |  |  | — |  |  | 6 |  |  | 5 |
Amendments and settlements | (22) |  |  | (41) |  |  | (7) |  |  | (37) |
Benefits and other expenses paid | (165) |  |  | (164) |  |  | (59) |  |  | (48) |
Acquisitions and other | 79 |  |  | — |  |  | 30 |  |  | — |
Foreign exchange rate impact | — |  |  | — |  |  | 68 |  |  | 27 |
Fair value of plan assets at end of year | 2,125 |  |  | 1,866 |  |  | 1,331 |  |  | 1,138 |
Funded status | $ | (593) |  |  | $ | (602) |  |  | $ | (830) |  |  | $ | (308) |
Projected Benefit Obligation and Fair Value of Plan Assets | Projected benefit obligation (“PBO”) and fair value of plan assets for pension plans with PBO’s in excess of plan assets ($ in millions):
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits
| 2020 |  | 2019 |  | 2020 |  | 2019
Projected benefit obligation | $ | 2,718 |  |  | $ | 2,468 |  |  | $ | 1,366 |  |  | $ | 778 |
Fair value of plan assets | 2,125 |  |  | 1,866 |  |  | 441 |  |  | 370 |
Accumulated Benefit Obligation and Fair Value of Plan Assets | Accumulated benefit obligation (“ABO”) and fair value of plan assets for pension plans with ABO’s in excess of plan assets ($ in millions):
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits
| 2020 |  | 2019 |  | 2020 |  | 2019
Accumulated benefit obligation | $ | 2,718 |  |  | $ | 2,468 |  |  | $ | 1,257 |  |  | $ | 730 |
Fair value of plan assets | 2,125 |  |  | 1,866 |  |  | 434 |  |  | 370 |
Weighted Average Assumptions Used To Determine Benefit Obligations And Cost | Weighted average assumptions used to determine benefit obligations at date of measurement:
| U.S. Plans |  | Non-U.S. Plans
| 2020 |  | 2019 |  | 2020 |  | 2019
Discount rate | 2.3 | % |  | 3.2 | % |  | 1.1 | % |  | 1.4 | %
Rate of compensation increase | N/A |  | 4.0 | % |  | 2.5 | % |  | 2.4 | %
Weighted average assumptions used to determine net periodic pension benefit (cost) at date of measurement:
| U.S. Plans |  | Non-U.S. Plans
| 2020 |  | 2019 |  | 2020 |  | 2019
Discount rate | 3.2 | % |  | 4.3 | % |  | 1.4 | % |  | 2.1 | %
Expected long-term return on plan assets | 7.0 | % |  | 7.0 | % |  | 3.4 | % |  | 3.9 | %
Rate of compensation increase | 4.0 | % |  | 4.0 | % |  | 2.4 | % |  | 2.4 | %
Components of Net Periodic Pension Cost | Components of net periodic pension benefit (cost) ($ in millions):
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits
| 2020 |  | 2019 |  | 2020 |  | 2019
Service cost | $ | — |  |  | $ | (6) |  |  | $ | (40) |  |  | $ | (25) |
Interest cost | (69) |  |  | (89) |  |  | (22) |  |  | (24) |
Expected return on plan assets | 121 |  |  | 126 |  |  | 37 |  |  | 40 |
Amortization of prior service (cost) credit | (1) |  |  | (1) |  |  | 1 |  |  | — |
Amortization of net loss | (37) |  |  | (26) |  |  | (10) |  |  | (4) |
Curtailment and settlement gains (losses) recognized | — |  |  | — |  |  | (1) |  |  | (7) |
Net periodic pension benefit (cost) | $ | 14 |  |  | $ | 4 |  |  | $ | (35) |  |  | $ | (20) |
Disaggregation of Service Cost | The net periodic benefit (cost) of the noncontributory defined benefit pension plans incurred during the years ended December 31, 2020, 2019 and 2018 are reflected in the following captions in the accompanying Consolidated Statements of Earnings ($ in millions):
| Year Ended December 31
| 2020 |  | 2019 |  | 2018
Service cost: |  |  |  |  |
Cost of sales | $ | (7) |  |  | $ | (6) |  |  | $ | (11) |
Selling, general and administrative expenses | (33) |  |  | (25) |  |  | (21) |
Total service cost expense | (40) |  |  | (31) |  |  | (32) |
Other net periodic pension costs: |  |  |  |  |
Other income (expense), net | 19 |  |  | 15 |  |  | 37 |
Total (expense) income | $ | (21) |  |  | $ | (16) |  |  | $ | 5 |
Fair Values Of Pension Plan Assets | The fair values of the Company’s pension plan assets for both the U.S. and non-U.S. plans as of December 31, 2020, by asset category were as follows ($ in millions):
| Quoted Prices in Active Market (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Cash and equivalents | $ | 175 |  |  | $ | — |  |  | $ | — |  |  | $ | 175 |
Equity securities: |  |  |  |  |  |  |
Common stock | 503 |  |  | — |  |  | — |  |  | 503 |
Preferred stock | 6 |  |  | — |  |  | — |  |  | 6 |
Fixed income securities: |  |  |  |  |  |  |
Corporate bonds | — |  |  | 42 |  |  | — |  |  | 42 |
Government issued | — |  |  | 58 |  |  | — |  |  | 58 |
Mutual funds | 244 |  |  | 51 |  |  | — |  |  | 295 |
Insurance contracts | — |  |  | 354 |  |  | — |  |  | 354 |
Total | $ | 928 |  |  | $ | 505 |  |  | $ | — |  |  | 1,433 |
Investments measured at NAV (a): |  |  |  |  |  |  |
Common/collective trusts |  |  |  |  |  |  | 1,198 |
Venture capital, partnerships and other private investments |  |  |  |  |  |  | 825 |
Total assets at fair value |  |  |  |  |  |  | $ | 3,456 |
(a) The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the total plan assets. The fair values of the Company’s pension plan assets for both the U.S. and non-U.S. plans as of December 31, 2019, by asset category were as follows ($ in millions):
| Quoted Prices in Active Market (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Cash and equivalents | $ | 68 |  |  | $ | — |  |  | $ | — |  |  | $ | 68 |
Equity securities: |  |  |  |  |  |  |
Common stock | 390 |  |  | — |  |  | — |  |  | 390 |
Preferred stock | 6 |  |  | — |  |  | — |  |  | 6 |
Fixed income securities: |  |  |  |  |  |  |
Corporate bonds | — |  |  | 35 |  |  | — |  |  | 35 |
Government issued | — |  |  | 22 |  |  | — |  |  | 22 |
Mutual funds | 287 |  |  | 132 |  |  | — |  |  | 419 |
Insurance contracts | — |  |  | 299 |  |  | — |  |  | 299 |
Total | $ | 751 |  |  | $ | 488 |  |  | $ | — |  |  | 1,239 |
Investments measured at NAV (a): |  |  |  |  |  |  |
Common/collective trusts |  |  |  |  |  |  | 1,071 |
Venture capital, partnerships and other private investments |  |  |  |  |  |  | 694 |
Total assets at fair value |  |  |  |  |  |  | $ | 3,004 |
(a) The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the total plan assets.
Benefit Payments That Reflect Expected Future Service | The following sets forth benefit payments, which reflect expected future service, as appropriate, expected to be paid by the plans in the periods indicated ($ in millions):
| U.S. Pension Plans |  | Non-U.S. Pension Plans |  | All Pension Plans
2021 | $ | 188 |  |  | $ | 61 |  |  | $ | 249 |
2022 | 187 |  |  | 68 |  |  | 255 |
2023 | 187 |  |  | 66 |  |  | 253 |
2024 | 182 |  |  | 68 |  |  | 250 |
2025 | 173 |  |  | 68 |  |  | 241 |
2026 - 2030 | 789 |  |  | 379 |  |  | 1,168 |

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