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Retirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2017
Defined Benefit Plan [Abstract] |
Schedule of weighted average actuarial assumptions utilized defined benefit plans | The weighted average actuarial assumptions utilized for the U.S. and significant non-U.S. defined benefit plans and postretirement benefit plans are as follows:
| Pension Benefits |  | Postretirement Benefits
| 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Weighted average assumptions: |  |  |  |  |  |  |
Discount rate (for expense) | 3.40 | % |  | 4.10 | % |  | 3.64 | % |  | 4.12 | %
Expected return on plan assets | 6.64 | % |  | 7.06 | % |  | — |  |  | — |
Rate of compensation increase (for expense) | 1.77 | % |  | 2.44 | % |  | — |  |  | — |
Discount rate (for benefit obligation) | 3.07 | % |  | 3.40 | % |  | 3.21 | % |  | 3.64 | %
Rate of compensation increase (for benefit obligation)* | 1.73 | % |  | 1.77 | % |  | — |  |  | — |
*The 2017 and 2016 assumption do not include a rate of compensation increase for the U.S. defined benefit plans since future benefit accruals were discontinued for those plans after December 31, 2016. The weighted average actuarial assumptions utilized for the non-U.S. defined and postretirement benefit plans as of the end of the year are as follows:
| Non-U.S. Pension Benefits |  | Non-U.S. Postretirement Benefits
| 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Weighted average assumptions: |  |  |  |  |  |  |
Discount rate (for expense) | 2.69 | % |  | 3.71 | % |  | 3.42 | % |  | 4.00 | %
Expected return on plan assets | 6.07 | % |  | 6.36 | % |  | — |  |  | — |
Rate of compensation increase (for expense) | 2.85 | % |  | 2.72 | % |  | — |  |  | — |
Discount rate (for benefit obligation) | 2.58 | % |  | 2.69 | % |  | 2.97 | % |  | 3.42 | %
Rate of compensation increase (for benefit obligation) | 2.80 | % |  | 2.85 | % |  | — |  |  | — |
The weighted average actuarial assumptions utilized in determining the above amounts for the U.S. defined benefit and other U.S. postretirement plans as of the end of the year are as follows:
| U.S. Pension Benefits |  | U.S. Postretirement Benefits
| 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Weighted average assumptions: |  |  |  |  |  |  |
Discount rate (for expense) | 4.58 | % |  | 4.71 | % |  | 4.12 | % |  | 4.36 | %
Expected return on plan assets | 7.95 | % |  | 8.72 | % |  | — |  |  | — |
Rate of compensation increase (for expense) | — |  |  | 2.00 | % |  | — |  |  | — |
Discount rate (for benefit obligation) | 3.86 | % |  | 4.58 | % |  | 3.67 | % |  | 4.12 | %
Schedule of components of net periodic benefit cost for U.S. defined benefit and other postretirement benefit plans | Accordingly, we have reclassified prior period information in the following chart to conform with the current year's presentation:
Amounts Recorded in the Consolidated Statements of Income
Combined U.S. and significant non-U.S. plans | Pension Benefits |  | Postretirement Benefits
For the Years Ended December 31, |
(In millions of dollars) | 2017 |  |  | 2016 |  |  | 2015 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Compensation and benefits expense (Operating income) | $ | 76 |  |  | $ | 178 |  |  | $ | 196 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 3 |
Other net benefit credits | (206 | ) |  | (240 | ) |  | (114 | ) |  | 5 |  |  | 7 |  |  | (121 | )
Total (credit) cost | $ | (130 | ) |  | $ | (62 | ) |  | $ | 82 |  |  | $ | 6 |  |  | $ | 9 |  |  | $ | (118 | )
The components of the net periodic benefit cost for defined benefit and other postretirement plans are as follows:
Combined U.S. and significant non-U.S. Plans | Pension |  | Postretirement
For the Years Ended December 31, | Benefits |  | Benefits
(In millions of dollars) | 2017 |  |  | 2016 |  |  | 2015 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Service cost (a) | $ | 76 |  |  | $ | 178 |  |  | $ | 196 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 3 |
Interest cost | 497 |  |  | 537 |  |  | 587 |  |  | 4 |  |  | 5 |  |  | 5 |
Expected return on plan assets | (921 | ) |  | (940 | ) |  | (977 | ) |  | — |  |  | — |  |  | — |
Amortization of prior service (credit) cost | (2 | ) |  | (1 | ) |  | (1 | ) |  | 1 |  |  | 4 |  |  | 3 |
Recognized actuarial loss (gain) | 167 |  |  | 168 |  |  | 271 |  |  | — |  |  | (2 | ) |  | (1 | )
Net periodic benefit (credit) cost | $ | (183 | ) |  | $ | (58 | ) |  | $ | 76 |  |  | $ | 6 |  |  | $ | 9 |  |  | $ | 10 |
Curtailment (loss) gain | (1 | ) |  | (4 | ) |  | 5 |  |  | — |  |  | — |  |  | — |
Plan termination | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (128 | )
Settlement loss | 54 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |
Total (credit) cost | $ | (130 | ) |  | $ | (62 | ) |  | $ | 82 |  |  | $ | 6 |  |  | $ | 9 |  |  | $ | (118 | )
(a) Included in compensation and benefits in the consolidated statements of income The components of the net periodic benefit cost (credit) for the U.S. defined benefit and other postretirement benefit plans are as follows:
U.S. Plans only | Pension Benefits |  | Postretirement Benefits
For the Years Ended December 31, |
(In millions of dollars) | 2017 |  |  | 2016 |  |  | 2015 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Service cost (a) | $ | — |  |  | $ | 106 |  |  | $ | 114 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Interest cost | 264 |  |  | 264 |  |  | 254 |  |  | 2 |  |  | 2 |  |  | 2 |
Expected return on plan assets | (357 | ) |  | (379 | ) |  | (373 | ) |  | — |  |  | — |  |  | — |
Amortization of prior service (credit) cost | — |  |  | — |  |  | — |  |  | 3 |  |  | 4 |  |  | 3 |
Recognized actuarial loss (gain) | 37 |  |  | 74 |  |  | 146 |  |  | (1 | ) |  | (2 | ) |  | (2 | )
Net periodic benefit (credit) cost | $ | (56 | ) |  | $ | 65 |  |  | $ | 141 |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | 4 |
Plan termination | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (128 | )
Total (credit) cost | $ | (56 | ) |  | $ | 65 |  |  | $ | 141 |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | (124 | )
The components of the net periodic benefit cost for the non-U.S. defined benefit and other postretirement benefit plans and the curtailment, settlement and termination expenses are as follows:
For the Years Ended December 31, | Non-U.S. Pension Benefits |  | Non-U.S. Postretirement Benefits
(In millions of dollars) | 2017 |  |  | 2016 |  |  | 2015 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Service cost (a) | $ | 76 |  |  | $ | 72 |  |  | $ | 82 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 2 |
Interest cost | 233 |  |  | 273 |  |  | 333 |  |  | 2 |  |  | 3 |  |  | 3 |
Expected return on plan assets | (564 | ) |  | (561 | ) |  | (604 | ) |  | — |  |  | — |  |  | — |
Amortization of prior service credit | (2 | ) |  | (1 | ) |  | (1 | ) |  | (2 | ) |  | — |  |  | — |
Recognized actuarial loss | 130 |  |  | 94 |  |  | 125 |  |  | 1 |  |  | — |  |  | 1 |
Net periodic benefit (credit) cost | (127 | ) |  | (123 | ) |  | (65 | ) |  | 2 |  |  | 5 |  |  | 6 |
Settlement loss | 54 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |
Curtailment (gain) loss | (1 | ) |  | (4 | ) |  | 5 |  |  | — |  |  | — |  |  | — |
Total (credit) cost | $ | (74 | ) |  | $ | (127 | ) |  | $ | (59 | ) |  | $ | 2 |  |  | $ | 5 |  |  | $ | 6 |
Schedule of MMC's defined benefit plans and postretirement plans | The following schedules provide information concerning the Company’s U.S. defined benefit pension plans and postretirement benefit plans:
| U.S. Pension Benefits |  | U.S. Postretirement Benefits
(In millions of dollars) | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 5,894 |  |  | $ | 5,685 |  |  | $ | 37 |  |  | $ | 40 |
Service cost | — |  |  | 106 |  |  | — |  |  | — |
Interest cost | 264 |  |  | 264 |  |  | 2 |  |  | 2 |
Employee contributions | — |  |  | — |  |  | 3 |  |  | 3 |
Effect of curtailment | — |  |  | (98 | ) |  | — |  |  | — |
Actuarial loss (gain) | 538 |  |  | 160 |  |  | 3 |  |  | — |
Benefits paid | (475 | ) |  | (223 | ) |  | (9 | ) |  | (8 | )
Benefit obligation, December 31 | $ | 6,221 |  |  | $ | 5,894 |  |  | $ | 36 |  |  | $ | 37 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 4,365 |  |  | $ | 4,160 |  |  | $ | 2 |  |  | $ | 3 |
Actual return on plan assets | 812 |  |  | 401 |  |  | — |  |  | — |
Employer contributions | 85 |  |  | 27 |  |  | 6 |  |  | 5 |
Employee contributions | — |  |  | — |  |  | 3 |  |  | 3 |
Benefits paid | (475 | ) |  | (223 | ) |  | (9 | ) |  | (8 | )
Other | — |  |  | — |  |  | — |  |  | (1 | )
Fair value of plan assets, December 31 | $ | 4,787 |  |  | $ | 4,365 |  |  | $ | 2 |  |  | $ | 2 |
Net funded status, December 31 | $ | (1,434 | ) |  | $ | (1,529 | ) |  | $ | (34 | ) |  | $ | (35 | )
Amounts recognized in the consolidated balance sheets: |  |  |  |  |  |  |
Current liabilities | $ | (27 | ) |  | $ | (27 | ) |  | $ | (2 | ) |  | $ | (2 | )
Non-current liabilities | (1,407 | ) |  | (1,502 | ) |  | (32 | ) |  | (33 | )
Net liability recognized, December 31 | $ | (1,434 | ) |  | $ | (1,529 | ) |  | $ | (34 | ) |  | $ | (35 | )
Amounts recognized in other comprehensive income (loss): |  |  |  |  |  |  |
Prior service (cost) credit | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3 | )
Net actuarial (loss) gain | (1,766 | ) |  | (1,720 | ) |  | 6 |  |  | 11 |
Total recognized accumulated other comprehensive (loss) income, December 31 | $ | (1,766 | ) |  | $ | (1,720 | ) |  | $ | 6 |  |  | $ | 8 |
Cumulative employer contributions in excess of (less than) net periodic cost | 332 |  |  | 191 |  |  | (40 | ) |  | (43 | )
Net amount recognized in consolidated balance sheet | $ | (1,434 | ) |  | $ | (1,529 | ) |  | $ | (34 | ) |  | $ | (35 | )
Accumulated benefit obligation at December 31 | $ | 6,221 |  |  | $ | 5,894 |  |  | $ | — |  |  | $ | — |
| U.S. Pension Benefits |  | U.S. Postretirement Benefits
(In millions of dollars) | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Reconciliation of prior service credit (cost) recognized in accumulated other comprehensive income (loss): |  |  |  |  |  |  |
Beginning balance | $ | — |  |  | $ | — |  |  | $ | (3 | ) |  | $ | (7 | )
Recognized as component of net periodic benefit cost | — |  |  | — |  |  | 3 |  |  | 4 |
Prior service cost, December 31 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3 | )
The following schedules provide information concerning the Company’s non-U.S. defined benefit pension plans and non-U.S. postretirement benefit plans:
| Non-U.S. Pension Benefits |  | Non-U.S. Postretirement Benefits
(In millions of dollars) | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 9,670 |  |  | $ | 9,076 |  |  | $ | 81 |  |  | $ | 79 |
Service cost | 76 |  |  | 72 |  |  | 1 |  |  | 2 |
Interest cost | 233 |  |  | 273 |  |  | 2 |  |  | 3 |
Employee contributions | 7 |  |  | 7 |  |  | — |  |  | — |
Actuarial (gain) loss | (149 | ) |  | 1,966 |  |  | — |  |  | 5 |
Plan amendments | — |  |  | (49 | ) |  | (17 | ) |  | — |
Effect of settlement | (211 | ) |  | (27 | ) |  | — |  |  | — |
Effect of curtailment | (1 | ) |  | (7 | ) |  | — |  |  | — |
Benefits paid | (291 | ) |  | (352 | ) |  | (3 | ) |  | (3 | )
Foreign currency changes | 703 |  |  | (1,290 | ) |  | 4 |  |  | (5 | )
Other | 16 |  |  | 1 |  |  | — |  |  | — |
Benefit obligation December 31 | $ | 10,053 |  |  | $ | 9,670 |  |  | $ | 68 |  |  | $ | 81 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 10,017 |  |  | $ | 9,826 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | 875 |  |  | 1,815 |  |  | — |  |  | — |
Effect of settlement | (211 | ) |  | (27 | ) |  | — |  |  | — |
Company contributions | 229 |  |  | 187 |  |  | 3 |  |  | 3 |
Employee contributions | 7 |  |  | 7 |  |  | — |  |  | — |
Benefits paid | (291 | ) |  | (352 | ) |  | (3 | ) |  | (3 | )
Foreign currency changes | 749 |  |  | (1,439 | ) |  | — |  |  | — |
Other | 13 |  |  | — |  |  | — |  |  | — |
Fair value of plan assets, December 31 | $ | 11,388 |  |  | $ | 10,017 |  |  | $ | — |  |  | $ | — |
Net funded status, December 31 | $ | 1,335 |  |  | $ | 347 |  |  | $ | (68 | ) |  | $ | (81 | )
Amounts recognized in the consolidated balance sheets: |  |  |  |  |  |  |
Non-current assets | $ | 1,684 |  |  | $ | 766 |  |  | $ | — |  |  | $ | — |
Current liabilities | (6 | ) |  | (5 | ) |  | (4 | ) |  | (3 | )
Non-current liabilities | (343 | ) |  | (414 | ) |  | (64 | ) |  | (78 | )
Net asset (liability) recognized, December 31 | $ | 1,335 |  |  | $ | 347 |  |  | $ | (68 | ) |  | $ | (81 | )
Amounts recognized in other comprehensive (loss) income: |  |  |  |  |  |  |
Prior service credit | $ | 43 |  |  | $ | 43 |  |  | $ | 15 |  |  | $ | — |
Net actuarial loss | (2,646 | ) |  | (3,081 | ) |  | (10 | ) |  | (11 | )
Total recognized accumulated other comprehensive (loss) income, December 31 | $ | (2,603 | ) |  | $ | (3,038 | ) |  | $ | 5 |  |  | $ | (11 | )
Cumulative employer contributions in excess of (less than) net periodic cost | 3,938 |  |  | 3,385 |  |  | (73 | ) |  | (70 | )
Net asset (liability) recognized in consolidated balance sheets, December 31 | $ | 1,335 |  |  | $ | 347 |  |  | $ | (68 | ) |  | $ | (81 | )
Accumulated benefit obligation, December 31 | $ | 9,783 |  |  | $ | 9,397 |  |  | $ | — |  |  | $ | — |
| Non-U.S. Pension Benefits |  | Non-U.S. Postretirement Benefits
(In millions of dollars) | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Reconciliation of prior service credit (cost) recognized in accumulated other comprehensive income (loss): |  |  |  |  |  |  |
Beginning balance | $ | 43 |  |  | $ | (3 | ) |  | $ | — |  |  | $ | — |
Recognized as component of net periodic benefit credit: |  |  |  |  |  |  |
Amortization of prior service credit | (2 | ) |  | (1 | ) |  | (2 | ) |  | — |
Effect of curtailment | (1 | ) |  | — |  |  | — |  |  | — |
Total recognized as component of net periodic benefit credit | (3 | ) |  | (1 | ) |  | (2 | ) |  | — |
Changes in plan assets and benefit obligations recognized in other comprehensive income: |  |  |  |  |  |  |
Plan amendments | — |  |  | 49 |  |  | 17 |  |  | — |
Exchange rate adjustments | 3 |  |  | (2 | ) |  | — |  |  | — |
Prior service credit, December 31 | $ | 43 |  |  | $ | 43 |  |  | $ | 15 |  |  | $ | — |
| Non-U.S. Pension Benefits |  | Non-U.S. Postretirement Benefits
(In millions of dollars) | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Reconciliation of net actuarial (loss) gain recognized in accumulated other comprehensive (loss) income: |  |  |  |  |  |  |
Beginning balance | $ | (3,081 | ) |  | $ | (2,887 | ) |  | $ | (11 | ) |  | $ | (6 | )
Recognized as component of net periodic benefit cost: |  |  |  |  |  |  |
Amortization of net loss | 130 |  |  | 94 |  |  | 1 |  |  | — |
Effect of settlement | 54 |  |  | — |  |  | — |  |  | — |
Total recognized as component of net periodic benefit credit | 184 |  |  | 94 |  |  | 1 |  |  | — |
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): |  |  |  |  |  |  |
Liability experience | 149 |  |  | (1,966 | ) |  | — |  |  | (5 | )
Asset experience | 311 |  |  | 1,254 |  |  | — |  |  | — |
Other | (5 | ) |  | — |  |  | — |  |  | — |
Effect of curtailment | 1 |  |  | 3 |  |  | — |  |  | — |
Total amount recognized as change in plan assets and benefit obligations | 456 |  |  | (709 | ) |  | — |  |  | (5 | )
Exchange rate adjustments | (205 | ) |  | 421 |  |  | — |  |  | — |
Net actuarial loss, December 31 | $ | (2,646 | ) |  | $ | (3,081 | ) |  | $ | (10 | ) |  | $ | (11 | )
For the Years Ended December 31, | Non-U.S. Pension Benefits |  | Non-U.S. Postretirement Benefits
(In millions of dollars) | 2017 |  |  | 2016 |  |  | 2015 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Total recognized in net periodic benefit cost and other comprehensive loss (income) | $ | (513 | ) |  | $ | 21 |  |  | $ | (407 | ) |  | $ | (14 | ) |  | $ | 10 |  |  | $ | (2 | )
Schedule of total recognized in net periodic benefit cost and other comprehensive income (loss) |
| U.S. Pension Benefits |  | U.S. Postretirement Benefits
(In millions of dollars) | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Reconciliation of prior service credit (cost) recognized in accumulated other comprehensive income (loss): |  |  |  |  |  |  |
Beginning balance | $ | — |  |  | $ | — |  |  | $ | (3 | ) |  | $ | (7 | )
Recognized as component of net periodic benefit cost | — |  |  | — |  |  | 3 |  |  | 4 |
Prior service cost, December 31 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3 | )
| U.S. Pension Benefits |  | U.S. Postretirement Benefits
(In millions of dollars) | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Reconciliation of net actuarial (loss) gain recognized in accumulated other comprehensive income (loss): |  |  |  |  |  |  |
Beginning balance | $ | (1,720 | ) |  | $ | (1,754 | ) |  | $ | 11 |  |  | $ | 13 |
Recognized as component of net periodic benefit cost (credit) | 37 |  |  | 74 |  |  | (1 | ) |  | (2 | )
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): |  |  |  |  |  |  |
Effect of curtailment | — |  |  | 98 |  |  | — |  |  | — |
Other | — |  |  | — |  |  | (1 | ) |  | — |
Liability experience | (538 | ) |  | (160 | ) |  | (3 | ) |  | — |
Asset experience | 455 |  |  | 22 |  |  | — |  |  | — |
Total (loss) gain recognized as change in plan assets and benefit obligations | (83 | ) |  | (40 | ) |  | (4 | ) |  | — |
Net actuarial (loss) gain, December 31 | $ | (1,766 | ) |  | $ | (1,720 | ) |  | $ | 6 |  |  | $ | 11 |
| U.S. Pension Benefits |  | U.S. Postretirement Benefits
(In millions of dollars) | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Reconciliation of net actuarial (loss) gain recognized in accumulated other comprehensive income (loss): |  |  |  |  |  |  |
Beginning balance | $ | (1,720 | ) |  | $ | (1,754 | ) |  | $ | 11 |  |  | $ | 13 |
Recognized as component of net periodic benefit cost (credit) | 37 |  |  | 74 |  |  | (1 | ) |  | (2 | )
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): |  |  |  |  |  |  |
Effect of curtailment | — |  |  | 98 |  |  | — |  |  | — |
Other | — |  |  | — |  |  | (1 | ) |  | — |
Liability experience | (538 | ) |  | (160 | ) |  | (3 | ) |  | — |
Asset experience | 455 |  |  | 22 |  |  | — |  |  | — |
Total (loss) gain recognized as change in plan assets and benefit obligations | (83 | ) |  | (40 | ) |  | (4 | ) |  | — |
Net actuarial (loss) gain, December 31 | $ | (1,766 | ) |  | $ | (1,720 | ) |  | $ | 6 |  |  | $ | 11 |
| Non-U.S. Pension Benefits |  | Non-U.S. Postretirement Benefits
(In millions of dollars) | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Reconciliation of prior service credit (cost) recognized in accumulated other comprehensive income (loss): |  |  |  |  |  |  |
Beginning balance | $ | 43 |  |  | $ | (3 | ) |  | $ | — |  |  | $ | — |
Recognized as component of net periodic benefit credit: |  |  |  |  |  |  |
Amortization of prior service credit | (2 | ) |  | (1 | ) |  | (2 | ) |  | — |
Effect of curtailment | (1 | ) |  | — |  |  | — |  |  | — |
Total recognized as component of net periodic benefit credit | (3 | ) |  | (1 | ) |  | (2 | ) |  | — |
Changes in plan assets and benefit obligations recognized in other comprehensive income: |  |  |  |  |  |  |
Plan amendments | — |  |  | 49 |  |  | 17 |  |  | — |
Exchange rate adjustments | 3 |  |  | (2 | ) |  | — |  |  | — |
Prior service credit, December 31 | $ | 43 |  |  | $ | 43 |  |  | $ | 15 |  |  | $ | — |
| Non-U.S. Pension Benefits |  | Non-U.S. Postretirement Benefits
(In millions of dollars) | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Reconciliation of net actuarial (loss) gain recognized in accumulated other comprehensive (loss) income: |  |  |  |  |  |  |
Beginning balance | $ | (3,081 | ) |  | $ | (2,887 | ) |  | $ | (11 | ) |  | $ | (6 | )
Recognized as component of net periodic benefit cost: |  |  |  |  |  |  |
Amortization of net loss | 130 |  |  | 94 |  |  | 1 |  |  | — |
Effect of settlement | 54 |  |  | — |  |  | — |  |  | — |
Total recognized as component of net periodic benefit credit | 184 |  |  | 94 |  |  | 1 |  |  | — |
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): |  |  |  |  |  |  |
Liability experience | 149 |  |  | (1,966 | ) |  | — |  |  | (5 | )
Asset experience | 311 |  |  | 1,254 |  |  | — |  |  | — |
Other | (5 | ) |  | — |  |  | — |  |  | — |
Effect of curtailment | 1 |  |  | 3 |  |  | — |  |  | — |
Total amount recognized as change in plan assets and benefit obligations | 456 |  |  | (709 | ) |  | — |  |  | (5 | )
Exchange rate adjustments | (205 | ) |  | 421 |  |  | — |  |  | — |
Net actuarial loss, December 31 | $ | (2,646 | ) |  | $ | (3,081 | ) |  | $ | (10 | ) |  | $ | (11 | )
Schedule of estimated amounts that will be amortized from accumulated other comprehensive in the next fiscal year | Estimated amounts that will be amortized from accumulated other comprehensive loss to net periodic pension cost in the next fiscal year:
| Non-U.S. Pension Benefits |  | Non-U.S. Postretirement Benefits
(In millions of dollars) | 2018 |  |  | 2018 |
Prior service credit | $ | (2 | ) |  | $ | (2 | )
Net actuarial loss | 90 |  |  | — |
Projected cost | $ | 88 |  |  | $ | (2 | )
Estimated amounts that will be amortized from accumulated other comprehensive loss to net periodic pension cost in the next fiscal year:
| U.S. Pension Benefits |  | U.S. Postretirement Benefits
(In millions of dollars) | 2018 |  |  | 2018 |
Net actuarial loss | $ | 54 |  |  | $ | 1 |
Schedule of amounts recognized in other comprehensive income (loss) |
For the Years Ended December 31, | Non-U.S. Pension Benefits |  | Non-U.S. Postretirement Benefits
(In millions of dollars) | 2017 |  |  | 2016 |  |  | 2015 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Total recognized in net periodic benefit cost and other comprehensive loss (income) | $ | (513 | ) |  | $ | 21 |  |  | $ | (407 | ) |  | $ | (14 | ) |  | $ | 10 |  |  | $ | (2 | )
For the Years Ended December 31, | U.S. Pension Benefits |  | U.S. Postretirement Benefits
(In millions of dollars) | 2017 |  |  | 2016 |  |  | 2015 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ | (10 | ) |  | $ | 31 |  |  | $ | 146 |  |  | $ | 5 |  |  | $ | 2 |  |  | $ | (138 | )
Schedule of change in assumed health care cost trend rates | A one percentage point change in assumed health care cost trend rates would have the following effects:
(In millions of dollars) | 1 Percentage Point Increase |  | 1 Percentage Point Decrease
Effect on total of service and interest cost components | $ | — |  |  | $ | — |
Effect on postretirement benefit obligation | $ | 7 |  |  | $ | (6 | )
Schedule of estimated future benefit payments for its pension and postretirement benefits | The estimated future benefit payments for the Company's pension and postretirement benefit plans are as follows:
For the Years Ended December 31, | Pension Benefits |  | Postretirement Benefits
(In millions of dollars) | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S.
2018 | $ | 254 |  |  | $ | 279 |  |  | $ | 4 |  |  | $ | 3 |
2019 | $ | 268 |  |  | $ | 297 |  |  | $ | 4 |  |  | $ | 4 |
2020 | $ | 285 |  |  | $ | 305 |  |  | $ | 4 |  |  | $ | 4 |
2021 | $ | 294 |  |  | $ | 316 |  |  | $ | 4 |  |  | $ | 3 |
2022 | $ | 303 |  |  | $ | 326 |  |  | $ | 3 |  |  | $ | 3 |
2023-2027 | $ | 1,642 |  |  | $ | 1,837 |  |  | $ | 14 |  |  | $ | 17 |
Summary of the U.S. and non-U.S. plans investments measured at fair value on a recurring basis | The following table sets forth, by level within the fair value hierarchy, a summary of the U.S. and non-U.S. plans' investments measured at fair value on a recurring basis at December 31, 2017 and 2016:
| Fair Value Measurements at December 31, 2017
Assets (In millions of dollars) | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | NAV |  | Total
Common/collective trusts | $ | 375 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,611 |  |  | $ | 7,986 |
Corporate obligations | — |  |  | 3,620 |  |  | 20 |  |  | — |  |  | 3,640 |
Corporate stocks | 1,467 |  |  | 34 |  |  | 2 |  |  | — |  |  | 1,503 |
Private equity/partnerships | — |  |  | — |  |  | — |  |  | 803 |  |  | 803 |
Government securities | 15 |  |  | 556 |  |  | — |  |  | — |  |  | 571 |
Real estate | — |  |  | — |  |  | — |  |  | 566 |  |  | 566 |
Short-term investment funds | 391 |  |  | 16 |  |  | — |  |  | — |  |  | 407 |
Company common stock | 326 |  |  | — |  |  | — |  |  | — |  |  | 326 |
Other investments | 12 |  |  | 12 |  |  | 350 |  |  | — |  |  | 374 |
Total investments | $ | 2,586 |  |  | $ | 4,238 |  |  | $ | 372 |  |  | $ | 8,980 |  |  | $ | 16,176 |
| Fair Value Measurements at December 31, 2016
Assets (In millions of dollars) | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | NAV |  | Total
Common/collective trusts | $ | 16 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,805 |  |  | $ | 6,821 |
Corporate obligations | — |  |  | 3,024 |  |  | 9 |  |  | — |  |  | 3,033 |
Corporate stocks | 2,009 |  |  | 3 |  |  | 2 |  |  | — |  |  | 2,014 |
Private equity/partnerships | — |  |  | — |  |  | — |  |  | 722 |  |  | 722 |
Government securities | 11 |  |  | 380 |  |  | — |  |  | — |  |  | 391 |
Real estate | — |  |  | — |  |  | — |  |  | 412 |  |  | 412 |
Short-term investment funds | 297 |  |  | 22 |  |  | — |  |  | — |  |  | 319 |
Company common stock | 270 |  |  | — |  |  | — |  |  | — |  |  | 270 |
Other investments | 15 |  |  | 23 |  |  | 312 |  |  | — |  |  | 350 |
Total investments | $ | 2,618 |  |  | $ | 3,452 |  |  | $ | 323 |  |  | $ | 7,939 |  |  | $ | 14,332 |
Summary of changes in the fair value of the plans' Level 3 assets | The tables below set forth a summary of changes in the fair value of the plans’ Level 3 assets for the years ended December 31, 2017 and December 31, 2016:
Assets (In millions) | Fair Value, January 1, 2017 |  | Purchases |  | Sales |  | Unrealized Gain/ (Loss) |  | Realized Gain/ (Loss) |  | Exchange Rate Impact |  | Transfers in/(out) and Other |  | Fair Value, December 31, 2017
Other investments | $ | 312 |  |  | $ | 20 |  |  | $ | (15 | ) |  | $ | (7 | ) |  | $ | — |  |  | $ | 40 |  |  | $ | — |  |  | $ | 350 |
Corporate stocks | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |
Corporate obligations | 9 |  |  | 9 |  |  | (1 | ) |  | 9 |  |  | — |  |  | 1 |  |  | (7 | ) |  | 20 |
Total assets | $ | 323 |  |  | $ | 29 |  |  | $ | (16 | ) |  | $ | 2 |  |  | $ | — |  |  | $ | 41 |  |  | $ | (7 | ) |  | $ | 372 |
Assets (In millions) | Fair Value, January 1, 2016 |  | Purchases |  | Sales |  | Unrealized Gain/ (Loss) |  | Realized Gain/ (Loss) |  | Exchange Rate Impact |  | Transfers in/(out) and Other |  | Fair Value, December 31, 2016
Other investments | $ | 257 |  |  | $ | 27 |  |  | $ | (28 | ) |  | $ | 67 |  |  | $ | 1 |  |  | $ | (12 | ) |  | $ | — |  |  | $ | 312 |
Corporate stocks | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |
Corporate obligations | 1 |  |  | 8 |  |  | — |  |  | 1 |  |  | — |  |  | (1 | ) |  | — |  |  | 9 |
Total assets | $ | 260 |  |  | $ | 35 |  |  | $ | (28 | ) |  | $ | 68 |  |  | $ | 1 |  |  | $ | (13 | ) |  | $ | — |  |  | $ | 323 |

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