XML 53 R35.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Retirement Benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2018
Defined Benefit Plan [Abstract] |
Schedule of weighted average actuarial assumptions utilized defined benefit plans | 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
| 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Weighted average assumptions: |  |  |  |  |  |  |
Discount rate (for expense) | 3.86 | % |  | 4.58 | % |  | 3.67 | % |  | 4.12 | %
Expected return on plan assets | 7.95 | % |  | 7.95 | % |  | — |  |  | — |
Discount rate (for benefit obligation) | 4.45 | % |  | 3.86 | % |  | 4.24 | % |  | 3.67 | %
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
| 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Weighted average assumptions: |  |  |  |  |  |  |
Discount rate (for expense) | 3.07 | % |  | 3.40 | % |  | 3.21 | % |  | 3.64 | %
Expected return on plan assets | 5.83 | % |  | 6.64 | % |  | — |  |  | — |
Rate of compensation increase (for expense) | 1.73 | % |  | 1.77 | % |  | — |  |  | — |
Discount rate (for benefit obligation) | 3.48 | % |  | 3.07 | % |  | 3.65 | % |  | 3.21 | %
Rate of compensation increase (for benefit obligation) | 1.74 | % |  | 1.73 | % |  | — |  |  | — |
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
| 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Weighted average assumptions: |  |  |  |  |  |  |
Discount rate (for expense) | 2.58 | % |  | 2.69 | % |  | 2.97 | % |  | 3.42 | %
Expected return on plan assets | 4.94 | % |  | 6.07 | % |  | — |  |  | — |
Rate of compensation increase (for expense) | 2.80 | % |  | 2.85 | % |  | — |  |  | — |
Discount rate (for benefit obligation) | 2.89 | % |  | 2.58 | % |  | 3.32 | % |  | 2.97 | %
Rate of compensation increase (for benefit obligation) | 2.82 | % |  | 2.80 | % |  | — |  |  | — |
Schedule of components of net periodic benefit cost for U.S. defined benefit and other postretirement benefit plans | As discussed in Note 1, effective January 1, 2018, the Company adopted the new guidance that changes the presentation of net periodic pension cost and net periodic post-retirement cost (''net periodic benefit costs"). The new guidance requires employers to report the service cost component of net periodic benefit costs in the same line item as other compensation costs in the income statement. The other components of net periodic benefit costs are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. The new guidance requires retrospective application for the presentation of the service cost component and the other components of net periodic benefit costs. Accordingly, the Company has reclassified prior period information in the following chart to conform with the current year's presentation:
Amounts Recorded in the Consolidated Statement of Income |  |  |  |  |
Combined U.S. and significant non-U.S. plans | Pension Benefits |  | Post-retirement Benefits
For the Years Ended December 31, |
(In millions) | 2018 |  |  | 2017 |  | 2016 |  |  | 2018 |  |  | 2017 |  | 2016 |
Compensation and benefits expense (Operating income) | $ | 34 |  |  | $ | 76 |  | $ | 178 |  |  | $ | 1 |  |  | $ | 1 |  | $ | 2 |
Other net benefit (credit) cost | (215 | ) |  | (206 | ) | (240 | ) |  | — |  |  | 5 |  | 7 |
Total (credit) cost | $ | (181 | ) |  | $ | (130 | ) | $ | (62 | ) |  | $ | 1 |  |  | $ | 6 |  | $ | 9 |
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) | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
Service cost | $ | 34 |  |  | $ | 76 |  |  | $ | 178 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |
Interest cost | 463 |  |  | 497 |  |  | 537 |  |  | 3 |  |  | 4 |  |  | 5 |
Expected return on plan assets | (864 | ) |  | (921 | ) |  | (940 | ) |  | — |  |  | — |  |  | — |
Amortization of prior service (credit) cost | (2 | ) |  | (2 | ) |  | (1 | ) |  | (2 | ) |  | 1 |  |  | 4 |
Recognized actuarial loss (gain) | 146 |  |  | 167 |  |  | 168 |  |  | (1 | ) |  | — |  |  | (2 | )
Net periodic benefit (credit) cost | $ | (223 | ) |  | $ | (183 | ) |  | $ | (58 | ) |  | $ | 1 |  |  | $ | 6 |  |  | $ | 9 |
Curtailment (loss) gain | — |  |  | (1 | ) |  | (4 | ) |  | — |  |  | — |  |  | — |
Settlement loss | 42 |  |  | 54 |  |  | — |  |  | — |  |  | — |  |  | — |
Total (credit) cost | $ | (181 | ) |  | $ | (130 | ) |  | $ | (62 | ) |  | $ | 1 |  |  | $ | 6 |  |  | $ | 9 |
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) | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
Service cost | $ | 34 |  |  | $ | 76 |  |  | $ | 72 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |
Interest cost | 228 |  |  | 233 |  |  | 273 |  |  | 2 |  |  | 2 |  |  | 3 |
Expected return on plan assets | (507 | ) |  | (564 | ) |  | (561 | ) |  | — |  |  | — |  |  | — |
Amortization of prior service credit | (2 | ) |  | (2 | ) |  | (1 | ) |  | (2 | ) |  | (2 | ) |  | — |
Recognized actuarial loss | 91 |  |  | 130 |  |  | 94 |  |  | — |  |  | 1 |  |  | — |
Net periodic benefit (credit) cost | (156 | ) |  | (127 | ) |  | (123 | ) |  | 1 |  |  | 2 |  |  | 5 |
Settlement loss | 42 |  |  | 54 |  |  | — |  |  | — |  |  | — |  |  | — |
Curtailment (gain) loss | — |  |  | (1 | ) |  | (4 | ) |  | — |  |  | — |  |  | — |
Total (credit) cost | $ | (114 | ) |  | $ | (74 | ) |  | $ | (127 | ) |  | $ | 1 |  |  | $ | 2 |  |  | $ | 5 |
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) | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
Service cost | $ | — |  |  | $ | — |  |  | $ | 106 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 235 |  |  | 264 |  |  | 264 |  |  | 1 |  |  | 2 |  |  | 2 |
Expected return on plan assets | (357 | ) |  | (357 | ) |  | (379 | ) |  | — |  |  | — |  |  | — |
Amortization of prior service cost | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 4 |
Recognized actuarial loss (gain) | 55 |  |  | 37 |  |  | 74 |  |  | (1 | ) |  | (1 | ) |  | (2 | )
Net periodic benefit (credit) cost | $ | (67 | ) |  | $ | (56 | ) |  | $ | 65 |  |  | $ | — |  |  | $ | 4 |  |  | $ | 4 |
Schedule of MMC's defined benefit plans and postretirement plans | 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) | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 10,053 |  |  | $ | 9,670 |  |  | $ | 68 |  |  | $ | 81 |
Service cost | 34 |  |  | 76 |  |  | 1 |  |  | 1 |
Interest cost | 228 |  |  | 233 |  |  | 2 |  |  | 2 |
Employee contributions | 2 |  |  | 7 |  |  | — |  |  | — |
Actuarial (gain) loss | (450 | ) |  | (149 | ) |  | (8 | ) |  | — |
Plan amendments | 44 |  |  | — |  |  | — |  |  | (17 | )
Effect of settlement | (162 | ) |  | (211 | ) |  | — |  |  | — |
Effect of curtailment | — |  |  | (1 | ) |  | — |  |  | — |
Benefits paid | (290 | ) |  | (291 | ) |  | (3 | ) |  | (3 | )
Foreign currency changes | (491 | ) |  | 703 |  |  | (3 | ) |  | 4 |
Other | 1 |  |  | 16 |  |  | — |  |  | — |
Benefit obligation, December 31 | $ | 8,969 |  |  | $ | 10,053 |  |  | $ | 57 |  |  | $ | 68 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 11,388 |  |  | $ | 10,017 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | (141 | ) |  | 875 |  |  | — |  |  | — |
Effect of settlement | (162 | ) |  | (211 | ) |  | — |  |  | — |
Company contributions | 82 |  |  | 229 |  |  | 3 |  |  | 3 |
Employee contributions | 2 |  |  | 7 |  |  | — |  |  | — |
Benefits paid | (290 | ) |  | (291 | ) |  | (3 | ) |  | (3 | )
Foreign currency changes | (573 | ) |  | 749 |  |  | — |  |  | — |
Other | — |  |  | 13 |  |  | — |  |  | — |
Fair value of plan assets, December 31 | $ | 10,306 |  |  | $ | 11,388 |  |  | $ | — |  |  | $ | — |
Net funded status, December 31 | $ | 1,337 |  |  | $ | 1,335 |  |  | $ | (57 | ) |  | $ | (68 | )
Amounts recognized in the consolidated balance sheets: |  |  |  |  |  |  |
Non-current assets | $ | 1,687 |  |  | $ | 1,684 |  |  | $ | — |  |  | $ | — |
Current liabilities | (5 | ) |  | (6 | ) |  | (3 | ) |  | (4 | )
Non-current liabilities | (345 | ) |  | (343 | ) |  | (54 | ) |  | (64 | )
Net asset (liability) recognized, December 31 | $ | 1,337 |  |  | $ | 1,335 |  |  | $ | (57 | ) |  | $ | (68 | )
Amounts recognized in other comprehensive (loss) income: |  |  |  |  |  |  |
Prior service credit | $ | (2 | ) |  | $ | 43 |  |  | $ | 12 |  |  | $ | 15 |
Net actuarial loss | (2,568 | ) |  | (2,646 | ) |  | (1 | ) |  | (10 | )
Total recognized accumulated other comprehensive (loss) income, December 31 | $ | (2,570 | ) |  | $ | (2,603 | ) |  | $ | 11 |  |  | $ | 5 |
Cumulative employer contributions in excess of (less than) net periodic cost | 3,907 |  |  | 3,938 |  |  | (68 | ) |  | (73 | )
Net asset (liability) recognized in consolidated balance sheets, December 31 | $ | 1,337 |  |  | $ | 1,335 |  |  | $ | (57 | ) |  | $ | (68 | )
Accumulated benefit obligation, December 31 | $ | 8,752 |  |  | $ | 9,783 |  |  | $ | — |  |  | $ | — |
| Non-U.S. Pension Benefits |  | Non-U.S. Postretirement Benefits
(In millions of dollars) | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Reconciliation of prior service credit (cost) recognized in accumulated other comprehensive income (loss): |  |  |  |  |  |  |
Beginning balance | $ | 43 |  |  | $ | 43 |  |  | $ | 15 |  |  | $ | — |
Recognized as component of net periodic benefit credit: |  |  |  |  |  |  |
Amortization of prior service credit | (2 | ) |  | (2 | ) |  | (2 | ) |  | (2 | )
Effect of curtailment | — |  |  | (1 | ) |  | — |  |  | — |
Total recognized as component of net periodic benefit credit | (2 | ) |  | (3 | ) |  | (2 | ) |  | (2 | )
Changes in plan assets and benefit obligations recognized in other comprehensive income: |  |  |  |  |  |  |
Plan amendments | (44 | ) |  | — |  |  | — |  |  | 17 |
Exchange rate adjustments | 1 |  |  | 3 |  |  | (1 | ) |  | — |
Prior service credit, December 31 | $ | (2 | ) |  | $ | 43 |  |  | $ | 12 |  |  | $ | 15 |
| Non-U.S. Pension Benefits |  | Non-U.S. Postretirement Benefits
(In millions of dollars) | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Reconciliation of net actuarial (loss) gain recognized in accumulated other comprehensive (loss) income: |  |  |  |  |  |  |
Beginning balance | $ | (2,646 | ) |  | $ | (3,081 | ) |  | $ | (10 | ) |  | $ | (11 | )
Recognized as component of net periodic benefit cost: |  |  |  |  |  |  |
Amortization of net loss | 91 |  |  | 130 |  |  | — |  |  | 1 |
Effect of settlement | 42 |  |  | 54 |  |  | — |  |  | — |
Total recognized as component of net periodic benefit credit | 133 |  |  | 184 |  |  | — |  |  | 1 |
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): |  |  |  |  |  |  |
Liability experience | 450 |  |  | 149 |  |  | 8 |  |  | — |
Asset experience | (648 | ) |  | 311 |  |  | — |  |  | — |
Other | 3 |  |  | (5 | ) |  | — |  |  | — |
Effect of curtailment | — |  |  | 1 |  |  | — |  |  | — |
Total amount recognized as change in plan assets and benefit obligations | (195 | ) |  | 456 |  |  | 8 |  |  | — |
Exchange rate adjustments | 140 |  |  | (205 | ) |  | 1 |  |  | — |
Net actuarial loss, December 31 | $ | (2,568 | ) |  | $ | (2,646 | ) |  | $ | (1 | ) |  | $ | (10 | )
For the Years Ended December 31, | Non-U.S. Pension Benefits |  | Non-U.S. Postretirement Benefits
(In millions of dollars) | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ | (147 | ) |  | $ | (513 | ) |  | $ | 21 |  |  | $ | (5 | ) |  | $ | (14 | ) |  | $ | 10 |
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) | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 6,221 |  |  | $ | 5,894 |  |  | $ | 36 |  |  | $ | 37 |
Interest cost | 235 |  |  | 264 |  |  | 1 |  |  | 2 |
Employee contributions | — |  |  | — |  |  | 4 |  |  | 3 |
Actuarial (gain) loss | (502 | ) |  | 538 |  |  | (1 | ) |  | 3 |
Benefits paid | (425 | ) |  | (475 | ) |  | (8 | ) |  | (9 | )
Benefit obligation, December 31 | $ | 5,529 |  |  | $ | 6,221 |  |  | $ | 32 |  |  | $ | 36 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 4,787 |  |  | $ | 4,365 |  |  | $ | 2 |  |  | $ | 2 |
Actual return on plan assets | (330 | ) |  | 812 |  |  | — |  |  | — |
Employer contributions | 30 |  |  | 85 |  |  | 3 |  |  | 6 |
Employee contributions | — |  |  | — |  |  | 4 |  |  | 3 |
Benefits paid | (425 | ) |  | (475 | ) |  | (8 | ) |  | (9 | )
Fair value of plan assets, December 31 | $ | 4,062 |  |  | $ | 4,787 |  |  | $ | 1 |  |  | $ | 2 |
Net funded status, December 31 | $ | (1,467 | ) |  | $ | (1,434 | ) |  | $ | (31 | ) |  | $ | (34 | )
Amounts recognized in the consolidated balance sheets: |  |  |  |  |  |  |
Current liabilities | $ | (28 | ) |  | $ | (27 | ) |  | $ | (2 | ) |  | $ | (2 | )
Non-current liabilities | (1,439 | ) |  | (1,407 | ) |  | (29 | ) |  | (32 | )
Net liability recognized, December 31 | $ | (1,467 | ) |  | $ | (1,434 | ) |  | $ | (31 | ) |  | $ | (34 | )
Amounts recognized in other comprehensive income (loss): |  |  |  |  |  |  |
Net actuarial (loss) gain | (1,896 | ) |  | (1,766 | ) |  | 6 |  |  | 6 |
Total recognized accumulated other comprehensive (loss) income, December 31 | $ | (1,896 | ) |  | $ | (1,766 | ) |  | $ | 6 |  |  | $ | 6 |
Cumulative employer contributions in excess of (less than) net periodic cost | 429 |  |  | 332 |  |  | (37 | ) |  | (40 | )
Net amount recognized in consolidated balance sheet | $ | (1,467 | ) |  | $ | (1,434 | ) |  | $ | (31 | ) |  | $ | (34 | )
Accumulated benefit obligation at December 31 | $ | 5,529 |  |  | $ | 6,221 |  |  | $ | — |  |  | $ | — |
| U.S. Pension Benefits |  | U.S. Postretirement Benefits
(In millions of dollars) | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Reconciliation of prior service credit (cost) recognized in accumulated other comprehensive income (loss): |  |  |  |  |  |  |
Beginning balance | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3 | )
Recognized as component of net periodic benefit cost | — |  |  | — |  |  | — |  |  | 3 |
Prior service cost, December 31 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
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) | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Reconciliation of prior service credit (cost) recognized in accumulated other comprehensive income (loss): |  |  |  |  |  |  |
Beginning balance | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3 | )
Recognized as component of net periodic benefit cost | — |  |  | — |  |  | — |  |  | 3 |
Prior service cost, December 31 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| U.S. Pension Benefits |  | U.S. Postretirement Benefits
(In millions of dollars) | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Reconciliation of net actuarial (loss) gain recognized in accumulated other comprehensive income (loss): |  |  |  |  |  |  |
Beginning balance | $ | (1,766 | ) |  | $ | (1,720 | ) |  | $ | 6 |  |  | $ | 11 |
Recognized as component of net periodic benefit cost (credit) | 55 |  |  | 37 |  |  | (1 | ) |  | (1 | )
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): |  |  |  |  |  |  |
Other | — |  |  | — |  |  | — |  |  | (1 | )
Liability experience | 502 |  |  | (538 | ) |  | 1 |  |  | (3 | )
Asset experience | (687 | ) |  | 455 |  |  | — |  |  | — |
Total (loss) gain recognized as change in plan assets and benefit obligations | (185 | ) |  | (83 | ) |  | 1 |  |  | (4 | )
Net actuarial (loss) gain, December 31 | $ | (1,896 | ) |  | $ | (1,766 | ) |  | $ | 6 |  |  | $ | 6 |
| U.S. Pension Benefits |  | U.S. Postretirement Benefits
(In millions of dollars) | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Reconciliation of net actuarial (loss) gain recognized in accumulated other comprehensive income (loss): |  |  |  |  |  |  |
Beginning balance | $ | (1,766 | ) |  | $ | (1,720 | ) |  | $ | 6 |  |  | $ | 11 |
Recognized as component of net periodic benefit cost (credit) | 55 |  |  | 37 |  |  | (1 | ) |  | (1 | )
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): |  |  |  |  |  |  |
Other | — |  |  | — |  |  | — |  |  | (1 | )
Liability experience | 502 |  |  | (538 | ) |  | 1 |  |  | (3 | )
Asset experience | (687 | ) |  | 455 |  |  | — |  |  | — |
Total (loss) gain recognized as change in plan assets and benefit obligations | (185 | ) |  | (83 | ) |  | 1 |  |  | (4 | )
Net actuarial (loss) gain, December 31 | $ | (1,896 | ) |  | $ | (1,766 | ) |  | $ | 6 |  |  | $ | 6 |
| Non-U.S. Pension Benefits |  | Non-U.S. Postretirement Benefits
(In millions of dollars) | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Reconciliation of prior service credit (cost) recognized in accumulated other comprehensive income (loss): |  |  |  |  |  |  |
Beginning balance | $ | 43 |  |  | $ | 43 |  |  | $ | 15 |  |  | $ | — |
Recognized as component of net periodic benefit credit: |  |  |  |  |  |  |
Amortization of prior service credit | (2 | ) |  | (2 | ) |  | (2 | ) |  | (2 | )
Effect of curtailment | — |  |  | (1 | ) |  | — |  |  | — |
Total recognized as component of net periodic benefit credit | (2 | ) |  | (3 | ) |  | (2 | ) |  | (2 | )
Changes in plan assets and benefit obligations recognized in other comprehensive income: |  |  |  |  |  |  |
Plan amendments | (44 | ) |  | — |  |  | — |  |  | 17 |
Exchange rate adjustments | 1 |  |  | 3 |  |  | (1 | ) |  | — |
Prior service credit, December 31 | $ | (2 | ) |  | $ | 43 |  |  | $ | 12 |  |  | $ | 15 |
| Non-U.S. Pension Benefits |  | Non-U.S. Postretirement Benefits
(In millions of dollars) | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Reconciliation of net actuarial (loss) gain recognized in accumulated other comprehensive (loss) income: |  |  |  |  |  |  |
Beginning balance | $ | (2,646 | ) |  | $ | (3,081 | ) |  | $ | (10 | ) |  | $ | (11 | )
Recognized as component of net periodic benefit cost: |  |  |  |  |  |  |
Amortization of net loss | 91 |  |  | 130 |  |  | — |  |  | 1 |
Effect of settlement | 42 |  |  | 54 |  |  | — |  |  | — |
Total recognized as component of net periodic benefit credit | 133 |  |  | 184 |  |  | — |  |  | 1 |
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): |  |  |  |  |  |  |
Liability experience | 450 |  |  | 149 |  |  | 8 |  |  | — |
Asset experience | (648 | ) |  | 311 |  |  | — |  |  | — |
Other | 3 |  |  | (5 | ) |  | — |  |  | — |
Effect of curtailment | — |  |  | 1 |  |  | — |  |  | — |
Total amount recognized as change in plan assets and benefit obligations | (195 | ) |  | 456 |  |  | 8 |  |  | — |
Exchange rate adjustments | 140 |  |  | (205 | ) |  | 1 |  |  | — |
Net actuarial loss, December 31 | $ | (2,568 | ) |  | $ | (2,646 | ) |  | $ | (1 | ) |  | $ | (10 | )
Schedule of amounts recognized in other comprehensive income (loss) |
For the Years Ended December 31, | U.S. Pension Benefits |  | U.S. Postretirement Benefits
(In millions of dollars) | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
Total recognized in net periodic benefit cost and other comprehensive loss (income) | $ | 63 |  |  | $ | (10 | ) |  | $ | 31 |  |  | $ | — |  |  | $ | 5 |  |  | $ | 2 |
For the Years Ended December 31, | Non-U.S. Pension Benefits |  | Non-U.S. Postretirement Benefits
(In millions of dollars) | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ | (147 | ) |  | $ | (513 | ) |  | $ | 21 |  |  | $ | (5 | ) |  | $ | (14 | ) |  | $ | 10 |
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) | 2019 |  |  | 2019 |
Prior service credit | $ | — |  |  | $ | (2 | )
Net actuarial loss | 59 |  |  | — |
Projected cost | $ | 59 |  |  | $ | (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) | 2019 |  |  | 2019 |
Net actuarial loss | $ | 44 |  |  | $ | 1 |
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 | $ | 6 |  |  | $ | (5 | )
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.
2019 | $ | 264 |  |  | $ | 272 |  |  | $ | 4 |  |  | $ | 3 |
2020 | $ | 277 |  |  | $ | 282 |  |  | $ | 4 |  |  | $ | 3 |
2021 | $ | 291 |  |  | $ | 291 |  |  | $ | 4 |  |  | $ | 3 |
2022 | $ | 299 |  |  | $ | 302 |  |  | $ | 3 |  |  | $ | 3 |
2023 | $ | 306 |  |  | $ | 320 |  |  | $ | 3 |  |  | $ | 3 |
2024-2028 | $ | 1,626 |  |  | $ | 1,768 |  |  | $ | 12 |  |  | $ | 15 |
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, 2018 and 2017:
| Fair Value Measurements at December 31, 2018
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 | $ | 291 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,329 |  |  | $ | 5,620 |
Corporate obligations | — |  |  | 3,673 |  |  | — |  |  | — |  |  | 3,673 |
Corporate stocks | 2,046 |  |  | 33 |  |  | 1 |  |  | — |  |  | 2,080 |
Private equity/partnerships | — |  |  | — |  |  | — |  |  | 921 |  |  | 921 |
Government securities | 15 |  |  | 535 |  |  | — |  |  | — |  |  | 550 |
Real estate | — |  |  | — |  |  | — |  |  | 563 |  |  | 563 |
Short-term investment funds | 286 |  |  | — |  |  | — |  |  | — |  |  | 286 |
Company common stock | 319 |  |  | — |  |  | — |  |  | — |  |  | 319 |
Other investments | 13 |  |  | 20 |  |  | 333 |  |  | — |  |  | 366 |
Total investments | $ | 2,970 |  |  | $ | 4,261 |  |  | $ | 334 |  |  | $ | 6,813 |  |  | $ | 14,378 |
| 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 |
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, 2018 and December 31, 2017:
Assets (In millions) | Fair Value, January 1, 2018 |  | Purchases |  | Sales |  | Unrealized Gain/ (Loss) |  | Realized Gain/ (Loss) |  | Exchange Rate Impact |  | Transfers in/(out) and Other |  | Fair Value, December 31, 2018
Other investments | $ | 350 |  |  | $ | 20 |  |  | $ | (19 | ) |  | $ | (5 | ) |  | $ | 1 |  |  | $ | (14 | ) |  | $ | — |  |  | $ | 333 |
Corporate stocks | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1 | ) |  | 1 |
Corporate obligations | 20 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (20 | ) |  | — |
Total assets | $ | 372 |  |  | $ | 20 |  |  | $ | (19 | ) |  | $ | (5 | ) |  | $ | 1 |  |  | $ | (14 | ) |  | $ | (21 | ) |  | $ | 334 |
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 |

X
- References No definition available. + Details
Name: | us-gaap_DefinedBenefitPensionPlansAndDefinedBenefitPostretirementPlansDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income (loss) expected to be recognized as components of net periodic benefit cost over the next fiscal year, including the net gain (loss), net prior service cost or credit, and net transition asset or obligation. + 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 (s) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAmountsInAccumulatedOtherComprehensiveIncomeLossToBeRecognizedOverNextFiscalYearTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets. + 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 (k) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=112275985&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e2417-114920 + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effect of a one-percentage-point increase and the effect of a one-percentage-point decrease in the assumed health care cost trend rates on the aggregate of the service and interest cost components of net periodic postretirement health care benefit costs and the accumulated postretirement benefit obligation for health care benefits. + 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 (m) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfEffectOfOnePercentagePointChangeInAssumedHealthCareCostTrendRatesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + 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 (f) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + 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 (h) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income or loss that have not yet been recognized as components of net periodic benefit cost, such as the net gain (loss), net prior service cost or credit, and net transition asset or obligation. + 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 (j) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetPeriodicBenefitCostNotYetRecognizedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration