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Retirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2020
Retirement Benefits [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 post-retirement benefit plans are as follows:
| Pension Benefits |  | Post-retirement Benefits
| 2020 |  | 2019 |  | 2020 |  | 2019
Weighted average assumptions: |  |  |  |  |  |  |
Discount rate (for expense) | 2.57 | % |  | 3.48 | % |  | 2.72 | % |  | 3.65 | %
Expected return on plan assets | 5.31 | % |  | 5.74 | % |  | — |  |  | — |
Rate of compensation increase (for expense)* | 1.76 | % |  | 1.74 | % |  | — |  |  | — |
Discount rate (for benefit obligation) | 1.92 | % |  | 2.57 | % |  | 2.42 | % |  | 2.72 | %
Rate of compensation increase (for benefit obligation)* | 1.85 | % |  | 1.76 | % |  | — |  |  | — |
The weighted average actuarial assumptions utilized in determining expense during the year and benefit obligation at the end of the year for the U.S. defined benefit and other U.S. post-retirement plans are as follows:
| U.S. Pension Benefits |  | U.S. Post-retirement Benefits
| 2020 |  | 2019 |  | 2020 |  | 2019
Weighted average assumptions: |  |  |  |  |  |  |
Discount rate (for expense) | 3.44 | % |  | 4.45 | % |  | 3.10 | % |  | 4.24 | %
Expected return on plan assets | 7.82 | % |  | 7.95 | % |  | — |  |  | — |
Discount rate (for benefit obligation) | 2.73 | % |  | 3.44 | % |  | 2.18 | % |  | 3.10 | %
| Non-U.S. Pension Benefits |  | Non-U.S. Post-retirement Benefits
| 2020 |  | 2019 |  | 2020 |  | 2019
Weighted average assumptions: |  |  |  |  |  |  |
Discount rate (for expense) | 2.09 | % |  | 2.89 | % |  | 2.53 | % |  | 3.32 | %
Expected return on plan assets | 4.35 | % |  | 4.87 | % |  | — |  |  | — |
Rate of compensation increase (for expense) | 2.75 | % |  | 2.82 | % |  | — |  |  | — |
Discount rate (for benefit obligation) | 1.49 | % |  | 2.09 | % |  | 1.96 | % |  | 2.53 | %
Rate of compensation increase (for benefit obligation) | 2.84 | % |  | 2.75 | % |  | — |  |  | — |
Schedule of components of net periodic benefit cost for U.S. defined benefit and other postretirement benefit plans | The components of the net periodic benefit cost for defined benefit and other post-retirement plans are as follows:
Combined U.S. and significant non-U.S. Plans | Pension |  | Post-retirement
For the Years Ended December 31, | Benefits |  | Benefits
(In millions) | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Service cost | $ | 36 |  |  | $ | 31 |  |  | $ | 34 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Interest cost | 421 |  |  | 487 |  |  | 463 |  |  | 3 |  |  | 3 |  |  | 3 |
Expected return on plan assets | (844) |  |  | (863) |  |  | (864) |  |  | — |  |  | — |  |  | — |
Amortization of prior service (credit) | — |  |  | — |  |  | (2) |  |  | (2) |  |  | (2) |  |  | (2) |
Recognized actuarial loss (gain) | 161 |  |  | 104 |  |  | 146 |  |  | — |  |  | (1) |  |  | (1) |
Net periodic benefit (credit) cost | $ | (226) |  |  | $ | (241) |  |  | $ | (223) |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |
Plan termination | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlement loss | 3 |  |  | 7 |  |  | 42 |  |  | — |  |  | — |  |  | — |
Total (credit) cost | $ | (222) |  |  | $ | (234) |  |  | $ | (181) |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |
The following chart provides the amounts reported in the consolidated statements of income:
Combined U.S. and significant non-U.S. Plans | Pension Benefits |  | Post-retirement Benefits
For the Years Ended December 31, |
(In millions) | 2020 |  | 2019 | 2018 |  | 2020 |  | 2019 | 2018
Compensation and benefits expense (Operating income) | $ | 36 |  |  | $ | 31 |  | $ | 34 |  |  | $ | — |  |  | $ | — |  | $ | 1 |
Other net benefit (credit) cost | (258) |  |  | (265) |  | (215) |  |  | 1 |  |  | — |  | — |
Total (credit) cost | $ | (222) |  |  | $ | (234) |  | $ | (181) |  |  | $ | 1 |  |  | $ | — |  | $ | 1 |
The components of the net periodic benefit cost (credit) for the U.S. defined benefit and other post-retirement benefit plans are as follows:
U.S. Plans only | Pension Benefits |  | Post-retirement Benefits
For the Years Ended December 31, |
(In millions) | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Interest cost | 213 |  |  | 241 |  |  | 235 |  |  | 1 |  |  | 1 |  |  | 1 |
Expected return on plan assets | (345) |  |  | (343) |  |  | (357) |  |  | — |  |  | — |  |  | — |
Recognized actuarial loss (gain) | 72 |  |  | 44 |  |  | 55 |  |  | — |  |  | (1) |  |  | (1) |
Net periodic benefit (credit) cost | $ | (60) |  |  | $ | (58) |  |  | $ | (67) |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
The components of the net periodic benefit cost for the non-U.S. defined benefit and other post-retirement 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. Post-retirement Benefits
(In millions) | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Service cost | $ | 36 |  |  | $ | 31 |  |  | $ | 34 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Interest cost | 208 |  |  | 246 |  |  | 228 |  |  | 2 |  |  | 2 |  |  | 2 |
Expected return on plan assets | (499) |  |  | (520) |  |  | (507) |  |  | — |  |  | — |  |  | — |
Amortization of prior service credit | — |  |  | — |  |  | (2) |  |  | (2) |  |  | (2) |  |  | (2) |
Recognized actuarial loss | 89 |  |  | 60 |  |  | 91 |  |  | — |  |  | — |  |  | — |
Net periodic benefit (credit) cost | (166) |  |  | (183) |  |  | (156) |  |  | — |  |  | — |  |  | 1 |
Settlement loss | 3 |  |  | 7 |  |  | 42 |  |  | — |  |  | — |  |  | — |
Special termination benefits | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total (credit) cost | $ | (162) |  |  | $ | (176) |  |  | $ | (114) |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |
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 post-retirement benefit plans:
| U.S. Pension Benefits |  | U.S. Post-retirement Benefits
(In millions) | 2020 |  | 2019 |  | 2020 |  | 2019
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 6,322 |  |  | $ | 5,529 |  |  | $ | 31 |  |  | $ | 32 |
Interest cost | 213 |  |  | 241 |  |  | 1 |  |  | 1 |
Employee contributions | — |  |  | — |  |  | 4 |  |  | 4 |
Plan combination | — |  |  | 64 |  |  | — |  |  | — |
Actuarial (gain) loss | 650 |  |  | 753 |  |  | 1 |  |  | 1 |
Benefits paid | (271) |  |  | (265) |  |  | (6) |  |  | (7) |
Benefit obligation, December 31 | $ | 6,914 |  |  | $ | 6,322 |  |  | $ | 31 |  |  | $ | 31 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 4,715 |  |  | $ | 4,062 |  |  | $ | 2 |  |  | $ | 1 |
Actual return on plan assets | 591 |  |  | 834 |  |  | — |  |  | — |
Employer contributions | 65 |  |  | 35 |  |  | 3 |  |  | 4 |
Employee contributions | — |  |  | — |  |  | 4 |  |  | 4 |
Benefits paid | (271) |  |  | (265) |  |  | (6) |  |  | (7) |
Other | — |  |  | 49 |  |  | (1) |  |  | — |
Fair value of plan assets, December 31 | $ | 5,100 |  |  | $ | 4,715 |  |  | $ | 2 |  |  | $ | 2 |
Net funded status, December 31 | $ | (1,814) |  |  | $ | (1,607) |  |  | $ | (29) |  |  | $ | (29) |
Amounts recognized in the consolidated balance sheets: |  |  |  |  |  |  |
Current liabilities | $ | (30) |  |  | $ | (29) |  |  | $ | (1) |  |  | $ | (1) |
Non-current liabilities | (1,784) |  |  | (1,578) |  |  | (28) |  |  | (28) |
Net liability recognized, December 31 | $ | (1,814) |  |  | $ | (1,607) |  |  | $ | (29) |  |  | $ | (29) |
Amounts recognized in other comprehensive income (loss): |  |  |  |  |  |  |
Net actuarial (loss) gain | (2,446) |  |  | (2,114) |  |  | 3 |  |  | 4 |
Total recognized accumulated other comprehensive (loss) income, December 31 | $ | (2,446) |  |  | $ | (2,114) |  |  | $ | 3 |  |  | $ | 4 |
Cumulative employer contributions in excess of (less than) net periodic cost | 632 |  |  | 507 |  |  | (32) |  |  | (33) |
Net amount recognized in consolidated balance sheet | $ | (1,814) |  |  | $ | (1,607) |  |  | $ | (29) |  |  | $ | (29) |
Accumulated benefit obligation at December 31 | $ | 6,914 |  |  | $ | 6,322 |  |  | $ | — |  |  | $ | — |
The following schedules provide information concerning the Company’s non-U.S. defined benefit pension plans and non-U.S. post-retirement benefit plans:
| Non-U.S. Pension Benefits |  | Non-U.S. Post-retirement Benefits
(In millions) | 2020 |  | 2019 |  | 2020 |  | 2019
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 11,321 |  |  | $ | 8,969 |  |  | $ | 61 |  |  | $ | 57 |
Service cost | 36 |  |  | 31 |  |  | — |  |  | — |
Interest cost | 208 |  |  | 246 |  |  | 2 |  |  | 2 |
Employee contributions | 2 |  |  | 2 |  |  | — |  |  | — |
Plan combination | — |  |  | 915 |  |  | — |  |  | — |
Actuarial loss | 1,273 |  |  | 1,339 |  |  | 10 |  |  | 3 |
Plan amendments | 11 |  |  | (1) |  |  | — |  |  | — |
Effect of settlement | (13) |  |  | (25) |  |  | — |  |  | — |
Special termination benefits | 1 |  |  | — |  |  | — |  |  | — |
Benefits paid | (402) |  |  | (364) |  |  | (2) |  |  | (3) |
Foreign currency changes | 561 |  |  | 209 |  |  | 2 |  |  | 2 |
Benefit obligation, December 31 | $ | 12,998 |  |  | $ | 11,321 |  |  | $ | 73 |  |  | $ | 61 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 12,313 |  |  | $ | 10,306 |  |  | $ | — |  |  | $ | — |
Plan combination | — |  |  | 683 |  |  | — |  |  | — |
Actual return on plan assets | 1,415 |  |  | 1,367 |  |  | — |  |  | — |
Effect of settlement | (13) |  |  | (25) |  |  | — |  |  | — |
Company contributions | 78 |  |  | 87 |  |  | 2 |  |  | 3 |
Employee contributions | 2 |  |  | 2 |  |  | — |  |  | — |
Benefits paid | (402) |  |  | (364) |  |  | (2) |  |  | (3) |
Foreign currency changes | 635 |  |  | 257 |  |  | — |  |  | — |
Fair value of plan assets, December 31 | $ | 14,028 |  |  | $ | 12,313 |  |  | $ | — |  |  | $ | — |
Net funded status, December 31 | $ | 1,030 |  |  | $ | 992 |  |  | $ | (73) |  |  | $ | (61) |
Amounts recognized in the consolidated balance sheets: |  |  |  |  |  |  |
Non-current assets | $ | 1,764 |  |  | $ | 1,632 |  |  | $ | — |  |  | $ | — |
Current liabilities | (7) |  |  | (6) |  |  | (3) |  |  | (3) |
Non-current liabilities | (727) |  |  | (634) |  |  | (70) |  |  | (58) |
Net asset (liability) recognized, December 31 | $ | 1,030 |  |  | $ | 992 |  |  | $ | (73) |  |  | $ | (61) |
Amounts recognized in other comprehensive (loss) income: |  |  |  |  |  |  |
Prior service credit | $ | (13) |  |  | $ | (2) |  |  | $ | 9 |  |  | $ | 11 |
Net actuarial loss | (3,467) |  |  | (3,055) |  |  | (16) |  |  | (5) |
Total recognized accumulated other comprehensive (loss) income, December 31 | $ | (3,480) |  |  | $ | (3,057) |  |  | $ | (7) |  |  | $ | 6 |
Cumulative employer contributions in excess of (less than) net periodic cost | 4,510 |  |  | 4,049 |  |  | (66) |  |  | (67) |
Net asset (liability) recognized in consolidated balance sheets, December 31 | $ | 1,030 |  |  | $ | 992 |  |  | $ | (73) |  |  | $ | (61) |
Accumulated benefit obligation, December 31 | $ | 12,736 |  |  | $ | 11,079 |  |  | $ | — |  |  | $ | — |
Schedule of total recognized in net periodic benefit cost and other comprehensive income (loss) |
| U.S. Pension Benefits |  | U.S. Post-retirement Benefits
(In millions) | 2020 |  | 2019 |  | 2020 |  | 2019
Reconciliation of net actuarial (loss) gain recognized in accumulated other comprehensive income (loss): |  |  |  |  |  |  |
Beginning balance | $ | (2,114) |  |  | $ | (1,896) |  |  | $ | 4 |  |  | $ | 6 |
Recognized as component of net periodic benefit cost (credit) | 72 |  |  | 44 |  |  | — |  |  | (1) |
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): |  |  |  |  |  |  |
Liability experience | (650) |  |  | (753) |  |  | (1) |  |  | (1) |
Asset experience | 246 |  |  | 491 |  |  | — |  |  | — |
Total loss recognized as change in plan assets and benefit obligations | (404) |  |  | (262) |  |  | (1) |  |  | (1) |
Net actuarial (loss) gain, December 31 | $ | (2,446) |  |  | $ | (2,114) |  |  | $ | 3 |  |  | $ | 4 |
| Non-U.S. Pension Benefits |  | Non-U.S. Post-retirement Benefits
(In millions) | 2020 |  | 2019 |  | 2020 |  | 2019
Reconciliation of prior service (cost) credit recognized in accumulated other comprehensive income (loss): |  |  |  |  |  |  |
Beginning balance | $ | (2) |  |  | $ | (2) |  |  | $ | 11 |  |  | $ | 12 |
Recognized as component of net periodic benefit credit: |  |  |  |  |  |  |
Amortization of prior service credit | — |  |  | — |  |  | (2) |  |  | (2) |
Total recognized as component of net periodic benefit credit | — |  |  | — |  |  | (2) |  |  | (2) |
Changes in plan assets and benefit obligations recognized in other comprehensive income: |  |  |  |  |  |  |
Plan amendments | (11) |  |  | 1 |  |  | — |  |  | — |
Exchange rate adjustments | — |  |  | (1) |  |  | — |  |  | 1 |
Prior service (cost) credit, December 31 | $ | (13) |  |  | $ | (2) |  |  | $ | 9 |  |  | $ | 11 |
| Non-U.S. Pension Benefits |  | Non-U.S. Post-retirement Benefits
(In millions) | 2020 |  | 2019 |  | 2020 |  | 2019
Reconciliation of net actuarial (loss) gain recognized in accumulated other comprehensive (loss) income: |  |  |  |  |  |  |
Beginning balance | $ | (3,055) |  |  | $ | (2,568) |  |  | $ | (5) |  |  | $ | (1) |
Recognized as component of net periodic benefit cost: |  |  |  |  |  |  |
Amortization of net loss | 89 |  |  | 60 |  |  | — |  |  | — |
Effect of settlement | 3 |  |  | 7 |  |  | — |  |  | — |
Total recognized as component of net periodic benefit credit | 92 |  |  | 67 |  |  | — |  |  | — |
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): |  |  |  |  |  |  |
Liability experience | (1,273) |  |  | (1,339) |  |  | (10) |  |  | (3) |
Asset experience | 916 |  |  | 847 |  |  | — |  |  | — |
Total amount recognized as change in plan assets and benefit obligations | (357) |  |  | (492) |  |  | (10) |  |  | (3) |
Exchange rate adjustments | (147) |  |  | (62) |  |  | (1) |  |  | (1) |
Net actuarial loss, December 31 | $ | (3,467) |  |  | $ | (3,055) |  |  | $ | (16) |  |  | $ | (5) |
Schedule of amounts recognized in other comprehensive income (loss) |
For the Years Ended December 31, | U.S. Pension Benefits |  | U.S. Post-retirement Benefits
(In millions) | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Total recognized in net periodic benefit cost and other comprehensive loss | $ | 272 |  |  | $ | 160 |  |  | $ | 63 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | — |
For the Years Ended December 31, | Non-U.S. Pension Benefits |  | Non-U.S. Post-retirement Benefits
(In millions) | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Total recognized in net periodic benefit cost and other comprehensive loss (income) | $ | 261 |  |  | $ | 311 |  |  | $ | (147) |  |  | $ | 13 |  |  | $ | 5 |  |  | $ | (5) |
Schedule of estimated future benefit payments for its pension and postretirement benefits | The estimated future benefit payments for the Company's pension and post-retirement benefit plans are as follows:
For the Years Ended December 31, | Pension Benefits |  | Post-retirement Benefits
(In millions) | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S.
2021 | $ | 291 |  |  | $ | 344 |  |  | $ | 4 |  |  | $ | 3 |
2022 | $ | 302 |  |  | $ | 353 |  |  | $ | 3 |  |  | $ | 3 |
2023 | $ | 315 |  |  | $ | 373 |  |  | $ | 3 |  |  | $ | 3 |
2024 | $ | 321 |  |  | $ | 382 |  |  | $ | 3 |  |  | $ | 3 |
2025 | $ | 327 |  |  | $ | 394 |  |  | $ | 3 |  |  | $ | 3 |
2026-2030 | $ | 1,701 |  |  | $ | 2,160 |  |  | $ | 10 |  |  | $ | 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, 2020 and 2019:
| Fair Value Measurements at December 31, 2020
Assets (In millions) | 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 | $ | 561 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,298 |  |  | $ | 4,859 |
Corporate obligations | — |  |  | 4,707 |  |  | 2 |  |  | — |  |  | 4,709 |
Corporate stocks | 2,737 |  |  | 39 |  |  | 1 |  |  | — |  |  | 2,777 |
Private equity/partnerships | — |  |  | — |  |  | — |  |  | 1,353 |  |  | 1,353 |
Government securities | 15 |  |  | 4,331 |  |  | — |  |  | — |  |  | 4,346 |
Real estate | — |  |  | — |  |  | — |  |  | 487 |  |  | 487 |
Short-term investment funds | 1,040 |  |  | — |  |  | — |  |  | — |  |  | 1,040 |
Company common stock | 234 |  |  | — |  |  | — |  |  | — |  |  | 234 |
Other investments | 13 |  |  | 7 |  |  | 771 |  |  | — |  |  | 791 |
Total investments | $ | 4,600 |  |  | $ | 9,084 |  |  | $ | 774 |  |  | $ | 6,138 |  |  | $ | 20,596 |
Net derivative liabilities | — |  |  | (1,522) |  |  | — |  |  | — |  |  | (1,522) |
Net Investments | $ | 4,600 |  |  | $ | 7,562 |  |  | $ | 774 |  |  | $ | 6,138 |  |  | $ | 19,074 |
| Fair Value Measurements at December 31, 2019
Assets (In millions) | 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 | $ | 492 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,959 |  |  | $ | 6,451 |
Corporate obligations | — |  |  | 4,063 |  |  | — |  |  | — |  |  | 4,063 |
Corporate stocks | 2,871 |  |  | 34 |  |  | 1 |  |  | — |  |  | 2,906 |
Private equity/partnerships | — |  |  | — |  |  | — |  |  | 1,055 |  |  | 1,055 |
Government securities | 20 |  |  | 679 |  |  | — |  |  | — |  |  | 699 |
Real estate | — |  |  | — |  |  | — |  |  | 660 |  |  | 660 |
Short-term investment funds | 309 |  |  | 3 |  |  | — |  |  | — |  |  | 312 |
Company common stock | 223 |  |  | — |  |  | — |  |  | — |  |  | 223 |
Other investments | 15 |  |  | 17 |  |  | 682 |  |  | 2 |  |  | 716 |
Total investments | $ | 3,930 |  |  | $ | 4,796 |  |  | $ | 683 |  |  | $ | 7,676 |  |  | $ | 17,085 |
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, 2020 and December 31, 2019:
Assets (In millions) | Fair Value, January 1, 2020 |  | Purchases |  | Sales |  | Unrealized Gain/ (Loss) |  | Realized Gain/ (Loss) |  | Exchange Rate Impact |  | Transfers in/(out) and Other |  | Fair Value, December 31, 2020
Other investments | $ | 682 |  |  | $ | 20 |  |  | $ | (12) |  |  | $ | 25 |  |  | $ | 1 |  |  | $ | 55 |  |  | $ | 2 |  |  | $ | 773 |
Corporate stocks | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |
Total assets | $ | 683 |  |  | $ | 20 |  |  | $ | (12) |  |  | $ | 25 |  |  | $ | 1 |  |  | $ | 55 |  |  | $ | 2 |  |  | $ | 774 |
Assets (In millions) | Fair Value, January 1, 2019 |  | Purchases |  | Sales |  | Unrealized Gain/ (Loss) |  | Realized Gain/ (Loss) |  | Exchange Rate Impact |  | Transfers in/(out) and Other (a) |  | Fair Value, December 31, 2019
Other investments | $ | 333 |  |  | $ | 17 |  |  | $ | (14) |  |  | $ | 72 |  |  | $ | 1 |  |  | $ | (9) |  |  | $ | 282 |  |  | $ | 682 |
Corporate stocks | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |
Total assets | $ | 334 |  |  | $ | 17 |  |  | $ | (14) |  |  | $ | 72 |  |  | $ | 1 |  |  | $ | (9) |  |  | $ | 282 |  |  | $ | 683 |
(a) Transfers in during 2019 are primarily related to the inclusion of JLT plan assets.

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- 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=117815213&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 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- 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=117815213&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=117815213&loc=d3e19207-110258 + Details
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- 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=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- 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=118257860&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=118255775&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=118255775&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=118255775&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=118255775&loc=d3e2417-114920 + Details
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