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Retirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2021
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
| 2021 |  | 2020 |  | 2021 |  | 2020
Weighted average assumptions: |  |  |  |  |  |  |
Discount rate (for expense) | 1.92 | % |  | 2.57 | % |  | 2.42 | % |  | 2.72 | %
Expected return on plan assets | 4.73 | % |  | 5.31 | % |  | — |  |  | — |
Rate of compensation increase (for expense)* | 1.85 | % |  | 1.76 | % |  | — |  |  | — |
Discount rate (for benefit obligation) | 2.28 | % |  | 1.92 | % |  | 2.36 | % |  | 2.42 | %
Rate of compensation increase (for benefit obligation)* | 2.16 | % |  | 1.85 | % |  | — |  |  | — |
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
| 2021 |  | 2020 |  | 2021 |  | 2020
Weighted average assumptions: |  |  |  |  |  |  |
Discount rate (for expense) | 2.73 | % |  | 3.44 | % |  | 2.18 | % |  | 3.10 | %
Expected return on plan assets | 7.03 | % |  | 7.82 | % |  | — |  |  | — |
Discount rate (for benefit obligation) | 3.00 | % |  | 2.73 | % |  | 2.56 | % |  | 2.18 | %
| Non-U.S. Pension Benefits |  | Non-U.S. Post-retirement Benefits
| 2021 |  | 2020 |  | 2021 |  | 2020
Weighted average assumptions: |  |  |  |  |  |  |
Discount rate (for expense) | 1.49 | % |  | 2.09 | % |  | 1.96 | % |  | 2.53 | %
Expected return on plan assets | 3.89 | % |  | 4.35 | % |  | — |  |  | — |
Rate of compensation increase (for expense) | 2.84 | % |  | 2.75 | % |  | — |  |  | — |
Discount rate (for benefit obligation) | 1.89 | % |  | 1.49 | % |  | 2.28 | % |  | 1.96 | %
Rate of compensation increase (for benefit obligation) | 3.34 | % |  | 2.84 | % |  | — |  |  | — |
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) | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Service cost | $ | 38 |  |  | $ | 36 |  |  | $ | 31 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
Interest cost | 341 |  |  | 421 |  |  | 487 |  |  | 2 |  |  | 3 |  |  | 3 |
Expected return on plan assets | (832) |  |  | (844) |  |  | (863) |  |  | — |  |  | — |  |  | — |
Amortization of prior service | — |  |  | — |  |  | — |  |  | (2) |  |  | (2) |  |  | (2) |
Recognized actuarial loss (gain) | 206 |  |  | 161 |  |  | 104 |  |  | 1 |  |  | — |  |  | (1) |
Net periodic benefit (credit) cost | $ | (247) |  |  | $ | (226) |  |  | $ | (241) |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | — |
Curtailment loss | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Plan termination | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
Settlement loss | 5 |  |  | 3 |  |  | 7 |  |  | — |  |  | — |  |  | — |
Total (credit) cost | $ | (240) |  |  | $ | (222) |  |  | $ | (234) |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | — |
The following table 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) | 2021 |  | 2020 | 2019 |  | 2021 |  | 2020 | 2019
Compensation and benefits expense | $ | 38 |  |  | $ | 36 |  | $ | 31 |  |  | $ | 1 |  |  | $ | — |  | $ | — |
Other net benefit (credit) cost | (278) |  |  | (258) |  | (265) |  |  | 1 |  |  | 1 |  | — |
Total (credit) cost | $ | (240) |  |  | $ | (222) |  | $ | (234) |  |  | $ | 2 |  |  | $ | 1 |  | $ | — |
The components of the net periodic benefit credit (cost) 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) | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Interest cost | $ | 184 |  |  | $ | 213 |  |  | $ | 241 |  |  | 1 |  |  | 1 |  |  | 1 |
Expected return on plan assets | (327) |  |  | (345) |  |  | (343) |  |  | — |  |  | — |  |  | — |
Recognized actuarial loss (gain) | 90 |  |  | 72 |  |  | 44 |  |  | (1) |  |  | — |  |  | (1) |
Net periodic benefit (credit) cost | $ | (53) |  |  | $ | (60) |  |  | $ | (58) |  |  | $ | — |  |  | $ | 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) | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Service cost | $ | 38 |  |  | $ | 36 |  |  | $ | 31 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
Interest cost | 157 |  |  | 208 |  |  | 246 |  |  | 1 |  |  | 2 |  |  | 2 |
Expected return on plan assets | (505) |  |  | (499) |  |  | (520) |  |  | — |  |  | — |  |  | — |
Amortization of prior service credit | — |  |  | — |  |  | — |  |  | (2) |  |  | (2) |  |  | (2) |
Recognized actuarial loss | 116 |  |  | 89 |  |  | 60 |  |  | 2 |  |  | — |  |  | — |
Net periodic benefit credit | (194) |  |  | (166) |  |  | (183) |  |  | 2 |  |  | — |  |  | — |
Settlement loss | 5 |  |  | 3 |  |  | 7 |  |  | — |  |  | — |  |  | — |
Curtailment loss | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Special termination benefits | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
Total credit | $ | (187) |  |  | $ | (162) |  |  | $ | (176) |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |
Schedule of MMC's defined benefit plans and postretirement plans | The following tables provide information concerning the Company’s U.S. defined benefit pension and post-retirement benefit plans:
| U.S. Pension Benefits |  | U.S. Post-retirement Benefits
(In millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 6,914 |  |  | $ | 6,322 |  |  | $ | 31 |  |  | $ | 31 |
Interest cost | 184 |  |  | 213 |  |  | 1 |  |  | 1 |
Employee contributions | — |  |  | — |  |  | 4 |  |  | 4 |
Plan amendments | 1 |  |  | — |  |  | — |  |  | — |
Actuarial (gain) loss | (227) |  |  | 650 |  |  | (1) |  |  | 1 |
Benefits paid | (278) |  |  | (271) |  |  | (7) |  |  | (6) |
Benefit obligation, December 31 | $ | 6,594 |  |  | $ | 6,914 |  |  | $ | 28 |  |  | $ | 31 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 5,100 |  |  | $ | 4,715 |  |  | $ | 2 |  |  | $ | 2 |
Actual return on plan assets | 680 |  |  | 591 |  |  | — |  |  | — |
Employer contributions | 35 |  |  | 65 |  |  | 3 |  |  | 3 |
Employee contributions | — |  |  | — |  |  | 4 |  |  | 4 |
Benefits paid | (278) |  |  | (271) |  |  | (7) |  |  | (6) |
Other | — |  |  | — |  |  | — |  |  | (1) |
Fair value of plan assets, December 31 | $ | 5,537 |  |  | $ | 5,100 |  |  | $ | 2 |  |  | $ | 2 |
Net funded status, December 31 | $ | (1,057) |  |  | $ | (1,814) |  |  | $ | (26) |  |  | $ | (29) |
Amounts recognized in the consolidated balance sheets: |  |  |  |  |  |  |
Current liabilities | $ | (31) |  |  | $ | (30) |  |  | $ | (1) |  |  | $ | (1) |
Non-current liabilities | (1,026) |  |  | (1,784) |  |  | (25) |  |  | (28) |
Net liability recognized, December 31 | $ | (1,057) |  |  | $ | (1,814) |  |  | $ | (26) |  |  | $ | (29) |
Amounts recognized in other comprehensive income (loss): |  |  |  |  |  |  |
Prior service cost | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Net actuarial (loss) gain | (1,777) |  |  | (2,446) |  |  | 3 |  |  | 3 |
Total recognized accumulated other comprehensive (loss) income, December 31 | $ | (1,778) |  |  | $ | (2,446) |  |  | $ | 3 |  |  | $ | 3 |
Cumulative employer contributions in excess of (less than) net periodic cost | 721 |  |  | 632 |  |  | (29) |  |  | (32) |
Net amount recognized in consolidated balance sheet | $ | (1,057) |  |  | $ | (1,814) |  |  | $ | (26) |  |  | $ | (29) |
Accumulated benefit obligation at December 31 | $ | 6,594 |  |  | $ | 6,914 |  |  | $ | — |  |  | $ | — |
The following tables provide information concerning the Company’s non-U.S.defined benefit pension and post-retirement benefit plans:
| Non-U.S. Pension Benefits |  | Non-U.S. Post-retirement Benefits
(In millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 12,998 |  |  | $ | 11,321 |  |  | $ | 73 |  |  | $ | 61 |
Service cost | 38 |  |  | 36 |  |  | 1 |  |  | — |
Interest cost | 157 |  |  | 208 |  |  | 1 |  |  | 2 |
Employee contributions | 2 |  |  | 2 |  |  | — |  |  | — |
Actuarial (gain) loss | (617) |  |  | 1,273 |  |  | (4) |  |  | 10 |
Plan amendments | 7 |  |  | 11 |  |  | — |  |  | — |
Effect of settlement | (16) |  |  | (13) |  |  | — |  |  | — |
Effect of curtailment | (2) |  |  | — |  |  | — |  |  | — |
Special termination benefits | — |  |  | 1 |  |  | — |  |  | — |
Benefits paid | (395) |  |  | (402) |  |  | (3) |  |  | (2) |
Foreign currency changes | (115) |  |  | 561 |  |  | — |  |  | 2 |
Benefit obligation, December 31 | $ | 12,057 |  |  | $ | 12,998 |  |  | $ | 68 |  |  | $ | 73 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 14,028 |  |  | $ | 12,313 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | 306 |  |  | 1,415 |  |  | — |  |  | — |
Effect of settlement | (16) |  |  | (13) |  |  | — |  |  | — |
Company contributions | 95 |  |  | 78 |  |  | 3 |  |  | 2 |
Employee contributions | 2 |  |  | 2 |  |  | — |  |  | — |
Benefits paid | (395) |  |  | (402) |  |  | (3) |  |  | (2) |
Foreign currency changes | (165) |  |  | 635 |  |  | — |  |  | — |
Fair value of plan assets, December 31 | $ | 13,855 |  |  | $ | 14,028 |  |  | $ | — |  |  | $ | — |
Net funded status, December 31 | $ | 1,798 |  |  | $ | 1,030 |  |  | $ | (68) |  |  | $ | (73) |
Amounts recognized in the consolidated balance sheets: |  |  |  |  |  |  |
Non-current assets | $ | 2,269 |  |  | $ | 1,764 |  |  | $ | — |  |  | $ | — |
Current liabilities | (6) |  |  | (7) |  |  | (3) |  |  | (3) |
Non-current liabilities | (465) |  |  | (727) |  |  | (65) |  |  | (70) |
Net asset (liability) recognized, December 31 | $ | 1,798 |  |  | $ | 1,030 |  |  | $ | (68) |  |  | $ | (73) |
Amounts recognized in other comprehensive loss: |  |  |  |  |  |  |
Prior service (credit) cost | $ | (18) |  |  | $ | (13) |  |  | $ | 7 |  |  | $ | 9 |
Net actuarial loss | (2,904) |  |  | (3,467) |  |  | (10) |  |  | (16) |
Total recognized accumulated other comprehensive (loss) income, December 31 | $ | (2,922) |  |  | $ | (3,480) |  |  | $ | (3) |  |  | $ | (7) |
Cumulative employer contributions in excess of (less than) net periodic cost | 4,720 |  |  | 4,510 |  |  | (65) |  |  | (66) |
Net asset (liability) recognized in consolidated balance sheets, December 31 | $ | 1,798 |  |  | $ | 1,030 |  |  | $ | (68) |  |  | $ | (73) |
Accumulated benefit obligation, December 31 | $ | 11,830 |  |  | $ | 12,736 |  |  | $ | — |  |  | $ | — |
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) | 2021 |  | 2020 |  | 2021 |  | 2020
Reconciliation of net actuarial (loss) gain recognized in accumulated other comprehensive income (loss): |  |  |  |  |  |  |
Beginning balance | $ | (2,446) |  |  | $ | (2,114) |  |  | $ | 3 |  |  | $ | 4 |
Recognized as component of net periodic benefit cost (credit) | 90 |  |  | 72 |  |  | (1) |  |  | — |
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): |  |  |  |  |  |  |
Other | (1) |  |  | — |  |  | — |  |  | — |
Liability experience | 227 |  |  | (650) |  |  | 1 |  |  | (1) |
Asset experience | 353 |  |  | 246 |  |  | — |  |  | — |
Total gain (loss) recognized as change in plan assets and benefit obligations | 579 |  |  | (404) |  |  | 1 |  |  | (1) |
Net actuarial (loss) gain, December 31 | $ | (1,777) |  |  | $ | (2,446) |  |  | $ | 3 |  |  | $ | 3 |
| Non-U.S. Pension Benefits |  | Non-U.S. Post-retirement Benefits
(In millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Reconciliation of prior service (cost) credit recognized in accumulated other comprehensive income (loss): |  |  |  |  |  |  |
Beginning balance | $ | (13) |  |  | $ | (2) |  |  | $ | 9 |  |  | $ | 11 |
Recognized as component of net periodic benefit credit: |  |  |  |  |  |  |
Amortization of prior service credit | — |  |  | — |  |  | (2) |  |  | (2) |
Effect of curtailment | 2 |  |  | — |  |  | — |  |  | — |
Total recognized as component of net periodic benefit cost (credit) | 2 |  |  | — |  |  | (2) |  |  | (2) |
Changes in plan assets and benefit obligations recognized in other comprehensive income: |  |  |  |  |  |  |
Plan amendments | (7) |  |  | (11) |  |  | — |  |  | — |
Prior service (cost) credit, December 31 | $ | (18) |  |  | $ | (13) |  |  | $ | 7 |  |  | $ | 9 |
| Non-U.S. Pension Benefits |  | Non-U.S. Post-retirement Benefits
(In millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Reconciliation of net actuarial (loss) gain recognized in accumulated other comprehensive (loss) income: |  |  |  |  |  |  |
Beginning balance | $ | (3,467) |  |  | $ | (3,055) |  |  | $ | (16) |  |  | $ | (5) |
Recognized as component of net periodic benefit cost: |  |  |  |  |  |  |
Amortization of net loss | 116 |  |  | 89 |  |  | 2 |  |  | — |
Effect of settlement | 5 |  |  | 3 |  |  | — |  |  | — |
Total recognized as component of net periodic benefit credit | 121 |  |  | 92 |  |  | 2 |  |  | — |
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): |  |  |  |  |  |  |
Liability experience | 617 |  |  | (1,273) |  |  | 4 |  |  | (10) |
Asset experience | (199) |  |  | 916 |  |  | — |  |  | — |
Effect of curtailment | 2 |  |  | — |  |  | — |  |  | — |
Total amount recognized as change in plan assets and benefit obligations | 420 |  |  | (357) |  |  | 4 |  |  | (10) |
Exchange rate adjustments | 22 |  |  | (147) |  |  | — |  |  | (1) |
Net actuarial loss, December 31 | $ | (2,904) |  |  | $ | (3,467) |  |  | $ | (10) |  |  | $ | (16) |
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) | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ | (722) |  |  | $ | 272 |  |  | $ | 160 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 2 |
For the Years Ended December 31, | Non-U.S. Pension Benefits |  | Non-U.S. Post-retirement Benefits
(In millions) | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ | (745) |  |  | $ | 261 |  |  | $ | 311 |  |  | $ | (2) |  |  | $ | 13 |  |  | $ | 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.
2022 | $ | 300 |  |  | $ | 349 |  |  | $ | 4 |  |  | $ | 3 |
2023 | $ | 312 |  |  | $ | 376 |  |  | $ | 3 |  |  | $ | 3 |
2024 | $ | 323 |  |  | $ | 380 |  |  | $ | 3 |  |  | $ | 3 |
2025 | $ | 329 |  |  | $ | 391 |  |  | $ | 3 |  |  | $ | 3 |
2026 | $ | 335 |  |  | $ | 403 |  |  | $ | 3 |  |  | $ | 3 |
2027-2031 | $ | 1,719 |  |  | $ | 2,225 |  |  | $ | 9 |  |  | $ | 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, 2021 and 2020:
| Fair Value Measurements at December 31, 2021
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 | $ | 476 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,221 |  |  | $ | 5,697 |
Corporate obligations | — |  |  | 4,209 |  |  | — |  |  | — |  |  | 4,209 |
Corporate stocks | 2,368 |  |  | 44 |  |  | 1 |  |  | — |  |  | 2,413 |
Private equity/partnerships | — |  |  | — |  |  | — |  |  | 1,531 |  |  | 1,531 |
Government securities | 15 |  |  | 7,364 |  |  | — |  |  | — |  |  | 7,379 |
Real estate | — |  |  | — |  |  | — |  |  | 356 |  |  | 356 |
Short-term investment funds | 681 |  |  | — |  |  | — |  |  | — |  |  | 681 |
Company common stock | 348 |  |  | — |  |  | — |  |  | — |  |  | 348 |
Other investments | 11 |  |  | 6 |  |  | 662 |  |  | — |  |  | 679 |
Total investments | $ | 3,899 |  |  | $ | 11,623 |  |  | $ | 663 |  |  | $ | 7,108 |  |  | $ | 23,293 |
Net derivative liabilities | — |  |  | (3,899) |  |  | — |  |  | — |  |  | (3,899) |
Net investments | $ | 3,899 |  |  | $ | 7,724 |  |  | $ | 663 |  |  | $ | 7,108 |  |  | $ | 19,394 |
| 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 |
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, 2021 and December 31, 2020:
Assets (In millions) | Fair Value, January 1, 2021 |  | Purchases |  | Sales |  | Unrealized Gain/ (Loss) |  | Realized Gain/ (Loss) |  | Exchange Rate Impact |  | Transfers in/(out) and Other |  | Fair Value, December 31, 2021
Other investments | $ | 773 |  |  | $ | 19 |  |  | $ | (15) |  |  | $ | (78) |  |  | $ | 1 |  |  | $ | (36) |  |  | $ | (2) |  |  | $ | 662 |
Corporate stocks | 1 |  |  | 1 |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | 1 |
Total assets | $ | 774 |  |  | $ | 20 |  |  | $ | (15) |  |  | $ | (79) |  |  | $ | 1 |  |  | $ | (36) |  |  | $ | (2) |  |  | $ | 663 |
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 |

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