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Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

Pension Plans

Defined Benefit Plan Disclosure [Line Items]

Schedule of Projected Benefit Obligations, Plan Assets and Funded Status of Pension Plans

The projected benefit obligations, plan assets and funded status of our pension plans were:

	U.S. Plans								Non-U.S. Plans
	2018				2017				2018				2017
	(in millions)
Projected benefit obligation at January 1	$	1,762			$	1,614			$	10,852			$	9,814
Service cost	43				46				146				156
Interest cost	61				62				199				199
Benefits paid	(29		)		(32		)		(462		)		(471		)
Settlements paid	(118		)		(111		)		(2		)		—
Actuarial (gains)/losses	(208		)		179				(640		)		180
Divestiture	—				—				—				(14		)
Currency	—				—				(528		)		976
Other	—				4				13				12
Projected benefit obligation at December 31	1,511				1,762				9,578				10,852
Fair value of plan assets at January 1	1,717				1,620				9,327				7,926
Actual return on plan assets	(99		)		217				(243		)		592
Contributions	39				23				323				482
Benefits paid	(29		)		(32		)		(462		)		(471		)
Settlements paid	(118		)		(111		)		(2		)		—
Divestiture	—				—				—				—
Currency	—				—				(478		)		798
Fair value of plan assets at December 31	1,510				1,717				8,465				9,327
Net pension (liabilities)/assets at December 31	$	(1	)		$	(45	)		$	(1,113	)		$	(1,525	)

Schedule of Pension Plans Resulted in Net Pension Liability

The combined U.S. and non-U.S. pension plans resulted in a net pension liability of $1,114 million at December 31, 2018 and $1,570 million at December 31, 2017. We recognized these amounts in our consolidated balance sheets as follows:

	As of December 31,
	2018				2017
	(in millions)
Prepaid pension assets	$	132			$	158
Other current liabilities	(25		)		(59		)
Accrued pension costs	(1,221		)		(1,669		)
	$	(1,114	)		$	(1,570	)

Schedule of Projected Benefit Obligations, Accumulated Benefit Obligations and Fair Value of Plan Assets

Certain of our U.S. and non-U.S. plans are underfunded with an accumulated benefit obligations in excess of plan assets. For these plans, the projected benefit obligations, accumulated benefit obligations and the fair value of plan assets were:

	U.S. Plans								Non-U.S. Plans
	As of December 31,								As of December 31,
	2018				2017				2018				2017
	(in millions)
Projected benefit obligation	$	52			$	94			$	3,343			$	9,345
Accumulated benefit obligation	50				90				3,194				9,138
Fair value of plan assets	2				2				2,169				7,709

Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligations

We used the following weighted-average assumptions to determine our benefit obligations under the pension plans:

	U.S. Plans						Non-U.S. Plans
	As of December 31,						As of December 31,
	2018			2017			2018			2017
	(in millions)
Discount rate	4.40	%		3.68	%		2.45	%		2.20	%
Expected rate of return on plan assets	5.75	%		5.50	%		4.80	%		4.90	%
Rate of compensation increase	4.00	%		4.00	%		3.31	%		3.31	%

We used the following weighted-average assumptions to determine our net periodic pension cost: 

	U.S. Plans									Non-U.S. Plans
	For the Years Ended December 31,									For the Years Ended December 31,
	2018			2017			2016			2018			2017			2016
Discount rate	3.68	%		4.19	%		4.50	%		2.20	%		2.31	%		3.11	%
Expected rate of return on plan assets	5.50	%		6.25	%		6.75	%		4.90	%		5.14	%		5.87	%
Rate of compensation increase	4.00	%		4.00	%		4.00	%		3.31	%		3.29	%		3.18	%

Schedule of Components of Net Costs

Net periodic pension cost consisted of the following:

	U.S. Plans												Non-U.S. Plans
	For the Years Ended December 31,												For the Years Ended December 31,
	2018				2017				2016				2018				2017				2016
	(in millions)
Service cost	$	43			$	46			$	57			$	146			$	156			$	147
Interest cost	61				62				61				199				199				229
Expected return on plan assets	(88		)		(101		)		(97		)		(448		)		(434		)		(418		)
Amortization:
Net loss from experience differences	32				37				42				163				167				120
Prior service cost/(benefit)	2				2				2				(2		)		(3		)		(3		)
Settlement losses and other expenses (1)	35				35				30				5				6				6
Net periodic pension cost	$	85			$	81			$	95			$	63			$	91			$	81

(1) Settlement losses include $5 million for the year ended December 31, 2018, $11 million for the year ended December 31, 2017 and $15 million for the year ended December 31, 2016 of pension settlement losses for employees who elected lump-

sum payments in connection with our Simplify to Grow Program. Retired employees who elected lump-sum payments resulted in net settlement losses of $31 million for our U.S. plans and $4 million for our non-U.S. plans in 2018, $21 million for our U.S. plans and $6 million for our non-U.S. plans in 2017 and $15 million for our U.S. plans and $6 million for our non-U.S. plans in 2016. See Note 7, Restructuring Program, for more information.

Schedule of Changes in Level 3 Plan Assets

Changes in our Level 3 plan assets, which are recorded in other comprehensive earnings/(losses), included:

Asset Category		January 1, 2018 Balance				Net Realized and Unrealized Gains/ (Losses)				Net Purchases, Issuances and Settlements				Net Transfers Into/(Out of) Level 3				Currency Impact				December 31, 2018 Balance
		(in millions)
Non-U.S. equity		$	—			$	—			$	—			$	—			$	—			$	—
Pooled funds-    fixed-income securities		—				—				—				—				—				—
Corporate bond and other    fixed-income securities		790				62				236				—				(56		)		1,032
Real estate		23				1				(1		)		—				(1		)		22
Private equity and other		3				—				—				—				—				3
Total Level 3 investments		$	816			$	63			$	235			$	—			$	(57	)		$	1,057
Asset Category		January 1, 2017 Balance				Net Realized and Unrealized Gains/ (Losses)				Net Purchases, Issuances and Settlements				Net Transfers Into/(Out of) Level 3				Currency Impact				December 31, 2017 Balance
		(in millions)
Non-U.S. equity		$	3			$	—			$	—			$	(3	)		$	—			$	—
Pooled funds-    fixed-income securities		35				—				(16		)		(21		)		2				—
Corporate bond and other    fixed-income securities		538				10				182				—				60				790
Real estate		22				1				—				—				—				23
Private equity and other		4				—				—				(1		)		—				3
Total Level 3 investments		$	602			$	11			$	166			$	(25	)		$	62			$	816

Schedule of Fair Values of Pension Plan Assets

The percentage of fair value of pension plan assets was:

		U.S. Plans						Non-U.S. Plans
		As of December 31,						As of December 31,
Asset Category		2018			2017			2018			2017
Equity securities		15	%		15	%		26	%		28	%
Fixed-income securities		85	%		85	%		65	%		60	%
Real estate		—			—			6	%		6	%
Hedge funds		—			—			2	%		4	%
Private equity		—			—			—	%		1	%
Cash		—			—			1	%		1	%
Total		100	%		100	%		100	%		100	%

The fair value of pension plan assets was determined using the following fair value measurements:

		As of December 31, 2018
Asset Category		Total Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(in millions)
U.S. equity securities		$	2			$	2			$	—			$	—
Non-U.S. equity securities		5				5				—				—
Pooled funds - equity securities		1,951				743				1,208				—
Total equity securities		1,958				750				1,208				—
Government bonds		3,156				62				3,094				—
Pooled funds - fixed-income securities		573				429				144				—
Corporate bonds and other    fixed-income securities		2,050				87				931				1,032
Total fixed-income securities		5,779				578				4,169				1,032
Real estate		130				108				—				22
Private equity		2				—				—				2
Cash		44				32				12				—
Other		2				1				—				1
Total assets in the fair value hierarchy		$	7,915			$	1,469			$	5,389			$	1,057
Investments measured at net asset value		1,993
Total investments at fair value		$	9,908

		As of December 31, 2017
Asset Category		Total Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(in millions)
U.S. equity securities		$	2			$	2			$	—			$	—
Non-U.S. equity securities		5				5				—				—
Pooled funds - equity securities		2,340				848				1,492				—
Total equity securities		2,347				855				1,492				—
Government bonds		3,237				34				3,203				—
Pooled funds - fixed-income securities		602				449				153				—
Corporate bonds and other    fixed-income securities		2,102				133				1,179				790
Total fixed-income securities		5,941				616				4,535				790
Real estate		156				120				13				23
Private equity		2				—				—				2
Cash		86				66				20				—
Other		2				1				—				1
Total assets in the fair value hierarchy		$	8,534			$	1,658			$	6,060			$	816
Investments measured at net asset value		2,439
Total investments at fair value		$	10,973

Schedule of Estimated Future Benefit Payments

The estimated future benefit payments from our pension plans at December 31, 2018 were (in millions):

	2019				2020				2021				2022				2023				2024-2028
U.S. Plans	$	107			$	91			$	91			$	93			$	92			$	483
Non-U.S. Plans	357				362				378				382				395				2,098

Schedule of Individually Significant Multiemployer Pension Plan

Pension Fund	EIN / Pension Plan Number		Pension Protection Act Zone Status		FIP / RP Status Pending / Implemented		Surcharge Imposed		Expiration Date of Collective-Bargaining Agreements
Bakery and Confectionery Union and Industry International Pension Fund	526118572		Red		Implemented		Yes		2/29/2016

Postretirement Health Care Plan

Defined Benefit Plan Disclosure [Line Items]

Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligations

We used the following weighted-average assumptions to determine our net periodic postretirement health care cost:

	U.S. Plans						Non-U.S. Plans
	For the Years Ended December 31,						For the Years Ended December 31,
	2018		2017		2016		2018		2017		2016
Discount rate	3.66%		4.14%		4.60%		4.24%		4.55%		4.77%
Health care cost trend rate	6.25%		6.50%		6.50%		5.56%		5.50%		5.50%

Schedule of Components of Net Costs

Net periodic postretirement health care costs consisted of the following:

	For the Years Ended December 31,
	2018				2017				2016
	(in millions)
Service cost	$	6			$	7			$	12
Interest cost	14				15				20
Amortization:
Net loss from experience differences	15				14				10
Prior service credit (1)	(39		)		(40		)		(20		)
Net periodic postretirement health care costs	$	(4	)		$	(4	)		$	22

(1)

In the fourth quarter of 2016, the prior service credit included a one-time $9 million curtailment gain related to a change in the eligibility requirement resulting in ongoing amortization of $10 million. We continued to amortize the prior service credit and recorded $39 million in 2018 and $40 million in 2017.

Schedule of Estimated Future Benefit Payments

Our estimated future benefit payments for our postretirement health care plans at December 31, 2018 were (in millions):

	2019				2020				2021				2022				2023				2024-2028
U.S. Plans	$	11			$	12			$	13			$	14			$	15			$	78
Non-U.S. Plans	5				5				5				5				5				30

Schedule of Changes in Accumulated Postemployment Benefit Obligations

Our postretirement health care plans are not funded. The changes in and the amount of the accrued benefit obligation were:

	As of December 31,
	2018				2017
	(in millions)
Accrued benefit obligation at January 1	$	435			$	394
Service cost	6				7
Interest cost	15				15
Benefits paid	(19		)		(15		)
Currency	(11		)		8
Assumption changes	(39		)		30
Actuarial losses/(gains)	(21		)		(4		)
Accrued benefit obligation at December 31	$	366			$	435

Schedule of Weighted-Average Assumptions to Determine Benefit Obligations

We used the following weighted-average assumptions to determine our postretirement benefit obligations:

	U.S. Plans						Non-U.S. Plans
	As of December 31,						As of December 31,
	2018			2017			2018			2017
Discount rate	4.37	%		3.66	%		4.40	%		4.24	%
Health care cost trend rate assumed for next year	6.25	%		6.25	%		5.44	%		5.56	%
Ultimate trend rate	5.00	%		4.81	%		5.44	%		5.56	%
Year that the rate reaches the ultimate trend rate	2024			2024			2018			2018

Schedule of Effect of One-Percentage-Point 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:

	As of December 31, 2018
	One-Percentage-Point
	Increase				Decrease
	(in millions)
Effect on postretirement benefit obligation	$	37			$	(30	)
Effect on annual service and interest cost	2				(2		)

Postemployment Benefit Plans

Defined Benefit Plan Disclosure [Line Items]

Schedule of Components of Net Costs

Our postemployment plans are primarily not funded. The changes in and the amount of the accrued benefit obligation at December 31, 2018 and 2017 were:

	As of December 31,
	2018				2017
	(in millions)
Accrued benefit obligation at January 1	$	76			$	71
Service cost	6				5
Interest cost	4				4
Benefits paid	(7		)		(6		)
Assumption changes	(1		)		—
Actuarial losses/(gains)	(4		)		2
Accrued benefit obligation at December 31	$	74			$	76

Schedule of Changes in Accumulated Postemployment Benefit Obligations

Net periodic postemployment costs consisted of the following:

	For the Years Ended December 31,
	2018				2017				2016
	(in millions)
Service cost	$	6			$	5			$	7
Interest cost	4				4				6
Amortization of net gains	(3		)		(3		)		(1		)
Net periodic postemployment costs	$	7			$	6			$	12

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