XML 48 R19.htm IDEA: XBRL DOCUMENT
v3.19.3

Benefit Plans | 9 Months Ended
--- | ---
Sep. 30, 2019
Retirement Benefits [Abstract] |
Benefit Plans | Note 11. Benefit Plans Pension Plans Components of Net Periodic Pension Cost: Net periodic pension cost consisted of the following:
| U.S. Plans |  | Non-U.S. Plans
| For the Three Months Ended September 30, |  | For the Three Months Ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
| (in millions)
Service cost | $ | 10 |  |  | $ | 11 |  |  | $ | 30 |  |  | $ | 36 |
Interest cost | 15 |  |  | 16 |  |  | 49 |  |  | 49 |
Expected return on plan assets | (22 | ) |  | (22 | ) |  | (99 | ) |  | (110 | )
Amortization: |  |  |  |  |  |  |
Net loss from experience differences | 9 |  |  | 6 |  |  | 36 |  |  | 40 |
Prior service cost/(benefit) | — |  |  | — |  |  | (2 | ) |  | (1 | )
Settlement losses and other expenses (1) | 5 |  |  | 4 |  |  | — |  |  | — |
Net periodic pension cost | $ | 17 |  |  | $ | 15 |  |  | $ | 14 |  |  | $ | 14 |
| U.S. Plans |  | Non-U.S. Plans
| For the Nine Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
| (in millions)
Service cost | $ | 28 |  |  | $ | 33 |  |  | $ | 91 |  |  | $ | 111 |
Interest cost | 46 |  |  | 46 |  |  | 151 |  |  | 151 |
Expected return on plan assets | (66 | ) |  | (66 | ) |  | (303 | ) |  | (341 | )
Amortization: |  |  |  |  |  |  |
Net loss from experience differences | 19 |  |  | 26 |  |  | 111 |  |  | 124 |
Prior service cost/(credit) | 1 |  |  | 1 |  |  | (5 | ) |  | (2 | )
Settlement losses and other expenses (1) | 13 |  |  | 19 |  |  | 3 |  |  | — |
Net periodic pension cost | $ | 41 |  |  | $ | 59 |  |  | $ | 48 |  |  | $ | 43 |
(1) | In connection with our Simplify to Grow Program, settlement losses and other expenses were $2 million for the three months and $7 million for the nine months ended September 30, 2019 and $3 million for the three and nine months ended September 30, 2018. These losses were recorded within benefit plan non-service income on our condensed consolidated statements of earnings.
Employer Contributions: During the nine months ended September 30, 2019, we contributed $5 million to our U.S. pension plans and $185 million to our non-U.S. pension plans, including $104 million to plans in the United Kingdom and Ireland. We make contributions to our pension plans in accordance with local funding arrangements and statutory minimum funding requirements. Discretionary contributions are made to the extent that they are tax deductible and do not generate an excise tax liability. As of September 30, 2019, over the remainder of 2019, we plan to make further contributions of approximately $1 million to our U.S. plans and approximately $51 million to our non-U.S. plans. Our actual contributions may be different due to many factors, including changes in tax and other benefit laws, significant differences between expected and actual pension asset performance or interest rates. Multiemployer Pension Plans: The most individually significant multiemployer plan we participated in prior to the second quarter of 2018 was the Bakery and Confectionery Union and Industry International Pension Fund (the "Fund"). Our obligation to contribute to the Fund arose with respect to 8 collective bargaining agreements covering most of our employees represented by the Bakery, Confectionery, Tobacco and Grain Millers Union. All of those collective bargaining agreements expired in 2016 and we continued to contribute to the Fund through 2018. During 2018, we executed a complete withdrawal from the Fund and recorded a $429 million estimated withdrawal liability. On July 11, 2019, we received an undiscounted withdrawal liability assessment from the Fund totaling $526 million requiring pro-rata monthly payments over 20 years and we recorded a $35 million final adjustment to reduce our withdrawal liability as of June 30, 2019. We began making monthly payments during the third quarter. As of September 30, 2019, the remaining discounted withdrawal liability was $394 million, with $14 million recorded in other current liabilities and $380 million recorded in long-term other liabilities. Postretirement Benefit Plans Net periodic postretirement health care benefit consisted of the following:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
| (in millions)
Service cost | $ | 1 |  |  | $ | 1 |  |  | $ | 4 |  |  | $ | 4 |
Interest cost | 4 |  |  | 4 |  |  | 11 |  |  | 11 |
Amortization: |  |  |  |  |  |  |
Net loss from experience differences | 2 |  |  | 4 |  |  | 5 |  |  | 11 |
Prior service credit | (10 | ) |  | (10 | ) |  | (29 | ) |  | (29 | )
Net periodic postretirement health care benefit | $ | (3 | ) |  | $ | (1 | ) |  | $ | (9 | ) |  | $ | (3 | )
Postemployment Benefit Plans Net periodic postemployment cost consisted of the following:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
| (in millions)
Service cost | $ | 1 |  |  | $ | 1 |  |  | $ | 4 |  |  | $ | 4 |
Interest cost | 1 |  |  | 2 |  |  | 3 |  |  | 4 |
Amortization of net gains | (1 | ) |  | (1 | ) |  | (2 | ) |  | (2 | )
Net periodic postemployment cost | $ | 1 |  |  | $ | 2 |  |  | $ | 5 |  |  | $ | 6 |

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

X
- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration