XML 58 R40.htm IDEA: XBRL DOCUMENT v3.20.4

Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

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
			2020						2019						2020						2019
			(in millions)
Projected benefit obligation at January 1			$	1,748					$	1,511					$	10,458					$	9,578
Service cost			6						38						121						122
Interest cost			49						60						149						202
Benefits paid			(35)						(40)						(473)						(424)
Settlements paid			(95)						(73)						—						(1)
Actuarial (gains)/losses			213						251						679						761
Currency			—						—						572						207
Other (1)			1						1						152						13
Projected benefit obligation at December 31			1,887						1,748						11,658						10,458
Fair value of plan assets at January 1			1,739						1,510						9,758						8,465
Actual return on plan assets			337						334						865						1,211
Contributions			13						8						208						261
Benefits paid			(35)						(40)						(473)						(424)
Settlements paid			(95)						(73)						—						(1)
Currency			—						—						489						246
Other (1)			—						—						125						—
Fair value of plan assets at December 31			1,959						1,739						10,972						9,758
Net pension (liabilities)/assets at December 31			$	72					$	(9)					$	(686)					$	(700)

(1)In 2020 we reviewed the impact of market changes on design features of certain historical defined contribution plans. The review resulted in additional plans being accounted for as defined benefit pension plans, which resulted in increases of $133 million in the projected benefit obligation and $125 million in plan assets in 2020

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 $614 million at December 31, 2020 and $709 million at December 31, 2019. We recognized these amounts in our consolidated balance sheets as follows:

			As of December 31,
			2020						2019
			(in millions)
Prepaid pension assets			$	672					$	516
Other current liabilities			(29)						(35)
Accrued pension costs			(1,257)						(1,190)
			$	(614)					$	(709)

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 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,
			2020						2019						2020						2019
			(in millions)
Projected benefit obligation			$	51					$	55					$	4,059					$	3,613
Accumulated benefit obligation			51						55						3,873						3,447
Fair value of plan assets			3						2						2,827						2,443

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,
			2020						2019						2020						2019
Discount rate			2.73 %						3.44		%				1.33 %						1.74		%
Expected rate of return on plan assets			4.50 %						5.00		%				3.90 %						4.20		%
Rate of compensation increase			4.00 %						4.00		%				3.16 %						3.17		%

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,
			2020						2019						2018						2020						2019						2018
Discount rate			3.44		%				4.40		%				3.68		%				1.74		%				2.45		%				2.20		%
Expected rate of return on plan assets			5.00		%				5.75		%				5.50		%				4.20		%				4.80		%				4.90		%
Rate of compensation increase			4.00		%				4.00		%				4.00		%				3.17		%				3.31		%				3.31		%

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,
			2020						2019						2018						2020						2019						2018
			(in millions)
Service cost			$	6					$	38					$	43					$	121					$	122					$	146
Interest cost			49						60						61						149						202						199
Expected return on plan assets			(77)						(88)						(88)						(400)						(404)						(448)
Amortization:
Net loss/(gain)			17						30						32						118						148						163
Prior service cost/(benefit)			1						1						2						(7)						(6)						(2)
Settlement losses and other expenses (1)			18						16						35						4						(3)						5
Net periodic pension cost			$	14					$	57					$	85					$	(15)					$	59					$	63

(1)Settlement losses of $3 million in 2020, $5 million in 2019 and $5 million in 2018 were incurred in connection with our Simplify to Grow Program. See Note 8, Restructuring Program, for more information. Net settlement losses of $13 million for our U.S. plans and settlement losses of $6 million for our non-U.S. plans in 2020, settlement losses of $12 million for our U.S. plans and settlement gains of $4 million for our non-U.S. plans in 2019 and settlement losses of $31 million for our U.S. plans and $4 million for our non-U.S. plans in 2018 related to lump-sum payment elections made by retired employees.

Schedule of Fair Values of Pension Plan Assets

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

						As of December 31, 2020
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						$	4					$	4					$	—					$	—
Non-U.S. equity securities						1						1						—						—
Pooled funds - equity securities						2,225						999						1,226						—
Total equity securities						2,230						1,004						1,226						—
Government bonds						4,340						60						4,280						—
Pooled funds - fixed-income securities						622						439						183						—
Corporate bonds and other fixed-income securities						2,860						258						811						1,791
Total fixed-income securities						7,822						757						5,274						1,791
Real estate						212						142						—						70
Private equity						3						—						—						3
Cash						117						107						10						—
Other						5						4						—						1
Total assets in the fair value hierarchy						$	10,389					$	2,014					$	6,510					$	1,865
Investments measured at net asset value						2,413
Total investments at fair value						$	12,802

						As of December 31, 2019
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						2						2						—						—
Pooled funds - equity securities						2,186						890						1,296						—
Total equity securities						2,190						894						1,296						—
Government bonds						3,328						53						3,275						—
Pooled funds - fixed-income securities						575						417						158						—
Corporate bonds and other fixed-income securities						2,727						66						825						1,836
Total fixed-income securities						6,630						536						4,258						1,836
Real estate						186						124						—						62
Private equity						3						—						—						3
Cash						122						117						5						—
Other						2						1						—						1
Total assets in the fair value hierarchy						$	9,133					$	1,672					$	5,559					$	1,902
Investments measured at net asset value						2,297
Total investments at fair value						$	11,430

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						2020						2019						2020						2019
Equity securities						15		%				15		%				23		%				26		%
Fixed-income securities						85		%				85		%				58		%				54		%
Real estate						—						—						5		%				6		%
Hedge funds						—						—						2		%				1		%
Buy-in annuity policies						—						—						11		%				12		%
Cash						—						—						1		%				1		%
Total						100		%				100		%				100		%				100		%

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, 2020 Balance						Net Realized and Unrealized Gains/ (Losses)						Net Purchases, Issuances and Settlements						Net Transfers Into/(Out of) Level 3						Currency Impact						December 31, 2020 Balance
						(in millions)
Corporate bond and other fixed-income securities						$	1,836					$	16					$	(110)					$	—					$	49					$	1,791
Real estate						62						5						—						—						3						70
Private equity and other						4						—						—						—						—						4
Total Level 3 investments						$	1,902					$	21					$	(110)					$	—					$	52					$	1,865
Asset Category						January 1, 2019 Balance						Net Realized and Unrealized Gains/ (Losses)						Net Purchases, Issuances and Settlements						Net Transfers Into/(Out of) Level 3						Currency Impact						December 31, 2019 Balance
						(in millions)
Corporate bond and other fixed-income securities						$	1,032					$	8					$	727					$	—					$	69					$	1,836
Real estate						22						36						3						—						1						62
Private equity and other						3						1						—						—						—						4
Total Level 3 investments						$	1,057					$	45					$	730					$	—					$	70					$	1,902

Schedule of Estimated Future Benefit Payments

The estimated future benefit payments from our pension plans at December 31, 2020 were (in millions):

			2021						2022						2023						2024						2025						2025-2030
U.S. Plans			$	168					$	104					$	105					$	103					$	104					$	506
Non-U.S. Plans			411						410						420						431						438						2,291

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,
			2020						2019						2018						2020						2019						2018
Discount rate			3.41%						4.37%						3.66%						3.86%						4.40%						4.24%
Health care cost trend rate			6.00%						6.25%						6.25%						5.42%						5.44%						5.56%

Schedule of Components of Net Costs

Net periodic postretirement health care costs consisted of the following:

			For the Years Ended December 31,
			2020						2019						2018
			(in millions)
Service cost			$	5					$	5					$	6
Interest cost			12						15						14
Amortization:
Net loss/(gain)			7						6						15
Prior service credit			(30)						(38)						(39)
Net periodic postretirement health care costs/(benefit)			$	(6)					$	(12)					$	(4)

Schedule of Estimated Future Benefit Payments

Our estimated future benefit payments for our postretirement health care plans at December 31, 2020 were (in millions):

			2021						2022						2023						2024						2025						2025-2030
U.S. Plans			$	11					$	11					$	12					$	12					$	12					$	60
Non-U.S. Plans			5						5						5						5						5						29

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,
			2020						2019
			(in millions)
Accrued benefit obligation at January 1			$	403					$	366
Service cost			5						5
Interest cost			12						15
Benefits paid			(17)						(16)
Currency			(1)						5
Actuarial losses/(gains)			(41)						28
Accrued benefit obligation at December 31			$	361					$	403

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,
			2020						2019						2020						2019
Discount rate			2.68 %						3.41		%				3.35 %						3.86		%
Health care cost trend rate assumed for next year			5.75 %						6.00		%				5.66 %						5.42		%
Ultimate trend rate			5.00 %						5.00		%				4.44		%				5.42		%
Year that the rate reaches the ultimate trend rate			2024						2024						2040						2019

Postemployment Benefit Plans

Defined Benefit Plan Disclosure [Line Items]

Schedule of Components of Net Costs

Our postemployment plans are not funded. The changes in and the amount of the accrued benefit obligation at December 31, 2020 and 2019 were:

			As of December 31,
			2020						2019
			(in millions)
Accrued benefit obligation at January 1			$	66					$	74
Service cost			6						6
Interest cost			3						5
Benefits paid			(10)						(9)
Actuarial losses/(gains)			—						(10)
Accrued benefit obligation at December 31			$	65					$	66

Schedule of Changes in Accumulated Postemployment Benefit Obligations

Net periodic postemployment costs consisted of the following:

			For the Years Ended December 31,
			2020						2019						2018
			(in millions)
Service cost			$	6					$	6					$	6
Interest cost			3						5						4
Amortization of net gains			(2)						(4)						(3)
Net periodic postemployment costs			$	7					$	7					$	7

X

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

Name:	us-gaap_DefinedBenefitPlanDisclosureLineItems
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefit obligation and plan assets of defined benefit plan with accumulated benefit obligation in excess of plan assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-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

+ Details

Name:	us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

+ 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 (d)(5)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

+ 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 (c)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefit obligation and plan assets for defined benefit pension plan with projected benefit obligation in excess of plan assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-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

+ Details

Name:	us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in the accumulated postemployment benefit obligation from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination 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 (a)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfChangesInAccumulatedPostemploymentBenefitObligationsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets of pension plans and/or other employee benefit plans for the period.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(02)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock
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=118255775&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 assumed health care cost trend rates for the next year used to measure the expected cost of benefits covered by the plans, including the ultimate trend rate(s) and when that rate is expected to be achieved.

+ 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 (l)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfHealthCareCostTrendRatesTableTextBlock
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=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	us-gaap_RetirementPlanTypeAxis=us-gaap_PensionPlansDefinedBenefitMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_RetirementPlanTypeAxis=us-gaap_DefinedBenefitPostretirementHealthCoverageMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_RetirementPlanTypeAxis=us-gaap_PostemploymentRetirementBenefitsMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type: