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Retirement Plans and Other Retiree Benefits (Tables) | 12 Months Ended
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Dec. 31, 2019
Retirement Benefits [Abstract] |
Schedule of Allocation of Plan Assets | The target asset allocation for the Company’s defined benefit plans is as follows:
|  | United States |  | International
Asset Category |  |  |  |
Equity securities |  | 24 | % |  | 38 | %
Fixed income securities |  | 68 | % |  | 45 | %
Real estate and other investments |  | 8 | % |  | 17 | %
Total |  | 100 | % |  | 100 | %
At December 31, 2019 the allocation of the Company’s plan assets and the level of valuation input, as applicable, for each major asset category were as follows:
|  | Level of Valuation Input |  | Pension Plans |  |
|  |  | United States |  | International |  | Other Retiree Benefit Plans
Cash and cash equivalents |  | Level 1 |  | $ | 41 |  |  | $ | 15 |  |  | $ | 1 |
U.S. common stocks |  | Level 1 |  | 49 |  |  | 3 |  |  | 1 |
International common stocks |  | Level 1 |  | — |  |  | 3 |  |  | — |
Pooled funds(1) |  | Level 1 |  | 29 |  |  | 104 |  |  | 2 |
Fixed income securities(2) |  | Level 2 |  | 1,067 |  |  | 14 |  |  | 20 |
Guaranteed investment contracts(3) |  | Level 2 |  | 1 |  |  | 42 |  |  | — |
|  |  |  | 1,187 |  |  | 181 |  |  | 24 |
Investments valued using NAV per share(4) |  |  |  |  |  |  |  |  |  |  |
Domestic, developed and emerging markets equity funds |  |  |  | 328 |  |  | 165 |  |  | 7 |
Fixed income funds(5) |  |  |  | 177 |  |  | 196 |  |  | 3 |
Hedge funds(6) |  |  |  | 3 |  |  | 17 |  |  | — |
Multi-Asset funds(7) |  |  |  | 155 |  |  | 2 |  |  | 2 |
Real estate funds(8) |  |  |  | 41 |  |  | 25 |  |  | 1 |
|  |  |  | 704 |  |  | 405 |  |  | 13 |
Other assets and liabilities, net(9) |  |  |  | (85 | ) |  | — |  |  | — |
Total Investments |  |  |  | $ | 1,806 |  |  | $ | 586 |  |  | $ | 37 |
At December 31, 2018 the allocation of the Company’s plan assets and the level of valuation input, as applicable, for each major asset category were as follows:
|  | Level of Valuation Input |  | Pension Plans |  |
|  |  | United States |  | International |  | Other Retiree Benefit Plans
Cash and cash equivalents |  | Level 1 |  | $ | 29 |  |  | $ | 9 |  |  | $ | 1 |
U.S. common stocks |  | Level 1 |  | 75 |  |  | 3 |  |  | 3 |
International common stocks |  | Level 1 |  | — |  |  | 4 |  |  | — |
Pooled funds(1) |  | Level 1 |  | 106 |  |  | 82 |  |  | 4 |
Fixed income securities(2) |  | Level 2 |  | 865 |  |  | 24 |  |  | 28 |
Guaranteed investment contracts(3) |  | Level 2 |  | 1 |  |  | 51 |  |  | — |
|  |  |  | 1,076 |  |  | 173 |  |  | 36 |
Investments valued using NAV per share(4) |  |  |  |  |  |  |  |  |  |  |
Domestic, developed and emerging markets equity funds |  |  |  | 229 |  |  | 134 |  |  | 8 |
Fixed income funds(5) |  |  |  | 116 |  |  | 173 |  |  | 4 |
Hedge funds(6) |  |  |  | 56 |  |  | 6 |  |  | 2 |
Multi-Asset funds(7) |  |  |  | 94 |  |  | 2 |  |  | 3 |
Real estate funds(8) |  |  |  | 39 |  |  | 22 |  |  | 1 |
|  |  |  | 534 |  |  | 337 |  |  | 18 |
Other assets and liabilities, net(9) |  |  |  | (42 | ) |  | — |  |  | — |
Total Investments |  |  |  | $ | 1,568 |  |  | $ | 510 |  |  | $ | 54 |
_______
(1) | Pooled funds primarily invest in U.S. and foreign equity securities, debt and money market securities.
(2) | The fixed income securities are traded over the counter and certain of these securities lack daily pricing or liquidity and as such are classified as Level 2. As of both December 31, 2019 and 2018, approximately 50% of the U.S. pension plan fixed income portfolio was invested in U.S. treasury or agency securities, with the remainder invested in other government bonds and corporate bonds.
(3) | The guaranteed investment contracts (“GICs”) represent contracts with insurance companies measured at the cash surrender value of each contract. The Level 2 valuation reflects that the cash surrender value is based principally on a referenced pool of investment funds with active redemption.
(4) | Investments that are measured at fair value using net asset value (“NAV”) per share as a practical expedient have not been classified in the fair value hierarchy. The NAV is based on the value of the underlying investments owned, minus its liabilities, divided by the number of shares outstanding. There are no unfunded commitments related to these investments. Redemption notice period primarily ranges from 0-3 months and redemption frequency windows range from daily to quarterly.
(5) | Fixed income funds primarily invest in U.S. government and investment grade corporate bonds.
(6) | Consists of investments in underlying hedge fund strategies that are primarily implemented through the use of long and short equity and fixed income securities and derivative instruments such as futures and options.
(7) | Multi-Asset funds primarily invest across a variety of asset classes, including global stocks and bonds, as well as alternative strategies.
(8) | Real estate is valued using the NAV per unit of funds that are invested in real estate property. The investment value of the real estate property is determined quarterly using independent market appraisals as determined by the investment manager.
(9) This category primarily includes unsettled trades for investments purchased and sold and dividend receivables.
Defined benefit plans disclosures | The Company uses a December 31 measurement date for its defined benefit and other retiree benefit plans. Summarized information for the Company’s defined benefit and other retiree benefit plans is as follows:
|  | Pension Plans |  | Other Retiree Benefit Plans
|  | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018
|  | United States |  | International |  |  |  |
Change in Benefit Obligations |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligations at beginning of year |  | $ | 2,147 |  |  | $ | 2,363 |  |  | $ | 787 |  |  | $ | 847 |  |  | $ | 876 |  |  | $ | 960 |
Service cost |  | 1 |  |  | 1 |  |  | 14 |  |  | 14 |  |  | 15 |  |  | 16 |
Interest cost |  | 90 |  |  | 86 |  |  | 22 |  |  | 21 |  |  | 41 |  |  | 38 |
Participants’ contributions |  | — |  |  | — |  |  | 2 |  |  | 2 |  |  | — |  |  | — |
Acquisitions/plan amendments |  | — |  |  | — |  |  | 3 |  |  | 4 |  |  | — |  |  | — |
Actuarial loss (gain) |  | 181 |  |  | (139 | ) |  | 82 |  |  | (11 | ) |  | 166 |  |  | (88 | )
Foreign exchange impact |  | — |  |  | — |  |  | 8 |  |  | (40 | ) |  | 1 |  |  | (5 | )
Termination benefits (1) |  | 7 |  |  | 9 |  |  | — |  |  | — |  |  | — |  |  | — |
Curtailments and settlements |  | — |  |  | (4 | ) |  | (9 | ) |  | (7 | ) |  | — |  |  | — |
Benefit payments |  | (154 | ) |  | (169 | ) |  | (35 | ) |  | (42 | ) |  | (49 | ) |  | (45 | )
Other |  | — |  |  | — |  |  | 2 |  |  | (1 | ) |  | — |  |  | — |
Benefit obligations at end of year |  | $ | 2,272 |  |  | $ | 2,147 |  |  | $ | 876 |  |  | $ | 787 |  |  | $ | 1,050 |  |  | $ | 876 |
Change in Plan Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 1,568 |  |  | $ | 1,812 |  |  | $ | 510 |  |  | $ | 575 |  |  | $ | 54 |  |  | $ | — |
Actual return on plan assets |  | 262 |  |  | (101 | ) |  | 76 |  |  | (16 | ) |  | 8 |  |  | (1 | )
Company contributions |  | 130 |  |  | 30 |  |  | 30 |  |  | 27 |  |  | 24 |  |  | 100 |
Participants’ contributions |  | — |  |  | — |  |  | 2 |  |  | 3 |  |  | — |  |  | — |
Foreign exchange impact |  | — |  |  | — |  |  | 12 |  |  | (29 | ) |  | — |  |  | — |
Settlements and acquisitions |  | — |  |  | (4 | ) |  | (9 | ) |  | (7 | ) |  | — |  |  | — |
Benefit payments |  | (154 | ) |  | (169 | ) |  | (35 | ) |  | (42 | ) |  | (49 | ) |  | (45 | )
Other |  | — |  |  | — |  |  | — |  |  | (1 | ) |  | — |  |  | — |
Fair value of plan assets at end of year |  | $ | 1,806 |  |  | $ | 1,568 |  |  | $ | 586 |  |  | $ | 510 |  |  | $ | 37 |  |  | $ | 54 |
Funded Status |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligations at end of year |  | $ | 2,272 |  |  | $ | 2,147 |  |  | $ | 876 |  |  | $ | 787 |  |  | $ | 1,050 |  |  | $ | 876 |
Fair value of plan assets at end of year |  | 1,806 |  |  | 1,568 |  |  | 586 |  |  | 510 |  |  | 37 |  |  | 54 |
Net amount recognized |  | $ | (466 | ) |  | $ | (579 | ) |  | $ | (290 | ) |  | $ | (277 | ) |  | $ | (1,013 | ) |  | $ | (822 | )
Amounts Recognized in Balance Sheet |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noncurrent assets |  | $ | — |  |  | $ | — |  |  | $ | 13 |  |  | $ | 6 |  |  | $ | — |  |  | $ | — |
Current liabilities |  | (28 | ) |  | (26 | ) |  | (13 | ) |  | (12 | ) |  | (13 | ) |  | (46 | )
Noncurrent liabilities |  | (438 | ) |  | (553 | ) |  | (290 | ) |  | (271 | ) |  | (1,000 | ) |  | (776 | )
Net amount recognized |  | $ | (466 | ) |  | $ | (579 | ) |  | $ | (290 | ) |  | $ | (277 | ) |  | $ | (1,013 | ) |  | $ | (822 | )
Amounts Recognized in Accumulated Other Comprehensive Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Actuarial loss |  | $ | 910 |  |  | $ | 940 |  |  | $ | 238 |  |  | $ | 226 |  |  | $ | 388 |  |  | $ | 239 |
Transition/prior service cost |  | 1 |  |  | 1 |  |  | 7 |  |  | 6 |  |  | (1 | ) |  | (1 | )
|  | $ | 911 |  |  | $ | 941 |  |  | $ | 245 |  |  | $ | 232 |  |  | $ | 387 |  |  | $ | 238 |
Accumulated benefit obligation |  | $ | 2,236 |  |  | $ | 2,090 |  |  | $ | 816 |  |  | $ | 731 |  |  | $ | — |  |  | $ | — |
|  | Pension Plans |  | Other Retiree Benefit Plans
|  | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018
|  | United States |  | International |  |  |  |
Weighted-Average Assumptions Used to Determine Benefit Obligations |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 3.40 | % |  | 4.38 | % |  | 2.06 | % |  | 2.80 | % |  | 3.56 | % |  | 4.43 | %
Long-term rate of return on plan assets |  | 6.30 | % |  | 6.60 | % |  | 3.38 | % |  | 4.06 | % |  | 6.30 | % |  | 6.60 | %
Long-term rate of compensation increase |  | 3.50 | % |  | 3.50 | % |  | 2.83 | % |  | 2.86 | % |  | 3.50 | % |  | 3.50 | %
ESOP growth rate |  | — | % |  | — | % |  | — | % |  | — | % |  | 10.00 | % |  | 10.00 | %
Medical cost trend rate of increase |  | — | % |  | — | % |  | — | % |  | — | % |  | 6.00 | % |  | 6.00 | %
Interest Crediting Rate |  | 3.21 | % |  | 4.38 | % |  | 0.85 | % |  | 0.85 | % |  | — | % |  | — | %
_________ (1) Represents pension and other retiree benefit enhancements incurred in 2019 and 2018 pursuant to the Global Growth and Efficiency Program.
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | Pension plans with projected benefit obligations in excess of plan assets and plans with accumulated benefit obligations in excess of plan assets as of December 31 consisted of the following:
|  | Years Ended December 31,
|  | 2019 |  | 2018
Benefit Obligation Exceeds Fair Value of Plan Assets |  |  |  |
Projected benefit obligation |  | $ | 2,862 |  |  | $ | 2,882 |
Fair value of plan assets |  | 2,094 |  |  | 2,007 |
Accumulated benefit obligation |  | 875 |  |  | 2,689 |
Fair value of plan assets |  | 166 |  |  | 1,924 |
Other Retiree Benefit plans with accumulated postretirement benefit obligation in excess of plan assets as of December 31 consisted of the following:
|  | Years Ended December 31,
|  | 2019 |  | 2018
Benefit Obligation Exceeds Fair Value of Plan Assets |  |  |  |
Accumulated postretirement benefit obligation |  | $ | 958 |  |  | $ | 807 |
Fair value of plan assets |  | 37 |  |  | 54 |
Schedule of Net Benefit Costs | Summarized information regarding the net periodic benefit costs for the Company’s defined benefit and other retiree benefit plans is as follows:
|  | Pension Plans |  | Other Retiree Benefit Plans
|  | 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017
|  | United States |  | International |  |  |  |  |  |
Components of Net Periodic Benefit Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 14 |  |  | $ | 14 |  |  | $ | 16 |  |  | $ | 15 |  |  | $ | 16 |  |  | $ | 13 |
Interest cost |  | 90 |  |  | 86 |  |  | 94 |  |  | 22 |  |  | 21 |  |  | 22 |  |  | 41 |  |  | 38 |  |  | 40 |
Annual ESOP allocation |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Expected return on plan assets |  | (103 | ) |  | (115 | ) |  | (111 | ) |  | (19 | ) |  | (21 | ) |  | (22 | ) |  | (3 | ) |  | (2 | ) |  | — |
Amortization of transition and prior service costs (credits) |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of actuarial loss |  | 51 |  |  | 47 |  |  | 48 |  |  | 9 |  |  | 8 |  |  | 10 |  |  | 11 |  |  | 14 |  |  | 13 |
Net periodic benefit cost |  | $ | 39 |  |  | $ | 19 |  |  | $ | 32 |  |  | $ | 27 |  |  | $ | 22 |  |  | $ | 26 |  |  | $ | 64 |  |  | $ | 66 |  |  | $ | 66 |
Other postretirement charges |  | 7 |  |  | 9 |  |  | 24 |  |  | 1 |  |  | 2 |  |  | 4 |  |  | — |  |  | — |  |  | (3 | )
Total pension cost |  | $ | 46 |  |  | $ | 28 |  |  | $ | 56 |  |  | $ | 28 |  |  | $ | 24 |  |  | $ | 30 |  |  | $ | 64 |  |  | $ | 66 |  |  | $ | 63 |
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 4.38 | % |  | 3.73 | % |  | 4.27 | % |  | 2.80 | % |  | 2.53 | % |  | 2.59 | % |  | 4.43 | % |  | 3.80 | % |  | 4.41 | %
Long-term rate of return on plan assets |  | 6.60 | % |  | 6.60 | % |  | 6.80 | % |  | 4.06 | % |  | 4.04 | % |  | 4.14 | % |  | 6.60 | % |  | 6.60 | % |  | 6.80 | %
Long-term rate of compensation increase |  | 3.50 | % |  | 3.50 | % |  | 3.50 | % |  | 2.86 | % |  | 2.79 | % |  | 2.58 | % |  | — | % |  | — | % |  | — | %
ESOP growth rate |  | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | 10.00 | % |  | 10.00 | % |  | 10.00 | %
Medical cost trend rate of increase |  | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | 6.00 | % |  | 6.00 | % |  | 6.33 | %
Interest Crediting Rate |  | 4.26 | % |  | 3.73 | % |  | 4.27 | % |  | 0.85 | % |  | 0.85 | % |  | 0.65 | % |  | — | % |  | — | % |  | — | %
Schedule of Expected Benefit Payments | Total benefit payments expected to be paid to participants in both funded and unfunded plans are estimated as follows:
|  | Pension Plans |  |  |  |
Years Ended December 31, |  | United States |  | International |  | Other Retiree Benefit Plans |  | Total
2020 |  | $ | 146 |  |  | $ | 36 |  |  | $ | 49 |  |  | $ | 231 |
2021 |  | 147 |  |  | 37 |  |  | 50 |  |  | 234 |
2022 |  | 151 |  |  | 37 |  |  | 51 |  |  | 239 |
2023 |  | 149 |  |  | 39 |  |  | 52 |  |  | 240 |
2024 |  | 152 |  |  | 42 |  |  | 53 |  |  | 247 |
2025-2029 |  | 722 |  |  | 219 |  |  | 272 |  |  | 1,213 |

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- 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
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