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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [Abstract] |
The changes in benefit obligation, the changes in fair value of plan assets, and the funded status of our pension plans and other postretirement benefit plans | The changes in benefit obligation related to all of our defined benefit plans, the changes in fair value of plan assets(a), and the funded status of our defined benefit plans as of and for the years ended below were as follows (in millions):
| Pension Plans |  | Other Postretirement Benefit Plans
| December 31, |  | December 31,
| 2021 |  | 2020 |  | 2021 |  | 2020
Changes in benefit obligation |  |  |  |  |  |  |
Benefit obligation as of beginning of year | $ | 3,625 |  |  | $ | 3,239 |  |  | $ | 358 |  |  | $ | 336 |
Service cost | 161 |  |  | 140 |  |  | 7 |  |  | 6 |
Interest cost | 73 |  |  | 85 |  |  | 7 |  |  | 9 |
Participant contributions | — |  |  | — |  |  | 13 |  |  | 12 |
Benefits paid | (284) |  |  | (195) |  |  | (29) |  |  | (28) |
Actuarial (gain) loss | (111) |  |  | 339 |  |  | (9) |  |  | 23 |
Other | (1) |  |  | 17 |  |  | — |  |  | — |
Benefit obligation as of end of year | $ | 3,463 |  |  | $ | 3,625 |  |  | $ | 347 |  |  | $ | 358 |
Changes in plan assets (a) |  |  |  |  |  |  |
Fair value of plan assets as of beginning of year | $ | 3,067 |  |  | $ | 2,709 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | 389 |  |  | 413 |  |  | — |  |  | — |
Company contributions | 135 |  |  | 129 |  |  | 16 |  |  | 16 |
Participant contributions | — |  |  | — |  |  | 13 |  |  | 12 |
Benefits paid | (284) |  |  | (195) |  |  | (29) |  |  | (28) |
Other | (4) |  |  | 11 |  |  | — |  |  | — |
Fair value of plan assets as of end of year | $ | 3,303 |  |  | $ | 3,067 |  |  | $ | — |  |  | $ | — |
Reconciliation of funded status (a) |  |  |  |  |  |  |
Fair value of plan assets as of end of year | $ | 3,303 |  |  | $ | 3,067 |  |  | $ | — |  |  | $ | — |
Less: Benefit obligation as of end of year | 3,463 |  |  | 3,625 |  |  | 347 |  |  | 358 |
Funded status as of end of year | $ | (160) |  |  | $ | (558) |  |  | $ | (347) |  |  | $ | (358) |
Accumulated benefit obligation | $ | 3,238 |  |  | $ | 3,398 |  |  | n/a |  | n/a
________________________ (a)Plan assets include only the assets associated with pension plans subject to legal minimum funding standards. Plan assets associated with U.S. nonqualified pension plans are not included here because they are not protected from our creditors and therefore cannot be reflected as a reduction from our obligations under the pension plans. As a result, the reconciliation of funded status does not reflect the effect of plan assets that exist for all of our defined benefit plans. See Note 20 for the assets associated with certain U.S. nonqualified pension plans.
Schedule of amounts recognized in balance sheet | Amounts recognized in our balance sheet for our pension and other postretirement benefits plans include (in millions):
| Pension Plans |  | Other Postretirement Benefit Plans
| December 31, |  | December 31,
| 2021 |  | 2020 |  | 2021 |  | 2020
Deferred charges and other assets, net | $ | 135 |  |  | $ | 7 |  |  | $ | — |  |  | $ | — |
Accrued expenses | (19) |  |  | (24) |  |  | (22) |  |  | (21) |
Other long-term liabilities | (276) |  |  | (541) |  |  | (325) |  |  | (337) |
| $ | (160) |  |  | $ | (558) |  |  | $ | (347) |  |  | $ | (358) |
Projected benefit obligations in excess of fair value of plan assets | The following table presents information for our pension plans with projected benefit obligations in excess of plan assets (in millions):
| December 31,
| 2021 |  | 2020
Projected benefit obligation | $ | 335 |  |  | $ | 3,561 |
Fair value of plan assets | 40 |  |  | 2,997 |
Accumulated benefit obligations in excess of fair value of plan assets | The following table presents information for our pension plans with accumulated benefit obligations in excess of plan assets (in millions):
| December 31,
| 2021 |  | 2020
Accumulated benefit obligation | $ | 265 |  |  | $ | 3,336 |
Fair value of plan assets | 31 |  |  | 2,997 |
Expected benefit payments | Benefit payments that we expect to pay, including amounts related to expected future services that we expect to receive, are as follows for the years ending December 31 (in millions):
| Pension Benefits |  | Other Postretirement Benefits
2022 | $ | 189 |  |  | $ | 22 |
2023 | 236 |  |  | 21 |
2024 | 185 |  |  | 21 |
2025 | 207 |  |  | 21 |
2026 | 223 |  |  | 20 |
2027-2031 | 1,068 |  |  | 91 |
Components of net periodic benefit costs | The components of net periodic benefit cost related to our defined benefit plans were as follows (in millions):
| Pension Plans |  | Other Postretirement Benefit Plans
| Year Ended December 31, |  | Year Ended December 31,
| 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Service cost | $ | 161 |  |  | $ | 140 |  |  | $ | 119 |  |  | $ | 7 |  |  | $ | 6 |  |  | $ | 5 |
Interest cost | 73 |  |  | 85 |  |  | 98 |  |  | 7 |  |  | 9 |  |  | 11 |
Expected return on plan assets | (192) |  |  | (179) |  |  | (166) |  |  | — |  |  | — |  |  | — |
Amortization of: |  |  |  |  |  |  |  |  |  |  |
Net actuarial (gain) loss | 81 |  |  | 74 |  |  | 41 |  |  | (1) |  |  | — |  |  | (3) |
Prior service credit | (18) |  |  | (19) |  |  | (19) |  |  | (7) |  |  | (7) |  |  | (9) |
Special charges | 8 |  |  | 5 |  |  | 4 |  |  | — |  |  | — |  |  | 1 |
Net periodic benefit cost | $ | 113 |  |  | $ | 106 |  |  | $ | 77 |  |  | $ | 6 |  |  | $ | 8 |  |  | $ | 5 |
Pre-tax amounts recognized in other comprehensive income (loss) | Pre-tax amounts recognized in other comprehensive income were as follows (in millions):
| Pension Plans |  | Other Postretirement Benefit Plans
| Year Ended December 31, |  | Year Ended December 31,
| 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Net gain (loss) arising during the year: |  |  |  |  |  |  |  |  |  |  |
Net actuarial gain (loss) | $ | 308 |  |  | $ | (105) |  |  | $ | (204) |  |  | $ | 9 |  |  | $ | (23) |  |  | $ | (41) |
Prior service cost | (4) |  |  | (5) |  |  | — |  |  | — |  |  | — |  |  | (3) |
Net (gain) loss reclassified into income: |  |  |  |  |  |  |  |  |  |  |
Net actuarial (gain) loss | 81 |  |  | 74 |  |  | 41 |  |  | (1) |  |  | — |  |  | (3) |
Prior service credit | (18) |  |  | (19) |  |  | (19) |  |  | (7) |  |  | (7) |  |  | (9) |
Curtailment and settlement loss | 8 |  |  | 5 |  |  | 4 |  |  | — |  |  | — |  |  | — |
Effect of exchange rates | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total changes in other comprehensive income | $ | 377 |  |  | $ | (50) |  |  | $ | (178) |  |  | $ | 1 |  |  | $ | (30) |  |  | $ | (56) |
Pre-tax amounts in accumulated other comprehensive loss not yet recognized | The pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost were as follows (in millions):
| Pension Plans |  | Other Postretirement Benefit Plans
| December 31, |  | December 31,
| 2021 |  | 2020 |  | 2021 |  | 2020
Net actuarial (gain) loss | $ | 615 |  |  | $ | 1,014 |  |  | $ | (4) |  |  | $ | 4 |
Prior service credit | (44) |  |  | (66) |  |  | (6) |  |  | (13) |
Total | $ | 571 |  |  | $ | 948 |  |  | $ | (10) |  |  | $ | (9) |
Weighted-average assumptions used to determine the benefit obligations and net periodic benefit cost | The weighted-average assumptions used to determine the benefit obligations were as follows:
| Pension Plans |  | Other Postretirement Benefit Plans
| December 31, |  | December 31,
| 2021 |  | 2020 |  | 2021 |  | 2020
Discount rate | 2.93 | % |  | 2.62 | % |  | 2.96 | % |  | 2.64 | %
Rate of compensation increase | 3.70 | % |  | 3.66 | % |  | n/a |  | n/a
Interest crediting rate for cash balance plans | 3.03 | % |  | 3.03 | % |  | n/a |  | n/a
The weighted-average assumptions used to determine the net periodic benefit cost were as follows:
| Pension Plans |  | Other Postretirement Benefit Plans
| Year Ended December 31, |  | Year Ended December 31,
| 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Discount rate | 2.62 | % |  | 3.14 | % |  | 4.24 | % |  | 2.64 | % |  | 3.32 | % |  | 4.40 | %
Expected long-term rate of return on plan assets | 7.09 | % |  | 7.20 | % |  | 7.22 | % |  | n/a |  | n/a |  | n/a
Rate of compensation increase | 3.66 | % |  | 3.75 | % |  | 3.78 | % |  | n/a |  | n/a |  | n/a
Interest crediting rate for cash balance plans | 3.03 | % |  | 3.03 | % |  | 3.04 | % |  | n/a |  | n/a |  | n/a
Assumed health care cost trend rates | The assumed health care cost trend rates were as follows:
| December 31,
| 2021 |  | 2020
Health care cost trend rate assumed for the next year | 6.61 | % |  | 6.83 | %
Rate to which the cost trend rate was assumed to decline (the ultimate trend rate) | 5.00 | % |  | 5.00 | %
Year that the rate reaches the ultimate trend rate | 2026 |  | 2026
Fair value of pension plan assets by level of fair value hierarchy | The following table presents the fair values of the assets of our pension plans (in millions) as of December 31, 2021 and 2020 by level of the fair value hierarchy. Assets categorized in Level 1 of the hierarchy are measured at fair value using a market approach based on unadjusted quoted prices from national securities exchanges. Assets categorized in Level 2 of the hierarchy are measured at net asset value in a market that is not active or inputs other than quoted prices that are observable. No assets were categorized in Level 3 of the hierarchy as of December 31, 2021 or 2020. As previously noted, we do not fund or fully fund U.S. nonqualified and certain foreign pension plans that are not subject to funding requirements, and we do not fund our other postretirement benefit plans.
| 2021 |  | 2020 |  |  |  |  |  |
| Level 1 |  | Level 2 |  | Total |  | Level 1 |  | Level 2 |  | Total |  |  |  |  |  |
Equity securities (a) | $ | 681 |  |  | $ | — |  |  | $ | 681 |  |  | $ | 682 |  |  | $ | — |  |  | $ | 682 |  |  |  |  |  |  |
Mutual funds | 246 |  |  | — |  |  | 246 |  |  | 244 |  |  | — |  |  | 244 |  |  |  |  |  |  |
Corporate debt instruments (a) | — |  |  | 355 |  |  | 355 |  |  | — |  |  | 297 |  |  | 297 |  |  |  |  |  |  |
Government securities | 94 |  |  | 141 |  |  | 235 |  |  | 85 |  |  | 142 |  |  | 227 |  |  |  |  |  |  |
Common collective trusts (b) | — |  |  | 1,202 |  |  | 1,202 |  |  | — |  |  | 1,066 |  |  | 1,066 |  |  |  |  |  |  |
Pooled separate accounts (c) | — |  |  | 370 |  |  | 370 |  |  | — |  |  | 316 |  |  | 316 |  |  |  |  |  |  |
Private funds | — |  |  | 112 |  |  | 112 |  |  | — |  |  | 128 |  |  | 128 |  |  |  |  |  |  |
Insurance contract | — |  |  | 15 |  |  | 15 |  |  | — |  |  | 15 |  |  | 15 |  |  |  |  |  |  |
Interest and dividends receivable | 5 |  |  | — |  |  | 5 |  |  | 5 |  |  | — |  |  | 5 |  |  |  |  |  |  |
Cash and cash equivalents | 82 |  |  | — |  |  | 82 |  |  | 98 |  |  | — |  |  | 98 |  |  |  |  |  |  |
Securities transactions payable, net | — |  |  | — |  |  | — |  |  | (11) |  |  | — |  |  | (11) |  |  |  |  |  |  |
Total pension plan assets | $ | 1,108 |  |  | $ | 2,195 |  |  | $ | 3,303 |  |  | $ | 1,103 |  |  | $ | 1,964 |  |  | $ | 3,067 |  |  |  |  |  |  |
________________________ (a)This class of securities includes domestic and international securities, which are held in a wide range of industry sectors. (b)This class primarily includes investments in approximately 80 percent equities and 20 percent bonds as of December 31, 2021 and 2020. (c)This class primarily includes investments in approximately 55 percent equities and 45 percent bonds as of December 31, 2021. As of December 31, 2020, this class included primarily investments in approximately 60 percent equities and 40 percent bonds. These pension assets are held by our foreign pension plans.

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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=123447040&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 + Details
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