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v3.19.3.a.u2

Retirement Plans and Profit Sharing Arrangements (Tables) | 12 Months Ended
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Dec. 31, 2019
Defined Benefit Plans |
Reconciliation of the changes in the defined postretirement benefit plan obligation [Table Text Block] | The following table provides a reconciliation of changes in the benefit obligation:
| Pension Plans |  | Other Postretirement Plans
2019 |  | 2018 |  | 2019 |  | 2018
(in millions)
Benefit obligation, January 1 | $ | 967 |  |  | $ | 995 |  |  | $ | 14 |  |  | $ | 15 |
Service cost | 44 |  |  | 48 |  |  | — |  |  | — |
Interest cost | 36 |  |  | 30 |  |  | — |  |  | 1 |
Plan change | (15 | ) |  | — |  |  | — |  |  | — |
Benefits paid | (9 | ) |  | (9 | ) |  | (1 | ) |  | (1 | )
Actuarial (gain) loss | 131 |  |  | (59 | ) |  | 1 |  |  | (1 | )
Curtailments | (7 | ) |  | — |  |  | — |  |  | — |
Settlements | (42 | ) |  | (29 | ) |  | — |  |  | — |
Foreign currency rate changes | 6 |  |  | (9 | ) |  | — |  |  | — |
Benefit obligation, December 31 | $ | 1,111 |  |  | $ | 967 |  |  | $ | 14 |  |  | $ | 14 |
Schedule of amounts recognized in the Consolidated Balance Sheets [Table Text Block] | The following table provides the amounts recognized in the Consolidated Balance Sheets as of December 31, which equal the funded status of the plans:
| Pension Plans |  | Other Postretirement Plans
2019 |  | 2018 |  | 2019 |  | 2018
(in millions)
Benefit liability | $ | (278 | ) |  | $ | (256 | ) |  | $ | (14 | ) |  | $ | (14 | )
Benefit asset | 5 |  |  | 17 |  |  | — |  |  | — |
Net amount recognized | $ | (273 | ) |  | $ | (239 | ) |  | $ | (14 | ) |  | $ | (14 | )
Accumulated benefit obligations in excess of the fair value of plan assets [Table Text Block] | The following table provides information for pension plans with benefit obligations in excess of plan assets:
| December 31,
2019 |  | 2018
(in millions)
Pension plans with accumulated benefit obligations in excess of plan assets |  |  |
Accumulated benefit obligation | $ | 875 |  |  | $ | 762 |
Fair value of plan assets | 644 |  |  | 559 |
Pension plans with projected benefit obligations in excess of plan assets |  |  |
Projected benefit obligation | $ | 922 |  |  | $ | 815 |
Fair value of plan assets | 644 |  |  | 559 |
Schedule of weighted average assumptions used to determine benefit obligations [Table Text Block] | The weighted average assumptions used to determine benefit obligations were as follows:
| Pension Plans |  | Other Postretirement Plans
2019 |  | 2018 |  | 2019 |  | 2018
Discount rates | 2.97 | % |  | 4.01 | % |  | 2.99 | % |  | 4.11 | %
Rates of increase in compensation levels | 4.01 |  |  | 4.25 |  |  | N/A |  |  | N/A |
Interest crediting rates for cash balance plans | 5.00 |  |  | 5.00 |  |  | N/A |  |  | N/A |
Defined Benefit Plan, Assumptions [Table Text Block] | The weighted average assumptions used to determine net periodic benefit cost of pension plans were as follows:
| 2019 |  | 2018 |  | 2017
Discount rates | 4.00 | % |  | 3.30 | % |  | 3.64 | %
Rates of increase in compensation levels | 4.25 |  |  | 4.29 |  |  | 4.39 |
Expected long-term rates of return on assets | 7.18 |  |  | 7.11 |  |  | 7.13 |
Interest crediting rates for cash balance plans | 5.00 |  |  | 5.00 |  |  | 5.00 |
Schedule of pension plan assets measured at fair value on a recurring basis [Table Text Block] | The following tables present the Company’s pension plan assets measured at fair value on a recurring basis:
Asset Category | December 31, 2019 |
Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in millions)
Equity securities: |  |  |  |  |  |  |  |
U.S. large cap stocks | $ | 119 |  |  | $ | — |  |  | $ | — |  |  | $ | 119 |  |
U.S. small cap stocks | 91 |  |  | — |  |  | — |  |  | 91 |  |
Non-U.S. large cap stocks | 32 |  |  | — |  |  | — |  |  | 32 |  |
Debt securities: |  |  |  |  |  |  |  |
U.S. investment grade bonds | 43 |  |  | 24 |  |  | — |  |  | 67 |  |
U.S. high yield bonds | 6 |  |  | — |  |  | — |  |  | 6 |  |
Non-U.S. investment grade bonds | 16 |  |  | — |  |  | — |  |  | 16 |  |
Cash equivalents at NAV |  |  |  |  |  |  | 30 |  | (1)
Collective investment funds at NAV |  |  |  |  |  |  | 232 |  | (1)
Real estate investment trusts at NAV |  |  |  |  |  |  | 20 |  | (1)
Hedge funds at NAV |  |  |  |  |  |  | 29 |  | (1)
Pooled pension funds at NAV |  |  |  |  |  |  | 196 |  | (1)
Total | $ | 307 |  |  | $ | 24 |  |  | $ | — |  |  | $ | 838 |  |
Asset Category | December 31, 2018 |
Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in millions)
Equity securities: |  |  |  |  |  |  |  |
U.S. large cap stocks | $ | 90 |  |  | $ | — |  |  | $ | — |  |  | $ | 90 |  |
U.S. small cap stocks | 70 |  |  | — |  |  | — |  |  | 70 |  |
Non-U.S. large cap stocks | 25 |  |  | — |  |  | — |  |  | 25 |  |
Non-U.S. small cap stocks | 22 |  |  | — |  |  | — |  |  | 22 |  |
Debt securities: |  |  |  |  |  |  |  |
U.S. investment grade bonds | 39 |  |  | 23 |  |  | — |  |  | 62 |  |
U.S. high yield bonds | 5 |  |  | — |  |  | — |  |  | 5 |  |
Non-U.S. investment grade bonds | 15 |  |  | — |  |  | — |  |  | 15 |  |
Cash equivalents at NAV |  |  |  |  |  |  | 36 |  | (1)
Collective investment funds at NAV |  |  |  |  |  |  | 188 |  | (1)
Real estate investment trusts at NAV |  |  |  |  |  |  | 19 |  | (1)
Hedge funds at NAV |  |  |  |  |  |  | 27 |  | (1)
Pooled pension funds at NAV |  |  |  |  |  |  | 169 |  | (1)
Total | $ | 266 |  |  | $ | 23 |  |  | $ | — |  |  | $ | 728 |  |
(1) Amounts are comprised of certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy.
Schedule of expected benefit payments to retirees under retirement plans [Table Text Block] | The Company’s pension plans expect to make benefit payments to retirees as follows:
| Pension Plans |  | Other Postretirement Plans
(in millions)
2020 | $ | 86 |  |  | $ | 1 |
2021 | 62 |  |  | 1 |
2022 | 67 |  |  | 1 |
2023 | 83 |  |  | 1 |
2024 | 72 |  |  | 1 |
2025-2029 | 381 |  |  | 5 |
Pension Plans [Member] |
Defined Benefit Plans |
Schedule of components of net periodic pension cost [Table Text Block] | All components of the net periodic benefit cost are recorded in general and administrative expense and were as follows:
| Years Ended December 31,
2019 |  | 2018 |  | 2017
(in millions)
Service cost | $ | 44 |  |  | $ | 48 |  |  | $ | 47 |
Interest cost | 36 |  |  | 30 |  |  | 28 |
Expected return on plan assets | (53 | ) |  | (48 | ) |  | (45 | )
Amortization of prior service costs | — |  |  | — |  |  | (1 | )
Amortization of net loss | 5 |  |  | 11 |  |  | 10 |
Other | 8 |  |  | 5 |  |  | 3 |
Net periodic benefit cost | $ | 40 |  |  | $ | 46 |  |  | $ | 42 |
Reconciliation of the changes in the fair value of plan assets for the pension plans [Table Text Block] | The following table provides a reconciliation of changes in the fair value of assets:
| Pension Plans
2019 |  | 2018
(in millions)
Fair value of plan assets, January 1 | $ | 728 |  |  | $ | 748 |
Actual return on plan assets | 130 |  |  | (59 | )
Employer contributions | 24 |  |  | 86 |
Benefits paid | (9 | ) |  | (9 | )
Settlements | (42 | ) |  | (29 | )
Foreign currency rate changes | 7 |  |  | (9 | )
Fair value of plan assets, December 31 | $ | 838 |  |  | $ | 728 |

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