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v3.20.4

Retirement Plans and Profit Sharing Arrangements (Tables) | 12 Months Ended
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Dec. 31, 2020
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
| 2020 |  | 2019 |  | 2020 |  | 2019
| (in millions)
Benefit obligation, January 1 | $ | 1,111 |  |  | $ | 967 |  |  | $ | 14 |  |  | $ | 14 |
Service cost | 45 |  |  | 44 |  |  | — |  |  | — |
Interest cost | 29 |  |  | 36 |  |  | — |  |  | — |
Plan change | — |  |  | (15) |  |  | — |  |  | — |
Benefits paid | (10) |  |  | (9) |  |  | (1) |  |  | (1) |
Actuarial (gain) loss | 117 |  |  | 131 |  |  | 1 |  |  | 1 |
Curtailments | — |  |  | (7) |  |  | — |  |  | — |
Settlements | (30) |  |  | (42) |  |  | — |  |  | — |
Foreign currency rate changes | 9 |  |  | 6 |  |  | — |  |  | — |
Benefit obligation, December 31 | $ | 1,271 |  |  | $ | 1,111 |  |  | $ | 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
| 2020 |  | 2019 |  | 2020 |  | 2019
| (in millions)
Benefit liability | $ | (366) |  |  | $ | (278) |  |  | $ | (14) |  |  | $ | (14) |
Benefit asset | — |  |  | 5 |  |  | — |  |  | — |
Net amount recognized | $ | (366) |  |  | $ | (273) |  |  | $ | (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,
2020 |  | 2019
(in millions)
Pension plans with accumulated benefit obligations in excess of plan assets |  |  |
Accumulated benefit obligation | $ | 1,211 |  |  | $ | 875 |
Fair value of plan assets | 905 |  |  | 644 |
Pension plans with projected benefit obligations in excess of plan assets |  |  |
Projected benefit obligation | $ | 1,271 |  |  | $ | 922 |
Fair value of plan assets | 905 |  |  | 644 |
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
2020 |  | 2019 |  | 2020 |  | 2019
Discount rates | 2.16 | % |  | 2.97 | % |  | 2.01 | % |  | 2.99 | %
Rates of increase in compensation levels | 3.96 |  |  | 4.01 |  |  | 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:
| 2020 |  | 2019 |  | 2018
Discount rates | 2.97 | % |  | 4.00 | % |  | 3.30 | %
Rates of increase in compensation levels | 4.01 |  |  | 4.25 |  |  | 4.29 |
Expected long-term rates of return on assets | 7.14 |  |  | 7.18 |  |  | 7.11 |
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, 2020 |
| Level 1 |  | Level 2 |  | Level 3 |  | Total |
| (in millions) |
Equity securities: |  |  |  |  |  |  |  |
U.S. large cap stocks | $ | 119 |  |  | $ | — |  |  | $ | — |  |  | $ | 119 |  |
U.S. small cap stocks | 80 |  |  | — |  |  | — |  |  | 80 |  |
Non-U.S. large cap stocks | 36 |  |  | — |  |  | — |  |  | 36 |  |
Debt securities: |  |  |  |  |  |  |  |
U.S. investment grade bonds | 47 |  |  | 21 |  |  | — |  |  | 68 |  |
Non-U.S. investment grade bonds | 18 |  |  | — |  |  | — |  |  | 18 |  |
Cash equivalents at NAV |  |  |  |  |  |  | 25 |  | (1)
Collective investment funds at NAV |  |  |  |  |  |  | 289 |  | (1)
Real estate investment trusts at NAV |  |  |  |  |  |  | 20 |  | (1)
Hedge funds at NAV |  |  |  |  |  |  | 32 |  | (1)
Pooled pension funds at NAV |  |  |  |  |  |  | 218 |  | (1)
Total | $ | 300 |  |  | $ | 21 |  |  | $ | — |  |  | $ | 905 |  |
|  | December 31, 2019 |
Asset Category |  | 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 |  |
(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)
2021 | $ | 104 |  |  | $ | 1 |
2022 | 68 |  |  | 1 |
2023 | 79 |  |  | 1 |
2024 | 74 |  |  | 1 |
2025 | 74 |  |  | 1 |
2026-2028 | 389 |  |  | 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,
| 2020 |  | 2019 |  | 2018
| (in millions)
Service cost | $ | 45 |  |  | $ | 44 |  |  | $ | 48 |
Interest cost | 29 |  |  | 36 |  |  | 30 |
Expected return on plan assets | (55) |  |  | (53) |  |  | (48) |
Amortization of prior service costs | (2) |  |  | — |  |  | — |
Amortization of net loss | 15 |  |  | 5 |  |  | 11 |
Other | 7 |  |  | 8 |  |  | 5 |
Net periodic benefit cost | $ | 39 |  |  | $ | 40 |  |  | $ | 46 |
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
| 2020 |  | 2019
| (in millions)
Fair value of plan assets, January 1 | $ | 838 |  |  | $ | 728 |
Actual return on plan assets | 67 |  |  | 130 |
Employer contributions | 31 |  |  | 24 |
Benefits paid | (10) |  |  | (9) |
Settlements | (30) |  |  | (42) |
Foreign currency rate changes | 9 |  |  | 7 |
Fair value of plan assets, December 31 | $ | 905 |  |  | $ | 838 |

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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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