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Pension, Retiree Medical and Retiree Savings Plans (Tables) | 12 Months Ended
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Dec. 31, 2017
Retirement Benefits [Abstract] |
Funded status of pension plans | The following chart summarizes the balance sheet impact, as well as benefit obligations, assets, and funded status associated with our two significant U.S. pension plans. The actuarial valuations for all plans reflect measurement dates coinciding with our fiscal year end.
|  | 2017 |  | 2016
Change in benefit obligation: |  |  |  |
Benefit obligation at beginning of year |  | $ | 993 |  |  | $ | 1,134 |
Service cost |  | 10 |  |  | 17 |
Interest cost |  | 41 |  |  | 54 |
Plan amendments |  | 2 |  |  | 4 |
Curtailments |  | (2 | ) |  | (4 | )
Special termination benefits |  | 2 |  |  | 3 |
Benefits paid |  | (76 | ) |  | (26 | )
Settlement payments(a) |  | (73 | ) |  | (260 | )
Actuarial (gain) loss |  | 115 |  |  | 77 |
Administrative expense |  | (5 | ) |  | (6 | )
Benefit obligation at end of year |  | $ | 1,007 |  |  | $ | 993 |
Change in plan assets: |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 837 |  |  | $ | 1,004 |
Actual return on plan assets |  | 129 |  |  | 87 |
Employer contributions |  | 52 |  |  | 38 |
Settlement payments(a) |  | (73 | ) |  | (260 | )
Benefits paid |  | (76 | ) |  | (26 | )
Administrative expenses |  | (5 | ) |  | (6 | )
Fair value of plan assets at end of year |  | $ | 864 |  |  | $ | 837 |
Funded status at end of year |  | $ | (143 | ) |  | $ | (156 | )
(a) | For discussion of the settlement payments made in connection with the deferred vested program in 2016, see Note 5.
Amounts recognized in the Consolidated Balance Sheet |
Amounts recognized in the Consolidated Balance Sheet:
|  | 2017 |  | 2016
Accrued benefit liability - current |  | $ | (8 | ) |  | $ | (16 | )
Accrued benefit liability - non-current |  | (135 | ) |  | (140 | )
|  | $ | (143 | ) |  | $ | (156 | )
Pension plans with an accumulated benefit obligation in excess of pan assets |
Information for pension plans with an accumulated benefit obligation in excess of plan assets:
|  | 2017 |  | 2016
Projected benefit obligation |  | $ | 1,007 |  |  | $ | 993 |
Accumulated benefit obligation |  | 976 |  |  | 960 |
Fair value of plan assets |  | 864 |  |  | 837 |
Pension plans with a projected benefit obligation in excess of plan assets |
Information for pension plans with a projected benefit obligation in excess of plan assets:
|  | 2017 |  | 2016
Projected benefit obligation |  | $ | 1,007 |  |  | $ | 993 |
Accumulated benefit obligation |  | 976 |  |  | 960 |
Fair value of plan assets |  | 864 |  |  | 837 |
Components of net periodic benefit cost | Components of net periodic benefit cost:
|  | 2017 |  | 2016 |  | 2015
Service cost |  | $ | 10 |  |  | $ | 17 |  |  | $ | 18 |
Interest cost |  | 41 |  |  | 54 |  |  | 55 |
Amortization of prior service cost(a) |  | 6 |  |  | 6 |  |  | 1 |
Expected return on plan assets |  | (45 | ) |  | (65 | ) |  | (62 | )
Amortization of net loss |  | 5 |  |  | 6 |  |  | 45 |
Net periodic benefit cost |  | $ | 17 |  |  | $ | 18 |  |  | $ | 57 |
Additional (gain) loss recognized due to: Settlement charges(b) |  | $ | 19 |  |  | $ | 32 |  |  | $ | 5 |
Special termination benefits |  | $ | 2 |  |  | $ | 3 |  |  | $ | 1 |
Pension data adjustment(c) |  | $ | 22 |  |  | $ | — |  |  | $ | — |
(a) | Prior service costs are amortized on a straight-line basis over the average remaining service period of employees expected to receive benefits.
(b) | Settlement losses result when benefit payments exceed the sum of the service cost and interest cost within a plan during the year. These losses were recorded in Other pension (income) expense.
(c) | Reflects a non-cash, out-of-year charge related to the adjustment of certain historical deferred vested liability balances in the Plan during the first quarter of 2017 recorded in Other pension (income) expense. See Note 5.
Pension losses in accumulated other comprehensive income (loss) |
Pension gains (losses) in AOCI:
|  | 2017 |  | 2016
Beginning of year |  | $ | (180 | ) |  | $ | (170 | )
Net actuarial gain (loss) |  | (10 | ) |  | (54 | )
Curtailments |  | 2 |  |  | 4 |
Amortization of net loss |  | 5 |  |  | 6 |
Amortization of prior service cost |  | 6 |  |  | 6 |
Prior service cost |  | (2 | ) |  | (4 | )
Settlement charges |  | 19 |  |  | 32 |
End of year |  | $ | (160 | ) |  | $ | (180 | )
Schedule of Accumulated pre-tax losses recognized in Accumulated Other Comprehensive Income |
Accumulated pre-tax losses recognized within AOCI:
|  | 2017 |  | 2016
Actuarial net loss |  | $ | (134 | ) |  | $ | (150 | )
Prior service cost |  | (26 | ) |  | (30 | )
|  | $ | (160 | ) |  | $ | (180 | )
Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost |
Weighted-average assumptions used to determine benefit obligations at the measurement dates:
|  | 2017 |  | 2016
Discount rate |  | 3.90 | % |  | 4.60 | %
Rate of compensation increase |  | 3.75 | % |  | 3.75 | %
Weighted-average assumptions used to determine the net periodic benefit cost for fiscal years:
|  | 2017(a) |  | 2016 |  | 2015
Discount rate |  | 4.53 | % |  | 4.90 | % |  | 4.30 | %
Long-term rate of return on plan assets |  | 6.06 | % |  | 6.75 | % |  | 6.75 | %
Rate of compensation increase |  | 3.75 | % |  | 3.75 | % |  | 3.75 | %
(a) Reflects a weighted average due to interim remeasurements in 2017.
Fair values of pension plan assets | The fair values of our pension plan assets at December 31, 2017 and December 31, 2016 by asset category and level within the fair value hierarchy are as follows:
|  | 2017 |  | 2016
Level 1: |  |  |  |
Cash |  | $ | 3 |  |  | $ | 2 |
Cash Equivalents(a) |  | 12 |  |  | 12 |
Fixed Income Securities - U.S. Corporate(b) |  | 177 |  |  | 172 |
Equity Securities – U.S. Large cap(b) |  | 257 |  |  | 244 |
Equity Securities – U.S. Mid cap(b) |  | 43 |  |  | 41 |
Equity Securities – U.S. Small cap(b) |  | 43 |  |  | 43 |
Equity Securities – Non-U.S.(b) |  | 87 |  |  | 83 |
Level 2: |  |  |  |
Fixed Income Securities – U.S. Corporate(c) |  | 86 |  |  | 76 |
Fixed Income Securities – U.S. Government and Government Agencies(d) |  | 177 |  |  | 152 |
Fixed Income Securities – Other(d) |  | 35 |  |  | 31 |
Total fair value of plan assets(e) |  | $ | 920 |  |  | $ | 856 |
(a) | Short-term investments in money market funds.
(b) | Securities held in common trusts.
(c) | Investments held directly by the Plan.
(d) | Includes securities held in common trusts and investments held directly by the Plan.
(e) | 2017 and 2016 exclude net unsettled trade payables of $56 million and $19 million, respectively.
Expected benefit payments | The benefits expected to be paid in each of the next five years and in the aggregate for the five years thereafter are set forth below:
Year ended: |  |
2018 |  | $ | 65 |
2019 |  | 37 |
2020 |  | 39 |
2021 |  | 42 |
2022 |  | 44 |
2023 - 2027 |  | 257 |

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