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Pension, Retiree Medical and Retiree Savings Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
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.
|  | 2020 |  | 2019
Change in benefit obligation: |  |  |  |
Benefit obligation at beginning of year |  | $ | 1,015 |  |  | $ | 873 |
Service cost |  | 8 |  |  | 6 |
Interest cost |  | 35 |  |  | 39 |
Plan amendments |  | 1 |  |  | 2 |
Special termination benefits |  | 2 |  |  | — |
Benefits paid |  | (46) |  |  | (57) |
Settlement payments |  | — |  |  | (1) |
Actuarial (gain) loss |  | 118 |  |  | 153 |
Benefit obligation at end of year |  | $ | 1,133 |  |  | $ | 1,015 |
A significant component of the overall increase in the Company's benefit obligation for the year ended December 31, 2020, was due to an actuarial loss, which was primarily due to a decrease in the discount rate used to measure our benefit obligation from 3.50% at December 31, 2019, to 2.80% at December 31, 2020. A significant component of the overall increase in the Company's benefit obligation for the year ended December 31, 2019, was due to an actuarial loss, which was primarily due to a decrease in the discount rate used to measure our benefit obligation from 4.60% at December 31, 2018, to 3.50% at December 31, 2019.
Change in plan assets: |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 886 |  |  | $ | 755 |
Actual return on plan assets |  | 168 |  |  | 176 |
Employer contributions |  | 6 |  |  | 12 |
Benefits paid |  | (46) |  |  | (57) |
Fair value of plan assets at end of year |  | $ | 1,014 |  |  | $ | 886 |
Funded status at end of year |  | $ | (119) |  |  | $ | (129) |
Amounts recognized in the Consolidated Balance Sheet |
Amounts recognized in the Consolidated Balance Sheet:
|  | 2020 |  | 2019
Accrued benefit liability - current |  | $ | (9) |  |  | $ | (4) |
Accrued benefit liability - non-current |  | (110) |  |  | (125) |
|  | $ | (119) |  |  | $ | (129) |
Pension plans with an accumulated benefit obligation in excess of pan assets |
The table below provides information for pension plans with an accumulated benefit obligation in excess of plan assets. These pension plans also have a projected benefit obligation in excess of plan assets. |  |  |  |
|  | 2020 |  | 2019 |  |  |  |
Projected benefit obligation |  | $ | 1,133 |  |  | $ | 1,015 |  |  |  |  |
Accumulated benefit obligation |  | 1,111 |  |  | 984 |  |  |  |  |
Fair value of plan assets |  | 1,014 |  |  | 886 |  |  |  |  |
Components of net periodic benefit cost | Components of net periodic benefit cost:
|  | 2020 |  | 2019 |  | 2018
Service cost |  | $ | 8 |  |  | $ | 6 |  |  | $ | 8 |
Interest cost |  | 35 |  |  | 39 |  |  | 38 |
Amortization of prior service cost(a) |  | 5 |  |  | 6 |  |  | 5 |
Expected return on plan assets |  | (43) |  |  | (44) |  |  | (44) |
Amortization of net loss |  | 14 |  |  | 1 |  |  | 16 |
Net periodic benefit cost |  | $ | 19 |  |  | $ | 8 |  |  | $ | 23 |
Additional (gain) loss recognized due to: Settlement charges(b) |  | $ | — |  |  | $ | 3 |  |  | $ | — |
Special termination benefits |  | $ | 2 |  |  | $ | — |  |  | $ | 1 |
(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.
Pension losses in accumulated other comprehensive income (loss) |
Pension gains (losses) in AOCI:
|  | 2020 |  | 2019
Beginning of year |  | $ | (136) |  |  | $ | (123) |
Net actuarial gain (loss) |  | 7 |  |  | (22) |
Curtailments |  | 1 |  |  | — |
Amortization of net loss |  | 14 |  |  | 1 |
Amortization of prior service cost |  | 5 |  |  | 6 |
Prior service cost |  | (2) |  |  | (2) |
Settlement charges |  | — |  |  | 4 |
End of year |  | $ | (111) |  |  | $ | (136) |
Schedule of Accumulated pre-tax losses recognized in Accumulated Other Comprehensive Income |
Accumulated pre-tax losses recognized within AOCI:
|  | 2020 |  | 2019
Actuarial net loss |  | $ | (96) |  |  | $ | (118) |
Prior service cost |  | (15) |  |  | (18) |
|  | $ | (111) |  |  | $ | (136) |
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:
|  | 2020 |  | 2019
Discount rate |  | 2.80 | % |  | 3.50 | %
Rate of compensation increase |  | 3.00 | % |  | 3.00 | %
Weighted-average assumptions used to determine the net periodic benefit cost for fiscal years:
|  | 2020 |  | 2019 |  | 2018
Discount rate |  | 3.50 | % |  | 4.60 | % |  | 3.90 | %
Long-term rate of return on plan assets |  | 5.50 | % |  | 5.75 | % |  | 5.65 | %
Rate of compensation increase |  | 3.00 | % |  | 3.00 | % |  | 3.75 | %
Fair values of pension plan assets | The fair values of our pension plan assets at December 31, 2020 and December 31, 2019, by asset category and level within the fair value hierarchy are as follows:
|  | 2020 |  | 2019
Level 1: |  |  |  |
Cash |  | $ | 9 |  |  | $ | 5 |
Cash Equivalents(a) |  | 10 |  |  | 13 |
Fixed Income Securities - U.S. Corporate(b) |  | 164 |  |  | 161 |
Equity Securities – U.S. Large cap(b) |  | 306 |  |  | 268 |
Equity Securities – U.S. Mid cap(b) |  | 51 |  |  | 44 |
Equity Securities – U.S. Small cap(b) |  | 52 |  |  | 43 |
Equity Securities – Non-U.S.(b) |  | 102 |  |  | 88 |
Level 2: |  |  |  |
Fixed Income Securities – U.S. Corporate(c) |  | 148 |  |  | 120 |
Fixed Income Securities – U.S. Government and Government Agencies(d) |  | 354 |  |  | 274 |
Fixed Income Securities – Other(d) |  | 30 |  |  | 39 |
Total fair value of plan assets(e) |  | $ | 1,226 |  |  | $ | 1,055 |
(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)2020 and 2019 exclude net unsettled trade payables of $212 million and $169 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: |  |  |  |
2021 |  | $ | 54 |  |  |
2022 |  | 52 |  |  |
2023 |  | 53 |  |  |
2024 |  | 55 |  |  |
2025 |  | 58 |  |  |
2026 - 2030 |  | 299 |  |  |

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