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Employee Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Schedule of Changes in Accumulated Postemployment Benefit Obligations

The following table shows the change in the accumulated postretirement benefit obligation ("APBO") for the years ended December 31, 2019 and 2018:

(in millions)		2019				2018
APBO at beginning of period		$	232			$	275
Service cost		17				18
Interest cost		10				9
Benefits paid		(9		)		(5		)
Actuarial (gain)/loss		38				(69		)
Plan amendments		—				4
APBO at end of period		$	288			$	232

Schedule of Amounts Recognized in Balance Sheet

The following table reconciles the funded status of the plans to the accrued postretirement benefit cost recognized in Other non-current liabilities on the Company’s Consolidated Balance Sheet at December 31, 2019 and 2018.

(in millions)		2019				2018
Funded status		$	(288	)		$	(232	)
Unrecognized net actuarial gain		(24		)		(64		)
Unrecognized prior service cost		4				5
Accumulated other comprehensive income		20				59
Cost recognized on Consolidated Balance Sheet		$	(288	)		$	(232	)

Schedule of Net Benefit Costs

The consolidated periodic postretirement benefit cost for the years ended December 31, 2019, 2018, and 2017, included the following:

(in millions)		2019				2018				2017
Service cost		$	17			$	18			$	18
Interest cost		10				9				11
Amortization of prior service cost		1				3				3
Amortization of net gain		(2		)		—				—
Net periodic postretirement benefit cost		$	26			$	30			$	32

Schedule of Assumptions Used

The following actuarial assumptions were used to account for the Company’s postretirement benefit plans at December 31, 2019, 2018, and 2017:

		2019			2018			2017
Weighted-average discount rate		3.30	%		4.35	%		3.65	%
Assumed healthcare cost trend rate (a)		7.13	%		7.13	%		7.08	%

(a)

The assumed healthcare cost trend rate is expected to be 6.79% for 2020, then decline gradually to 5.19% by 2027 and remain level thereafter.

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- Definition

Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

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- Definition

Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

+ 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
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- Definition

Tabular disclosure of the change in the accumulated postemployment benefit obligation from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits.

+ 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 (a)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

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Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

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-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
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