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EMPLOYEE RETIREMENT PLANS (Tables)
12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Schedule of pre-tax expense related to retirement plans
Pre-tax expense included in income from continuing operations related to our retirement plans was as follows, in millions:
 202020192018
Defined-contribution plans$46 $40 $37 
Defined-benefit pension plans38 24 17 
$84 $64 $54 
Schedule of changes in the projected benefit obligation and fair value of the plan assets, and the funded status of the Company's defined-benefit pension plans
Changes in the projected benefit obligation and fair value of plan assets, and the funded status of our defined-benefit pension plans were as follows, in millions:
 20202019
 QualifiedNon-QualifiedQualifiedNon-Qualified
Changes in projected benefit obligation:    
Projected benefit obligation at January 1$1,034 $161 $896 $155 
Service cost— — 
Interest cost23 33 
Actuarial loss, net85 10 149 13 
Foreign currency exchange18 — (3)— 
Benefit payments(45)(13)(44)(13)
Divestitures— (1)— — 
Projected benefit obligation at December 31$1,118 $162 $1,034 $161 
Changes in fair value of plan assets:    
Fair value of plan assets at January 1$780 $— $670 $— 
Actual return on plan assets67 — 105 — 
Foreign currency exchange— (1)— 
Company contributions57 13 56 13 
Expenses, other(4)— (6)— 
Benefit payments(45)(13)(44)(13)
Fair value of plan assets at December 31$863 $— $780 $— 
Funded status at December 31$(255)$(162)$(254)$(161)
Schedule of amounts in the Company's consolidated balance sheets
Amounts in our consolidated balance sheets were as follows, in millions:
 At December 31, 2020At December 31, 2019
 QualifiedNon-QualifiedQualifiedNon-Qualified
Other assets$$— $$— 
Accrued liabilities (A)
(135)(12)(1)(13)
Other liabilities (A)
(121)(150)(254)(148)
Total net liability$(255)$(162)$(254)$(161)
Schedule of unrealized loss included in accumulated other comprehensive income before income taxes
Unrealized loss included in accumulated other comprehensive loss before income taxes was as follows, in millions:
 At December 31, 2020At December 31, 2019
 QualifiedNon-QualifiedQualifiedNon-Qualified
Net loss$540 $65 $520 $57 
Net prior service cost— — 
Total$543 $65 $524 $57 
Schedule of information for defined-benefit pension plans with an accumulated benefit obligation in excess of plan assets
Information for defined-benefit pension plans with an accumulated benefit obligation in excess of plan assets was as follows, in millions:
 At December 31
 20202019
 QualifiedNon-QualifiedQualifiedNon-Qualified
Projected benefit obligation$1,100 $162 $1,019 $161 
Accumulated benefit obligation1,100 162 1,019 161 
Fair value of plan assets844 — 763 — 
Schedule of net periodic pension cost for the Company's defined-benefit pension plans Net periodic pension cost for our defined-benefit pension plans was as follows, in millions:
 202020192018
 QualifiedNon-QualifiedQualifiedNon-QualifiedQualifiedNon-Qualified
Service cost$$— $$— $$— 
Interest cost28 39 36 
Expected return on plan assets(24)— (44)— (48)— 
Recognized prior service cost— — — — — 
Recognized net loss22 18 17 
Net periodic pension cost$30 $$16 $$$
Schedule of the Company's qualified defined-benefit pension plan weighted average asset allocation Our qualified defined-benefit pension plan weighted average asset allocation, which is based upon fair value, was as follows:
 20202019
Equity securities15 %41 %
Debt securities49 %54 %
Other36 %%
Total100 %100 %
Schedule of qualified defined-benefit pension plan assets at fair value
The following tables set forth, by level within the fair value hierarchy, the qualified defined-benefit pension plan assets at fair value as of December 31, 2020 and 2019, as well as those valued at NAV using the practical expedient, which approximates fair value, in millions.
 At December 31, 2020
 Level 1Level 2Level 3Valued at NAVTotal
Plan Assets
Common and Preferred Stocks:
United States$26 $— $— $87 $113 
International15 — — — 15 
Private Equity and Hedge Funds – International
— — — 
Corporate Debt Securities:
United States— 143 — — 143 
International— 23 — — 23 
Government and Other Debt Securities:
United States— 214 — — 214 
International— 46 — — 46 
Common Collective Trust Fund – United States
— 292 — — 292 
Buy-in Annuity - International
— 14 — — 14 
Short-Term and Other Investments – International
— — — 
Total Plan Assets$43 $732 $$87 $863 

 At December 31, 2019
 Level 1Level 2Level 3Valued at NAVTotal
Plan Assets
Common and Preferred Stocks:
United States$85 $— $— $82 $167 
International47 — — 110 157 
Private Equity and Hedge Funds:
United States— — — 
International— — 17 — 17 
Corporate Debt Securities:
United States74 — — 124 198 
International— — — 
Government and Other Debt Securities:
United States— — 148 151 
International29 38 — — 67 
Common Collective Trust Fund – United States
— — — 
Buy-in Annuity - International
— 12 — — 12 
Short-Term and Other Investments: 
United States— — — 
International— — — 
Total Plan Assets$239 $58 $19 $464 $780 
Schedule of changes in the fair value of the qualified defined-benefit pension plan level 3 assets
Changes in the fair value of the qualified defined-benefit pension plan Level 3 assets, were as follows, in millions:
 20202019
Fair Value, January 1$19 $59 
Purchases— 
Sales(18)(41)
Unrealized losses— (3)
Fair Value, December 31$$19 
Schedule of weighted-average major assumptions used in accounting for the Company's defined-benefit pension plans Weighted average major assumptions used in accounting for our defined-benefit pension plans were as follows:
202020192018
Discount rate for obligations1.70 %2.50 %3.80 %
Expected return on plan assets2.00 %3.00 %7.00 %
Rate of compensation increase— %— %— %
Discount rate for net periodic pension cost2.50 %3.80 %3.30 %
Schedule of benefits expected to be paid relating to the Company's defined-benefit pension plans
At December 31, 2020, the benefits expected to be paid in each of the next five years, and in aggregate for the five years thereafter, relating to our defined-benefit pension plans, were as follows, in millions:
Qualified
Plans
Non-Qualified
Plans
2021 (A)
$895 $12 
202212 
202312 
202412 
202512 
2026 - 203038 50 
_______________________
(A)The qualified benefit payments include the projected benefit obligations of the qualified domestic defined-benefit pension plans we plan to settle in 2021.