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Employee Benefit Obligations (Tables) | 12 Months Ended
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Dec. 31, 2019
Employee Benefit Obligations |
Schedule of employee benefit obligations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
($ in millions) | ​ | 2019 |  | 2018
​ | ​ | ​ | ​ | ​ | ​ | ​
Underfunded defined benefit pension liabilities | ​ | $ | 918 | ​ | $ | 954
Less: Current portion | ​ | ​ | (24) | ​ | ​ | (25)
Long-term defined benefit pension liabilities | ​ | ​ | 894 | ​ | ​ | 929
Long-term retiree medical liabilities | ​ | ​ | 156 | ​ | ​ | 157
Deferred compensation plans | ​ | ​ | 362 | ​ | ​ | 291
Other | ​ | ​ | 74 | ​ | ​ | 78
​ | ​ | $ | 1,486 | ​ | $ | 1,455
Analysis of change in benefit accruals | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ | ​ | 2019 | ​ | 2018
($ in millions) |  | U.S. |  | Foreign |  | Total |  | U.S. |  | Foreign |  | Total
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in projected benefit obligation: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Benefit obligation at prior year end | ​ | $ | 2,579 | ​ | $ | 2,991 | ​ | $ | 5,570 | ​ | $ | 3,061 | ​ | $ | 3,432 | ​ | $ | 6,493
Service cost | ​ | ​ | 50 | ​ | ​ | 11 | ​ | ​ | 61 | ​ | ​ | 51 | ​ | ​ | 14 | ​ | ​ | 65
Interest cost | ​ | ​ | 101 | ​ | ​ | 72 | ​ | ​ | 173 | ​ | ​ | 99 | ​ | ​ | 72 | ​ | ​ | 171
Benefits paid | ​ | ​ | (205) | ​ | ​ | (191) | ​ | ​ | (396) | ​ | ​ | (191) | ​ | ​ | (194) | ​ | ​ | (385)
Net actuarial (gains) losses | ​ | ​ | 324 | ​ | ​ | 391 | ​ | ​ | 715 | ​ | ​ | (189) | ​ | ​ | (210) | ​ | ​ | (399)
Curtailments and settlements including special termination benefits | ​ | ​ | — | ​ | ​ | (34) | (a) | ​ | (34) | ​ | ​ | (252) | (a) | ​ | — | ​ | ​ | (252)
Plan amendments | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 52 | ​ | ​ | 52
Other | ​ | ​ | — | ​ | ​ | 1 | ​ | ​ | 1 | ​ | ​ | — | ​ | ​ | 2 | ​ | ​ | 2
Effect of exchange rates | ​ | ​ | — | ​ | ​ | 107 | ​ | ​ | 107 | ​ | ​ | — | ​ | ​ | (177) | ​ | ​ | (177)
Benefit obligation at year end | ​ | ​ | 2,849 | ​ | ​ | 3,348 | ​ | ​ | 6,197 | ​ | ​ | 2,579 | ​ | ​ | 2,991 | ​ | ​ | 5,570
Change in plan assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value of assets at prior year end | ​ | ​ | 1,901 | ​ | ​ | 3,274 | ​ | ​ | 5,175 | ​ | ​ | 2,420 | ​ | ​ | 3,632 | ​ | ​ | 6,052
Actual return on plan assets | ​ | ​ | 313 | ​ | ​ | 311 | ​ | ​ | 624 | ​ | ​ | (119) | ​ | ​ | 3 | ​ | ​ | (116)
Employer contributions | ​ | ​ | 188 | ​ | ​ | 4 | ​ | ​ | 192 | ​ | ​ | 32 | ​ | ​ | 6 | ​ | ​ | 38
Contributions to unfunded plans | ​ | ​ | 6 | ​ | ​ | 18 | ​ | ​ | 24 | ​ | ​ | 7 | ​ | ​ | 20 | ​ | ​ | 27
Benefits paid | ​ | ​ | (205) | ​ | ​ | (191) | ​ | ​ | (396) | ​ | ​ | (191) | ​ | ​ | (194) | ​ | ​ | (385)
Curtailments and settlements including special termination benefits | ​ | ​ | — | ​ | ​ | (34) | (a) | ​ | (34) | ​ | ​ | (256) | (a) | ​ | — | ​ | ​ | (256)
Other | ​ | ​ | (1) | ​ | ​ | 1 | ​ | ​ | — | ​ | ​ | 8 | ​ | ​ | 2 | ​ | ​ | 10
Effect of exchange rates | ​ | ​ | — | ​ | ​ | 131 | ​ | ​ | 131 | ​ | ​ | — | ​ | ​ | (195) | ​ | ​ | (195)
Fair value of assets at end of year | ​ | ​ | 2,202 | ​ | ​ | 3,514 | ​ | ​ | 5,716 | ​ | ​ | 1,901 | ​ | ​ | 3,274 | ​ | ​ | 5,175
Funded status | ​ | $ | (647) | ​ | $ | 166 | ​ | $ | (481) | ​ | $ | (678) | ​ | $ | 283 | ​ | $ | (395)
| (a) | Includes the purchase of non-participating group annuity contracts discussed below.
​
Schedule of amounts recognized in accumulated other comprehensive (earnings) loss, including other post employment benefits | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ | ​ | 2019 | ​ | 2018
($ in millions) |  | U.S. |  | Foreign |  | Total |  | U.S. |  | Foreign |  | Total
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net actuarial (loss) gain | ​ | $ | (683) | ​ | $ | (31) | ​ | $ | (714) | ​ | $ | (563) | ​ | $ | 140 | ​ | $ | (423)
Net prior service (cost) credit | ​ | ​ | 15 | ​ | ​ | (49) | ​ | ​ | (34) | ​ | ​ | 16 | ​ | ​ | (50) | ​ | ​ | (34)
Tax effect and currency exchange rates | ​ | ​ | 174 | ​ | ​ | 16 | ​ | ​ | 190 | ​ | ​ | 216 | ​ | ​ | (36) | ​ | ​ | 180
​ | ​ | $ | (494) | ​ | $ | (64) | ​ | $ | (558) | ​ | $ | (331) | ​ | $ | 54 | ​ | $ | (277)
Summary of fair value measurement levels assigned to domestic plan assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2019
($ in millions) |  | Level 1 |  | Level 2 |  | Total
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. pension assets, at fair value: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | — | ​ | $ | 99 | ​ | $ | 99
Corporate equity securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Consumer discretionary | ​ | ​ | 83 | ​ | ​ | — | ​ | ​ | 83
Financials | ​ | ​ | 64 | ​ | ​ | — | ​ | ​ | 64
Healthcare | ​ | ​ | 63 | ​ | ​ | — | ​ | ​ | 63
Industrials | ​ | ​ | 76 | ​ | ​ | — | ​ | ​ | 76
Information technology | ​ | ​ | 111 | ​ | ​ | — | ​ | ​ | 111
Utilities | ​ | ​ | 48 | ​ | ​ | — | ​ | ​ | 48
Other | ​ | ​ | 18 | ​ | ​ | — | ​ | ​ | 18
U.S. government, agency and asset-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FHLMC mortgage backed securities | ​ | ​ | — | ​ | ​ | 42 | ​ | ​ | 42
FNMA mortgage backed securities | ​ | ​ | — | ​ | ​ | 73 | ​ | ​ | 73
Municipal bonds | ​ | ​ | — | ​ | ​ | 27 | ​ | ​ | 27
Treasury bonds | ​ | ​ | 69 | ​ | ​ | — | ​ | ​ | 69
Other | ​ | ​ | — | ​ | ​ | 45 | ​ | ​ | 45
Corporate bonds and notes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Communications | ​ | ​ | — | ​ | ​ | 79 | ​ | ​ | 79
Consumer discretionary | ​ | ​ | — | ​ | ​ | 99 | ​ | ​ | 99
Consumer staples | ​ | ​ | — | ​ | ​ | 100 | ​ | ​ | 100
Financials | ​ | ​ | — | ​ | ​ | 261 | ​ | ​ | 261
Healthcare | ​ | ​ | — | ​ | ​ | 91 | ​ | ​ | 91
Industrials | ​ | ​ | — | ​ | ​ | 101 | ​ | ​ | 101
Information technology | ​ | ​ | — | ​ | ​ | 78 | ​ | ​ | 78
Oil and gas | ​ | ​ | — | ​ | ​ | 91 | ​ | ​ | 91
Private placement | ​ | ​ | — | ​ | ​ | 62 | ​ | ​ | 62
Utilities | ​ | ​ | — | ​ | ​ | 101 | ​ | ​ | 101
Other | ​ | ​ | — | ​ | ​ | 50 | ​ | ​ | 50
Commingled funds | ​ | ​ | 22 | ​ | ​ | 81 | ​ | ​ | 103
Total level 1 and level 2 | ​ | $ | 554 | ​ | $ | 1,480 | ​ | ​ | 2,034
Other investments measured at net asset value (a) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 168
Total assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 2,202
(a) | Certain investments measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified within the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the change in plan assets reconciliation.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2018
($ in millions) |  | Level 1 |  | Level 2 |  | Total
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. pension assets, at fair value: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 1 | ​ | $ | 97 | ​ | $ | 98
Corporate equity securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Consumer discretionary | ​ | ​ | 61 | ​ | ​ | — | ​ | ​ | 61
Financials | ​ | ​ | 54 | ​ | ​ | — | ​ | ​ | 54
Healthcare | ​ | ​ | 49 | ​ | ​ | — | ​ | ​ | 49
Industrials | ​ | ​ | 59 | ​ | ​ | — | ​ | ​ | 59
Information technology | ​ | ​ | 73 | ​ | ​ | — | ​ | ​ | 73
Other | ​ | ​ | 50 | ​ | ​ | — | ​ | ​ | 50
U.S. government and agency securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FHLMC mortgage backed securities | ​ | ​ | — | ​ | ​ | 40 | ​ | ​ | 40
FNMA mortgage backed securities | ​ | ​ | — | ​ | ​ | 65 | ​ | ​ | 65
Municipal bonds | ​ | ​ | — | ​ | ​ | 52 | ​ | ​ | 52
Treasury bonds | ​ | ​ | 45 | ​ | ​ | — | ​ | ​ | 45
Other | ​ | ​ | — | ​ | ​ | 10 | ​ | ​ | 10
Corporate bonds and notes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Communications | ​ | ​ | — | ​ | ​ | 67 | ​ | ​ | 67
Consumer discretionary | ​ | ​ | — | ​ | ​ | 80 | ​ | ​ | 80
Consumer staples | ​ | ​ | — | ​ | ​ | 41 | ​ | ​ | 41
Financials | ​ | ​ | — | ​ | ​ | 245 | ​ | ​ | 245
Healthcare | ​ | ​ | — | ​ | ​ | 88 | ​ | ​ | 88
Industrials | ​ | ​ | — | ​ | ​ | 100 | ​ | ​ | 100
Information technology | ​ | ​ | — | ​ | ​ | 54 | ​ | ​ | 54
Oil and gas | ​ | ​ | — | ​ | ​ | 103 | ​ | ​ | 103
Private placement | ​ | ​ | — | ​ | ​ | 69 | ​ | ​ | 69
Utilities | ​ | ​ | — | ​ | ​ | 88 | ​ | ​ | 88
Other | ​ | ​ | — | ​ | ​ | 60 | ​ | ​ | 60
Commingled funds | ​ | ​ | 18 | ​ | ​ | 72 | ​ | ​ | 90
Total level 1 and level 2 | ​ | $ | 410 | ​ | $ | 1,331 | ​ | ​ | 1,741
Other investments measured at net asset value (a) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 160
Total assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,901
(a) | Certain investments measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented within this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the change in plan assets reconciliation.
​
​ | ​ | ​ | ​ | ​ | ​
​ | December 31,
($ in millions) | 2019 | ​ | 2018
​ | ​ | ​ | ​ | ​ | ​
U.K. pension assets, at fair value: | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | $ | 40 | ​ | $ | 20
Equity commingled funds | ​ | 162 | ​ | ​ | —
U.K. government bonds | ​ | 2,576 | ​ | ​ | 2,229
Other | ​ | 28 | ​ | ​ | 33
Total level 1 | ​ | 2,806 | ​ | ​ | 2,282
Level 2: Investment funds - corporate bonds | ​ | 478 | ​ | ​ | —
Other investments measured at net asset value (a) | ​ | 173 | ​ | ​ | 913
Total assets | $ | 3,457 | ​ | $ | 3,195
(a) | Certain investments measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified within the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the change in plan assets reconciliation.
​
Summary of fair value measurement levels assigned to foreign plan assets | ​
Defined Benefit Pension Plans |
Employee Benefit Obligations |
Schedule of amounts recognized in the consolidated balance sheets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ | ​ | 2019 | ​ | 2018
($ in millions) |  | U.S. |  | Foreign |  | Total |  | U.S. |  | Foreign |  | Total
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term pension asset | ​ | $ | — | ​ | $ | 437 | ​ | $ | 437 | ​ | $ | — | ​ | $ | 559 | ​ | $ | 559
Defined benefit pension liabilities (a) | ​ | ​ | (647) | ​ | ​ | (271) | ​ | ​ | (918) | ​ | ​ | (678) | ​ | ​ | (276) | ​ | ​ | (954)
Funded status | ​ | $ | (647) | ​ | $ | 166 | ​ | $ | (481) | ​ | $ | (678) | ​ | $ | 283 | ​ | $ | (395)
(a) | Included is an unfunded, non-qualified U.S. plan obligation of $32 million at December 31, 2019, that has been annuitized with a corresponding asset of $27 million ($3 million in other current assets and $24 million in other assets). At December 31, 2018, the unfunded non-qualified U.S. plan obligation of $30 million was annuitized with a corresponding asset of $30 million ($3 million in other current assets and $27 million in other assets).
Summary of information for plans with an accumulated benefit obligation in excess of plan assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ | ​ | 2019 | ​ | 2018
($ in millions) |  | U.S. |  | Foreign |  | Total |  | U.S. |  | Foreign |  | Total
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Projected benefit obligation | ​ | $ | 2,849 | ​ | $ | 328 | ​ | $ | 3,177 | ​ | $ | 2,579 | ​ | $ | 354 | ​ | $ | 2,933
Accumulated benefit obligation | ​ | ​ | 2,769 | ​ | ​ | 324 | ​ | ​ | 3,093 | ​ | ​ | 2,519 | ​ | ​ | 351 | ​ | ​ | 2,870
Fair value of plan assets (a) | ​ | ​ | 2,202 | ​ | ​ | 57 | ​ | ​ | 2,259 | ​ | ​ | 1,901 | ​ | ​ | 79 | ​ | ​ | 1,980
(a) | The German, Swedish and certain U.S. plans are unfunded and, therefore, there is no fair value of plan assets associated with these plans.
​
Components of net periodic benefit cost | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Years Ended December 31,
​ | ​ | ​ | 2019 | ​ | 2018 |  | 2017
($ in millions) |  | ​ | U.S. |  | Foreign |  | Total |  | U.S. |  | Foreign |  | Total | ​ | U.S. |  | Foreign |  | Total
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ball-sponsored plans: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Service cost | ​ | ​ | $ | 50 | ​ | $ | 11 | ​ | $ | 61 | ​ | $ | 51 | ​ | $ | 14 | ​ | $ | 65 | ​ | $ | 49 | ​ | $ | 17 | ​ | $ | 66
Interest cost | ​ | ​ | ​ | 101 | ​ | ​ | 72 | ​ | ​ | 173 | ​ | ​ | 99 | ​ | ​ | 72 | ​ | ​ | 171 | ​ | ​ | 124 | ​ | ​ | 92 | ​ | ​ | 216
Expected return on plan assets | ​ | ​ | ​ | (116) | ​ | ​ | (109) | ​ | ​ | (225) | ​ | ​ | (108) | ​ | ​ | (108) | ​ | ​ | (216) | ​ | ​ | (126) | ​ | ​ | (110) | ​ | ​ | (236)
Amortization of prior service cost | ​ | ​ | ​ | 1 | ​ | ​ | 3 | ​ | ​ | 4 | ​ | ​ | 2 | ​ | ​ | — | ​ | ​ | 2 | ​ | ​ | 2 | ​ | ​ | — | ​ | ​ | 2
Recognized net actuarial loss | ​ | ​ | ​ | 22 | ​ | ​ | 4 | ​ | ​ | 26 | ​ | ​ | 33 | ​ | ​ | 5 | ​ | ​ | 38 | ​ | ​ | 34 | ​ | ​ | 5 | ​ | ​ | 39
Settlement losses | ​ | ​ | ​ | — | ​ | ​ | 8 | ​ | ​ | 8 | ​ | ​ | 36 | ​ | ​ | — | ​ | ​ | 36 | ​ | ​ | 47 | ​ | ​ | (1) | ​ | ​ | 46
Net periodic benefit cost for Ball sponsored plans | ​ | ​ | ​ | 58 | ​ | ​ | (11) | ​ | ​ | 47 | ​ | ​ | 113 | ​ | ​ | (17) | ​ | ​ | 96 | ​ | ​ | 130 | ​ | ​ | 3 | ​ | ​ | 133
Net periodic benefit cost for multi-employer plans | ​ | ​ | ​ | 1 | ​ | ​ | — | ​ | ​ | 1 | ​ | ​ | 2 | ​ | ​ | — | ​ | ​ | 2 | ​ | ​ | 2 | ​ | ​ | — | ​ | ​ | 2
Total net periodic benefit cost | ​ | ​ | $ | 59 | ​ | $ | (11) | ​ | $ | 48 | ​ | $ | 115 | ​ | $ | (17) | ​ | $ | 98 | ​ | $ | 132 | ​ | $ | 3 | ​ | $ | 135
Schedule of target asset allocations established | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | U.S. | ​ | ​ | ​ | ​
​ | ​ | Legacy Ball | ​ | Legacy Rexam | ​ | ​ | U.K. | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | 0-10 | % | 0-10 | % | ​ | 60-100 | %(c)
Equity securities | ​ | 10-75 | %(a) | 10-25 | %(d) | ​ | 0-20 | %
Fixed income securities | ​ | 25-70 | %(b) | 75-90 | % | ​ | 60-100 | %(c)
Alternative investments | ​ | 0-35 | % | — | % | ​ | 0-20 | %
​
(a) | Equity securities may consist of: (1) up to 25 percent large cap equities, (2) up to 10 percent mid cap equities, (3) up to 10 percent small cap equities, (4) up to 35 percent foreign equities and (5) up to 35 percent special equities. Holdings in Ball Corporation common stock or Ball bonds cannot exceed 5 percent of the trust’s assets.
(b) | Debt securities may include up to 10 percent non-investment grade bonds, up to 10 percent bank loans and up to 15 percent international bonds.
(c) | The combined target allocation for fixed income securities and cash and cash equivalents is 60 to 100 percent.
(d) | Equity securities may consist of: (1) up to 20 percent domestic equities, (2) up to 10 percent international equities, and (3) up to 10 percent private equities.
​
Schedule of actual weighted average asset allocations | ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | 2019 |  | 2018 |
Cash and cash equivalents | ​ | 2 | % | 2 | %
Equity securities | ​ | 17 | % | 28 | %
Fixed income securities | ​ | 79 | % | 69 | %
Alternative investments | ​ | 2 | % | 1 | %
​ | ​ | 100 | % | 100 | %
Defined Benefit Pension Plans | US Plan |
Employee Benefit Obligations |
Summary of weighted average assumptions used to determine benefit obligations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​
​ |  | 2019 | ​ | 2018 | ​ | 2017 |
Discount rate | ​ | 3.35 | % | 4.41 | % | 3.72 | %
Rate of compensation increase | ​ | 4.03 | % | 4.02 | % | 4.15 | %
Summary of weighted average assumptions used to determine net periodic benefit cost | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​
​ |  | 2019 | ​ | 2018 | ​ | 2017 |
Discount rate | ​ | 4.41 | % | 3.72 | % | 4.27 | %
Rate of compensation increase | ​ | 4.02 | % | 4.15 | % | 4.14 | %
Expected long-term rate of return on assets | ​ | 5.58 | % | 5.14 | % | 5.50 | %
​
Defined Benefit Pension Plans | Europe |
Employee Benefit Obligations |
Summary of weighted average assumptions used to determine benefit obligations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.K. | ​ | Germany
​ |  | 2019 | ​ | 2018 | ​ | 2017 |  | 2019 | ​ | 2018 | ​ | 2017 |
Discount rate | ​ | 2.07 | % | 2.90 | % | 2.55 | % | 1.11 | % | 1.74 | % | 1.68 | %
Rate of compensation increase | ​ | 3.50 | % | 3.50 | % | 4.41 | % | 2.50 | % | 2.50 | % | 2.50 | %
Pension increase | ​ | 3.22 | % | 3.45 | % | 3.41 | % | 1.50 | % | 1.50 | % | 1.50 | %
Summary of weighted average assumptions used to determine net periodic benefit cost | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.K. | ​ | Germany
​ |  | 2019 | ​ | 2018 | ​ | 2017 |  | 2019 | ​ | 2018 | ​ | 2017 |
Discount rate | ​ | 2.90 | % | 2.55 | % | 2.70 | % | 1.74 | % | 1.68 | % | 1.52 | %
Rate of compensation increase | ​ | 3.50 | % | 4.41 | % | 4.30 | % | 2.50 | % | 2.50 | % | 2.50 | %
Pension increase | ​ | 3.45 | % | 3.41 | % | 3.41 | % | 1.50 | % | 1.50 | % | 1.50 | %
Expected long-term rate of return on assets | ​ | 3.40 | % | 3.05 | % | 3.20 | % | N/A | ​ | N/A | ​ | N/A | ​
Other post retirement benefits |
Employee Benefit Obligations |
Summary of weighted average assumptions used to determine benefit obligations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​ | Canada | ​
​ |  | 2019 | ​ | 2018 | ​ | 2017 |  | 2019 | ​ | 2018 | ​ | 2017 |
Discount rate | ​ | 3.24 | % | 4.35 | % | 3.64 | % | 3.00 | % | 3.50 | % | 3.25 | %
Rate of compensation increase (a) | ​ | 4.50 | % | 4.50 | % | 4.50 | % | N/A | ​ | N/A | ​ | N/A | ​
(a) | The rate of compensation increase is not applicable for certain U.S. other postretirement benefit plans.
​
Summary of weighted average assumptions used to determine net periodic benefit cost | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​ | Canada | ​
​ |  | 2019 | ​ | 2018 | ​ | 2017 |  | 2019 | ​ | 2018 | ​ | 2017 |
Discount rate | ​ | 4.35 | % | 3.64 | % | 4.16 | % | 3.50 | % | 3.25 | % | 3.50 | %
Rate of compensation increase (a) | ​ | 4.50 | % | 4.50 | % | 4.50 | % | N/A | ​ | N/A | ​ | N/A | ​
(a) | The rate of compensation increase is not applicable for certain U.S. other postretirement benefit plans.
​

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