XML 59 R44.htm IDEA: XBRL DOCUMENT v3.20.4
Employee Benefits (Tables)
12 Months Ended
Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Multi-employer Plans
Non-U.S. Plans
The Company participates in two multi-employer plans, Pensionskasse der Mitarbeiter der Hoechst-Gruppe VVaG and Pensionskasse der Wacker-Chemie GmbH VVaG, which provide benefits to certain of the Company's employees in Germany. These multi-employer plans are closed to new participants. The benefit obligations are covered up to a certain salary threshold by contributions made by the Company and employees to the plans.
Contributions to the Company's multi-employer plans are expensed as incurred and were as follows:
Year Ended December 31,
202020192018
Non-U.S.
Plans
Non-U.S.
Plans
Non-U.S.
Plans
Contributions to multi-employer plans (1)
$$$

______________________________
(1)The plan information for both the Pensionskasse der Mitarbeiter der Hoechst-Gruppe VVaG and Pensionskasse der Wacker-Chemie GmbH VVaG plans is publicly available. The plans provide fixed, monthly retirement payments on the basis of the credits earned by the participating employees. To the extent that the plans are underfunded, future contributions to the plans may increase and may be used to fund retirement benefits for employees related to other employers. The Company does not consider either of its multi-employer plans individually significant.
Schedule Of Estimated Future Benefit Payments
The following benefit payments are expected to be paid:
Pension
Benefits
Other Post-
retirement
Benefits
Estimated future benefit payments:
Year 1$45 $
Year 245 
Year 347 
Year 446 
Year 547 
Years 6 to 10234 18 
Defined Benefit Plans [Member]  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
Details of the changes in benefit obligations, plan assets and funded status of the Company's pension plans are as follows:
20202019
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
Change in benefit obligation
Benefit obligation, beginning of year$703 $144 $648 $136 
Service cost
Interest cost17 23 
Actuarial loss (gain) 64 14 80 14 
Benefits paid(39)(4)(51)(4)
Plan amendments— — — (4)
Settlements— — — (1)
Foreign exchange effects— 13 — (2)
Other— — — 
Benefit obligation, end of year$748 $173 $703 $144 
Change in plan assets
Fair value of plan assets, beginning of year$526 $19 $486 $17 
Actual return78 92 
Employer contribution— 
Benefits paid(39)(4)(51)— 
Administrative expenses paid(4)— (3)— 
Foreign exchange effects— — 
Fair value of plan assets, end of year$563 $21 $526 $19 
Funded status, end of year$(185)$(152)$(177)$(125)
Schedule of Amounts Recognized in Balance Sheet
20202019
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
Amounts recognized in the consolidated balance sheet at December 31
Current liabilities$(2)$(4)$(2)$(2)
Noncurrent liabilities(183)(148)(175)(123)
Net amount recognized$(185)$(152)$(177)$(125)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
20202019
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
Amounts recognized in accumulated other comprehensive income (loss)
Net loss (gain) $$34 $(16)$22 
Prior service cost— (4)— (4)
Total before tax (1)
$$30 $(16)$18 

______________________________
(1)After-tax totals for pension benefits were $(24) and $0 for 2020 and 2019, respectively, and are reflected in stockholders' equity as accumulated other comprehensive income (loss).
Schedule Of Accumulated Benefit Obligations In Excess Of Plan Assets
Pension plans with an accumulated benefit obligation in excess of plan assets at December 31 are as follows:
20202019
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
Information for pension plans with an accumulated benefit obligation in excess of plan assets
Projected benefit obligation$(748)$(164)$(703)$(143)
Accumulated benefit obligation(748)(163)(703)(138)
Fair value of plan assets563 13 526 18 
Schedule Of Net Benefit Costs And Amounts Recognized In Other Comprehensive Income
The following table provides the components of net periodic benefit costs, other changes in plan assets and benefit obligation recognized in other comprehensive income.
Year Ended December 31,
202020192018
U.S.
Plans
Non-U.S.
Plans
U.S.
Plans
Non-U.S.
Plans
U.S.
Plans
Non-U.S.
Plans
Components of net periodic benefit cost
Service cost$$$$$$
Administrative expenses— — — 
Interest cost17 23 24 
Expected return on plan assets(35)(1)(33)(1)(42)(1)
Net amortization— — — (1)
Settlement gain— — — — (14)— 
Net periodic benefit cost (gain) $(12)$$(3)$$(27)$
Other changes in plan assets and benefit obligation recognized in other comprehensive income (OCI)
Net loss (gain) emerging$22 $13 $20 $13 $20 $
Settlement gain— — — — 14 — 
Effect of plan change— — — (4)— — 
Amortization of net gain (loss)— (1)— — (1)
Total recognized in OCI$22 $12 $20 $$35 $— 
Total net periodic benefit cost and OCI$10 $16 $17 $13 $$
Schedule Of Weighted Average Assumptions Used
The weighted-average assumptions used to determine pension plan obligations and net periodic benefit costs for the plans are as follows:
202020192018
U.S.
Plans
Non-U.S.
Plans
U.S.
Plans
Non-U.S.
Plans
U.S.
Plans
Non-U.S.
Plans
Weighted average assumptions used to determine benefit obligations at December 31
Discount rate2.1 %0.8 %3.0 %1.3 %4.1 %2.0 %
Rate of compensation increase— %2.6 %— %2.6 %— %2.6 %
Weighted average assumptions used to determine net periodic benefit costs for years ended December 31
Discount rate for benefit obligations3.0 %1.3 %4.1 %2.0 %3.4 %1.8 %
Discount rate for service cost3.2 %1.4 %4.2 %2.2 %3.8 %2.0 %
Discount rate for interest cost2.6 %1.6 %3.7 %2.2 %3.3 %2.0 %
Expected return on plan assets7.0 %4.0 %7.0 %4.0 %7.0 %3.8 %
Rate of compensation increase— %2.6 %— %2.6 %— %2.6 %
Schedule Of Fair Value Of Pension Plan Assets
The investments in the collective trust and mutual funds are valued using a market approach based on the net asset value of units held. The fair values of the Company's U.S. plan assets at December 31, by asset category, are as follows:
2020
U.S. PlansNon U.S. Plans
Level 1Level 2TotalLevel 1Level 2Total
Cash and common stock:
Cash and cash equivalents$— $— $— $$— $
Common stock— — — — — — 
Collective investment trust and
mutual funds—Equity securities:
Large-cap funds (1)
64 132 196 — 
Small-cap funds (2)
— 14 14 — — — 
International funds (3)
84 50 134 — 
Collective investment trust and mutual funds—Fixed income:
Bond funds (4)
116 96 212 — 
Short-term investment funds— — — — 
$264 $299 $563 $$15 $21 

2019
U.S. PlansNon U.S. Plans
Level 1Level 2TotalLevel 1Level 2Total
Cash and common stock:
Cash and cash equivalents$— $— $— $$— $
Common stock15 — 15 — — — 
Collective investment trust and mutual funds—Equity securities:
Large-cap funds (1)
49 112 161 — 
Small-cap funds (2)
14 22 — — — 
International funds (3)
75 45 120 — 
Collective investment trust and mutual funds—Fixed income:
Bond funds (4)
100 98 198 — 
Short-term investment funds— 10 10 — — — 
$247 $279 $526 $$13 $19 

______________________________
(1)Substantially all of the assets of these funds are invested in large-cap U.S. companies. The remainder of the assets of these funds is invested in cash reserves.
(2)Substantially all of the assets of these funds are invested in small-cap U.S. companies. The remainder of the assets of these funds is invested in cash reserves.
(3)Substantially all of the assets of these funds are invested in international companies in developed markets (excluding the U.S.). The remainder of the assets of these funds is invested in cash reserves.
(4)This category represents investment grade bonds of U.S. issuers, including U.S. Treasury notes.
Other Postretirement Benefits Plan [Member]  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
The following table provides a reconciliation of the benefit obligations of the Company's unfunded post-retirement healthcare plans.
20202019
U.S. PlansNon-U.S.
Plans
U.S. PlansNon-U.S.
Plans
Change in benefit obligation
Benefit obligation, beginning of year$65 $$67 $
Service cost— — 
Interest cost— — 
Actuarial loss (gain)— 
Benefits paid(7)— (8)— 
Benefit obligation, end of year$63 $$65 $
Change in plan assets
Fair value of plan assets, beginning of year$— $— $— $— 
Employer contribution— — 
Benefits paid(7)— (8)— 
Fair value of plan assets, end of year$— $— $— $— 
Funded status, end of year$(63)$(4)$(65)$(4)
Schedule of Amounts Recognized in Balance Sheet
20202019
U.S. PlansNon-U.S.
Plans
U.S. PlansNon-U.S.
Plans
Amounts recognized in the consolidated balance sheet at December 31
Current liabilities$(8)$— $(8)$— 
Noncurrent liabilities(55)(5)(57)(5)
Net amount recognized$(63)$(5)$(65)$(5)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
20202019
U.S. PlansNon-U.S.
Plans
U.S. PlansNon-U.S.
Plans
Amounts recognized in accumulated other comprehensive income (loss)
Net gain$— $— $(3)$— 
Total before tax (1)
$— $— $(3)$— 

______________________________
(1)After-tax totals for post-retirement healthcare benefits were $0 and $3 for 2020 and 2019, respectively, and are reflected in stockholders' equity as accumulated other comprehensive income (loss).
Schedule Of Net Benefit Costs And Amounts Recognized In Other Comprehensive Income
The following table provides the components of net periodic benefit costs, other changes in plan assets and benefit obligation recognized in other comprehensive income.
Year Ended December 31,
202020192018
U.S. PlansNon-U.S.
Plans
U.S. PlansNon-U.S.
Plans
U.S. PlansNon-U.S.
Plans
Components of net periodic benefit cost
Service cost$$— $$— $$— 
Interest cost— — — 
Net amortization— — — — — — 
Net periodic benefit cost$$— $$— $$— 
Other changes in plan assets and benefit obligation recognized in OCI
Net loss (gain) emerging$$— $$— $(1)$(1)
Total recognized in OCI$$— $$— $(1)$(1)
Total net periodic benefit cost and OCI
$$— $$— $$(1)
Schedule Of Weighted Average Assumptions Used
The weighted-average assumptions used to determine post-retirement healthcare plan obligations and net periodic benefit costs for the plans are as follows:
202020192018
U.S. PlansNon-U.S.
Plans
U.S. PlansNon-U.S.
Plans
U.S. PlansNon-U.S.
Plans
Weighted average assumptions used to determine benefit obligations at December 31
Discount rate1.5 %2.7 %2.5 %3.2 %3.7 %3.9 %
Health care cost trend rate
- Initial rate
6.5 %5.6 %6.8 %5.7 %7.0 %5.8 %
- Ultimate rate
4.5 %4.0 %4.5 %4.0 %4.5 %4.0 %
- Years to ultimate
92010211122
Weighted average assumptions used to determine net periodic benefit costs for years ended December 31
Discount rate for benefit obligations2.5 %3.2 %3.7 %3.9 %3.0 %3.6 %
Discount rate for service cost2.8 %3.2 %4.0 %3.9 %3.4 %3.6 %
Discount rate for interest cost2.2 %3.2 %3.4 %3.9 %2.7 %3.6 %
Health care cost trend rate
- Initial rate
6.8 %5.7 %7.0 %5.8 %7.0 %6.1 %
- Ultimate rate
4.5 %4.0 %4.5 %4.0 %4.5 %4.5 %
- Years to ultimate
92010211011