XML 52 R36.htm IDEA: XBRL DOCUMENT v3.6.0.2
Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]  
Change in Benefit Obligation, Plan Assets and Funded Status of Defined Benefit Pension Plans

The change in benefit obligation, plan assets and the funded status of the defined benefit pension plans in the United States, United Kingdom, Norway, Germany and the Netherlands and defined postretirement plans in the United States, using a measurement date of December 31, 2016 and 2015, is as follows (in millions):

 

     Pension benefits      Postretirement benefits  

At year end

   2016      2015      2016      2015  

Benefit obligation at beginning of year

   $ 703      $ 792      $ 90      $ 53  

Service cost

     5        6        —          —    

Interest cost

     25        26        3        3  

Actuarial loss (gain)

     42        (38      (29      (7

Benefits paid

     (30      (34      (16      (5

Participants contributions

     —          —          2        1  

Exchange rate loss (gain)

     (37      (33      —          —    

Acquisitions (disposals)

     2        —          —          —    

Curtailments

     (71      —          —          —    

Settlements

     (17      (16      —          —    

Other

     —          —          42        45  
  

 

 

    

 

 

    

 

 

    

 

 

 

Benefit obligation at end of year

   $ 622      $ 703      $ 92      $ 90  
  

 

 

    

 

 

    

 

 

    

 

 

 

Fair value of plan assets at beginning of year

   $ 601      $ 660      $ —        $ —    

Actual return

     60        3        —          —    

Benefits paid

     (30      (34      (16      (5

Company contributions

     16        12        14        4  

Participants contributions

     —          —          2        1  

Exchange rate gain (loss)

     (34      (23      —          —    

Curtailments

     (71      —          —          —    

Acquisitions (disposals)

     1        (17      —          —    
  

 

 

    

 

 

    

 

 

    

 

 

 

Fair value of plan assets at end of year

   $ 543      $ 601      $ —        $ —    
  

 

 

    

 

 

    

 

 

    

 

 

 

Funded status

   $ (79    $ (102    $ (92    $ (90
  

 

 

    

 

 

    

 

 

    

 

 

 

Accumulated benefit obligation at end of year

   $ 617      $ 685        
  

 

 

    

 

 

       

 

Assumption Rates Used for Benefit Obligations

The assumption rates used for benefit obligations are as follows:

 

     Years Ended December 31,  
     2016     2015  
Discount rate:     

United States plan

     3.10% - 4.00     3.40% - 3.90

International plans

     1.80% - 2.80     2.10% - 3.60
Salary increase:     

United States plan

     N/A       N/A  

International plans

     1.80% - 3.50     2.00% - 4.20

 

Assumption Rates Used for Net Periodic Benefit Costs

The assumption rates used for net periodic benefit costs are as follows:

 

     Years Ended December 31,  
     2016     2015     2014  

Discount rate:

      

United States plan

     3.20% - 4.20     3.70% - 4.20     3.99% - 4.67

International plans

     2.20% - 3.70     2.20% - 3.70     3.50% - 4.40

Salary increase:

      

United States plan

     N/A       N/A       N/A  

International plans

     2.00% - 4.20     2.00% - 4.20     2.00% - 4.40

Expected return on assets:

      

United States plan

     5.60     5.50     6.50

International plans

     1.80% - 3.00     2.30% - 5.12     3.50% - 5.53

 

Plan's Assets Carried at Fair Value

The following table sets forth by level, within the fair value hierarchy, the Plan’s assets carried at fair value (in millions):

 

     Fair Value Measurements  
     Total      Level 1      Level 2      Level 3  

December 31, 2015:

           

Equity securities

   $ 186       $ —         $ 186       $ —     

Bonds

     259         —           259         —     

Other (insurance contracts)

     156         —           57         99   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Fair Value Measurements

   $ 601       $ —         $ 502       $ 99   
  

 

 

    

 

 

    

 

 

    

 

 

 

December 31, 2016:

           

Equity securities

   $ 181       $ —         $ 181       $ —     

Bonds

     262         —           262         —     

Other (insurance contracts)

     100         —           47         53   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Fair Value Measurements

   $ 543       $ —         $ 490       $ 53   
  

 

 

    

 

 

    

 

 

    

 

 

 
Summary of Changes in Fair Value of Plan's Level Three Assets

The following table sets forth a summary of changes in the fair value of the Plan’s Level 3 assets (in millions):

 

     Level 3
Plan
Assets
 

Balance at December 31, 2014

   $ 108   
  

 

 

 

Actual return on plan assets still held at reporting date

     3   

Purchases, sales and settlements

     2   

Currency translation adjustments

     (14
  

 

 

 

Balance at December 31, 2015

   $ 99   
  

 

 

 

Actual return on plan assets still held at reporting date

     5   

Purchases, sales and settlements

     (50

Currency translation adjustments

     (1
  

 

 

 

Balance at December 31, 2016

   $ 53