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Pension, Other Postretirement Benefits and Savings Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract] |
Benefit Costs and Amounts Recognized in Other Comprehensive (Income) Loss | Total benefits cost and amounts recognized in other comprehensive (income) loss follows:
|  | Pension Plans |  |  |  |  |  |  |  |  |  |  |  |  |
|  | U.S. |  |  | Non-U.S. |  |  | Other Postretirement Benefits |
(In millions) |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2020 |  |  | 2019 |  |  | 2018 |
Benefits cost (credit): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 4 |  |  | $ | 3 |  |  | $ | 4 |  |  | $ | 30 |  |  | $ | 26 |  |  | $ | 28 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 3 |
Interest cost |  |  | 126 |  |  |  | 173 |  |  |  | 157 |  |  |  | 56 |  |  |  | 69 |  |  |  | 69 |  |  |  | 8 |  |  |  | 11 |  |  |  | 12 |
Expected return on plan assets |  |  | (193 | ) |  |  | (223 | ) |  |  | (219 | ) |  |  | (54 | ) |  |  | (59 | ) |  |  | (70 | ) |  |  | — |  |  |  | — |  |  |  | — |
Amortization of prior service cost (credit) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 2 |  |  |  | — |  |  |  | (9 | ) |  |  | (9 | ) |  |  | (8 | )
Amortization of net losses |  |  | 109 |  |  |  | 112 |  |  |  | 112 |  |  |  | 38 |  |  |  | 29 |  |  |  | 29 |  |  |  | 4 |  |  |  | 3 |  |  |  | 4 |
Net periodic cost |  | $ | 46 |  |  | $ | 65 |  |  | $ | 54 |  |  | $ | 71 |  |  | $ | 67 |  |  | $ | 56 |  |  | $ | 5 |  |  | $ | 7 |  |  | $ | 11 |
Net curtailments/settlements /termination benefits |  |  | 31 |  |  |  | 8 |  |  |  | 8 |  |  |  | (4 | ) |  |  | 3 |  |  |  | 13 |  |  |  | (4 | ) |  |  | — |  |  |  | — |
Total benefits cost |  | $ | 77 |  |  | $ | 73 |  |  | $ | 62 |  |  | $ | 67 |  |  | $ | 70 |  |  | $ | 69 |  |  | $ | 1 |  |  | $ | 7 |  |  | $ | 11 |
Recognized in other comprehensive (income) loss before tax and minority: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost (credit) from plan amendments |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | (2 | ) |  | $ | 31 |  |  | $ | — |  |  | $ | — |  |  | $ | (16 | )
Increase (decrease) in net actuarial losses |  |  | 108 |  |  |  | 4 |  |  |  | 14 |  |  |  | (100 | ) |  |  | 201 |  |  |  | (18 | ) |  |  | 5 |  |  |  | 6 |  |  |  | (14 | )
Amortization of prior service (cost) credit in net periodic cost |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | (2 | ) |  |  | — |  |  |  | 9 |  |  |  | 9 |  |  |  | 8 |
Amortization of net losses in net periodic cost |  |  | (109 | ) |  |  | (112 | ) |  |  | (112 | ) |  |  | (38 | ) |  |  | (29 | ) |  |  | (30 | ) |  |  | (4 | ) |  |  | (3 | ) |  |  | (5 | )
Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements, and divestitures |  |  | (26 | ) |  |  | (5 | ) |  |  | (11 | ) |  |  | (9 | ) |  |  | (3 | ) |  |  | (14 | ) |  |  | 6 |  |  |  | 2 |  |  |  | — |
Total recognized in other comprehensive (income) loss before tax and minority |  |  | (27 | ) |  |  | (113 | ) |  |  | (109 | ) |  |  | (146 | ) |  |  | 165 |  |  |  | (31 | ) |  |  | 16 |  |  |  | 14 |  |  |  | (27 | )
Total recognized in total benefits cost and other comprehensive (income) loss before tax and minority |  | $ | 50 |  |  | $ | (40 | ) |  | $ | (47 | ) |  | $ | (79 | ) |  | $ | 235 |  |  | $ | 38 |  |  | $ | 17 |  |  | $ | 21 |  |  | $ | (16 | )
Changes in Benefit Obligation and Plan Assets | The change in benefit obligation and plan assets for 2020 and 2019 and the amounts recognized in our Consolidated Balance Sheets at December 31, 2020 and 2019 are as follows:
|  | Pension Plans |  |  |  |  |  |  |  |  |
|  | U.S. |  |  | Non-U.S. |  |  | Other Postretirement Benefits |
(In millions) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | (5,009 | ) |  | $ | (4,734 | ) |  | $ | (3,195 | ) |  | $ | (2,774 | ) |  | $ | (241 | ) |  | $ | (234 | )
Newly adopted plans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (19 | ) |  |  | — |  |  |  | — |
Service cost — benefits earned |  |  | (4 | ) |  |  | (3 | ) |  |  | (30 | ) |  |  | (26 | ) |  |  | (2 | ) |  |  | (2 | )
Interest cost |  |  | (126 | ) |  |  | (173 | ) |  |  | (56 | ) |  |  | (69 | ) |  |  | (8 | ) |  |  | (11 | )
Plan amendments |  |  | — |  |  |  | — |  |  |  | (3 | ) |  |  | 2 |  |  |  | — |  |  |  | — |
Actuarial loss |  |  | (520 | ) |  |  | (477 | ) |  |  | (123 | ) |  |  | (381 | ) |  |  | (4 | ) |  |  | (6 | )
Participant contributions |  |  | — |  |  |  | — |  |  |  | (3 | ) |  |  | (2 | ) |  |  | (8 | ) |  |  | (12 | )
Curtailments/settlements/termination benefits |  |  | 51 |  |  |  | 12 |  |  |  | 21 |  |  |  | 5 |  |  |  | — |  |  |  | (2 | )
Foreign currency translation |  |  | — |  |  |  | — |  |  |  | (133 | ) |  |  | (62 | ) |  |  | 4 |  |  |  | (5 | )
Benefit payments |  |  | 373 |  |  |  | 366 |  |  |  | 140 |  |  |  | 131 |  |  |  | 23 |  |  |  | 31 |
Ending balance |  | $ | (5,235 | ) |  | $ | (5,009 | ) |  | $ | (3,382 | ) |  | $ | (3,195 | ) |  | $ | (236 | ) |  | $ | (241 | )
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 4,780 |  |  | $ | 4,445 |  |  | $ | 2,740 |  |  | $ | 2,464 |  |  | $ | — |  |  | $ | 3 |
Newly adopted plans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 19 |  |  |  | — |  |  |  | — |
Actual return on plan assets |  |  | 605 |  |  |  | 696 |  |  |  | 305 |  |  |  | 252 |  |  |  | — |  |  |  | — |
Company contributions to plan assets |  |  | — |  |  |  | — |  |  |  | 20 |  |  |  | 39 |  |  |  | — |  |  |  | — |
Cash funding of direct participant payments |  |  | 14 |  |  |  | 20 |  |  |  | 22 |  |  |  | 20 |  |  |  | 15 |  |  |  | 16 |
Participant contributions |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | 2 |  |  |  | 8 |  |  |  | 12 |
Settlements |  |  | (56 | ) |  |  | (15 | ) |  |  | (8 | ) |  |  | (5 | ) |  |  | — |  |  |  | — |
Foreign currency translation |  |  | — |  |  |  | — |  |  |  | 99 |  |  |  | 80 |  |  |  | — |  |  |  | — |
Benefit payments |  |  | (373 | ) |  |  | (366 | ) |  |  | (140 | ) |  |  | (131 | ) |  |  | (23 | ) |  |  | (31 | )
Ending balance |  | $ | 4,970 |  |  | $ | 4,780 |  |  | $ | 3,041 |  |  | $ | 2,740 |  |  | $ | — |  |  | $ | — |
Funded status at end of year |  | $ | (265 | ) |  | $ | (229 | ) |  | $ | (341 | ) |  | $ | (455 | ) |  | $ | (236 | ) |  | $ | (241 | )
Funded Status Recognized in the Consolidated Balance Sheets | The funded status recognized in the Consolidated Balance Sheets consists of:
|  | Pension Plans |  |  | Other Postretirement |
|  | U.S. |  |  | Non-U.S. |  |  | Benefits |
(In millions) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Noncurrent assets |  | $ | — |  |  | $ | — |  |  | $ | 408 |  |  | $ | 237 |  |  | $ | — |  |  | $ | — |
Current liabilities |  |  | (11 | ) |  |  | (16 | ) |  |  | (22 | ) |  |  | (20 | ) |  |  | (16 | ) |  |  | (16 | )
Noncurrent liabilities |  |  | (254 | ) |  |  | (213 | ) |  |  | (727 | ) |  |  | (672 | ) |  |  | (220 | ) |  |  | (225 | )
Net amount recognized |  | $ | (265 | ) |  | $ | (229 | ) |  | $ | (341 | ) |  | $ | (455 | ) |  | $ | (236 | ) |  | $ | (241 | )
Amounts Recognized in Accumulated Other Comprehensive Loss | The amounts recognized in AOCL, net of tax, consist of:
|  | Pension Plans |  |  | Other Postretirement |
|  | U.S. |  |  | Non-U.S. |  |  | Benefits |
(In millions) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Prior service (credit) cost |  | $ | (3 | ) |  | $ | (3 | ) |  | $ | 25 |  |  | $ | 25 |  |  | $ | (7 | ) |  | $ | (23 | )
Net actuarial loss |  |  | 2,353 |  |  |  | 2,380 |  |  |  | 636 |  |  |  | 782 |  |  |  | 30 |  |  |  | 30 |
Gross amount recognized |  |  | 2,350 |  |  |  | 2,377 |  |  |  | 661 |  |  |  | 807 |  |  |  | 23 |  |  |  | 7 |
Deferred income taxes |  |  | (43 | ) |  |  | (50 | ) |  |  | (104 | ) |  |  | (135 | ) |  |  | (29 | ) |  |  | (22 | )
Minority shareholders’ equity |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | (1 | ) |  |  | — |  |  |  | — |
Net amount recognized |  | $ | 2,307 |  |  | $ | 2,327 |  |  | $ | 555 |  |  | $ | 671 |  |  | $ | (6 | ) |  | $ | (15 | )
Weighted Average Assumptions Used | The following table presents significant weighted average assumptions used to determine benefit obligations at December 31:
|  | Pension Plans |  |  | Other Postretirement Benefits |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Discount rate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
—U.S. |  |  | 2.42 | % |  |  | 3.22 | % |  |  | 2.34 | % |  |  | 3.14 | %
—Non-U.S. |  |  | 1.49 |  |  |  | 1.98 |  |  |  | 4.09 |  |  |  | 4.39 |
Rate of compensation increase: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
—U.S. |  | N/A |  |  | N/A |  |  | N/A |  |  | N/A |
—Non-U.S. |  |  | 2.89 |  |  |  | 2.92 |  |  | N/A |  |  | N/A |
The following table presents significant weighted average assumptions used to determine benefits cost for the years ended December 31:
|  | Pension Plans |  |  | Other Postretirement Benefits |
|  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2020 |  |  | 2019 |  |  | 2018 |
Discount rate for determining interest cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
—U.S. |  |  | 2.66 | % |  |  | 3.85 | % |  |  | 3.09 | % |  |  | 2.68 | % |  |  | 3.79 | % |  |  | 2.99 | %
—Non-U.S. |  |  | 2.26 |  |  |  | 2.84 |  |  |  | 2.56 |  |  |  | 5.68 |  |  |  | 6.25 |  |  |  | 6.13 |
Expected long term return on plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
—U.S. |  |  | 4.22 |  |  |  | 5.25 |  |  |  | 4.58 |  |  | N/A |  |  | N/A |  |  | N/A |
—Non-U.S. |  |  | 2.52 |  |  |  | 2.95 |  |  |  | 3.02 |  |  | N/A |  |  | N/A |  |  | N/A |
Rate of compensation increase: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
—U.S. |  | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |  | N/A |
—Non-U.S. |  |  | 2.92 |  |  |  | 2.91 |  |  |  | 2.91 |  |  | N/A |  |  | N/A |  |  | N/A |
Estimated Future Benefit Payments | The following table presents estimated future benefit payments from the plans as of December 31, 2020. Benefit payments for other postretirement benefits are presented net of retiree contributions and Medicare Part D Subsidy Receipts:
|  | Pension Plans |  |  | Other Postretirement |
(In millions) |  | U.S. |  |  | Non-U.S. |  |  | Benefits |
2021 |  | $ | 417 |  |  | $ | 136 |  |  | $ | 16 |
2022 |  |  | 390 |  |  |  | 129 |  |  |  | 16 |
2023 |  |  | 366 |  |  |  | 130 |  |  |  | 15 |
2024 |  |  | 352 |  |  |  | 137 |  |  |  | 15 |
2025 |  |  | 339 |  |  |  | 138 |  |  |  | 14 |
2026-2030 |  |  | 1,578 |  |  |  | 743 |  |  |  | 68 |
Selected Pension Plan Information | The following table presents selected information on our pension plans:
|  | U.S. |  |  | Non-U.S. |
(In millions) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
All plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accumulated benefit obligation |  | $ | 5,220 |  |  | $ | 4,994 |  |  | $ | 3,284 |  |  | $ | 3,097 |
Plans not fully-funded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation |  | $ | 5,235 |  |  | $ | 5,009 |  |  | $ | 933 |  |  | $ | 1,059 |
Accumulated benefit obligation |  |  | 5,220 |  |  |  | 4,994 |  |  |  | 856 |  |  |  | 991 |
Fair value of plan assets |  |  | 4,970 |  |  |  | 4,780 |  |  |  | 185 |  |  |  | 370 |
Assumed Health Care Cost Trend Rates | Assumed health care cost trend rates at December 31 follow:
|  | 2020 |  |  | 2019 |
Health care cost trend rate assumed for the next year |  |  | 6.0 | % |  |  | 6.3 | %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) |  |  | 5.0 |  |  |  | 5.0 |
Year that the rate reaches the ultimate trend rate |  |  | 2025 |  |  |  | 2025 |
Pension Plan Weighted Average Investment Allocation | Our pension plan weighted average investment allocation at December 31, by asset category, follows:
|  | U.S. |  |  | Non-U.S. |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Cash and short term securities |  |  | 3 | % |  |  | 2 | % |  |  | 2 | % |  |  | 1 | %
Equity securities |  |  | 4 |  |  |  | 6 |  |  |  | 4 |  |  |  | 3 |
Debt securities |  |  | 93 |  |  |  | 92 |  |  |  | 93 |  |  |  | 96 |
Alternatives |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | — |
Total |  |  | 100 | % |  |  | 100 | % |  |  | 100 | % |  |  | 100 | %
Fair Values of Pension Plan Assets | The fair values of our pension plan assets at December 31, 2020 by asset category are as follows:
|  | U.S. |  |  | Non-U.S |
(In millions) |  | Total |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Other Unobservable Inputs (Level 3) |  |  | Total |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Other Unobservable Inputs (Level 3) |
Cash and Short Term Securities |  | $ | 122 |  |  | $ | 122 |  |  | $ | — |  |  | $ | — |  |  | $ | 46 |  |  | $ | 42 |  |  | $ | 4 |  |  | $ | — |
Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common and Preferred Stock |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 24 |  |  |  | 24 |  |  |  | — |  |  |  | — |
Commingled Funds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 19 |  |  |  | 19 |  |  |  | — |  |  |  | — |
Mutual Funds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6 |  |  |  | 6 |  |  |  | — |  |  |  | — |
Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate Bonds |  |  | 2,843 |  |  |  | — |  |  |  | 2,842 |  |  |  | 1 |  |  |  | 230 |  |  |  | 24 |  |  |  | 206 |  |  |  | — |
Government Bonds |  |  | 1,038 |  |  |  | — |  |  |  | 1,038 |  |  |  | — |  |  |  | 2,503 |  |  |  | 42 |  |  |  | 2,461 |  |  |  | — |
Repurchase Agreements |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (650 | ) |  |  | — |  |  |  | (650 | ) |  |  | — |
Asset Backed Securities |  |  | 280 |  |  |  | — |  |  |  | 280 |  |  |  | — |  |  |  | 76 |  |  |  | 8 |  |  |  | 68 |  |  |  | — |
Commingled Funds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20 |  |  |  | 20 |  |  |  | — |  |  |  | — |
Mutual Funds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 19 |  |  |  | 9 |  |  |  | 10 |  |  |  | — |
Alternatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance Contracts |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | 28 |  |  |  | — |  |  |  | — |  |  |  | 28 |
Other Investments |  |  | 7 |  |  |  | — |  |  |  | 7 |  |  |  | — |  |  |  | 6 |  |  |  | — |  |  |  | 5 |  |  |  | 1 |
Total Investments in the Fair Value Hierarchy |  |  | 4,292 |  |  | $ | 122 |  |  | $ | 4,167 |  |  | $ | 3 |  |  |  | 2,327 |  |  | $ | 194 |  |  | $ | 2,104 |  |  | $ | 29 |
Investments Measured at Net Asset Value, as Practical Expedient: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commingled Funds |  |  | 23 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 62 |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual Funds |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4 |  |  |  |  |  |  |  |  |  |  |  |  |
Partnership Interests |  |  | 166 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual Funds |  |  | 148 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 81 |  |  |  |  |  |  |  |  |  |  |  |  |
Commingled Funds |  |  | 295 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 665 |  |  |  |  |  |  |  |  |  |  |  |  |
Partnership Interests |  |  | 102 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Short Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commingled Funds |  |  | 22 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3 |  |  |  |  |  |  |  |  |  |  |  |  |
Alternatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commingled Funds |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6 |  |  |  |  |  |  |  |  |  |  |  |  |
Total Investments |  |  | 5,048 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,148 |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  |  | (78 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (107 | ) |  |  |  |  |  |  |  |  |  |  |  |
Total Plan Assets |  | $ | 4,970 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,041 |  |  |  |  |  |  |  |  |  |  |  |  |
The fair values of our pension plan assets at December 31, 2019 by asset category are as follows:
|  | U.S. |  |  | Non-U.S. |
(In millions) |  | Total |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Other Unobservable Inputs (Level 3) |  |  | Total |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Other Unobservable Inputs (Level 3) |
Cash and Short Term Securities |  | $ | 47 |  |  | $ | 47 |  |  | $ | — |  |  | $ | — |  |  | $ | 33 |  |  | $ | 29 |  |  | $ | 4 |  |  | $ | — |
Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common and Preferred Stock |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 24 |  |  |  | 24 |  |  |  | — |  |  |  | — |
Commingled Funds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 36 |  |  |  | 36 |  |  |  | — |  |  |  | — |
Mutual Funds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | 5 |  |  |  | — |  |  |  | — |
Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate Bonds |  |  | 2,577 |  |  |  | — |  |  |  | 2,576 |  |  |  | 1 |  |  |  | 190 |  |  |  | 10 |  |  |  | 180 |  |  |  | — |
Government Bonds |  |  | 1,120 |  |  |  | — |  |  |  | 1,120 |  |  |  | — |  |  |  | 2,271 |  |  |  | 60 |  |  |  | 2,211 |  |  |  | — |
Repurchase Agreements |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (511 | ) |  |  | — |  |  |  | (511 | ) |  |  | — |
Asset Backed Securities |  |  | 283 |  |  |  | — |  |  |  | 282 |  |  |  | 1 |  |  |  | 74 |  |  |  | 5 |  |  |  | 69 |  |  |  | — |
Mutual Funds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 19 |  |  |  | 9 |  |  |  | 10 |  |  |  | — |
Alternatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance Contracts |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | 22 |  |  |  | — |  |  |  | — |  |  |  | 22 |
Other Investments |  |  | 2 |  |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | (4 | ) |  |  | — |  |  |  | (5 | ) |  |  | 1 |
Total Investments in the Fair Value Hierarchy |  |  | 4,031 |  |  | $ | 47 |  |  | $ | 3,980 |  |  | $ | 4 |  |  |  | 2,159 |  |  | $ | 178 |  |  | $ | 1,958 |  |  | $ | 23 |
Investments Measured at Net Asset Value, as Practical Expedient: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commingled Funds |  |  | 9 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 69 |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual Funds |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11 |  |  |  |  |  |  |  |  |  |  |  |  |
Partnership Interests |  |  | 267 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual Funds |  |  | 141 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7 |  |  |  |  |  |  |  |  |  |  |  |  |
Commingled Funds |  |  | 310 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 604 |  |  |  |  |  |  |  |  |  |  |  |  |
Short Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commingled Funds |  |  | 67 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4 |  |  |  |  |  |  |  |  |  |  |  |  |
Alternatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commingled Funds |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6 |  |  |  |  |  |  |  |  |  |  |  |  |
Total Investments |  |  | 4,825 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,860 |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  |  | (45 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (120 | ) |  |  |  |  |  |  |  |  |  |  |  |
Total Plan Assets |  | $ | 4,780 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,740 |  |  |  |  |  |  |  |  |  |  |  |  |
Changes in Fair Value of Non-U.S. Pension Plan Insurance Contracts Classified as Level 3 | The following table sets forth a summary of changes in fair value of the non-U.S. pension plan insurance contracts classified as Level 3:
(In millions) |  | 2020 |  |  | 2019 |
Balance, beginning of year |  | $ | 22 |  |  | $ | 19 |
Unrealized gains relating to instruments still held at the reporting date |  |  | 3 |  |  |  | 1 |
Purchases, sales, issuances and settlements (net) |  |  | 1 |  |  |  | 2 |
Foreign currency translation |  |  | 2 |  |  |  | — |
Balance, end of year |  | $ | 28 |  |  | $ | 22 |

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