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Employee Benefit and Retirement Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
Schedule of Reconciliation of Benefit Obligations | The following provides a reconciliation of benefit obligations, plan assets and funded status of the Company’s noncontributory defined benefit pension plans, including the SERP, at December 31, (dollars in millions):
| Pension Benefits |  | Postretirement Benefits
| United States |  | International |  |  |  |
Change in benefit obligation: | 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
Benefit obligation at beginning of year | $ | 1,449 |  |  | $ | 1,348 |  |  | $ | 626 |  |  | $ | 581 |  |  | $ | 52 |  |  | $ | 53 |
Service cost | — |  |  | 1 |  |  | 4 |  |  | 6 |  |  | — |  |  | — |
Interest cost | 35 |  |  | 49 |  |  | 9 |  |  | 13 |  |  | 1 |  |  | 2 |
Actuarial loss | 133 |  |  | 151 |  |  | 29 |  |  | 45 |  |  | 2 |  |  | 2 |
Amendments | — |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | — |
Currency translation | — |  |  | — |  |  | 29 |  |  | 15 |  |  | — |  |  | — |
Benefits paid | (95) |  |  | (100) |  |  | (21) |  |  | (22) |  |  | (4) |  |  | (5) |
Acquisitions and dispositions, net | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Curtailments, settlements and other | (167) |  |  | — |  |  | (9) |  |  | (13) |  |  | — |  |  | — |
Benefit obligation at end of year (1) | $ | 1,357 |  |  | $ | 1,449 |  |  | $ | 668 |  |  | $ | 626 |  |  | $ | 51 |  |  | $ | 52 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | 1,228 |  |  | 1,105 |  |  | 580 |  |  | 532 |  |  | — |  |  | — |
Actual return on plan assets | 178 |  |  | 213 |  |  | 47 |  |  | 51 |  |  | — |  |  | — |
Contributions | 17 |  |  | 10 |  |  | 8 |  |  | 13 |  |  | 4 |  |  | — |
Currency translation | — |  |  | — |  |  | 22 |  |  | 19 |  |  | — |  |  | — |
Benefits paid | (95) |  |  | (100) |  |  | (21) |  |  | (22) |  |  | (4) |  |  | — |
Settlements and other | (167) |  |  | — |  |  | (9) |  |  | (13) |  |  | — |  |  | — |
Fair value of plan assets at end of year | $ | 1,161 |  |  | $ | 1,228 |  |  | $ | 627 |  |  | $ | 580 |  |  | $ | — |  |  | $ | — |
Funded status at end of year | $ | (196) |  |  | $ | (221) |  |  | $ | (41) |  |  | $ | (46) |  |  | $ | (51) |  |  | $ | (52) |
Amounts recognized in the Consolidated Balance Sheets: |  |  |  |  |  |  |  |  |  |  |
Prepaid benefit cost, included in other assets | $ | — |  |  | $ | — |  |  | $ | 104 |  |  | $ | 89 |  |  | $ | — |  |  | $ | — |
Accrued current benefit cost—other accrued liabilities | (11) |  |  | (15) |  |  | (5) |  |  | (4) |  |  | (5) |  |  | (6) |
Accrued noncurrent benefit cost— other noncurrent liabilities | (185) |  |  | (206) |  |  | (140) |  |  | (131) |  |  | (46) |  |  | (46) |
Net amount recognized | $ | (196) |  |  | $ | (221) |  |  | $ | (41) |  |  | $ | (46) |  |  | $ | (51) |  |  | $ | (52) |
Assumptions: |  |  |  |  |  |  |  |  |  |  |
Weighted-average assumptions used to determine benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Discount rate | 2.16 | % |  | 3.06 | % |  | 1.22 | % |  | 1.79 | % |  | 1.80 | % |  | 2.80 | %
Long-term rate of compensation increase | 3.00 | % |  | 3.00 | % |  | 2.18 | % |  | 2.31 | % |  | — | % |  | — | %
Current health care cost trend rates | — | % |  | — | % |  | — | % |  | — | % |  | 6.48 | % |  | 6.74 | %
Ultimate health care cost trend rates | — | % |  | — | % |  | — | % |  | — | % |  | 4.50 | % |  | 4.50 | %
(1)The accumulated benefit obligation for all defined benefit pension plans was $2.0 billion and $2.1 billion at December 31, 2020 and 2019, respectively.
Schedule Of Company's Pension Cost And Supplemental Retirement Plans | The components of pension and postretirement benefit expense for the periods indicated are as follows (dollars in millions):
| Pension Benefits
| United States |  | International
| 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Service cost | $ | — |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 4 |  |  | $ | 6 |  |  | $ | 6 |
Interest cost | 35 |  |  | 49 |  |  | 46 |  |  | 9 |  |  | 13 |  |  | 13 |
Expected return on plan assets | (59) |  |  | (59) |  |  | (67) |  |  | (6) |  |  | (13) |  |  | (15) |
Amortization: |  |  |  |  |  |  |  |  |  |  |
Prior service cost | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Net actuarial loss | 23 |  |  | 15 |  |  | 21 |  |  | 3 |  |  | 2 |  |  | 2 |
Curtailment, settlement and termination costs | 52 |  |  | — |  |  | — |  |  | 1 |  |  | 1 |  |  | 1 |
Total expense | $ | 51 |  |  | $ | 6 |  |  | $ | 1 |  |  | $ | 12 |  |  | $ | 9 |  |  | $ | 8 |
Assumptions |  |  |  |  |  |  |  |  |  |  |
Weighted average assumption used to calculate net periodic cost: |  |  |  |  |  |  |  |  |  |
Effective discount rate for benefit obligations | 3.06 | % |  | 4.12 | % |  | 3.48 | % |  | 1.79 | % |  | 2.52 | % |  | 2.24 | %
Effective rate for interest on benefit obligations | 2.65 | % |  | 3.79 | % |  | 3.09 | % |  | 1.55 | % |  | 2.20 | % |  | 1.94 | %
Effective rate for service cost | 3.43 | % |  | 3.93 | % |  | 3.32 | % |  | 0.92 | % |  | 1.89 | % |  | 2.33 | %
Effective rate for interest on service cost | 3.41 | % |  | 3.62 | % |  | 2.98 | % |  | 0.75 | % |  | 2.24 | % |  | 2.27 | %
Long-term rate of return on plan assets | 5.50 | % |  | 5.25 | % |  | 5.75 | % |  | 1.08 | % |  | 2.47 | % |  | 2.58 | %
Long-term rate of compensation increase | 3.00 | % |  | 3.00 | % |  | 2.54 | % |  | 2.32 | % |  | 2.32 | % |  | 3.47 | %
| Postretirement Benefits
| 2020 |  | 2019 |  | 2018
Interest cost | $ | 1 |  |  | $ | 2 |  |  | $ | 2 |
Amortization: |  |  |  |  |
Prior service credit | (2) |  |  | (5) |  |  | (7) |
Net actuarial gain | (4) |  |  | (4) |  |  | (3) |
Total income | $ | (5) |  |  | $ | (7) |  |  | $ | (8) |
Assumptions |  |  |  |  |
Weighted average assumption used to calculate net periodic cost: |  |  |  |  |
Effective discount rate for benefit obligations | 2.80 | % |  | 3.90 | % |  | 3.09 | %
Effective rate for interest on benefit obligations | 2.41 | % |  | 2.71 | % |  | 2.71 | %
Effective rate for service cost | 2.52 | % |  | 2.97 | % |  | 2.98 | %
Effective rate for interest on service cost | 2.27 | % |  | 2.78 | % |  | 2.78 | %
Schedule of Expected Benefit Payments | Estimated future benefit payments under the Company’s defined benefit pension plans and postretirement benefit plans are as follows at December 31, 2020 (in millions):
| 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | Thereafter
Pension benefits | $ | 114 |  |  | $ | 112 |  |  | $ | 112 |  |  | $ | 110 |  |  | $ | 109 |  |  | $ | 530 |
Postretirement benefits | $ | 5 |  |  | $ | 5 |  |  | $ | 5 |  |  | $ | 5 |  |  | $ | 5 |  |  | $ | 16 |
Pension Benefits |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | Summary of under-funded or non-funded pension benefit plans with projected benefit obligations in excess of plan assets at December 31, (in millions):
| Pension Benefits
| 2020 |  | 2019
Projected benefit obligation | $ | 1,721 |  |  | $ | 1,792 |
Fair value of plan assets | 1,380 |  |  | 1,435 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | Summary of pension plans with accumulated obligations in excess of plan assets at December 31, (in millions):
| Pension Benefits
| 2020 |  | 2019
Accumulated benefit obligation | $ | 1,711 |  |  | $ | 1,784 |
Fair value of plan assets | 1,380 |  |  | 1,435 |
Schedule of Allocation of Plan Assets | The composition of domestic pension plan assets at December 31, 2020 and 2019 is as follows (in millions):
|  | Plan Assets — Domestic Plans
|  | December 31, 2020
|  | Fair Value Measurements |  |  |  |
Asset Category |  | Level 1 |  | Level 2 |  | Level 3 |  | Subtotal |  | NAV-based assets |  | Total
Equity securities and funds |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 273 |  |  | $ | 273 |
Fixed income securities and funds |  | 441 |  |  | — |  |  | — |  |  | 441 |  |  | 319 |  |  | 760 |
Alternative investments |  | — |  |  | — |  |  | — |  |  | — |  |  | 104 |  |  | 104 |
Cash and other |  | 8 |  |  | 15 |  |  | 1 |  |  | 24 |  |  | — |  |  | 24 |
Total |  | $ | 449 |  |  | $ | 15 |  |  | $ | 1 |  |  | $ | 465 |  |  | $ | 696 |  |  | $ | 1,161 |
|  | Plan Assets — Domestic Plans
|  | December 31, 2019
|  | Fair Value Measurements |  |  |  |
Asset Category |  | Level 1 |  | Level 2 |  | Level 3 |  | Subtotal |  | NAV-based assets |  | Total
Equity securities and funds |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 233 |  |  | $ | 233 |
Fixed income securities and funds |  | 400 |  |  | — |  |  | — |  |  | 400 |  |  | 330 |  |  | 730 |
Alternative investments |  | 47 |  |  | — |  |  | — |  |  | 47 |  |  | 192 |  |  | 239 |
Cash and other |  | 10 |  |  | 15 |  |  | 1 |  |  | 26 |  |  | — |  |  | 26 |
Total |  | $ | 457 |  |  | $ | 15 |  |  | $ | 1 |  |  | $ | 473 |  |  | $ | 755 |  |  | $ | 1,228 |
The composition of international pension plan assets at December 31, 2020 and 2019 is as follows (in millions):
|  | Plan Assets — International Plans
|  | December 31, 2020
|  | Fair Value Measurements |  |  |  |
Asset Category |  | Level 1 |  | Level 2 |  | Level 3 |  | Subtotal |  | NAV-based assets |  | Total
Equity securities and funds |  | $ | 3 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | 6 |
Fixed income securities and funds |  | 262 |  |  | 3 |  |  | — |  |  | 265 |  |  | — |  |  | 265 |
Cash and other |  | 4 |  |  | 234 |  |  | 9 |  |  | 247 |  |  | 109 |  |  | 356 |
Total |  | $ | 269 |  |  | $ | 240 |  |  | $ | 9 |  |  | $ | 518 |  |  | $ | 109 |  |  | $ | 627 |
|  | Plan Assets — International Plans
|  | December 31, 2019
|  | Fair Value Measurements |  |  |  |
Asset Category |  | Level 1 |  | Level 2 |  | Level 3 |  | Subtotal |  | NAV-based assets |  | Total
Equity securities and funds |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | 2 |  |  | $ | 5 |
Fixed income securities and funds |  | 298 |  |  | — |  |  | — |  |  | 298 |  |  | 3 |  |  | 301 |
Cash and other |  | 8 |  |  | 255 |  |  | 8 |  |  | 271 |  |  | 3 |  |  | 274 |
Total |  | $ | 309 |  |  | $ | 255 |  |  | $ | 8 |  |  | $ | 572 |  |  | $ | 8 |  |  | $ | 580 |
Postretirement Benefits |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | A reconciliation of the change in fair value of the defined benefit plans’ assets using significant unobservable inputs (Level 3) for 2020 and 2019 is as follows (in millions):
| Total
Balance December 31, 2018 | $ | 10 |
Purchases, sales, settlements, and other, net | (1) |
Balance December 31, 2019 | 9 |
Unrealized gains | 1 |
Balance December 31, 2020 | $ | 10 |

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