XML 56 R39.htm IDEA: XBRL DOCUMENT v3.22.0.1

Employee Benefit and Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2021

Defined Benefit Plan Disclosure [Line Items]

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:			2021						2020						2021						2020						2021						2020
Benefit obligation at beginning of year			$	1,357					$	1,449					$	668					$	626					$	51					$	52
Service cost			—						—						4						4						—						—
Interest cost			20						35						6						9						1						1
Actuarial (gain) loss			(53)						133						(14)						29						(7)						2
Amendments			—						—						1						1						—						—
Currency translation			—						—						(16)						29						—						—
Benefits paid			(86)						(95)						(25)						(21)						(4)						(4)
Acquisitions and dispositions, net			—						2						—						—						—						—
Curtailments, settlements and other			—						(167)						(1)						(9)						—						—
Benefit obligation at end of year (1)			$	1,238					$	1,357					$	623					$	668					$	41					$	51
Change in plan assets:
Fair value of plan assets at beginning of year			1,161						1,228						627						580						—						—
Actual return (loss) on plan assets			48						178						(7)						47						—						—
Contributions			10						17						10						8						4						4
Currency translation			—						—						(9)						22						—						—
Benefits paid			(86)						(95)						(25)						(21)						(4)						(4)
Settlements and other			—						(167)						(1)						(9)						—						—
Fair value of plan assets at end of year			$	1,133					$	1,161					$	595					$	627					$	—					$	—
Funded status at end of year			$	(105)					$	(196)					$	(28)					$	(41)					$	(41)					$	(51)
Amounts recognized in the Consolidated Balance Sheets:
Prepaid benefit cost, included in other assets			$	29					$	—					$	102					$	104					$	—					$	—
Accrued current benefit cost—other accrued liabilities			(11)						(11)						(4)						(5)						(5)						(5)
Accrued noncurrent benefit cost— other noncurrent liabilities			(123)						(185)						(126)						(140)						(36)						(46)
Net amount recognized			$	(105)					$	(196)					$	(28)					$	(41)					$	(41)					$	(51)
Assumptions:
Weighted-average assumptions used to determine benefit obligation:
Discount rate			2.64		%				2.16		%				1.60		%				1.22		%				2.34		%				1.80		%
Long-term rate of compensation increase			3.00		%				3.00		%				2.25		%				2.18		%				—		%				—		%
Current health care cost trend rates			—		%				—		%				—		%				—		%				6.21		%				6.48		%
Ultimate health care cost trend rates			—		%				—		%				—		%				—		%				4.50		%				4.50		%

(1)The accumulated benefit obligation for all defined benefit pension plans was $1.9 billion and $2.0 billion at December 31, 2021 and 2020, 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
			2021						2020						2019						2021						2020						2019
Service cost			$	—					$	—					$	1					$	4					$	4					$	6
Interest cost			20						35						49						6						9						13
Expected return on plan assets			(51)						(59)						(59)						(3)						(6)						(13)
Amortization:
Prior service cost			—						—						—						1						1						—
Net actuarial loss			22						23						15						3						3						2
Curtailment, settlement and termination costs			—						52						—						—						1						1
Total expense			$	(9)					$	51					$	6					$	11					$	12					$	9
Assumptions
Weighted average assumption used to calculate net periodic cost:
Effective discount rate for benefit obligations			2.16		%				3.06		%				4.12		%				1.22		%				1.79		%				2.52		%
Effective rate for interest on benefit obligations			1.54		%				2.65		%				3.79		%				0.92		%				1.55		%				2.20		%
Effective rate for service cost			2.63		%				3.43		%				3.93		%				0.71		%				0.92		%				1.89		%
Effective rate for interest on service cost			2.61		%				3.41		%				3.62		%				0.54		%				0.75		%				2.24		%
Long-term rate of return on plan assets			5.25		%				5.50		%				5.25		%				0.51		%				1.08		%				2.47		%
Long-term rate of compensation increase			3.00		%				3.00		%				3.00		%				2.18		%				2.32		%				2.32		%

			Postretirement Benefits
			2021						2020						2019
Interest cost			$	1					$	1					$	2
Amortization:
Prior service credit			—						(2)						(5)
Net actuarial gain			(3)						(4)						(4)
Total income			$	(2)					$	(5)					$	(7)
Assumptions
Weighted average assumption used to calculate net periodic cost:
Effective discount rate for benefit obligations			1.80		%				2.80		%				3.90		%
Effective rate for interest on benefit obligations			1.18		%				2.41		%				2.71		%
Effective rate for service cost			1.32		%				2.52		%				2.97		%
Effective rate for interest on service cost			1.02		%				2.27		%				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, 2021 (in millions):

			2022						2023						2024						2025						2026						Thereafter
Pension benefits			$	111					$	109					$	109					$	107					$	107					$	515
Postretirement benefits			$	5					$	5					$	4					$	4					$	4					$	13

Pension Benefits

Defined Benefit Plan Disclosure [Line Items]

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
			2021						2020
Projected benefit obligation			$	469					$	1,721
Fair value of plan assets			205						1,380

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
			2021						2020
Accumulated benefit obligation			$	454					$	1,711
Fair value of plan assets			205						1,380

Schedule of Allocation of Plan Assets

The composition of domestic pension plan assets at December 31, 2021 and 2020 is as follows (in millions):

						Plan Assets — Domestic Plans
						December 31, 2021
						Fair Value Measurements
Asset Category						Level 1						Level 2						Level 3						Subtotal						NAV-based assets						Total
Equity securities and funds						$	—					$	—					$	—					$	—					$	220					$	220
Fixed income securities and funds						455						—						—						455						403						858
Alternative investments						—						—						—						—						22						22
Cash and other						19						13						1						33						—						33
Total						$	474					$	13					$	1					$	488					$	645					$	1,133
						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

The composition of international pension plan assets at December 31, 2021 and 2020 is as follows (in millions):

						Plan Assets — International Plans
						December 31, 2021
						Fair Value Measurements
Asset Category						Level 1						Level 2						Level 3						Subtotal						NAV-based assets						Total
Equity securities and funds						$	4					$	3					$	—					$	7					$	—					$	7
Fixed income securities and funds						314						4						—						318						—						318
Cash and other						22						240						8						270						—						270
Total						$	340					$	247					$	8					$	595					$	—					$	595
						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

Postretirement Benefits

Defined Benefit Plan Disclosure [Line Items]

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 2021 and 2020 is as follows (in millions):

			Total
Balance December 31, 2019			$	9
Unrealized gains			1
Balance December 31, 2020			10
Unrealized losses			(1)
Balance December 31, 2021			$	9

X

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

Name:	us-gaap_DefinedBenefitPlanDisclosureLineItems
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefit obligation and plan assets of defined benefit plan with accumulated benefit obligation in excess of plan assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

+ Details

Name:	us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(5)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefit obligation and plan assets for defined benefit pension plan with projected benefit obligation in excess of plan assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

+ Details

Name:	us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets of pension plans and/or other employee benefit plans for the period.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(02)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	us-gaap_RetirementPlanTypeAxis=us-gaap_PensionPlansDefinedBenefitMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_RetirementPlanTypeAxis=us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type: