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Pension Benefit Plans and Other Postretirement Benefits | 12 Months Ended
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Dec. 31, 2020
Pension Benefit Plans and Other Postretirement Benefits |
Pension Benefit Plans and Other Postretirement Benefits | 11. Pension Benefit Plans and Other Postretirement Benefits Pension Benefit Plans The Company has defined benefit pension plans covering a substantial number of employees located in the United States and several other non-U.S. jurisdictions. Benefits generally are based on compensation for salaried employees and on length of service for hourly employees. The Company’s policy is to fund pension plans such that sufficient assets will be available to meet future benefit requirements. The Company’s defined benefit pension plans use a December 31 measurement date. The changes in the pension benefit obligations for the year are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​ | Non-U.S. |
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019 |
Obligations at beginning of year | ​ | $ | 1,505 | ​ | $ | 1,413 | ​ | $ | 1,150 | ​ | $ | 1,022 | ​
Change in benefit obligations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Service cost | ​ |  | 11 | ​ |  | 12 | ​ |  | 13 | ​ |  | 12 | ​
Interest cost | ​ |  | 50 | ​ |  | 58 | ​ |  | 26 | ​ |  | 33 | ​
Actuarial (gain) loss | ​ | ​ | 134 | ​ | ​ | 144 | ​ | ​ | 67 | ​ | ​ | 116 | ​
Settlements | ​ | ​ | (24) | ​ | ​ | (35) | ​ |  | (63) | ​ | ​ | (44) | ​
Acquisitions (Divestiture) | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | (56) | ​ | ​ | 30 | ​
Participant contributions | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 1 | ​ |  | 1 | ​
Benefit payments | ​ |  | (86) | ​ |  | (87) | ​ |  | (51) | ​ |  | (37) | ​
Other | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 6 | ​ | ​ | (6) | ​
Foreign currency translation | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 34 | ​ |  | 23 | ​
Net change in benefit obligations | ​ |  | 85 | ​ |  | 92 | ​ |  | (23) | ​ |  | 128 | ​
Obligations at end of year | ​ | $ | 1,590 | ​ | $ | 1,505 | ​ | $ | 1,127 | ​ | $ | 1,150 | ​
​ The actuarial (gain) loss for the Company’s pension benefit obligations in 2020 and 2019 was primarily related to changes in discount rates. ​ The changes in the fair value of the pension plans’ assets for the year are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​ | Non-U.S. |
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019 |
Fair value at beginning of year | ​ | $ | 1,215 | ​ | $ | 1,094 | ​ | $ | 947 | ​ | $ | 843 | ​
Change in fair value: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Actual gain (loss) on plan assets | ​ |  | 161 | ​ |  | 235 | ​ |  | 99 | ​ |  | 110 | ​
Benefit payments | ​ |  | (86) | ​ |  | (87) | ​ |  | (51) | ​ |  | (37) | ​
Employer contributions | ​ |  | 58 | ​ |  | 8 | ​ |  | 45 | ​ |  | 25 | ​
Participant contributions | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 1 | ​ |  | 1 | ​
Settlements | ​ | ​ | (24) | ​ | ​ | (35) | ​ | ​ | (63) | ​ | ​ | (44) | ​
Acquisitions (Divestitures) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (71) | ​ | ​ | 30 | ​
Foreign currency translation | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 23 | ​ |  | 26 | ​
Other | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (1) | ​ |  | (7) | ​
Net change in fair value of assets | ​ |  | 109 | ​ |  | 121 | ​ |  | (18) | ​ |  | 104 | ​
Fair value at end of year | ​ | $ | 1,324 | ​ | $ | 1,215 | ​ | $ | 929 | ​ | $ | 947 | ​
​ The Company recognizes the funded status of each pension benefit plan on the Consolidated Balance Sheet. The funded status of each plan is measured as the difference between the fair value of plan assets and actuarially calculated benefit obligations as of the balance sheet date. Actuarial gains and losses are accumulated in Accumulated Other Comprehensive Loss and the portion of each plan that exceeds 10% of the greater of that plan’s assets or projected benefit obligation is amortized to income on a straight-line basis over the average remaining service period of employees still accruing benefits or the expected life of participants not accruing benefits if all, or almost all, of the plan’s participants are no longer accruing benefits. The funded status of the pension plans at year end is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​ | Non-U.S. |
​ | ​ | 2020 | ​ | 2019 | ​ | 2020 | ​ | 2019 |
Plan assets at fair value |  | $ | 1,324 |  | $ | 1,215 |  | $ | 929 |  | $ | 947 | ​
Projected benefit obligations | ​ |  | 1,590 | ​ |  | 1,505 | ​ |  | 1,127 | ​ |  | 1,150 | ​
Plan assets less than projected benefit obligations | ​ |  | (266) | ​ |  | (290) | ​ |  | (198) | ​ |  | (203) | ​
Items not yet recognized in pension expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Actuarial loss | ​ |  | 708 | ​ |  | 722 | ​ |  | 323 | ​ |  | 327 | ​
Prior service cost | ​ |  | ​ | ​ |  | ​ | ​ |  | 11 | ​ |  | 5 | ​
​ | ​ |  | 708 | ​ |  | 722 | ​ |  | 334 | ​ |  | 332 | ​
Net amount recognized | ​ | $ | 442 | ​ | $ | 432 | ​ | $ | 136 | ​ | $ | 129 | ​
​ The net amount recognized is included in the Consolidated Balance Sheets at December 31, 2020 and 2019 as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​ | Non-U.S. |
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019 |
Pension assets | ​ | $ | — | ​ | $ | — | ​ | $ | 67 | ​ | $ | 42 | ​
Current pension liability, included with other accrued liabilities | ​ |  | (2) | ​ |  | (1) | ​ |  | (8) | ​ |  | (6) | ​
Pension benefits | ​ |  | (264) | ​ |  | (289) | ​ |  | (257) | ​ |  | (239) | ​
Accumulated other comprehensive loss | ​ |  | 708 | ​ |  | 722 | ​ |  | 334 | ​ |  | 332 | ​
Net amount recognized | ​ | $ | 442 | ​ | $ | 432 | ​ | $ | 136 | ​ | $ | 129 | ​
​ The following changes in plan assets and benefit obligations were recognized in Accumulated Other Comprehensive Loss at December 31, 2020 and 2019 as follows (amounts are pretax): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​ | Non-U.S. |
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019 |
Current year actuarial (gain) loss | ​ | $ | 57 | ​ | $ | (6) | ​ | $ | 12 | ​ | $ | 54 | ​
Amortization of actuarial loss | ​ |  | (56) | ​ |  | (41) | ​ |  | (12) | ​ |  | (10) | ​
Settlement | ​ | ​ | (14) | ​ | ​ | (22) | ​ | ​ | (12) | ​ | ​ | (9) | ​
Other | ​ | ​ | ​ | ​ | ​ | 5 | ​ |  | 2 | ​ |  | 1 | ​
​ | ​ |  | (13) | ​ |  | (64) | ​ |  | (10) | ​ |  | 36 | ​
Translation | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 12 | ​ |  | 8 | ​
Change in accumulated other comprehensive loss | ​ | $ | (13) | ​ | $ | (64) | ​ | $ | 2 | ​ | $ | 44 | ​
​ The accumulated benefit obligation for all defined benefit pension plans was $2,692 million and $2,622 million at December 31, 2020 and 2019, respectively. The components of the net pension expense for the year are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​ | Non-U.S. |
​ | ​ | 2020 | ​ | 2019 | ​ | 2018 | ​ | 2020 | ​ | 2019 | ​ | 2018 |
Service cost |  | $ | 11 |  | $ | 12 |  | $ | 14 |  | $ | 13 |  | $ | 12 |  | $ | 15 | ​
Interest cost | ​ |  | 50 | ​ |  | 58 | ​ |  | 59 | ​ |  | 26 | ​ |  | 33 | ​ |  | 32 | ​
Expected asset return | ​ |  | (85) | ​ |  | (86) | ​ |  | (98) | ​ |  | (45) | ​ |  | (48) | ​ |  | (52) | ​
Amortization: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Actuarial loss | ​ |  | 56 | ​ |  | 41 | ​ |  | 51 | ​ |  | 12 | ​ |  | 10 | ​ |  | 11 | ​
Net expense | ​ | $ | 32 | ​ | $ | 25 | ​ | $ | 26 | ​ | $ | 6 | ​ | $ | 7 | ​ | $ | 6 | ​
​ In 2020, the Company settled a portion of its pension obligations in the U.S., Canada and Mexico, resulting in settlement charges of $14 million, $8 million and $4 million, respectively. A retiree annuity contract purchase transaction with an insurer in Canada amounted to approximately $31 million and gave rise to the majority of the settlement transaction, with lump-sum payments directly to plan participants comprising the remainder. In 2019, the Company settled a portion of its pension obligations in the U.S., the United Kingdom and Mexico, resulting in settlement charges of $17 million, $7 million and $2 million, respectively. In 2018, the Company settled a portion of its pension obligations in the U.S. and the United Kingdom, resulting in settlement charges of $61 million and $13 million, respectively. A retiree annuity contract purchase transaction in the U.S. amounting to approximately $94 million in 2018 gave rise to the majority of the settlement charges, with lump-sum payments directly to plan participants comprising the remainder. ​ The components of pension expense, other than the service cost component, as well as pension settlement charges are included in Other income (expense), net on the Consolidated Results of Operations. ​ The following information is for plans with projected and accumulated benefit obligations in excess of the fair value of plan assets at year end: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Projected Benefit Obligation Exceeds | ​ | Accumulated Benefit Obligation Exceeds |
​ | ​ | the Fair Value of Plan Assets | ​ | the Fair Value of Plan Assets |
​ | ​ | U.S. | ​ | Non-U.S. | ​ | U.S. | ​ | Non-U.S. |
​ |  | 2020 | ​ | 2019 |  | 2020 | ​ | 2019 |  | 2020 | ​ | 2019 |  | 2020 | ​ | 2019 | ​
Projected benefit obligations | ​ | $ | 1,590 | ​ | $ | 1,505 | ​ | $ | 331 | ​ | $ | 952 | ​ | $ | 1,590 | ​ | $ | 1,505 | ​ | $ | 331 | ​ | $ | 952 | ​
Accumulated benefit obligation | ​ |  | 1,590 | ​ |  | 1,505 | ​ |  | 309 | ​ |  | 927 | ​ |  | 1,590 | ​ |  | 1,505 | ​ |  | 309 | ​ |  | 927 | ​
Fair value of plan assets | ​ |  | 1,324 | ​ |  | 1,215 | ​ |  | 67 | ​ |  | 706 | ​ |  | 1,324 | ​ |  | 1,215 | ​ |  | 67 | ​ |  | 706 | ​
​ The weighted average assumptions used to determine benefit obligations are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​ | Non-U.S. |
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019 |
Discount rate |  | 2.61 | % | 3.39 | % | 1.92 | % | 2.53 | %
Rate of compensation increase |  | N/A | ​ | N/A | ​ | 2.80 | % | 2.89 | %
The weighted average assumptions used to determine net periodic pension costs are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​ | Non-U.S. |
​ | ​ | 2020 | ​ | 2019 | ​ | 2018 | ​ | 2020 | ​ | 2019 | ​ | 2018 |
Discount rate |  | 3.39 | % | 4.36 | % | 3.69 | % | 2.53 | % | 3.01 | % | 2.76 | %
Rate of compensation increase |  | N/A | ​ | N/A | ​ | N/A | % | 2.86 | % | 2.76 | % | 2.78 | %
Expected long-term rate of return on assets |  | 7.15 | % | 7.25 | % | 7.25 | % | 5.23 | % | 5.50 | % | 5.52 | %
​ Future benefits are assumed to increase in a manner consistent with past experience of the plans, which, to the extent benefits are based on compensation, includes assumed salary increases as presented above. For 2020, the Company’s weighted average expected long-term rate of return on assets was 7.15% for the U.S. plans and 5.23% for the non-U.S. plans. In developing this assumption, the Company considered its historical 10-year average return (through December 31, 2020) and evaluated input from its third-party pension plan asset consultants, including their review of asset class return expectations. It is the Company’s policy to invest pension plan assets in a diversified portfolio consisting of an array of asset classes within established target asset allocation ranges. The investment risk of the assets is limited by appropriate diversification both within and between asset classes. Plan assets are primarily invested in a broad mix of domestic and international equities, domestic and international bonds, and real estate, subject to target asset allocation ranges, which may differ by individual plan. The assets are managed with a view to ensuring that sufficient liquidity will be available to meet expected cash flow requirements. The investment valuation policy of the Company is to value investments at fair value. Equity securities for which market quotations are readily available are valued at the last reported sales price on their principal exchange on valuation date or official close for certain markets. Fixed income investments are valued by an independent pricing service. Investments in registered investment companies or collective pooled funds are valued at their respective net asset values. Short-term investments are stated at amortized cost, which approximates fair value. The fair value of real estate is determined by periodic appraisals. The assets of the U.S. plans are maintained in a group trust. The U.S. plans hold no individual assets other than the investment in the group trust. The Company’s U.S. pension plan assets held in the group trust are measured at net asset value in the fair value hierarchy. The total U.S. plan assets amounted to $1,324 million and $1,215 million as of December 31, 2020 and 2019, respectively. In 2020, the group trust assets consisted of approximately 66% equity securities, 29% debt securities, and 5% real estate and other. In 2020, the non-U.S. plan assets consisted of approximately 20% equity securities, 57% debt securities, and 23% real estate and other. The following table sets forth by level, within the fair value hierarchy, the Company’s non-U.S. pension plan assets at fair value as of December 31, 2020 and 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2020 | ​ | 2019 | ​
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
Cash and cash equivalents | ​ | $ | 31 | ​ | $ | — | ​ | $ | — | ​ | $ | 31 | ​ | $ | 8 | ​ | $ | — | ​ | $ | — | ​ | $ | 8 | ​
Equity securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | — | ​
Debt securities | ​ | ​ | 36 | ​ | ​ | 2 | ​ | ​ | ​ | ​ | ​ | 38 | ​ | ​ | 55 | ​ | ​ | 3 | ​ | ​ | ​ | ​ | ​ | 58 | ​
Other | ​ | ​ | ​ | ​ | ​ | 26 | ​ | ​ | ​ | ​ | ​ | 26 | ​ | ​ | ​ | ​ | ​ | 23 | ​ | ​ | ​ | ​ | ​ | 23 | ​
Total | ​ | $ | 67 | ​ | $ | 28 | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 63 | ​ | $ | 26 | ​ | $ | — | ​ | ​ | ​ |
Investments measured at net asset value | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | $ | 834 | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | $ | 858 |
Total non-U.S. assets at fair value | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 929 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 947 | ​
​ In order to maintain minimum funding requirements, the Company is required to make contributions to its defined benefit pension plans of approximately $60 million in 2021. The following estimated future benefit payments, which reflect expected future service, as appropriate, are expected to be paid in the years indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Year(s) |  | U.S. |  | Non-U.S.
2021 | ​ | $ | 99 | ​ | $ | 41
2022 | ​ |  | 100 | ​ |  | 45
2023 | ​ |  | 95 | ​ |  | 46
2024 | ​ |  | 96 | ​ |  | 47
2025 | ​ |  | 93 | ​ |  | 48
2026-2030 | ​ |  | 445 | ​ |  | 266
​ The Company also sponsors several defined contribution plans for all salaried and hourly U.S. employees, and employees in Canada, the United Kingdom, and the Netherlands. Participants’ contributions are based on their compensation. The Company matches contributions of participants, up to various limits, in substantially all plans. Company contributions to these plans amounted to $34 million in 2020, $33 million in 2019, and $36 million in 2018. Postretirement Benefits Other Than Pensions The Company provides retiree health care and life insurance benefits covering certain U.S. salaried and hourly employees, and substantially all employees in Canada. Benefits provided by the Company for hourly retirees are determined by collective bargaining. Employees are generally eligible for benefits upon retirement and completion of a specified number of years of creditable service. The Company uses a December 31 measurement date to measure its postretirement benefit obligations. The changes in the postretirement benefit obligations for the year are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​ | Non-U.S. |
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019 |
Obligations at beginning of year | ​ | $ | 72 | ​ | $ | 74 | ​ | $ | 71 | ​ | $ | 80 | ​
Change in benefit obligations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Service cost | ​ |  | ​ | ​ |  | ​ | ​ |  | 2 | ​ |  | 1 | ​
Interest cost | ​ |  | 2 | ​ |  | 4 | ​ |  | 2 | ​ |  | 3 | ​
Actuarial (gain) loss | ​ |  | 14 | ​ |  | 3 | ​ |  | 5 | ​ |  | (15) | ​
Benefit payments | ​ |  | (11) | ​ |  | (9) | ​ |  | (2) | ​ |  | (2) | ​
Foreign currency translation | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 2 | ​ |  | 4 | ​
Other | ​ | ​ | (39) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net change in benefit obligations | ​ |  | (34) | ​ |  | (2) | ​ |  | 9 | ​ |  | (9) | ​
Obligations at end of year | ​ | $ | 38 | ​ | $ | 72 | ​ | $ | 80 | ​ | $ | 71 | ​
​ The actuarial (gain) loss for the Company’s postretirement benefit obligations in 2020 and 2019 was primarily related to changes in discount rates. ​ During the third quarter of 2020, the Company remeasured a portion of its post-retirement benefit obligation in the U.S. due to plan changes, which resulted in a reduction in the post-retirement benefit obligation of approximately $39 million. ​ The funded status of the postretirement benefit plans at year end is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​ | Non-U.S. |
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019 |
Postretirement benefit obligations | ​ | $ | (38) | ​ | $ | (72) | ​ | $ | (80) | ​ | $ | (71) | ​
Items not yet recognized in net postretirement benefit cost: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Actuarial gain (loss) | ​ |  | 20 | ​ |  | 1 | ​ |  | (7) | ​ |  | (1) | ​
Prior service credit | ​ |  | (35) | ​ |  | 8 | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | (15) | ​ |  | 9 | ​ |  | (7) | ​ |  | (1) | ​
Net amount recognized | ​ | $ | (53) | ​ | $ | (63) | ​ | $ | (87) | ​ | $ | (72) | ​
​ The net amount recognized is included in the Consolidated Balance Sheets at December 31, 2020 and 2019 as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​ | Non-U.S. |
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019 |
Current nonpension postretirement benefit, included with Other accrued liabilities | ​ | $ | (2) | ​ | $ | (5) | ​ | $ | (3) | ​ | $ | (3) | ​
Nonpension postretirement benefits | ​ |  | (36) | ​ |  | (67) | ​ |  | (77) | ​ |  | (68) | ​
Accumulated other comprehensive income (loss) | ​ |  | (15) | ​ |  | 9 | ​ |  | (7) | ​ |  | (1) | ​
Net amount recognized | ​ | $ | (53) | ​ | $ | (63) | ​ | $ | (87) | ​ | $ | (72) | ​
​ The following changes in benefit obligations were recognized in Accumulated Other Comprehensive Loss at December 31, 2020 and 2019 as follows (amounts are pretax): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​ | Non-U.S. |
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019 |
Current year actuarial (gain) loss | ​ | $ | 14 | ​ | $ | 3 | ​ | $ | 5 | ​ | $ | (15) | ​
Amortization of actuarial loss | ​ |  | (5) | ​ |  | (1) | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of prior service credit | ​ |  | 12 | ​ |  | 8 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other adjustments | ​ | ​ | (39) | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | (18) | ​ | $ | 10 | ​ | $ | 5 | ​ | $ | (15) | ​
​ The components of the net postretirement benefit cost for the year are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​ | Non-U.S. |
​ |  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018 |
Service cost | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 2 | ​ | $ | 1 | ​ | $ | 1 | ​
Interest cost | ​ |  | 2 | ​ |  | 4 | ​ |  | 3 | ​ |  | 2 | ​ |  | 3 | ​ |  | 3 | ​
Amortization: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Actuarial (gain) loss | ​ |  | (11) | ​ |  | 1 | ​ |  | 2 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Prior service credit | ​ |  | 5 | ​ |  | (8) | ​ |  | (7) | ​ | ​ | (1) | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net amortization | ​ |  | (6) | ​ |  | (7) | ​ |  | (5) | ​ |  | (1) | ​ |  | — | ​ |  | — | ​
Net postretirement benefit (income) cost | ​ | $ | (4) | ​ | $ | (3) | ​ | $ | (2) | ​ | $ | 3 | ​ | $ | 4 | ​ | $ | 4 | ​
​ ​ Amortization included in net postretirement benefit cost is based on the average remaining service of employees. The weighted average discount rates used to determine the accumulated postretirement benefit obligation and net postretirement benefit cost are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​ | Non-U.S. |
​ |  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018 |
Accumulated postretirement benefit obligation |  | 2.48 | % | 3.31 | % | 4.30 | % | 2.55 | % | 3.00 | % | 3.60 | %
Net postretirement benefit cost |  | 3.31 | % | 4.30 | % | 3.61 | % | 3.00 | % | 3.60 | % | 3.35 | %
​ The weighted average assumed health care cost trend rates at December 31 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​ | Non-U.S. |
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019 |
Health care cost trend rate assumed for next year |  | 6.60 | % | 5.80 | % | 5.00 | % | 5.00 | %
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) |  | 5.00 | % | 5.00 | % | 5.00 | % | 5.00 | %
Year that the rate reaches the ultimate trend rate |  | 2029 | ​ | 2028 | ​ | N/A | ​ | N/A | ​
​ Amortization included in net postretirement benefit cost is based on the average remaining service of employees. ​ The following estimated future benefit payments, which reflect expected future service, as appropriate, are expected to be paid in the years indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year(s) |  | U.S. |  | Non-U.S. |
2021 | ​ | $ | 2 | ​ | $ | 3 | ​
2022 | ​ |  | 2 | ​ |  | 3 | ​
2023 | ​ |  | 2 | ​ |  | 3 | ​
2024 | ​ |  | 2 | ​ |  | 3 | ​
2025 | ​ |  | 2 | ​ |  | 3 | ​
2026 - 2030 | ​ |  | 10 | ​ |  | 16 | ​
​ Other U.S. hourly retirees receive health and life insurance benefits from a multi-employer trust established by collective bargaining. Payments to the trust as required by the bargaining agreements are based upon specified amounts per hour worked and were $5 million in 2020, $5 million in 2019 and $6 million in 2018. Postretirement health and life benefits for retirees of foreign subsidiaries are generally provided through the national health care programs of the countries in which the subsidiaries are located.

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