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Pension Benefit Plans and Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2021
Pension Benefit Plans  
Defined Benefit Plans and Other Postretirement Benefit Plans  
Changes in the benefit obligations

U.S.

Non-U.S.

 

    

2021

    

2020

    

2021

    

2020

 

Obligations at beginning of year

$

1,590

$

1,505

$

1,127

$

1,150

Change in benefit obligations:

Service cost

 

13

 

11

 

12

 

13

Interest cost

 

40

 

50

 

21

 

26

Actuarial (gain) loss

(73)

134

(82)

67

Settlements

(252)

(24)

 

(8)

(63)

Acquisitions (Divestiture)

 

(56)

Participant contributions

 

 

1

Benefit payments

 

(76)

 

(86)

 

(53)

 

(51)

Other

1

6

Foreign currency translation

 

(28)

 

34

Net change in benefit obligations

 

(348)

 

85

 

(137)

 

(23)

Obligations at end of year

$

1,242

$

1,590

$

990

$

1,127

Changes in the fair value of the pension plans' assets

U.S.

Non-U.S.

 

    

2021

    

2020

    

2021

    

2020

 

Fair value at beginning of year

$

1,324

$

1,215

$

929

$

947

Change in fair value:

Actual gain on plan assets

 

145

 

161

 

7

 

99

Benefit payments

 

(76)

 

(86)

 

(53)

 

(51)

Employer contributions

 

27

 

58

 

57

 

45

Participant contributions

 

1

 

1

Settlements

(252)

(24)

(8)

(63)

Acquisitions (Divestitures)

(71)

Foreign currency translation

 

(11)

 

23

Other

 

1

 

(1)

Net change in fair value of assets

 

(156)

 

109

 

(6)

 

(18)

Fair value at end of year

$

1,168

$

1,324

$

923

$

929

Funded status

U.S.

Non-U.S.

 

2021

2020

2021

2020

 

Plan assets at fair value

    

$

1,168

    

$

1,324

    

$

923

    

$

929

Projected benefit obligations

 

1,242

 

1,590

 

990

 

1,127

Plan assets less than projected benefit obligations

 

(74)

 

(266)

 

(67)

 

(198)

Items not yet recognized in pension expense:

Actuarial loss

 

437

 

708

 

259

 

323

Prior service cost

 

 

 

10

 

11

 

437

 

708

 

269

 

334

Net amount recognized

$

363

$

442

$

202

$

136

Net amount recognized included in the Consolidated Balance Sheets

U.S.

Non-U.S.

 

    

2021

    

2020

    

2021

    

2020

 

Pension assets

$

$

$

150

$

67

Current pension liability, included with other accrued liabilities

 

(1)

 

(2)

 

(6)

 

(8)

Pension benefits

 

(73)

 

(264)

 

(211)

 

(257)

Accumulated other comprehensive loss

 

437

 

708

 

269

 

334

Net amount recognized

$

363

$

442

$

202

$

136

Changes in plan assets and/or benefit obligations recognized in accumulated other comprehensive income

U.S.

Non-U.S.

 

    

2021

    

2020

    

2021

    

2020

 

Current year actuarial (gain) loss

$

(136)

$

57

$

(13)

$

12

Amortization of actuarial loss

 

(62)

 

(56)

 

(43)

 

(12)

Settlement

(73)

(14)

(1)

(12)

Other

 

(1)

 

2

 

(271)

 

(13)

 

(58)

 

(10)

Translation

 

(7)

 

12

Change in accumulated other comprehensive loss

$

(271)

$

(13)

$

(65)

$

2

Components of net periodic pension cost

U.S.

Non-U.S.

 

2021

2020

2019

2021

2020

2019

 

Service cost

    

$

13

    

$

11

    

$

12

    

$

12

    

$

13

    

$

12

Interest cost

 

40

 

50

 

58

 

21

 

26

 

33

Expected asset return

 

(82)

 

(85)

 

(86)

 

(46)

 

(45)

 

(48)

Amortization:

Actuarial loss

 

61

 

56

 

41

 

13

 

12

 

10

Net expense

$

32

$

32

$

25

$

$

6

$

7

Information for plans with projected and accumulated benefit obligations in excess of the fair value of plan assets

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.

 

    

2021

2020

    

2021

2020

    

2021

2020

    

2021

2020

Projected benefit obligations

$

1,242

$

1,590

$

258

$

331

$

1,242

$

1,590

$

258

$

331

Accumulated benefit obligation

 

1,242

 

1,590

 

240

 

309

 

1,242

 

1,590

 

240

 

309

Fair value of plan assets

 

1,168

 

1,324

 

42

 

67

 

1,168

 

1,324

 

42

 

67

Weighted average assumptions used to determine benefit obligations and net periodic pension costs for pension plans, and accumulated postretirement benefit obligation and net postretirement benefit cost for postretirement plans

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.

 

    

2021

2020

    

2021

2020

    

2021

2020

    

2021

2020

Projected benefit obligations

$

1,242

$

1,590

$

258

$

331

$

1,242

$

1,590

$

258

$

331

Accumulated benefit obligation

 

1,242

 

1,590

 

240

 

309

 

1,242

 

1,590

 

240

 

309

Fair value of plan assets

 

1,168

 

1,324

 

42

 

67

 

1,168

 

1,324

 

42

 

67

The weighted average assumptions used to determine benefit obligations are as follows:

U.S.

Non-U.S.

 

    

2021

    

2020

    

2021

    

2020

 

Discount rate

 

2.86

%  

2.61

%  

2.53

%  

1.92

%

Rate of compensation increase

 

N/A

N/A

3.18

%  

2.80

%

The weighted average assumptions used to determine net periodic pension costs are as follows:

U.S.

Non-U.S.

 

2021

2020

2019

2021

2020

2019

 

Discount rate

    

2.61

%  

3.39

%  

4.36

%  

1.92

%  

2.53

%  

3.01

%

Rate of compensation increase

 

N/A

N/A

N/A

%  

2.80

%  

2.86

%  

2.76

%

Expected long-term rate of return on assets

 

6.85

%  

7.15

%  

7.25

%  

5.46

%  

5.23

%  

5.50

%

Fair value of defined benefit pension plan assets and target allocations

2021

2020

    

Level 1

    

Level 2

    

Level 3

Total

    

Level 1

    

Level 2

    

Level 3

Total

    

Cash and cash equivalents

$

43

$

$

$

43

$

31

$

$

$

31

Equity securities

Debt securities

35

14

49

36

2

38

Other

24

24

26

26

Total

$

78

$

38

$

$

67

$

28

$

 

Investments measured at net asset value

 

$

807

 

$

834

 

Total non-U.S. assets at fair value

$

923

$

929

Estimated future benefit payments, reflecting expected future service, as appropriate, expected to be paid

Year(s)

    

U.S.

    

Non-U.S.

2022

$

80

$

42

2023

 

77

 

43

2024

 

75

 

44

2025

 

75

 

45

2026

 

74

 

47

2027-2031

 

355

 

255

Postretirement Benefits Other Than Pensions  
Defined Benefit Plans and Other Postretirement Benefit Plans  
Changes in the benefit obligations

U.S.

Non-U.S.

 

    

2021

    

2020

    

2021

    

2020

 

Obligations at beginning of year

$

38

$

72

$

80

$

71

Change in benefit obligations:

Service cost

 

 

 

2

 

2

Interest cost

 

2

 

2

 

2

 

2

Actuarial (gain) loss

 

(4)

 

14

 

(6)

 

5

Benefit payments

 

(2)

 

(11)

 

(2)

 

(2)

Foreign currency translation

 

 

2

Other

(39)

Net change in benefit obligations

 

(4)

 

(34)

 

(4)

 

9

Obligations at end of year

$

34

$

38

$

76

$

80

Funded status

U.S.

Non-U.S.

 

    

2021

    

2020

    

2021

    

2020

 

Postretirement benefit obligations

$

(34)

$

(38)

$

(76)

$

(80)

Items not yet recognized in net postretirement benefit cost:

Actuarial gain (loss)

 

8

 

20

 

 

(7)

Prior service credit

 

(26)

 

(35)

(13)

 

(18)

 

(15)

 

(13)

 

(7)

Net amount recognized

$

(52)

$

(53)

$

(89)

$

(87)

Net amount recognized included in the Consolidated Balance Sheets

U.S.

Non-U.S.

 

    

2021

    

2020

    

2021

    

2020

 

Current nonpension postretirement benefit, included with Other accrued liabilities

$

(2)

$

(2)

$

(2)

$

(3)

Nonpension postretirement benefits

 

(32)

 

(36)

 

(74)

 

(77)

Accumulated other comprehensive loss

 

(18)

 

(15)

 

(13)

 

(7)

Net amount recognized

$

(52)

$

(53)

$

(89)

$

(87)

Changes in plan assets and/or benefit obligations recognized in accumulated other comprehensive income

U.S.

Non-U.S.

 

    

2021

    

2020

    

2021

    

2020

 

Current year actuarial (gain) loss

$

(4)

$

14

$

(6)

$

5

Amortization of actuarial loss

 

(9)

 

(5)

Amortization of prior service credit

 

9

 

12

Other adjustments

 

(39)

$

(4)

$

(18)

$

(6)

$

5

Components of net periodic pension cost

U.S.

Non-U.S.

 

    

2021

    

2020

    

2019

    

2021

    

2020

    

2019

 

Service cost

$

$

$

$

2

$

2

$

1

Interest cost

 

2

 

2

 

4

 

2

 

2

 

3

Amortization:

Actuarial (gain) loss

 

(9)

 

(11)

 

1

Prior service credit

 

9

 

5

 

(8)

(1)

Net amortization

 

 

(6)

 

(7)

 

 

(1)

 

Net postretirement benefit (income) cost

$

2

$

(4)

$

(3)

$

4

$

3

$

4

Weighted average assumptions used to determine benefit obligations and net periodic pension costs for pension plans, and accumulated postretirement benefit obligation and net postretirement benefit cost for postretirement plans

U.S.

Non-U.S.

 

    

2021

    

2020

    

2019

    

2021

    

2020

    

2019

 

Accumulated postretirement benefit obligation

 

2.76

%  

2.48

%  

3.31

%  

2.95

%  

2.55

%  

3.00

%  

Net postretirement benefit cost

 

2.48

%  

3.31

%  

4.30

%  

2.55

%  

3.00

%  

3.60

%  

Weighted average assumed health care cost trend rates

U.S.

Non-U.S.

 

    

2021

    

2020

    

2021

    

2020

 

Health care cost trend rate assumed for next year

 

6.40

%  

6.60

%  

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

2029

N/A

N/A

Estimated future benefit payments, reflecting expected future service, as appropriate, expected to be paid

Year(s)

    

U.S.

    

Non-U.S.

 

2022

$

2

$

3

2023

 

2

 

3

2024

 

2

 

3

2025

 

2

 

3

2026

 

2

 

3

2027  -  2031

 

9

 

16