Compensation and Retirement Disclosure [Abstract] | Period [Axis] |
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2016-01-01 - 2016-12-31 |
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Compensation and Retirement Disclosure [Abstract] | |
Defined benefit plan funded status of plan | Below is the reconciliation of the beginning and ending balances of benefit obligations, fair value of plan assets and the funded status of our plans.
| | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Pension Benefits | | Non-U.S. Pension Benefits | | Other Postretirement Benefits | | 2016 | | 2015 | | 2016 | | 2015 | | 2016 | | 2015 | Change in benefit obligation: | | | | | | | | | | | | Benefit obligation at beginning of year | $ | 735 |
| | $ | 728 |
| | $ | 798 |
| | $ | 872 |
| | $ | 107 |
| | $ | 122 |
| Service cost | 52 |
| | 64 |
| | 14 |
| | 15 |
| | 4 |
| | 5 |
| Interest cost | 29 |
| | 26 |
| | 27 |
| | 30 |
| | 4 |
| | 4 |
| Actuarial loss (gain) | (13 | ) | | (4 | ) | | 165 |
| | (23 | ) | | — |
| | (10 | ) | Benefits paid | (63 | ) | | (59 | ) | | (38 | ) | | (35 | ) | | (14 | ) | | (11 | ) | Curtailment | (12 | ) | | (24 | ) | | (2 | ) | | (2 | ) | | (4 | ) | | (2 | ) | Other | (2 | ) | | 4 |
| | — |
| | (6 | ) | | — |
| | (1 | ) | Foreign currency translation adjustments | — |
| | — |
| | (118 | ) | | (53 | ) | | — |
| | — |
| Benefit obligation at end of year | 726 |
| | 735 |
| | 846 |
| | 798 |
| | 97 |
| | 107 |
| | | | | | | | | | | | | Change in plan assets: | | | | | | | | | | | | Fair value of plan assets at beginning of year | 595 |
| | 648 |
| | 713 |
| | 767 |
| | — |
| | — |
| Actual return on plan assets | 29 |
| | (5 | ) | | 118 |
| | 4 |
| | — |
| | — |
| Employer contributions | 44 |
| | 16 |
| | 24 |
| | 28 |
| | 14 |
| | 11 |
| Benefits paid | (63 | ) | | (59 | ) | | (38 | ) | | (35 | ) | | (14 | ) | | (11 | ) | Other | (5 | ) | | (5 | ) | | — |
| | (6 | ) | | — |
| | — |
| Foreign currency translation adjustments | — |
| | — |
| | (118 | ) | | (45 | ) | | — |
| | — |
| Fair value of plan assets at end of year | 600 |
| | 595 |
| | 699 |
| | 713 |
| | — |
| | — |
| | | | | | | | | | | | | Funded status - underfunded at end of year | $ | (126 | ) | | $ | (140 | ) | | $ | (147 | ) | | $ | (85 | ) | | $ | (97 | ) | | $ | (107 | ) | | | | | | | | | | | | | Accumulated benefit obligation | $ | 682 |
| | $ | 681 |
| | $ | 810 |
| | $ | 763 |
| | $ | 97 |
| | $ | 107 |
|
|
Amounts recognized in the consolidated balance sheets | The amounts recognized in the consolidated balance sheets consist of the following at December 31:
| | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Pension Benefits | | Non-U.S. Pension Benefits | | Other Postretirement Benefits | | 2016 | | 2015 | | 2016 | | 2015 | | 2016 | | 2015 | Noncurrent assets | $ | — |
| | $ | — |
| | $ | 3 |
| | $ | 51 |
| | $ | — |
| | $ | — |
| Current liabilities | (1 | ) | | (2 | ) | | (6 | ) | | (6 | ) | | (16 | ) | | (16 | ) | Noncurrent liabilities | (125 | ) | | (138 | ) | | (144 | ) | | (130 | ) | | (81 | ) | | (91 | ) | Net amount recognized | $ | (126 | ) | | $ | (140 | ) | | $ | (147 | ) | | $ | (85 | ) | | $ | (97 | ) | | $ | (107 | ) |
|
Accumulated benefit obligations in excess of plan assets | Information for the plans with ABOs in excess of plan assets is as follows at December 31:
| | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Pension Benefits | | Non-U.S. Pension Benefits | | Other Postretirement Benefits | | 2016 | | 2015 | | 2016 | | 2015 | | 2016 | | 2015 | Projected benefit obligation | $ | 725 |
| | $ | 735 |
| | $ | 821 |
| | $ | 149 |
| | n/a |
| | n/a |
| Accumulated benefit obligation | $ | 682 |
| | $ | 681 |
| | $ | 786 |
| | $ | 114 |
| | $ | 97 |
| | $ | 107 |
| Fair value of plan assets | $ | 600 |
| | $ | 595 |
| | $ | 672 |
| | $ | 12 |
| | n/a |
| | n/a |
|
|
Weighted average assumptions used to determine benefit obligations | Weighted average assumptions used to determine benefit obligations for these plans are as follows for the years ended December 31:
| | | | | | | | | | | | | | | | | | | | U.S. Pension Benefits | | Non-U.S. Pension Benefits | | Other Postretirement Benefits | | 2016 | | 2015 | | 2016 | | 2015 | | 2016 | | 2015 | Discount rate | 4.0 | % | | 4.2 | % | | 2.6 | % | | 3.7 | % | | 3.6 | % | | 3.7 | % | Rate of compensation increase | 5.5 | % | | 5.9 | % | | 4.2 | % | | 4.1 | % | | n/a |
| | n/a |
| Social security increase | 2.8 | % | | 2.8 | % | | 2.0 | % | | 2.2 | % | | n/a |
| | n/a |
|
|
Accumulated other comprehensive loss | The amount recorded before-tax in accumulated other comprehensive loss related to employee benefit plans consists of the following at December 31:
| | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Pension Benefits | | Non-U.S. Pension Benefits | | Other Postretirement Benefits | | 2016 | | 2015 | | 2016 | | 2015 | | 2016 | | 2015 | Net actuarial loss | $ | 166 |
| | $ | 191 |
| | $ | 266 |
| | $ | 229 |
| | $ | 6 |
| | $ | 10 |
| Net prior service cost (credit) | — |
| | — |
| | — |
| | — |
| | (37 | ) | | (54 | ) | Total | $ | 166 |
| | $ | 191 |
| | $ | 266 |
| | $ | 229 |
| | $ | (31 | ) | | $ | (44 | ) |
|
Net periodic cost | The components of net periodic cost are as follows for the years ended December 31:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Pension Benefits | | Non-U.S. Pension Benefits | | Other Postretirement Benefits | | 2016 | | 2015 | | 2014 | | 2016 | | 2015 | | 2014 | | 2016 | | 2015 | | 2014 | Service cost | $ | 52 |
| | $ | 64 |
| | $ | 70 |
| | $ | 14 |
| | $ | 15 |
| | $ | 11 |
| | $ | 4 |
| | $ | 5 |
| | $ | 6 |
| Interest cost | 29 |
| | 26 |
| | 28 |
| | 27 |
| | 30 |
| | 34 |
| | 4 |
| | 4 |
| | 5 |
| Expected return on plan assets | (41 | ) | | (49 | ) | | (44 | ) | | (33 | ) | | (47 | ) | | (41 | ) | | — |
| | — |
| | — |
| Amortization of prior service credit | — |
| | 1 |
| | — |
| | — |
| | — |
| | — |
| | (9 | ) | | (11 | ) | | (11 | ) | Amortization of net actuarial loss | 11 |
| | 9 |
| | 8 |
| | 6 |
| | 6 |
| | 5 |
| | — |
| | 1 |
| | 1 |
| Curtailment gain | — |
| | — |
| | — |
| | (2 | ) | | (1 | ) | | — |
| | (7 | ) | | (17 | ) | | — |
| Other | 3 |
| | 8 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (3 | ) | Net periodic cost | $ | 54 |
| | $ | 59 |
| | $ | 62 |
| | $ | 12 |
| | $ | 3 |
| | $ | 9 |
| | $ | (8 | ) | | $ | (18 | ) | | $ | (2 | ) |
|
Weighted average assumptions used to determine net periodic cost | Weighted average assumptions used to determine net periodic cost for these plans are as follows for the years ended December 31:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Pension Benefits | | Non-U.S. Pension Benefits | | Other Postretirement Benefits | | 2016 | | 2015 | | 2014 | | 2016 | | 2015 | | 2014 | | 2016 | | 2015 | | 2014 | Discount rate | 4.2 | % | | 3.7 | % | | 4.5 | % | | 3.7 | % | | 3.5 | % | | 4.4 | % | | 3.7 | % | | 3.3 | % | | 4.0 | % | Expected long-term return on plan assets | 7.0 | % | | 7.6 | % | | 7.3 | % | | 5.0 | % | | 6.3 | % | | 6.1 | % | | n/a |
| | n/a |
| | n/a |
| Rate of compensation increase | 5.7 | % | | 5.8 | % | | 5.6 | % | | 4.1 | % | | 4.1 | % | | 4.4 | % | | n/a |
| | n/a |
| | n/a |
| Social security increase | 2.8 | % | | 2.8 | % | | 2.8 | % | | 2.1 | % | | 2.1 | % | | 2.4 | % | | n/a |
| | n/a |
| | n/a |
|
|
Effect of one-percentage point change in assumed health care cost trend rates | A one percentage point change in assumed health care cost trend rates would have had the following effects on 2016:
| | | | | | | | | | One Percentage Point Increase | | One Percentage Point Decrease | Effect on total of service and interest cost components | $ | 0.1 |
| | $ | (0.1 | ) | Effect on postretirement welfare benefit obligation | $ | 0.9 |
| | $ | (1.2 | ) |
|
Fair values of the assets in U.S. Plan | The table below presents the fair value of the assets in the U.S. Pension Plan by asset category and by valuation technique at December 31:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2016 | | 2015 | Asset Category | Total Asset Value | | Level One | | Level Two | | Level Three | | Total Asset Value | | Level One | | Level Two | | Level Three | Cash and Cash Equivalents | $ | 2 |
| | $ | — |
| | $ | 2 |
| | $ | — |
| | $ | 16 |
| | $ | 12 |
| | $ | 4 |
| | $ | — |
| Fixed Income (1) | 120 |
| | — |
| | 120 |
| | — |
| | 109 |
| | — |
| | 109 |
| | — |
| Non-U.S. Equity (2) | 126 |
| | 31 |
| | 95 |
| | — |
| | 129 |
| | 31 |
| | 98 |
| | — |
| U.S. Equity (3) | 131 |
| | — |
| | 131 |
| | — |
| | 129 |
| | — |
| | 129 |
| | — |
| Hedge Funds (4) | 150 |
| | — |
| | — |
| | 150 |
| | 152 |
| | — |
| | — |
| | 152 |
| Real Estate Funds (5) | 8 |
| | — |
| | — |
| | 8 |
| | 10 |
| | — |
| | — |
| | 10 |
| Real Estate Investment Trust Equity | 12 |
| | — |
| | 12 |
| | — |
| | 9 |
| | — |
| | 9 |
| | — |
| Private Equity Fund (6) | 51 |
| | — |
| | — |
| | 51 |
| | 41 |
| | — |
| | — |
| | 41 |
| Total | $ | 600 |
| | $ | 31 |
| | $ | 360 |
| | $ | 209 |
| | $ | 595 |
| | $ | 43 |
| | $ | 349 |
| | $ | 203 |
|
| | (1) | A multi-manager strategy investing in fixed income securities and funds. The current allocation includes: 39% in unconstrained bond funds; 25% in government bonds; 12% in corporate bonds; 10% in government mortgage-backed securities; 6% in a passive index bond; 1% in commercial mortgage-backed securities; 1% in short-term bills and notes; 1% in asset-backed securities; and 5% in cash and other securities. |
| | (2) | Multi-manager strategy investing in common stocks of non-U.S. listed companies using both value and growth approaches. |
| | (3) | Multi-manager strategy investing in common stocks of U.S. listed companies using value and growth approaches. |
| | (4) | Strategies taking long and short positions in equities, fixed income securities, currencies and derivative contracts. |
| | (5) | Strategy investing in the global private real estate secondary market using a value-based investment approach. |
| | (6) | Partnership making opportunistic investments on a global basis across asset classes, capital structures and geographies. |
|
Fair values of the assets in our Non-U.S Plans by asset category and by levels of fair value | The table below presents the fair value of the assets in our Non-U.S. Plans by asset category and by valuation technique at December 31:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2016 | | 2015 | Asset Category | Total Asset Value | | Level One | | Level Two | | Level Three | | Total Asset Value | | Level One | | Level Two | | Level Three | Cash and Cash Equivalents | $ | 5 |
| | $ | 5 |
| | $ | — |
| | $ | — |
| | $ | 5 |
| | $ | 5 |
| | $ | — |
| | $ | — |
| Asset Allocation (1) | 122 |
| | — |
| | 122 |
| | — |
| | 152 |
| | — |
| | 152 |
| | — |
| Bonds - Canada - Corporate (2) | 6 |
| | — |
| | 6 |
| | — |
| | 6 |
| | — |
| | 6 |
| | — |
| Bonds - Canada - Government (3) | 17 |
| | — |
| | 17 |
| | — |
| | 19 |
| | — |
| | 19 |
| | — |
| Bonds - U.K. - Corporate (4) | 8 |
| | — |
| | 8 |
| | — |
| | 8 |
| | — |
| | 8 |
| | — |
| Bonds - U.K. - Government (5) | 225 |
| | — |
| | 225 |
| | — |
| | 211 |
| | — |
| | 211 |
| | — |
| Bonds - Global - Corporate (6) | 57 |
| | — |
| | 57 |
| | — |
| | 64 |
| | — |
| | 64 |
| | — |
| Equities (7) | 122 |
| | — |
| | 122 |
| | — |
| | 128 |
| | — |
| | 128 |
| | — |
| Real Estate Fund (8) | 19 |
| | — |
| | — |
| | 19 |
| | 23 |
| | — |
| | — |
| | 23 |
| Pooled Swap Funds (9) | 106 |
| | — |
| | 106 |
| | — |
| | 85 |
| | — |
| | 85 |
| | — |
| Insurance contracts | 12 |
| | — |
| | — |
| | 12 |
| | 12 |
| | — |
| | — |
| | 12 |
| Total | $ | 699 |
| | $ | 5 |
| | $ | 663 |
| | $ | 31 |
| | $ | 713 |
| | $ | 5 |
| | $ | 673 |
| | $ | 35 |
|
| | (1) | Invests in mixes of global common stocks and bonds to achieve broad diversification. |
| | (2) | Invests in Canadian Dollar-denominated high quality corporate bonds. |
| | (3) | Invests in Canadian Dollar-denominated government issued bonds intended to match the duration of plan liabilities. |
| | (4) | Invests passively in British Pound Sterling-denominated investment grade corporate bonds. |
| | (5) | Invests passively in British Pound Sterling-denominated government issued bonds. |
| | (6) | Invests globally in high quality corporate bonds. |
| | (7) | Invests in broad equity funds based on securities offered in various regions or countries. Equity funds are allocated by region as follows: 47% Global; 32% U.K.; 7% Emerging Markets; 5% North America; 5% Asia Pacific; and 4% Europe. |
| | (8) | Invests in a diversified range of property throughout the U.K., principally in the retail, office and industrial/warehouse sectors. |
| | (9) | Invests in a range of pooled funds which include positions in swap contracts and U.K. sovereign bonds; pooled funds are categorized by maturities of underlying positions. Pooled funds employ leverage in order to match the U.K. Plan's duration and inflation. |
|
Changes in the fair value of assets | The following table presents the changes in the fair value of assets determined using level 3 unobservable inputs:
| | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Private Equity Fund | | U.S. Real Estate Fund | | U.S. Hedge Funds | | Non-U.S. Real Estate Fund | | Non-U.S. Insurance Contracts | | Total | Balance at December 31, 2013 | $ | 16 |
| | $ | 9 |
| | $ | 190 |
| | $ | 21 |
| | $ | 18 |
| | $ | 254 |
| Unrealized gains (losses) | — |
| | 1 |
| | 6 |
| | 1 |
| | (1 | ) | | 7 |
| Realized gains | 1 |
| | — |
| | 7 |
| | — |
| | — |
| | 8 |
| Sales | (4 | ) | | — |
| | (85 | ) | | — |
| | — |
| | (89 | ) | Purchases | 8 |
| | — |
| | 46 |
| | — |
| | — |
| | 54 |
| Balance at December 31, 2014 | 21 |
| | 10 |
| | 164 |
| | 22 |
| | 17 |
| | 234 |
| Unrealized gains (losses) | — |
| | — |
| | (6 | ) | | — |
| | (2 | ) | | (8 | ) | Realized gains | — |
| | 1 |
| | 1 |
| | — |
| | — |
| | 2 |
| Sales | (4 | ) | | (2 | ) | | (15 | ) | | — |
| | (5 | ) | | (26 | ) | Purchases | 24 |
| | 1 |
| | 8 |
| | 1 |
| | 2 |
| | 36 |
| Balance at December 31, 2015 | 41 |
| | 10 |
| | 152 |
| | 23 |
| | 12 |
| | 238 |
| Unrealized gains (losses) | 3 |
| | 1 |
| | — |
| | (5 | ) | | — |
| | (1 | ) | Realized losses | — |
| | — |
| | (1 | ) | | — |
| | — |
| | (1 | ) | Sales | (5 | ) | | (3 | ) | | (22 | ) | | — |
| | (3 | ) | | (33 | ) | Purchases | 12 |
| | — |
| | 21 |
| | 1 |
| | 3 |
| | 37 |
| Balance at December 31, 2016 | $ | 51 |
| | $ | 8 |
| | $ | 150 |
| | $ | 19 |
| | $ | 12 |
| | $ | 240 |
|
|
Expected future benefit payments | The following table presents the expected benefit payments over the next ten years. The U.S. and non-U.S. pension benefit payments are made by the respective pension trust funds.
| | | | | | | | | | | | | | | | | Year | U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Postretirement Benefits | 2017 | | $ | 46 |
| | | $ | 22 |
| | | $ | 16 |
| | 2018 | | $ | 44 |
| | | $ | 24 |
| | | $ | 12 |
| | 2019 | | $ | 46 |
| | | $ | 29 |
| | | $ | 10 |
| | 2020 | | $ | 47 |
| | | $ | 27 |
| | | $ | 9 |
| | 2021 | | $ | 48 |
| | | $ | 32 |
| | | $ | 9 |
| | 2022-2026 | | $ | 264 |
| | | $ | 182 |
| | | $ | 37 |
| |
|