PENSION AND OTHER POSTRETIREMENT BENEFITS

Schedule of Benefit Plan Costs Recorded in Net Income and Other Changes in Plan Assets and Benefit Obligations Recorded in Other Comprehensive Income

The previous pension cost in net income and other changes in plan assets and benefit obligations in other comprehensive income in millions of dollars were as follows:


	2020		2019		2018
Pensions
Net cost	$	143	$	70	$	154
Retirement benefit adjustments included in other comprehensive (income) loss:
Net actuarial (gain) loss		438		887		(553)
Amortization of actuarial loss		(249)		(143)		(226)
Amortization of prior service cost		(11)		(11)		(12)
Settlements		(26)		(3)		(8)
Total (gain) loss recognized in other comprehensive (income) loss		152		730		(799)
Total recognized in comprehensive (income) loss	$	295	$	800	$	(645)

The previous OPEB cost in net income and other changes in plan assets and benefit obligations in other comprehensive income in millions of dollars were as follows:


	2020		2019		2018
OPEB
Net cost	$	198	$	165	$	199
Retirement benefit adjustments included in other comprehensive (income) loss:
Net actuarial (gain) loss		(136)		141		(608)
Prior service cost						5
Amortization of actuarial loss		(29)		(16)		(62)
Amortization of prior service credit		4		72		77
Total (gain) loss recognized in other comprehensive (income) loss		(161)		197		(588)
Total recognized in comprehensive (income) loss	$	37	$	362	$	(389)

Schedule of Amounts Recognized in Balance Sheet and Accumulated Other Comprehensive Income - Pretax

The amounts recognized at November 1, 2020 and November 3, 2019, respectively, in millions of dollars consist of the following:


	Pensions				OPEB
	2020		2019		2020		2019
Amounts recognized in balance sheet
Noncurrent asset	$	863	$	840
Current liability		(72)		(56)	$	(36)	$	(35)
Noncurrent liability		(1,238)		(1,010)		(3,856)		(4,651)
Total	$	(447)	$	(226)	$	(3,892)	$	(4,686)
Amounts recognized in accumulated other comprehensive income – pretax
Net actuarial loss	$	4,475	$	4,312	$	747	$	912
Prior service cost (credit)		21		32		(24)		(28)
Total	$	4,496	$	4,344	$	723	$	884

Fair Values of Pension Plan and Health Care Assets

The fair values of the pension plan assets at November 1, 2020 follow in millions of dollars:


	Total		Level 1		Level 2
Cash and short-term investments	$	309	$	276	$	33
Equity:
U.S. equity securities		1,184		1,135		49
International equity securities		947		937		10
Fixed Income:
Government and agency securities		1,133		824		309
Corporate debt securities		3,534				3,534
Mortgage-backed securities		136				136
Real estate		49		48		1
Derivative contracts – assets*		94		2		92
Derivative contracts – liabilities**		(79)		(43)		(36)
Receivables, payables, and other		(163)		(184)		21
Securities lending collateral		449		90		359
Securities lending liability		(449)		(90)		(359)
Securities sold short		(149)		(144)		(5)
Total of Level 1 and Level 2 assets		6,995	$	2,851	$	4,144
Investments at net asset value:
Short-term investments		510
U.S. equity funds		1,246
International equity funds		674
Fixed income funds		1,321
Real estate		618
Hedge funds		750
Private equity/venture capital		2,038
Other investments		422
Total net assets	$	14,574

* Includes contracts for interest rates of $67 million, foreign currency of $25 million, and other of $2 million.

** Includes contracts for equity of $30 million, foreign currency of $24 million, interest rates of $23 million, and other of $2 million.

The fair values of the health care assets at November 1, 2020 follow in millions of dollars:


	Total		Level 1		Level 2
Cash and short-term investments	$	117	$	117
Equity:
U.S. equity securities and funds		34		33	$	1
International equity securities		10		10
Fixed Income:
Government and agency securities		180		168		12
Corporate debt securities		66				66
Mortgage-backed securities		13				13
Other		(1)		(1)
Securities lending collateral		49		8		41
Securities lending liability		(49)		(8)		(41)
Securities sold short		(3)		(3)
Total of Level 1 and Level 2 assets		416	$	324	$	92
Investments at net asset value:
Short-term investments		9
U.S. equity funds		539
International equity funds		320
Fixed income funds		185
Hedge funds		12
Private equity/venture capital		25
Other investments		12
Total net assets	$	1,518

The fair values of the pension plan assets at November 3, 2019 follow in millions of dollars:


	Total		Level 1		Level 2
Cash and short-term investments	$	587	$	353	$	234
Equity:
U.S. equity securities		1,192		1,156		36
International equity securities		981		974		7
Fixed Income:
Government and agency securities		1,257		970		287
Corporate debt securities		2,416		1		2,415
Mortgage-backed securities		90				90
Real estate		69		63		6
Derivative contracts – assets*		208		17		191
Derivative contracts – liabilities**		(47)		(13)		(34)
Receivables, payables, and other		(106)		(107)		1
Securities lending collateral		476				476
Securities lending liability		(476)				(476)
Securities sold short		(279)		(275)		(4)
Total of Level 1 and Level 2 assets		6,368	$	3,139	$	3,229
Investments at net asset value:
Short-term investments		398
U.S. equity funds		1,250
International equity funds		764
Fixed income funds		1,529
Real estate		648
Hedge funds		679
Private equity/venture capital		1,913
Other investments		475
Total net assets	$	14,024

* Includes contracts for interest rates of $171 million, foreign currency of $20 million, equity of $10 million, and other of $7 million.

** Includes contracts for foreign currency of $26 million, interest rates of $20 million, and other of $1 million.

The fair values of the health care assets at November 3, 2019 follow in millions of dollars:


	Total		Level 1		Level 2
Cash and short-term investments	$	81	$	77	$	4
Equity:
U.S. equity securities and funds		41		41
International equity securities		9		9
Fixed Income:
Government and agency securities		112		101		11
Corporate debt securities		43				43
Mortgage-backed securities		15				15
Other				(2)		2
Securities lending collateral		20				20
Securities lending liability		(20)				(20)
Securities sold short		(4)		(4)
Total of Level 1 and Level 2 assets		297	$	222	$	75
Investments at net asset value:
Short-term investments		4
U.S. equity funds		311
International equity funds		197
Fixed income funds		84
Hedge funds		9
Private equity/venture capital		22
Other investments		12
Total net assets	$	936