XML 70 R45.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Employee Retirement Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Retirement Benefits [Abstract] |
Pension and Other Postretirement Plans, Pensions, Policy [Policy Text Block] | We use a December 31 measurement date for these plans and record the net unfunded and underfunded portion as a liability within non-current liabilities, with the current portion within accrued expenses, on the consolidated balance sheets, recognizing changes primarily through OCI.
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | The outstanding obligation is as follows:
| As of December 31, 2019
(in millions) | Accumulated Benefit Obligation (ABO) |  | Projected Benefit Obligation (PBO) |  | Fair value of Plan Assets |  | Unfunded/Underfunded PBO Recognized
Domestic Retirement Plans | $ | 50 |  |  | $ | 54 |  |  | $ | — |  |  | $ | 54 |
U.K. Plan | 212 |  |  | 212 |  |  | 209 |  |  | 3 |
Other International Retirement Plans | 204 |  |  | 223 |  |  | 123 |  |  | 100 |
| $ | 466 |  |  | $ | 488 |  |  | $ | 332 |  |  | $ | 156 |
| As of December 31, 2018
(in millions) | Accumulated Benefit Obligation (ABO) |  | Projected Benefit Obligation (PBO) |  | Fair value of Plan Assets |  | Unfunded/Underfunded PBO Recognized
Domestic Retirement Plans | $ | 47 |  |  | $ | 50 |  |  | $ | — |  |  | $ | 50 |
International Retirement Plans | 166 |  |  | 182 |  |  | 107 |  |  | 75 |
| $ | 213 |  |  | $ | 232 |  |  | $ | 107 |  |  | $ | 125 |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | A rollforward of the changes in the PBO for our retirement plans is as follows:
| Year Ended December 31,
(in millions) | 2019 |  | 2018
Beginning obligations | $ | 232 |  |  | $ | 207 |
Acquired and established plans(1) | 216 |  |  | 23 |
Service costs | 15 |  |  | 14 |
Interest costs | 5 |  |  | 4 |
Actuarial (gain) loss | — |  |  | (1 | )
Plan amendments and assumption changes | 11 |  |  | (2 | )
Benefits paid | (10 | ) |  | (10 | )
Impact of foreign currency fluctuations | 19 |  |  | (3 | )
Ending obligation | $ | 488 |  |  | $ | 232 |
(1) | Plans obtained through acquisition and other increases in connection with our international operations. Refer to Note B – Acquisitions and Strategic Investments for additional information regarding the U.K. Plan we acquired with BTG on August 19, 2019.
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The critical assumptions associated with our employee retirement plans for 2019 are as follows:
| Weighted Average Discount Rate |  | Weighted Average Expected Return on Plan |  | Weighted Average Rate of Compensation Increase(1)
Domestic Retirement Plans | 2.94% |  | n/a |  | 1.50%
U.K. Plan | 0.60% |  | 0.60% |  | 3.00%
Other International Retirement Plans | 0.75% |  | 2.05% |  | 2.65%
(1) | Rates of compensation increase were not weighted by the relative fair value of the instruments. As such, the amount represents the median of the inputs and is not a weighted average.
The critical assumptions associated with our employee retirement plans for 2018 are as follows:
| Discount Rate |  | Expected Return on Plan Assets |  | Rate of Compensation Increase
Domestic Retirement Plans | 4.00 | % | - | 4.25% |  | n/a |  | 3.00%
International Retirement Plans | 0.50 | % | - | 2.34% |  | 1.90 | % | - | 4.10% |  | 1.50 | % | - | 6.78%
The following assumptions were used to measure the fair value of the benefit obligation and associated plan assets as of the August 19, 2019 measurement date:
| Discount Rate |  | Expected Return on Plan Assets |  | Rate of Compensation Increase
U.K. Plan | 0.4% |  | 0.4% |  | 3.4%
As of the measurement date of August 19, 2019, the funded status was as follows:
(in millions) |
Fair value of plan assets | $ | 213 |
Benefit obligation | (216 | )
Funded status | $ | (3 | )
Pension and Other Postretirement Plans, Policy [Policy Text Block] | We also sponsor a voluntary 401(k) Retirement Savings Plan for eligible employees. We match 200 percent of employee elective deferrals for the first two percent of employee eligible compensation and 50 percent of employee elective deferrals greater than two percent, but not exceeding six percent, of employee eligible compensation. Total expense for our matching contributions to the plan was $98 million in 2019, $87 million in 2018 and $79 million in 2017. For our defined benefit plans excluding our U.K. Plan, we base our discount rate on the rates of return available on high-quality bonds with maturities approximating the expected period over which benefits will be paid. The rate of compensation increase is based on historical and expected rate increases. We base our rate of expected return on plan assets on historical experience, our investment guidelines and expectations for long-term rates of return. Our assets are invested in a variety of securities, primarily equity securities and government bonds. These securities are considered Level 1 and Level 2 investments. For our U.K. Plan, we utilize the insurance buy-in methodology and base our discount rate on a yield curve reflective of the market pricing obtained in the most recent buy-in transaction, which occurred prior to the acquisition of BTG, and movements in market-observed buy-in pricing as of December 31, 2019. We believe this is a reasonable proxy for an effective settlement rate of the buy-in assets. The discount rate is calculated as the single equivalent assumption that gives the same value of the liabilities as if the figures were calculated using the full yield curve. We assume that all pension increases will continue to be linked to the Retail Price Inflation (RPI), both before and after retirement, for all members, with the exception of post-88 Guaranteed Minimum Pensions (GMP), which will be based on Consumer Price Inflation (CPI). We base our rate of expected return on plan assets as equal to the discount rate used to value the buy-in assets. The U.K. Plan assets' investment policy is to invest in fully matching assets. This has been achieved through the purchase of two buy-in policies (Buy-in contracts), which provide payments designed to equal all future benefit payments due from the fund. As of December 31, 2019, the Buy-in contracts represented 99% of the total plan assets, as compared to the target percentage of 100%, and are considered Level 3 investments.
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | A rollforward of the changes in the fair value of plan assets for our funded retirement plans is as follows:
| Year Ended December 31,
(in millions) | 2019 |  | 2018
Beginning fair value | $ | 107 |  |  | $ | 87 |
Acquired and established plans(1) | 213 |  |  | 16 |
Actual return on plan assets | 7 |  |  | (2 | )
Employer contributions | 13 |  |  | 14 |
Participant contributions | 2 |  |  | 2 |
Actuarial gain (loss) | (20 | ) |  | — |
Benefits paid | (10 | ) |  | (10 | )
Impact of foreign currency fluctuations | 19 |  |  | — |
Ending fair value | $ | 332 |  |  | $ | 107 |
(1) Plans obtained through acquisition and other increases in connection with our international operations. Refer to Note B – Acquisitions and Strategic Investments for additional information regarding the U.K. Plan we acquired with BTG on August 19, 2019. Changes in the fair value of the U.K. Plan Level 3 assets were as follows:
(in millions) | Buy-in Contracts
Balance as of December 31, 2018 | $ | — |
Acquired plans(1) | 213 |
Actuarial gain (loss) | (20 | )
Benefits paid | (4 | )
Impact of foreign currency fluctuations | 19 |
Balance as of December 31, 2019 | $ | 209 |
(1) Refer to Note B – Acquisitions and Strategic Investments for additional information regarding the U.K. Plan we acquired with BTG on August 19, 2019.
Schedule of Allocation of Plan Assets [Table Text Block] | The following table presents the fair value hierarchy of the U.K. Plan assets measured at fair value as of December 31, 2019:
| As of
| December 31, 2019
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Buy-in contracts | $ | — |  |  | $ | — |  |  | $ | 207 |  |  | $ | 207 |
Cash | 1 |  |  | — |  |  | — |  |  | 1 |
Total assets | $ | 1 |  |  | $ | — |  |  | $ | 207 |  |  | $ | 209 |

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of accounting policy for pension plans. This accounting policy may address (1) the types of plans sponsored by the entity (2) groups that participate in (or are covered by) each plan (3) how plan assets, liabilities and expenses are measured, including the use of any actuaries and (4) significant assumptions used by the entity to value plan assets and liabilities and how such assumptions are derived. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6412939&loc=d3e15145-114933 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 70 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 80 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65877416&loc=d3e29149-114947 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84158767&loc=d3e18780-107790 + Details
Name: | us-gaap_PensionAndOtherPostretirementPlansPensionsPolicy
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of accounting policy for pension and other postretirement benefit plans. This accounting policy may address (1) the types of plans sponsored by the entity, and the benefits provided by each plan (2) groups that participate in (or are covered by) each plan (3) how plan assets, liabilities and expenses are measured, including the use of any actuaries and (4) significant assumptions used by the entity to value plan assets and liabilities and how such assumptions are derived. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66047640&loc=d3e39622-114963 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84158767&loc=d3e18780-107790 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 80 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65877416&loc=d3e29149-114947 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 70 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6412939&loc=d3e15145-114933 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_PensionAndOtherPostretirementPlansPolicy
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of accumulated benefit obligations and fair values of plan assets of pension plans and/or other employee benefit plans where the accumulated benefit obligation exceeds the fair value of plan assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e2417-114920 + Details
Name: | us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum: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=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + 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 (b) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum: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=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=112275985&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e2417-114920 + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration