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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Funded Status of Defined Benefit Pension Plans

The following table provides a reconciliation of benefit obligations, plan assets and the funded status of these defined benefit plans:



(In millions)	U.K. plan			U.S. and other plans
Change in projected benefit obligations:
Balance at December 31, 2018	$	—		$	—
Acquired	(687		)	(219		)
Interest cost	(6		)	(3		)
Actuarial gain (loss)	28			(15		)
Benefits paid	12			12
Foreign currency translation	(19		)	—
Balance at December 31, 2019	$	(672	)	$	(225	)

Change in fair value of plan assets:
Balance at December 31, 2018	$	—		$	—
Acquired	866			160
Actual return on plan assets	(19		)	19
Benefits paid	(12		)	(12		)
Foreign currency translation	25			—
Balance at December 31, 2019	$	860		$	167

Funded status of the plans	$	188		$	(58	)

Schedule of Weighted-Average Rate Assumptions

The weighted-average rate assumptions used in the measurement of the Company’s projected benefit obligations at December 31, 2019 and net periodic benefit expense during the year ended December 31, 2019 were as follows:



	Projected Benefit Obligations		Net Periodic Benefit Expense
Discount rate	2.28	%	2.16	%
Expected long-term return on plan assets	n/a		2.83	%

Schedule of Expected Future Benefit Payments

The estimated future benefit payments are expected to be as follows:



(In millions)
Year ending December 31,
2020	$	30
2021	31
2022	32
2023	35
2024	35
2025-2029	191

Schedule of Allocation of Plan Assets

The following table sets forth the Company’s plan assets carried and measured at fair value on a recurring basis at December 31, 2019:



(In millions)	Level 1		Level 2			Level 3
Cash and cash equivalents	$	17	$	—		$	—
Equity securities ⁽¹⁾	134		123			—
Fixed income securities ⁽²⁾	188		214			—
Other investments ⁽³⁾	315		(22		)	10
Total investments at fair value	$	654	$	315		$	10


⁽¹⁾	Equity securities primarily consist of domestic, international and global equity pooled funds.


⁽²⁾	Fixed income securities primarily consist of debt securities issued by U.S. and foreign government agencies and debt obligations issued by a variety of private and public corporations.

⁽³⁾

Other investments primarily consist of index linked government bonds, derivatives and other investments.

Schedule of Components of Net Periodic Benefit Expense

The components of net periodic benefit expense were as follows for the year ended December 31:



(In millions)	2019
Interest cost	$	9
Expected return on plan assets	(10		)
Net periodic benefit income	$	(1	)