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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

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 as of and for the years ended December 31:

						U.K. plan												U.S. and other plans
(In millions)						2020						2019						2020						2019
Change in projected benefit obligations:
Balance at beginning of year						$	(672)					$	—					$	(225)					$	—
Acquired First Data plans (see Note 4)						—						(687)						—						(219)
Interest cost						(14)						(6)						(6)						(3)
Actuarial gain (loss)						(93)						28						(18)						(15)
Benefits paid						30						12						13						12
Foreign currency translation						(28)						(19)						(2)						—
Balance at end of year						$	(777)					$	(672)					$	(238)					$	(225)
Change in fair value of plan assets:
Balance at beginning of year						$	860					$	—					$	167					$	—
Acquired First Data plans (see Note 4)						—						866						—						160
Actual return on plan assets						110						(19)						22						19
Company contribution						—						—						5						—
Benefits paid						(30)						(12)						(13)						(12)
Foreign currency translation						34						25						—						—
Balance at end of year						$	974					$	860					$	181					$	167
Funded status of the plans						$	197					$	188					$	(57)					$	(58)

Schedule of weighted-average rate assumptions

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

						Projected Benefit Obligations												Net Periodic Benefit Expense
						2020						2019						2020						2019
Discount rate						1.56		%				2.28		%				1.95		%				2.16		%
Expected long-term return on plan assets						n/a						n/a						2.84		%				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,
2021						$	32
2022						33
2023						36
2024						36
2025						37
2026-2030						200

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:

(In millions)
2020			Level 1						Level 2						Level 3
Cash and cash equivalents			$	24					$	—					$	—
Equity securities (1)			20						175						—
Fixed income securities (2)			213						165						—
Other investments (3)			326						(4)						9
Total investments at fair value			$	583					$	336					$	9

(In millions)
2019			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 years ended December 31:

(In millions)						2020						2019
Interest cost						$	20					$	9
Expected return on plan assets						(24)						(10)
Net periodic benefit income						$	(4)					$	(1)

X

- Definition

Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
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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

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-SubTopic 20
-Section 50
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Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ References

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Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

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