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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

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)						2021						2020						2021						2020
Change in projected benefit obligations:
Balance at beginning of year						$	(777)					$	(672)					$	(238)					$	(225)
Interest cost						(11)						(14)						(5)						(6)
Settlements						16						—						—						—
Actuarial gain (loss)						15						(93)						9						(18)
Benefits paid						21						30						12						13
Foreign currency translation						—						(28)						1						(2)
Balance at end of year						$	(736)					$	(777)					$	(221)					$	(238)
Change in fair value of plan assets:
Balance at beginning of year						$	974					$	860					$	181					$	167
Actual return on plan assets						47						110						14						22
Company contribution						—						—						—						5
Settlements						(16)						—						—						—
Benefits paid						(21)						(30)						(12)						(13)
Foreign currency translation						(1)						34						—						—
Balance at end of year						$	983					$	974					$	183					$	181
Funded status of the plans						$	247					$	197					$	(38)					$	(57)

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
						2021						2020						2021						2020
Discount rate						1.97		%				1.56		%				1.56		%				1.95		%
Expected long-term return on plan assets						n/a						n/a						2.25		%				2.84		%

Schedule of expected future benefit payments

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

(In millions)
Year Ending December 31,
2022						$	33
2023						35
2024						36
2025						37
2026						38
2027-2031						205

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)
2021			Level 1						Level 2						Level 3
Cash and cash equivalents (1)			$	230					$	—					$	—
Equity securities (2)			10						93						—
Fixed income securities (3)			202						105						—
Other investments (4)			361						7						—
Total investments at fair value			$	803					$	205					$	—

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

(1)Cash and cash equivalents include highly liquid investments in money market funds.

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

(3)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.

(4)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)						2021						2020						2019
Interest cost						$	16					$	20					$	9
Expected return on plan assets						(23)						(24)						(10)
Net periodic benefit income						$	(7)					$	(4)					$	(1)

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- 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
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-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

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
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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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