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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
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 the Plans as of and for the years ended December 31:
|  | U.K. Plan |  | U.S. and Other Plans
(In millions) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Change in projected benefit obligations: |  |  |  |  |  |  |  |
Balance at beginning of year |  | $ | (736) |  |  | $ | (777) |  |  | $ | (221) |  |  | $ | (238) |
Interest cost |  | (12) |  |  | (11) |  |  | (5) |  |  | (5) |
Settlements |  | — |  |  | 16 |  |  | — |  |  | — |
Actuarial gain |  | 230 |  |  | 15 |  |  | 41 |  |  | 9 |
Benefits paid |  | 28 |  |  | 21 |  | 14 |  |  | 12 |
Foreign currency translation |  | 72 |  |  | — |  |  | 2 |  |  | 1 |
Balance at end of year |  | $ | (418) |  |  | $ | (736) |  |  | $ | (169) |  |  | $ | (221) |
Change in fair value of plan assets: |  |  |  |  |  |  |  |
Balance at beginning of year |  | $ | 983 |  |  | $ | 974 |  |  | $ | 183 |  |  | $ | 181 |
Actual return on plan assets |  | (290) |  |  | 47 |  |  | (39) |  |  | 14 |
Settlements |  | — |  |  | (16) |  |  | — |  |  | — |
Benefits paid |  | (28) |  |  | (21) |  |  | (14) |  |  | (12) |
Foreign currency translation |  | (95) |  |  | (1) |  |  | — |  |  | — |
Balance at end of year |  | $ | 570 |  |  | $ | 983 |  |  | $ | 130 |  |  | $ | 183 |
Funded status of the plans |  | $ | 152 |  |  | $ | 247 |  |  | $ | (39) |  |  | $ | (38) |
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
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Discount rate |  | 5.01 | % |  | 1.97 | % |  | 1.97 | % |  | 1.56 | %
Expected long-term return on plan assets |  | n/a |  | n/a |  | 2.19 | % |  | 2.25 | %
Schedule of expected future benefit payments | The estimated future benefit payments are expected to be as follows:
(In millions) |  |
Year Ending December 31, |  |
2023 |  | $ | 34 |
2024 |  | 34 |
2025 |  | 35 |
2026 |  | 36 |
2027 |  | 37 |
2028-2032 |  | 196 |
Schedule of allocation of plan assets | The following table sets forth assets carried and measured at fair value on a recurring basis for the Plans at December 31:
(In millions) |  |  |  |  |
2022 | Level 1 |  | Level 2 |  | Level 3
Cash and cash equivalents (1) | $ | 43 |  |  | $ | — |  |  | $ | — |
Equity securities (2) | 1 |  |  | 40 |  |  | — |
Fixed income securities (3) | 137 |  |  | 86 |  |  | — |
Other investments (4) | 301 |  |  | (26) |  |  | — |
Total investments at fair value | $ | 482 |  |  | $ | 100 |  |  | $ | — |
(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 |  |  | $ | — |
(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 cost (income) were as follows for the years ended December 31:
(In millions) |  | 2022 |  | 2021 |  | 2020
Interest cost |  | $ | 17 |  |  | $ | 16 |  |  | $ | 20 |
Expected return on plan assets |  | (18) |  |  | (23) |  |  | (24) |
Net periodic benefit income |  | $ | (1) |  |  | $ | (7) |  |  | $ | (4) |

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- 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 https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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- Definition 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 -Subparagraph (k) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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- Definition 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 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 (f) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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- Definition 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. + 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 (h) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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