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Pension, Retiree Medical and Retiree Savings Plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Funded status of pension plans

						2021						2020
Change in benefit obligation:
Benefit obligation at beginning of year						$	1,133					$	1,015
Service cost						8						8
Interest cost						32						35
Plan amendments						1						1
Special termination benefits						—						2
Benefits paid						(33)						(46)
Settlement payments						(67)						—
Actuarial (gain) loss						(5)						118
Benefit obligation at end of year						$	1,069					$	1,133

A significant component of the overall decrease in the Company's benefit obligation for the year ended December 31, 2021, was due to settlement payments, which were primarily related to a resource optimization program initiated in the third quarter of 2020 (see Note 5).

A significant component of the overall increase in the Company's benefit obligation for the year ended December 31, 2020, was due to an actuarial loss, which was primarily due to a decrease in the discount rate used to measure our benefit obligation from 3.50% at December 31, 2019, to 2.80% at December 31, 2020.

						2021						2020
Change in plan assets:
Fair value of plan assets at beginning of year						$	1,014					$	886
Actual return on plan assets						88						168
Employer contributions						8						6
Benefits paid						(33)						(46)
Settlement payments						(67)						—
Fair value of plan assets at end of year						$	1,010					$	1,014
Funded status at end of year						$	(59)					$	(119)

Amounts recognized in the Consolidated Balance Sheet

Amounts recognized in the Consolidated Balance Sheet:
						2021						2020
Accrued benefit asset - non-current						$	43					$	—
Accrued benefit liability - current						(7)						(9)
Accrued benefit liability - non-current						(95)						(110)
						$	(59)					$	(119)

Pension plans with an accumulated benefit obligation in excess of pan assets

The table below provides information for those pension plan(s) with an accumulated benefit obligation in excess of plan assets. The pension plan(s) included also have a projected benefit obligation in excess of plan assets.
						2021						2020
Projected benefit obligation						$	102					$	1,133
Accumulated benefit obligation						98						1,111
Fair value of plan assets						—						1,014

Components of net periodic benefit cost

Components of net periodic benefit cost:

						2021						2020						2019
Service cost						$	8					$	8					$	6
Interest cost						32						35						39
Amortization of prior service cost(a)						6						5						6
Expected return on plan assets						(43)						(43)						(44)
Amortization of net loss						14						14						1
Net periodic benefit cost						$	17					$	19					$	8
Additional (gain) loss recognized due to: Settlement charges(b)						$	—					$	—					$	3
Special termination benefits						$	—					$	2					$	—

(a)Prior service costs are amortized on a straight-line basis over the average remaining service period of employees expected to receive benefits.

(b)Settlement losses result when benefit payments exceed the sum of the service cost and interest cost within a plan during the year. These losses were recorded in Other pension (income) expense.

Pension losses in accumulated other comprehensive income (loss)

Pension gains (losses) in AOCI:
						2021						2020
Beginning of year						$	(111)					$	(136)
Net actuarial gain (loss)						49						7
Curtailments						—						1
Amortization of net loss						14						14
Amortization of prior service cost						6						5
Prior service cost						(1)						(2)
End of year						$	(43)					$	(111)

Schedule of Accumulated pre-tax losses recognized in Accumulated Other Comprehensive Income

Accumulated pre-tax losses recognized within AOCI:
						2021						2020
Actuarial net loss						$	(33)					$	(96)
Prior service cost						(10)						(15)
						$	(43)					$	(111)

Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost

Weighted-average assumptions used to determine benefit obligations at the measurement dates:
						2021						2020
Discount rate						3.00		%				2.80		%
Rate of compensation increase						3.00		%				3.00		%

Weighted-average assumptions used to determine the net periodic benefit cost for fiscal years:
						2021						2020						2019
Discount rate						2.80		%				3.50		%				4.60		%
Long-term rate of return on plan assets						5.25		%				5.50		%				5.75		%
Rate of compensation increase						3.00		%				3.00		%				3.00		%

Schedule of Changes in Fair Value of Plan Assets

The fair values of our pension plan assets at December 31, 2021 and 2020 by asset category and level within the fair value hierarchy are as follows:

						2021						2020
Level 1:
Cash						$	237					$	9
Cash Equivalents(a)						80						10
Fixed Income Securities - U.S. Corporate(b)						41						164
Equity Securities - U.S.(b)						—						409
Equity Securities - Non-U.S.(b)						—						102
Level 2:
Fixed Income Securities - U.S. Corporate(c)						49						148
Fixed Income Securities - U.S. Government and Government Agencies(d)						175						354
Fixed Income Securities - Other(d)						30						30
Total assets in the fair value hierarchy						612						1,226
Investments measured at net asset value(e)
Equity Securities						456						—
Total fair value of plan assets(f)						$	1,068					$	1,226

(a)Short-term investments in money market funds.

(b)Securities held in common or collective trusts.

(c)Investments held directly by the Plan.

(d)Includes securities held in common or collective trusts and investments held directly by the Plan.

(e)Includes securities that have been measured at fair value using the net asset value per unit practical expedient due to the absence of readily available market prices. Accordingly, these securities have not been classified in the fair value hierarchy.

(f)2021 and 2020 exclude net unsettled trade payables of $58 million and $212 million, respectively.

Fair values of pension plan assets

As of December 31, 2021, the Plan's assets were in the process of being transitioned to the weighted-average target allocation summarized as follows:

Asset Category						Target Allocation
Fixed income						49		%
Equity securities						32		%
Real assets						19		%

Expected benefit payments

The benefits expected to be paid in each of the next five years and in the aggregate for the five years thereafter are set forth below:

Year ended:
2022						$	47
2023						50
2024						52
2025						57
2026						59
2027 - 2031						293

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