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Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Schedule of plan assets, benefit obligations, funded status for the U.S. and Canadian plans

Our plan assets, benefit obligations, funded status and amounts recognized on our consolidated balance sheets for our North America and United Kingdom plans as of the December 31 measurement date are as follows:

			Pension Plans																								Retiree Medical Plans
			North America												United Kingdom												North America
			December 31,												December 31,												December 31,
			2021						2020						2021						2020						2021						2020
			(in millions)
Change in plan assets
Fair value of plan assets as of January 1			$	846					$	790					$	491					$	418					$	—					$	—
Return on plan assets			15						96						20						58						—						—
Employer contributions			14						22						26						23						4						4
Plan participant contributions			—						—						—						—						—						1
Benefit payments			(46)						(66)						(27)						(25)						(4)						(5)
Foreign currency translation			1						4						(5)						17						—						—
Fair value of plan assets as of December 31			830						846						505						491						—						—
Change in benefit obligation
Benefit obligation as of January 1			(884)						(839)						(643)						(597)						(35)						(37)
Service cost			(20)						(17)						—						—						—						—
Interest cost			(21)						(25)						(9)						(11)						(1)						(1)
Benefit payments			46						66						27						25						4						5
Foreign currency translation			(1)						(4)						6						(20)						—						—
Plan participant contributions			—						—						—						—						—						(1)
Change in assumptions and other			39						(65)						29						(40)						—						(1)
Benefit obligation as of December 31			(841)						(884)						(590)						(643)						(32)						(35)
Funded status as of December 31			$	(11)					$	(38)					$	(85)					$	(152)					$	(32)					$	(35)

Schedule of amounts recognized in consolidated balance sheets

Amounts recognized on the consolidated balance sheets consist of the following:

			Pension Plans																								Retiree Medical Plans
			North America												United Kingdom												North America
			December 31,												December 31,												December 31,
			2021						2020						2021						2020						2021						2020
			(in millions)
Other assets			$	16					$	10					$	—					$	—					$	—					$	—
Accrued expenses			—						—						—						—						(3)						(3)
Other liabilities			(27)						(48)						(85)						(152)						(29)						(32)
			$	(11)					$	(38)					$	(85)					$	(152)					$	(32)					$	(35)

Schedule of pre-tax amounts recognized in accumulated other comprehensive loss

Pre-tax amounts recognized in accumulated other comprehensive loss consist of the following:

			Pension Plans																								Retiree Medical Plans
			North America												United Kingdom												North America
			December 31,												December 31,												December 31,
			2021						2020						2021						2020						2021						2020
			(in millions)
Prior service cost			$	3					$	4					$	1					$	1					$	—					$	—
Net actuarial loss			43						79						89						129						4						4
			$	46					$	83					$	90					$	130					$	4					$	4

Schedule of net periodic benefit cost and other amounts recognized in accumulated other comprehensive loss

Net periodic benefit cost (income) and other amounts recognized in other comprehensive (income) loss for the years ended December 31 included the following:

			Pension Plans																																				Retiree Medical Plans
			North America																		United Kingdom																		North America
			2021						2020						2019						2021						2020						2019						2021						2020						2019
			(in millions)
Service cost			$	20					$	17					$	14					$	—					$	—					$	—					$	—					$	—					$	—
Interest cost			21						25						30						9						11						15						1						1						1
Expected return on plan assets			(24)						(30)						(32)						(14)						(14)						(18)						—						—						—
Amortization of prior service cost (benefit)			1						1						—						—						—						—						—						—						(1)
Amortization of actuarial loss (gain)			5						3						—						4						3						—						—						(1)						(1)
Net periodic benefit cost (income)			23						16						12						(1)						—						(3)						1						—						(1)
Net actuarial (gain) loss			(31)						(1)						3						(36)						(4)						60						—						1						(4)
Prior service cost (credit)			—						—						4						—						—						(3)						—						—						—
Amortization of prior service (cost) benefit			(1)						(1)						—						—						—						—						—						—						1
Amortization of actuarial (loss) gain			(5)						(3)						—						(4)						(3)						—						—						1						1
Total recognized in other comprehensive (income) loss			(37)						(5)						7						(40)						(7)						57						—						2						(2)
Total recognized in net periodic benefit cost (income) and other comprehensive (income) loss			$	(14)					$	11					$	19					$	(41)					$	(7)					$	54					$	1					$	2					$	(3)

Schedule of benefit obligations in excess of fair value of plan assets

The following table presents aggregated information for those individual defined benefit pension plans that have an ABO in excess of plan assets as of December 31, which, for 2021, excludes the three North American defined benefit pension plans and, for 2020, excludes two of the North American defined benefit pension plans, as each has plan assets in excess of its ABO:

			North America												United Kingdom
			2021						2020						2021						2020
			(in millions)
Accumulated benefit obligation			$	—					$	(678)					$	(590)					$	(643)
Fair value of plan assets			—						667						505						491

The following table presents aggregated information for those individual defined benefit pension plans that have a projected benefit obligation (PBO) in excess of plan assets as of December 31, which excludes two North American defined benefit pension plans that have plan assets in excess of its PBO:

			North America												United Kingdom
			2021						2020						2021						2020
			(in millions)
Projected benefit obligation			$	(684)					$	(715)					(590)						$	(643)
Fair value of plan assets			656						667						505						491

Schedule of expected future pension and retiree medical benefit payments

The expected future benefit payments for our pension and retiree medical plans are as follows:

			Pension Plans												Retiree Medical Plans
			North America						United Kingdom						North America
			(in millions)
2022			$	47					$	28					$	3
2023			48						28						2
2024			49						29						2
2025			49						30						2
2026			50						31						2
2027-2031			253						167						9

Schedule of assumptions used in determining the benefit obligations and expense

The following assumptions were used in determining the benefit obligations and expense:

			Pension Plans																																																Retiree Medical Plans
			North America																		United Kingdom																											North America
			2021						2020						2019						2021						2020						2019																		2021						2020						2019
Weighted-average discount rate—obligation			2.8		%				2.4		%				3.1		%				2.0		%				1.5		%				2.0		%																2.7		%				2.2		%				3.0		%
Weighted-average discount rate—expense			2.4		%				3.1		%				4.1		%				1.5		%				2.0		%				2.9		%																2.2		%				3.0		%				4.1		%
Weighted-average cash balance interest crediting rate—obligation			3.0		%				3.0		%				3.0		%				n/a						n/a						n/a																		n/a						n/a						n/a
Weighted-average cash balance interest crediting rate—expense			3.0		%				3.0		%				3.0		%				n/a						n/a						n/a																		n/a						n/a						n/a
Weighted-average rate of increase in future compensation			4.2		%				4.2		%				4.2		%				n/a						n/a						n/a																		n/a						n/a						n/a
Weighted-average expected long-term rate of return on assets—expense			3.2		%				4.1		%				4.6		%				3.3		%				3.4		%				4.4		%																n/a						n/a						n/a
Weighted-average retail price index—obligation			n/a						n/a						n/a						3.3		%				3.0		%				3.0		%																n/a						n/a						n/a
Weighted-average retail price index—expense			n/a						n/a						n/a						3.0		%				3.0		%				3.3		%																n/a						n/a						n/a

______________________________________________________________________________

n/a—not applicable

Schedule of fair values of U.S. and Canadian pension plan assets

The fair values of our pension plan assets as of December 31, 2021 and 2020, by major asset class, are as follows:

			North America
			December 31, 2021
			Total Fair Value						Quoted Prices in Active Markets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(in millions)
Cash and cash equivalents(1)			$	14					$	10					$	4					$	—
Equity mutual funds
Index equity(2)			157						157						—						—
Pooled equity(3)			34						—						34						—
Fixed income
U.S. Treasury bonds and notes(4)			61						61						—						—
Corporate bonds and notes(5)			460						—						460						—
Government and agency securities(6)			103						—						103						—
Other(7)			7						—						7						—
Total assets at fair value by fair value levels			$	836					$	228					$	608					$	—
Accruals and payables—net			(6)
Total assets			$	830

			United Kingdom
			December 31, 2021
			Total Fair Value						Quoted Prices in Active Markets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(in millions)
Cash and cash funds(8)			$	15					$	8					$	7					$	—
Pooled equity funds(9)			122						—						122						—
Pooled diversified funds(10)			52						—						52						—
Debt funds
Pooled U.K. government fixed and index-linked securities funds(11)			78						—						78						—
Pooled global debt funds(12)			88						—						88						—
Pooled liability-driven investment funds(13)			67						—						67						—
Total assets at fair value by fair value levels			$	422					$	8					$	414					$	—
Funds measured at NAV as a practical expedient(14)			83
Total assets			$	505

			North America
			December 31, 2020
			Total Fair Value						Quoted Prices in Active Markets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(in millions)
Cash and cash equivalents(1)			$	30					$	7					$	23					$	—
Equity mutual funds
Index equity(2)			134						134						—						—
Pooled equity(3)			30						—						30						—
Fixed income
U.S. Treasury bonds and notes(4)			37						37						—						—
Corporate bonds and notes(5)			499						—						499						—
Government and agency securities(6)			110						—						110						—
Other(7)			7						—						7						—
Total assets at fair value by fair value levels			$	847					$	178					$	669					$	—
Accruals and payables—net			(1)
Total assets			$	846

			United Kingdom
			December 31, 2020
			Total Fair Value						Quoted Prices in Active Markets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(in millions)
Cash and cash funds(8)			$	22					$	5					$	17					$	—
Pooled equity funds(9)			118						—						118						—
Pooled diversified funds(10)			55						—						55						—
Debt funds
Pooled U.K. government fixed and index-linked securities funds(11)			73						—						73						—
Pooled global debt funds(12)			88						—						88						—
Pooled liability-driven investment funds(13)			83						—						83						—
Total assets at fair value by fair value levels			$	439					$	5					$	434					$	—
Funds measured at NAV as a practical expedient(14)			52
Total assets			$	491

_______________________________________________________________________________

(1)Cash and cash equivalents are primarily short-term U.S. treasury bills and short-term money market funds in 2021, and also included repurchase agreements in 2020.

(2)The index equity funds are mutual funds that utilize a passively managed investment approach designed to track specific equity indices. They are valued at quoted market prices in an active market, which represent the net asset values of the shares held by the plan.

(3)The equity pooled mutual funds consist of pooled funds that invest in common stock and other equity securities that are traded on U.S., Canadian, and foreign markets.

(4)U.S. Treasury bonds and notes are valued based on quoted market prices in an active market.

(5)Corporate bonds and notes, including private placement securities, are valued by institutional bond pricing services, which gather information from market sources and integrate credit information, observed market movements and sector news into their pricing applications and models.

(6)Government and agency securities consist of U.S. municipal bonds and Canadian provincial bonds that are valued by institutional bond pricing services, which gather information on current trading activity, market movements, trends, and specific data on specialty issues.

(7)Other includes primarily mortgage-backed and asset-backed securities, which are valued by institutional pricing services, which gather information from market sources and integrate credit information, observed market movements and sector news into their pricing applications and models.

(8)Cash and cash funds include a cash fund that holds primarily short-dated term money market securities.

(9)Pooled equity funds invest in a broad array of global equity, equity-related securities, a range of diversifiers and may use derivatives for efficient portfolio management. The funds are valued at net asset value (NAV) as determined by the fund managers based on the value of the underlying net assets of the fund.

(10)Pooled diversified funds invest in a broad array of asset classes and a range of diversifiers including the use of derivatives. The funds are valued at NAV as determined by the fund managers based on the value of the underlying net assets of the fund.

(11)Pooled U.K. government fixed and index-linked securities funds invest primarily in Sterling denominated fixed income and inflation-linked fixed income securities issued or guaranteed by the U.K. government and may use derivatives for efficient portfolio management. The funds are valued at NAV as determined by the fund managers based on the value of the underlying net assets of the fund.

(12)Pooled global debt funds invest in a broad array of debt securities from corporate and government bonds to emerging markets and high-yield fixed and floating rate securities of varying maturities. The funds are valued at NAV as determined by the fund managers based on the value of the underlying net assets of the fund.

(13)Pooled liability-driven investment funds invest primarily in gilt repurchase agreements, physical U.K. government gilts, and derivatives to provide exposure to interest rates and inflation, thus hedging these elements of risk associated with pension liabilities. The funds are valued at NAV as determined by the fund managers based on the value of the underlying net assets of the fund.

(14)Funds measured at NAV as a practical expedient include funds of funds with return strategies with exposure to varying asset classes and credit strategies, as well as alternative investment strategies not precluding multi-asset credit strategies, global macro strategies, commodities, fixed income, equities and currency, and funds that invest primarily in freehold and leasehold property in the United Kingdom. The funds are valued using NAV as determined by the fund managers based on the value of the underlying assets of the fund.

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