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Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
Retirement Benefits [Abstract] |
Schedule of Net Funded Status | The following table reconciles the Company's funded status, both domestic and foreign, as of the periods indicated (in millions):
|  | 2020 |  | 2019
|  | U.S. |  | Foreign |  | U.S. |  | Foreign
CHANGE IN PROJECTED BENEFIT OBLIGATION: |  |  |  |  |  |  |  |
Benefit obligation as of January 1 |  | $ | 1,242 |  |  | $ | 224 |  |  | $ | 1,118 |  |  | $ | 417 |
Service cost |  | 12 |  |  | 6 |  |  | 11 |  |  | 8 |
Interest cost |  | 35 |  |  | 14 |  |  | 44 |  |  | 19 |
Employee contributions |  | — |  |  | — |  |  | — |  |  | — |
Plan amendments |  | 1 |  |  | — |  |  | — |  |  | — |
Plan curtailments |  | — |  |  | (6) |  |  | — |  |  | — |
Plan settlements |  | — |  |  | — |  |  | — |  |  | — |
Benefits paid |  | (81) |  |  | (9) |  |  | (65) |  |  | (9) |
Plan combinations |  | — |  |  | — |  |  | — |  |  | — |
Divestitures |  | — |  |  | — |  |  | — |  |  | (244) |
Actuarial (gain) loss |  | 122 |  |  | 19 |  |  | 134 |  |  | 37 |
Effect of foreign currency exchange rate changes |  | — |  |  | (30) |  |  | — |  |  | (4) |
Benefit obligation as of December 31 |  | $ | 1,331 |  |  | $ | 218 |  |  | $ | 1,242 |  |  | $ | 224 |
CHANGE IN PLAN ASSETS: |  |  |  |  |  |  |  |
Fair value of plan assets as of January 1 |  | $ | 1,154 |  |  | $ | 129 |  |  | $ | 1,026 |  |  | $ | 410 |
Actual return on plan assets |  | 168 |  |  | 13 |  |  | 185 |  |  | 19 |
Employer contributions |  | 8 |  |  | 5 |  |  | 8 |  |  | 5 |
Employee contributions |  | — |  |  | — |  |  | — |  |  | — |
Plan settlements |  | — |  |  | — |  |  | — |  |  | — |
Benefits paid |  | (81) |  |  | (9) |  |  | (65) |  |  | (9) |
Divestitures |  | — |  |  | — |  |  | — |  |  | (296) |
Effect of foreign currency exchange rate changes |  | — |  |  | (26) |  |  | — |  |  | — |
Fair value of plan assets as of December 31 |  | $ | 1,249 |  |  | $ | 112 |  |  | $ | 1,154 |  |  | $ | 129 |
RECONCILIATION OF FUNDED STATUS |  |  |  |  |  |  |  |
Funded status as of December 31 |  | $ | (82) |  |  | $ | (106) |  |  | $ | (88) |  |  | $ | (95) |
Schedule of Amounts Recognized in Balance Sheet | The following table summarizes the amounts recognized on the Consolidated Balance Sheets related to the funded status of the DB Plans, both domestic and foreign, as of the periods indicated (in millions):
December 31, |  | 2020 |  | 2019
Amounts Recognized on the Consolidated Balance Sheets |  | U.S. |  | Foreign |  | U.S. |  | Foreign
Noncurrent assets |  | $ | 9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Accrued benefit liability—current |  | — |  |  | (8) |  |  | — |  |  | (7) |
Accrued benefit liability—noncurrent |  | (91) |  |  | (98) |  |  | (88) |  |  | (88) |
Net amount recognized at end of year |  | $ | (82) |  |  | $ | (106) |  |  | $ | (88) |  |  | $ | (95) |
Schedule of Accumulated and Projected Benefit Obligations | The following table summarizes the Company's U.S. and foreign accumulated benefit obligation as of the periods indicated (in millions):
December 31, | 2020 |  | 2019 |
| U.S. |  | Foreign |  | U.S. |  | Foreign |
Accumulated Benefit Obligation | $ | 1,306 |  |  | $ | 199 |  |  | $ | 1,224 |  |  | $ | 188 |  |
Information for pension plans with an accumulated benefit obligation in excess of plan assets: |  |  |  |  |  |  |  |
Projected benefit obligation | $ | 494 |  |  | $ | 218 |  |  | $ | 1,242 |  |  | $ | 197 |  |
Accumulated benefit obligation | 481 |  |  | 199 |  |  | 1,224 |  |  | 178 |  |
Fair value of plan assets | 403 |  |  | 112 |  |  | 1,154 |  |  | 114 |  |
Information for pension plans with a projected benefit obligation in excess of plan assets: |  |  |  |  |  |  |  |
Projected benefit obligation | $ | 494 |  |  | $ | 218 |  |  | $ | 1,242 |  |  | $ | 224 |  |
Fair value of plan assets | 403 |  |  | 112 |  |  | 1,154 |  |  | 129 |  |
Schedule of Assumptions Used | The following table summarizes the significant weighted average assumptions used in the calculation of benefit obligation and net periodic benefit cost, both domestic and foreign, as of the periods indicated:
December 31, |  | 2020 |  | 2019 |
|  | U.S. |  | Foreign |  | U.S. |  | Foreign |
Benefit Obligation: | Discount rate | 2.45 | % |  | 7.53 | % |  | 3.32 | % |  | 7.58 | % |
| Rate of compensation increase | 2.75 | % |  | 5.69 | % |  | 3.33 | % |  | 6.11 | % |
Periodic Benefit Cost: | Discount rate | 3.32 | % |  | 7.58 | % | (1) | 4.35 | % |  | 5.62 | % | (1)
| Expected long-term rate of return on plan assets | 5.24 | % |  | 7.18 | % |  | 5.08 | % |  | 4.10 | % |
| Rate of compensation increase | 2.86 | % |  | 6.13 | % |  | 3.34 | % |  | 4.78 | % |
_____________________________ (1)Includes an inflation factor that is used to calculate future periodic benefit cost, but is not used to calculate the benefit obligation.
Impact Of One Percent Change In Assumptions | The impact on pension expense from a one percentage point change in these assumptions is shown in the following table (in millions):
Increase of 1% in the discount rate |  | $ | (9) |
Decrease of 1% in the discount rate |  | 6 |
Increase of 1% in the long-term rate of return on plan assets |  | (12) |
Decrease of 1% in the long-term rate of return on plan assets |  | 12 |
Schedule of Net Benefit Costs | The following table summarizes the components of the net periodic benefit cost, both domestic and foreign, for the years indicated (in millions):
December 31, |  | 2020 |  | 2019 |  | 2018
Components of Net Periodic Benefit Cost: |  | U.S. |  | Foreign |  | U.S. |  | Foreign |  | U.S. |  | Foreign
Service cost |  | $ | 12 |  |  | $ | 6 |  |  | $ | 11 |  |  | $ | 8 |  |  | $ | 15 |  |  | $ | 12 |
Interest cost |  | 35 |  |  | 14 |  |  | 44 |  |  | 19 |  |  | 40 |  |  | 22 |
Expected return on plan assets |  | (58) |  |  | (7) |  |  | (52) |  |  | (14) |  |  | (64) |  |  | (17) |
Amortization of prior service cost |  | 5 |  |  | — |  |  | 5 |  |  | — |  |  | 5 |  |  | — |
Amortization of net loss |  | 14 |  |  | 2 |  |  | 15 |  |  | 1 |  |  | 18 |  |  | 3 |
Curtailment loss recognized |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |
Settlement loss recognized |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |
Total pension cost |  | $ | 8 |  |  | $ | 15 |  |  | $ | 23 |  |  | $ | 14 |  |  | $ | 15 |  |  | $ | 24 |
Schedule of Net Periodic Benefit Cost Not yet Recognized | The following table summarizes the amounts reflected in AOCL, including AOCL attributable to noncontrolling interests, on the Consolidated Balance Sheet as of December 31, 2020, that have not yet been recognized as components of net periodic benefit cost (in millions):
December 31, 2020 | Accumulated Other Comprehensive Income (Loss) |  |
| U.S. |  | Foreign |  |  |  |
Prior service cost | $ | (3) |  |  | $ | 1 |  |  |  |  |
Unrecognized net actuarial loss | (34) |  |  | (69) |  |  |  |  |
Total | $ | (37) |  |  | $ | (68) |  |  |  |  |
Target / Actual Allocation Of Pension Plan Asset | The following table summarizes the Company's target allocation for 2020 and pension plan asset allocation, both domestic and foreign, as of the periods indicated:
|  |  |  |  | Percentage of Plan Assets as of December 31,
| Target Allocations |  | 2020 |  | 2019
Asset Category | U.S. |  | Foreign |  | U.S. |  | Foreign |  | U.S. |  | Foreign
Equity securities | 41% |  | 13% |  | 43.79 | % |  | 14.85 | % |  | 32.22 | % |  | 15.37 | %
Debt securities | 57% |  | 82% |  | 55.87 | % |  | 82.30 | % |  | 67.17 | % |  | 81.67 | %
Real estate | 2% |  | 2% |  | — | % |  | 1.12 | % |  | 0.22 | % |  | 1.16 | %
Other | —% |  | 3% |  | 0.34 | % |  | 1.73 | % |  | 0.39 | % |  | 1.80 | %
Total pension assets |  |  |  |  | 100.00 | % |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Schedule of Allocation of Plan Assets | The asset allocation is reviewed periodically to determine a suitable asset allocation which seeks to manage risk through portfolio diversification and takes into account the above-stated objectives, in conjunction with current funding levels, cash flow conditions, and economic and industry trends. The following table summarizes the Company's U.S. DB Plan assets by category of investment and level within the fair value hierarchy as of the periods indicated (in millions):
|  | December 31, 2020 |  | December 31, 2019
U.S. Plans |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Equity securities: (2) | Mutual funds | $ | — |  |  | $ | 547 |  |  | $ | — |  |  | $ | 547 |  |  | $ | — |  |  | $ | 372 |  |  | $ | — |  |  | $ | 372 |
Debt securities: (2) | Mutual funds (1) | — |  |  | 698 |  |  | — |  |  | 698 |  |  | — |  |  | 775 |  |  | — |  |  | 775 |
Real estate: (2) | Real estate | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | 3 |
Other: | Cash and cash equivalents | 4 |  |  | — |  |  | — |  |  | 4 |  |  | 4 |  |  | — |  |  | — |  |  | 4 |
| Total plan assets | $ | 4 |  |  | $ | 1,245 |  |  | $ | — |  |  | $ | 1,249 |  |  | $ | 4 |  |  | $ | 1,150 |  |  | $ | — |  |  | $ | 1,154 |
_____________________________ (1)Mutual funds categorized as debt securities consist of mutual funds for which debt securities are the primary underlying investment
Fair Value Of Plan Assets By Category / Level (Foreign) | The investment strategy of the foreign DB Plans seeks to maximize return on investment while minimizing risk. The assumed asset allocation has less exposure to equities in order to closely match market conditions and near term forecasts. The following table summarizes the Company's foreign DB plan assets by category of investment and level within the fair value hierarchy as of the periods indicated (in millions):
|  | December 31, 2020 |  | December 31, 2019
Foreign Plans |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Equity securities: | Mutual funds | $ | 16 |  |  | $ | — |  |  | $ | — |  |  | $ | 16 |  |  | $ | 19 |  |  | $ | — |  |  | $ | — |  |  | $ | 19 |
| Private equity | — |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Debt securities: | Government debt securities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| Mutual funds (1) | 18 |  |  | 74 |  |  | — |  |  | 92 |  |  | 17 |  |  | 88 |  |  | — |  |  | 105 |
Real estate: | Real estate | — |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 2 |  |  | 2 |
Other: | Cash and cash equivalents | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| Other assets | 1 |  |  | — |  |  | 1 |  |  | 2 |  |  | 1 |  |  | — |  |  | 1 |  |  | 2 |
| Total plan assets | $ | 35 |  |  | $ | 74 |  |  | $ | 3 |  |  | $ | 112 |  |  | $ | 37 |  |  | $ | 88 |  |  | $ | 4 |  |  | $ | 129 |
_____________________________ (1)Mutual funds categorized as debt securities consist of mutual funds for which debt securities are the primary underlying investment.
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | The following table summarizes the estimated cash flows for U.S. and foreign expected employer contributions and expected future benefit payments, both domestic and foreign (in millions):
|  | U.S. |  | Foreign
Expected employer contribution in 2021 |  | $ | 8 |  |  | $ | 15 |
Expected benefit payments for fiscal year ending: |  |  |  |
2021 |  | 70 |  |  | 15 |
2022 |  | 71 |  |  | 13 |
2023 |  | 71 |  |  | 14 |
2024 |  | 71 |  |  | 16 |
2025 |  | 72 |  |  | 17 |
2026 - 2030 |  | 354 |  |  | 105 |
Scheduled Cash Flows For Employer Contributions And Expected Future Benefit Payments | The following table summarizes the estimated cash flows for U.S. and foreign expected employer contributions and expected future benefit payments, both domestic and foreign (in millions):
|  | U.S. |  | Foreign
Expected employer contribution in 2021 |  | $ | 8 |  |  | $ | 15 |
Expected benefit payments for fiscal year ending: |  |  |  |
2021 |  | 70 |  |  | 15 |
2022 |  | 71 |  |  | 13 |
2023 |  | 71 |  |  | 14 |
2024 |  | 71 |  |  | 16 |
2025 |  | 72 |  |  | 17 |
2026 - 2030 |  | 354 |  |  | 105 |

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