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Retirement Plans | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [Abstract] |
Retirement Plans | Retirement Plans Defined Contribution Plans The Company maintains qualified defined contribution plans, which include 401(k) matching programs in the U.S., as well as similar matching programs in Canada prior to the sale of ADT Canada in 2019. Expense for the defined contribution plans is computed as a percentage of participants’ compensation and was $45 million, $40 million, and $34 million during 2021, 2020, and 2019, respectively. Multi-employer Plans The Company participates in certain multi-employer union pension plans, which provide benefits for a group of the Company’s unionized employees. The Company does not believe these multi-employer plans, including the Company’s required contributions and any underfunding liabilities under such plans, are material to the Company’s consolidated financial statements. Defined Benefit Plans The Company provides a defined benefit pension plan and certain other postretirement benefits to certain employees. These plans are frozen and are not material to the Company’s consolidated financial statements. As of December 31, 2021 and 2020, the fair values of pension plan assets were $71 million and $87 million, respectively, and the fair values of projected benefit obligations were $75 million and $99 million, respectively. As a result, the plans were underfunded by approximately $4 million and $12 million as of December 31, 2021 and 2020, respectively, and were recorded as a net liability in the Consolidated Balance Sheets. Net periodic benefit cost associated with these plans was not material during 2021, 2020, and 2019. In February 2021, the Company purchased annuity contracts for a certain class of pensioners and beneficiaries which settled a portion of the projected benefit obligation and is not material to the Company’s consolidated financial statements. Deferred Compensation Plan The Company maintains a non-qualified supplemental savings and retirement plan, which permits eligible employees to defer a portion of their compensation. Deferred compensation liabilities were $32 million and $28 million as of December 31, 2021 and 2020, respectively, and were recorded in other liabilities in the Consolidated Balance Sheets. Deferred compensation expense was not material during 2021, 2020, and 2019.

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