XML 65 R48.htm IDEA: XBRL DOCUMENT

Pension (Tables)

12 Months Ended

Dec. 31, 2020

Defined Benefit Plan Disclosure [Line Items]

Summary of Balance Sheet Impact, Including Benefit Obligations, Assets and Funded Status

The following tables summarize the balance sheet impact, including the benefit obligations, assets and funded status associated with the pension plans.

	U.S. Plans									Non-U.S. Plans
		2020			2019			2018			2020			2019			2018
Change in benefit obligation:
Benefit obligation at beginning of year ⁽¹⁾	$	344		$	286		$	279		$	137		$	93		$	95
Service cost		7			5			1			7			5			1
Interest cost		11			13			2			1			2			-
Actuarial losses (gains)		38			51			5			6			27			(3	)
Net benefits paid		(4	)		(13	)		(1	)		-			-		-
Settlements		(22	)		-			-			(6	)		(3	)		-
Other		-			2			-			2			13		-
Exchange rate adjustments		-			-			-			14			-			-
Benefit obligation at end of year		374			344			286			161			137			93
Change in plan assets:
Fair value of plan assets at beginning of year ⁽¹⁾		331		274			279				27		20			20
Actual return (loss) on plan assets		35			70			(4	)		-			2			-
Contributions		1			-			-			2			2			-
Net benefits paid		(4	)		(13	)		(1	)		-			1			-
Settlements		(22	)		-			-			(6	)		(3	)		-
Other		(1	)		-			-			3			5			-
Exchange rate adjustments		-			-			-			2			-			-
Fair value of plan assets at end of year		340		331			274				28		27			20
Funded status of plans (non-current)	$	(34	)	$	(13	)	$	(12	)	$	(133	)	$	(110	)	$	(73	)

(1)	2018 "Beginning of year" is the Spin-Off date, October 29, 2018.

Summary of Accumulated Other Comprehensive (Loss) Associated with Pension Plans

Amounts recognized in Accumulated other comprehensive (loss) associated with pension plans at December 31, 2020 and 2019 are as follows:

	U.S. Plans						Non-U.S. Plans
		2020			2019			2020		2019
Prior service credit	$	(2	)	$	(3	)	$	-	$	-
Net actuarial loss		30			12			14		13
Net amount recognized	$	28		$	9		$	14	$	13

Summary of Net Periodic Benefit Cost and Other Amounts Recognized in Comprehensive Income

The components of net periodic benefit cost and other amounts recognized in Comprehensive income for pension plans include the following components:


	U.S. Plans									Non-U.S. Plans
	2020				2019		2018 ⁽¹⁾			2020				2019		2018 ⁽¹⁾
Net Periodic Benefit Cost
Service cost	$	7		$	5		$	1		$	7		$	5		$	1
Interest cost		11			13			2			1			2			-
Expected return on plan assets		(17	)		(16	)		(3	)		(1	)		(1	)		-
Amortization of prior service credit		(1	)		(1	)		-			-			-			-
Mark to market adjustment		-			1			-			6			16			-
Other		3			-			-			-			2			-
Net periodic benefit cost	$	3		$	2		$	-		$	13		$	24		$	1

(1)	2018 begins at the Spin-Off date, October 29, 2018. Activity before the Spin-Off date was recognized under the Shared Plans.

Summary of Net Periodic Benefit (Income) Cost Other Than The Service Cost Included in Other Expense, Net

The components of net periodic benefit cost other than the service cost are included in Other expense, net in the Consolidated and Combined Statements of Operations for the years ended December 31, 2020, 2019 and 2018.


	U.S. Plans								Non-U.S. Plans
	2020				2019		2018 ⁽¹⁾		2020				2019		2018 ⁽¹⁾
Other Changes in Plan Assets and Benefits Obligations Recognized in Other Comprehensive Loss (Income)
Actuarial losses (gains)	$	38		$	51		$	12	$	6		$	26		$	(3	)
Excess return on plan assets⁽²⁾		(17	)		(54	)		-		-			(1	)		-
Actuarial gains recognized during the year		(2	)		-			-		(6	)		(17	)		-
Other		-			-			-		1			-			-
Total recognized in other comprehensive loss (income)	$	19		$	(3	)	$	12	$	1		$	8		$	(3	)
Total recognized in net periodic benefit cost and other comprehensive loss (income)	$	22		$	(1	)	$	12	$	14		$	32		$	(2	)

(1)

2018 begins at the Spin-Off date, October 29, 2018. Activity before the Spin-Off date was recognized under the Shared Plans.

(2)

Represents actual return on plan assets in excess of the expected return.

Summary of Amounts Relate to Pension Plans with Accumulated Benefit Obligations Exceeding Fair Value of Plan Assets

The following amounts relate to pension plans with accumulated benefit obligations exceeding the fair value of plan assets.

	December 31,
	U.S. Plans				Non-U.S. Plans
		2020		2019		2020		2019
Projected benefit obligation	$	374	$	344	$	161	$	137
Accumulated benefit obligation	$	358	$	332	$	139	$	116
Fair value of plan assets	$	340	$	331	$	28	$	27

Summary of NAV and Fair Values of Both U.S. and Non-U.S. Pension Plans Assets by Asset Category

A majority of the U.S. pension plan assets as of December 31, 2020 do not have published pricing and are valued using Net Asset Value (“NAV”) which approximates fair value. NAV by asset category and fair value by asset category are as follows for December 31, 2020 and 2019:

	U.S. Plans
	December 31, 2020										December 31, 2019
	Total		NAV		Level 1		Level 2		Level 3		Total		NAV		Level 1		Level 2		Level 3
Cash	$	6	$	1	$	5	$	-	$	-	$	4	$	-	$	4	$	-	$	-
Equity		105		105		-		-		-		100		100		-		-		-
Investment funds		14		14		-		-		-		15		15		-		-		-
U.S. treasury obligations		16		16		-		-		-		132		132		-		-		-
Government bonds		41		41		-		-		-		32		32		-		-		-
Corporate bonds		126		126		-		-		-		16		16		-		-		-
Real estate / property		32		32		-		-		-		32		32		-		-		-
Total assets at fair value	$	340	$	335	$	5	$	-	$	-	$	331	$	327	$	4	$	-	$	-

The fair values of the non-U.S. pension plan assets as by asset category are as follows:

	Non-U.S. Plans
	December 31, 2020								December 31, 2019
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Equity	$	1	$	1	$	-	$	-	$	1	$	1	$	-	$	-
Government bonds		1		-		1		-		1		-		1		-
Corporate bonds		-		-		-		-		1		-		1		-
Insurance contracts		10		-		-		10		8		-		-		8
Other		16		-		-		16		16		-		-		16
Total assets at fair value	$	28	$	1	$	1	$	26	$	27	$	1	$	2	$	24

Summary of Changes in Fair Value of Level 3 Assets for Non-U.S

The following table summarizes changes in the fair value of Level 3 assets for Non-U.S. plans:

	Non-U.S. Plans
Balance at October 29, 2018	$	5
Return on plan assets		1
Purchases, sales and settlements, net		-
Balance at December 31, 2018		6
Return on plan assets		2
Purchases, sales and settlements, net		15
Other		1
Balance at December 31, 2019		24
Return on plan assets		-
Purchases, sales and settlements, net		(1	)
Other		3
Balance at December 31, 2020	$	26

Pension Plan

Defined Benefit Plan Disclosure [Line Items]

Summary of Significant Actuarial Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit (Income) Cost

Significant actuarial assumptions used in determining the benefit obligations and net periodic benefit (income) cost for benefit plans are presented in the following table as weighted averages.

	U.S. Plans							Non-U.S. Plans
		2020		2019		2018			2020		2019		2018
Actuarial assumptions used to determine benefit obligations as of December 31:
Discount rate		2.7	%	3.3	%	4.5	%		0.7	%	1.1	%	1.9	%
Interest crediting rate		6.0	%	6.0	%	6.0	%		1.5	%	1.5	%	1.5	%
Expected annual rate of compensation increase		3.5	%	3.4	%	3.4	%		2.4	%	2.4	%	2.3	%
Actuarial assumptions used to determine net periodic benefit cost for the twelve months ended December 31:
Discount rate - benefit obligation		3.3	%	4.5	%	4.5	%		1.1	%	2.0	%	1.9	%
Interest crediting rate		6.0	%	6.0	%	6.0	%		1.5	%	1.5	%	1.5	%
Expected rate of return on plan assets		5.4	%	5.7	%	5.7	%		2.7	%	2.8	%	3.3	%
Expected annual rate of compensation increase		3.4	%	3.4	%	3.4	%		2.4	%	2.4	%	2.3	%

Summary of Benefit Payments

Benefit payments, including amounts to be paid from Company assets, and reflecting expected future service, as appropriate, are expected to be paid as follows:

	U.S. Plans		Non-U.S. Plans
2021	$	19	$	2
2022	$	20	$	2
2023	$	21	$	2
2024	$	23	$	3
2025	$	23	$	3
2026-2030	$	114	$	21