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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [Abstract] |
Summary of Net Periodic Benefit Cost | The components of net periodic (benefit) cost consisted of the following:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Service cost (a) | $ | 6 |  |  | $ | 5 |  |  | $ | 5 |
Interest cost (b) | 12 |  |  | 17 |  |  | 21 |
Expected return on plan assets (b) | (35) |  |  | (31) |  |  | (30) |
Amortization of unrecognized amounts (b) | 9 |  |  | 9 |  |  | 7 |
Net periodic (benefit) cost | $ | (8) |  |  | $ | — |  |  | $ | 3 |
__________ (a)For the year ended December 31, 2021, $4 million and $2 million were included in operating expenses and selling, general and administrative expenses, respectively. For the year ended December 31, 2020 and 2019, $4 million and $1 million were included in operating expenses and selling, general and administrative expenses, in each period. (b)Included in selling, general and administrative expenses.
Summary of Funded Status of Pension Plans | We use a measurement date of December 31 for our pension plans. The funded status of the pension plans were as follows:
| As of December 31,
Change in Benefit Obligation | 2021 |  | 2020
Benefit obligation at end of prior year | $ | 926 |  |  | $ | 821 |
Service cost | 6 |  |  | 5 |
Interest cost | 12 |  |  | 17 |
Actuarial (gain) loss | (17) |  |  | 84 |
Plan amendments | (3) |  |  | — |
Currency translation adjustment | (12) |  |  | 26 |
Net benefits paid | (31) |  |  | (27) |
Benefit obligation at end of current year | $ | 881 |  |  | $ | 926 |
Change in Plan Assets |  |  |
Fair value of assets at end of prior year | $ | 722 |  |  | $ | 649 |
Actual return on plan assets | 71 |  |  | 71 |
Employer contributions | 16 |  |  | 14 |
Currency translation adjustment | (5) |  |  | 14 |
Net benefits paid | (32) |  |  | (26) |
Fair value of assets at end of current year | $ | 772 |  |  | $ | 722 |
Schedule of Net Funded Status |
| As of December 31,
Funded Status | 2021 |  | 2020
Classification of net balance sheet assets (liabilities): |  |  |
Non-current assets | $ | 50 |  |  | $ | 7 |
Current liabilities | (5) |  |  | (4) |
Non-current liabilities | (154) |  |  | (207) |
Net funded status | $ | (109) |  |  | $ | (204) |
Summary of Assumptions Used to Determine Pension Obligations and Pension Costs | The following assumptions were used to determine pension obligations and pension costs for the principal plans in which our employees participated:
|  | For the Year Ended December 31,
U.S. Pension Benefit Plans | 2021 |  | 2020 |  | 2019
Discount rate: |  |  |  |  |
| Net periodic benefit cost | 2.25 | % |  | 3.10 | % |  | 4.15 | %
| Benefit obligation | 2.67 | % |  | 2.25 | % |  | 3.10 | %
Long-term rate of return on plan assets | 6.75 | % |  | 7.00 | % |  | 7.00 | %
Non-U.S. Pension Benefit Plans |  |  |  |  |
Discount rate: |  |  |  |  |
| Net periodic benefit cost | 1.40 | % |  | 1.95 | % |  | 2.75 | %
| Benefit obligation | 1.83 | % |  | 1.40 | % |  | 1.95 | %
Long-term rate of return on plan assets | 3.71 | % |  | 3.80 | % |  | 4.50 | %
Summary of Defined Benefit Pension Plans' Assets Fair Value | The following table presents the defined benefit pension plans’ assets measured at fair v alue:
| As of December 31, 2021
Asset Class | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents and short-term investments | $ | 14 |  |  | $ | 48 |  |  | $ | — |  |  | $ | 62 |
U.S. equities | 115 |  |  | 45 |  |  | — |  |  | 160 |
Non-U.S. equities | 56 |  |  | 89 |  |  | — |  |  | 145 |
Government bonds | 6 |  |  | 11 |  |  | — |  |  | 17 |
Corporate bonds | 134 |  |  | 51 |  |  | — |  |  | 185 |
Other assets | 5 |  |  | 152 |  |  | 46 |  |  | 203 |
Total assets | $ | 330 |  |  | $ | 396 |  |  | $ | 46 |  |  | $ | 772 |
__________ During 2021, we purchased and classified $46 million of investments as Level 3.
| As of December 31, 2020
Asset Class | Level 1 |  | Level 2 |  | Total
Cash equivalents and short-term investments | $ | 19 |  |  | $ | 50 |  |  | $ | 69 |
U.S. equities | 113 |  |  | 56 |  |  | 169 |
Non-U.S. equities | 64 |  |  | 103 |  |  | 167 |
Government bonds | 5 |  |  | 1 |  |  | 6 |
Corporate bonds | 105 |  |  | 32 |  |  | 137 |
Other assets | 1 |  |  | 173 |  |  | 174 |
Total assets | $ | 307 |  |  | $ | 415 |  |  | $ | 722 |

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the change in the accumulated postemployment benefit obligation from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of net funded status of pension plans and/or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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