v3.20.4

Postretirement Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
Retirement Benefits [Abstract] |
Summary of PME Multi-Employer Plan |
PME multi-employer plan | 2020 |  | 2019 |  | 2018
NXP’s contributions to the plan | 33 |  |  | 31 |  |  | 34 |
(including employees’ contributions) | 4 |  |  | 4 |  |  | 4 |
Average number of NXP’s active employees participating in the plan | 2,048 |  |  | 2,129 |  |  | 2,183 |
NXP’s contribution to the plan exceeded more than 5 percent of the total contribution (as of December 31 of the plan’s year end) | No |  | No |  | No
Summary of Changes in Pension Benefit Obligations and Defined-Benefit Pension Plan Assets | The table below provides a summary of the changes in the pension benefit obligations and defined-benefit pension plan assets for 2020 and 2019, associated with the Company’s dedicated plans, and a reconciliation of the funded status of these plans to the amounts recognized in the Consolidated Balance Sheets.
| 2020 |  | 2019
Projected benefit obligation |  |  |
Projected benefit obligation at beginning of year | 665 |  |  | 617 |
Service cost | 17 |  |  | 14 |
Interest cost | 7 |  |  | 12 |
Actuarial (gains) and losses | 65 |  |  | 50 |
Curtailments and settlements | — |  |  | — |
Benefits paid | (22) |  |  | (23) |
Exchange rate differences | 58 |  |  | (5) |
Projected benefit obligation at end of year | 790 |  |  | 665 |
Plan assets |  |  |
Fair value of plan assets at beginning of year | 203 |  |  | 201 |
Actual return on plan assets | 5 |  |  | 5 |
Employer contributions | 22 |  |  | 22 |
Curtailments and settlements | — |  |  | — |
Benefits paid | (22) |  |  | (23) |
Exchange rate differences | 16 |  |  | (2) |
Fair value of plan assets at end of year | 224 |  |  | 203 |
Funded status | (566) |  |  | (462) |
Classification of the funded status is as follows |  |  |
– Accrued pension cost within other non-current liabilities | (554) |  |  | (452) |
– Accrued pension cost within accrued liabilities | (12) |  |  | (10) |
Total | (566) |  |  | (462) |
Accumulated benefit obligation |  |  |
Accumulated benefit obligation for all Company-dedicated benefit pension plans | 755 |  |  | 621 |
Plans with assets less than accumulated benefit obligation (including unfunded plans) |  |  |
– Fair value of plan assets | 220 |  |  | 198 |
– Accumulated benefit obligations | 750 |  |  | 617 |
Amounts recognized in accumulated other comprehensive income (before tax) |  |  |
Total AOCI at beginning of year | 140 |  |  | 94 |
– Net actuarial loss (gain) | 58 |  |  | 47 |
– Exchange rate differences | 16 |  |  | (1) |
Total AOCI at end of year | 214 |  |  | 140 |
Summary of Weighted Average Assumptions Used to Calculate Projected Benefit Obligations and Net Periodic Pension Cost | The weighted average assumptions used to calculate the projected benefit obligations were as follows:
| 2020 |  | 2019
Discount rate | 0.8 | % |  | 1.2 | %
Rate of compensation increase | 1.6 | % |  | 1.5 | %
The weighted average assumptions used to calculate the net periodic pension cost were as follows:
| 2020 |  | 2019 |  | 2018
Discount rate | 1.2 | % |  | 2.0 | % |  | 1.9 | %
Expected returns on plan assets | 2.6 | % |  | 2.7 | % |  | 3.0 | %
Rate of compensation increase | 1.5 | % |  | 1.8 | % |  | 1.8 | %
Components of Net Periodic Pension Costs | The components of net periodic pension costs were as follows:
| 2020 |  | 2019 |  | 2018
Service cost | 17 |  |  | 14 |  |  | 16 |
Interest cost on the projected benefit obligation | 7 |  |  | 12 |  |  | 12 |
Expected return on plan assets | (5) |  |  | (6) |  |  | (6) |
Amortization of net (gain) loss | 8 |  |  | 4 |  |  | 4 |
Curtailments & settlements | — |  |  | — |  |  | — |
Net periodic cost | 27 |  |  | 24 |  |  | 26 |
Summary of Actual Pension Plan Assets Allocation and Classification | The actual pension plan asset allocation at December 31, 2020 and 2019 is as follows:
| 2020 |  | 2019
Asset category: |  |  |
Equity securities | 34 | % |  | 31 | %
Debt securities | 39 | % |  | 43 | %
Insurance contracts | 7 | % |  | 7 | %
Other | 20 | % |  | 19 | %
| 100 | % |  | 100 | %
The following table summarizes the classification of these assets.
| 2020 |  | 2019
| Level I |  | Level II |  | Level III |  | Level I |  | Level II |  | Level III
Equity securities | — |  |  | 71 |  |  | — |  |  | — |  |  | 59 |  |  | — |
Debt securities | 8 |  |  | 62 |  |  | — |  |  | 11 |  |  | 62 |  |  | — |
Insurance contracts | — |  |  | 15 |  |  | — |  |  | — |  |  | 14 |  |  | — |
Other | — |  |  | 21 |  |  | 18 |  |  | 2 |  |  | 18 |  |  | 14 |
| 8 |  |  | 169 |  |  | 18 |  |  | 13 |  |  | 153 |  |  | 14 |
Summary of Estimated Future Pension Benefit Payments | The following benefit payments are expected to be made (including those for funded plans):
2021 | 24 |
2022 | 24 |
2023 | 26 |
2024 | 28 |
2025 | 28 |
Years 2026-2030 | 170 |

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