XML 87 R62.htm IDEA: XBRL DOCUMENT v3.22.0.1
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of net funded status
 Pension Benefits 
U.S. PlansNon-U.S. PlansRetiree Health
 202120202021202020212020
Change in Benefit Obligation:    
Benefit obligation, January 1$3,747 $3,598 $7,159 $6,492 $370 $385 
Service cost2 2 20 20 2 2 
Interest cost80 196 88 113 8 12 
Plan participants' contributions— — 3 3 8 10 
Actuarial (gain) loss(86)240 (233)439 (1)4 
Currency exchange rate changes— — (193)374 — 3 
Plan Amendments/Curtailments— — (4)2 (50)(11)
Benefits paid/settlements(371)(289)(297)(284)(34)(35)
Other— — — — — — 
Benefit Obligation, December 31$3,372 $3,747 $6,543 $7,159 $303 $370 
Change in Plan Assets:
Fair value of plan assets, January 1$2,802 $2,493 $7,199 $6,385 $— $— 
Actual return on plan assets89 563 415 637 — — 
Employer contributions24 35 111 104 25 25 
Plan participants' contributions— — 3 3 8 10 
Currency exchange rate changes— — (178)354 — — 
Benefits paid/settlements(371)(289)(297)(284)(33)(35)
Other— — (1)— — — 
Fair Value of Plan Assets, December 31$2,544 $2,802 $7,252 $7,199 $— $— 
Net Funded Status at December 31(1)
$(828)$(945)$709 $40 $(303)$(370)
Amounts Recognized in the Consolidated Balance Sheets:    
Other long-term assets$— $— $1,211 $617 $— $— 
Accrued compensation and benefit costs(24)(24)(21)(24)(26)(30)
Pension and other benefit liabilities(804)(921)(481)(553)— — 
Post-retirement medical benefits— — — — (277)(340)
Net Amounts Recognized$(828)$(945)$709 $40 $(303)$(370)
Accumulated Benefit Obligation$3,372 $3,747 $6,412 $7,018 
  _____________
(1)Includes under-funded and unfunded plans.
Schedule of amounts in accumulated other comprehensive loss to be recognized over next fiscal year Benefit plans pre-tax amounts recognized in AOCL at December 31st:
 Pension Benefits 
U.S. PlansNon-U.S. PlansRetiree Health
202120202021202020212020
Net actuarial loss (gain)$745 $874 $939 $1,471 $(25)$(23)
Prior service (credit) cost— (1)29 27 (83)(99)
Total Pre-tax loss (gain)$745 $873 $968 $1,498 $(108)$(122)
Schedule of accumulated benefit obligations in excess of fair value of plan assets
Aggregate information for pension plans with an Accumulated benefit obligation in excess of plan assets is presented below. Information for Retiree Health plans with an accumulated post-retirement benefit obligation in excess of plan assets has been disclosed in the preceding table on Benefit obligations and Net funded status as all Retiree Health plans are unfunded.
December 31, 2021December 31, 2020
Accumulated Benefit ObligationFair Value of Plan AssetsAccumulated Benefit ObligationFair Value of Plan Assets
Underfunded Plans:
U.S.$3,056 $2,544 $3,408 $2,802 
Non U.S.181 144 921 873 
Unfunded Plans:
U.S.$316 $— $339 $— 
Non U.S.440 — 502 — 
Total Underfunded and Unfunded Plans:
U.S.$3,372 $2,544 $3,747 $2,802 
Non U.S.621 144 1,423 873 
Total$3,993 $2,688 $5,170 $3,675 

Aggregate information for pension plans with a benefit obligation in excess of plan assets is presented below:
December 31, 2021December 31, 2020
Benefit ObligationFair Value of Plan AssetsBenefit ObligationFair Value of Plan Assets
Underfunded Plans:
U.S.$3,056 $2,544 $3,408 $2,802 
Non U.S.810 751 942 873 
Unfunded Plans:
U.S.$316 $— $339 $— 
Non U.S.447 — 512 — 
Total Underfunded and Unfunded Plans:
U.S.$3,372 $2,544 $3,747 $2,802 
Non U.S.1,257 751 1,454 873 
Total$4,629 $3,295 $5,201 $3,675 
Schedule of defined benefit pension assets and obligations by geography
Pension plan assets and benefit obligations by country were as follows:

December 31, 2021December 31, 2020
Fair Value of Pension Plan AssetsPension Benefit ObligationsNet Funded StatusFair Value of Pension Plan AssetsPension Benefit ObligationsNet Funded Status
U.S. funded$2,544 $3,056 $(512)$2,802 $3,408 $(606)
U.S. unfunded— 316 (316)— 339 (339)
Total U.S.2,544 3,372 (828)2,802 3,747 (945)
U.K.4,914 3,870 1,044 4,707 4,218 489 
Netherlands1,174 1,145 29 1,266 1,226 40 
Canada746 747 (1)794 797 (3)
Germany— 346 (346)— 395 (395)
Other418 435 (17)432 523 (91)
Total$9,796 $9,915 $(119)$10,001 $10,906 $(905)
Schedule of components of net periodic benefit cost and other changes in plan assets and benefit obligations
The components of Net periodic benefit cost and other changes in plan assets and benefit obligations were as follows:
Year Ended December 31,
 Pension Benefits
 U.S. PlansNon-U.S. PlansRetiree Health
 202120202019202120202019202120202019
Components of Net Periodic Benefit Costs:
Service cost$2 $2 $2 $20 $20 $22 $2 $2 $2 
Interest cost(1)
80 196 218 88 113 153 8 12 15 
Expected return on plan assets(2)
(117)(217)(210)(208)(191)(233)— — — 
Recognized net actuarial loss (gain)17 27 24 59 58 43 1 (1)(5)
Amortization of prior service credit(1)(2)(2)(1)(1)(2)(66)(76)(77)
Recognized settlement loss54 53 93 1 1 1 — — — 
Recognized curtailment gain— — — (4)(1)— — — — 
Defined Benefit Plans35 59 125 (45)(1)(16)(55)(63)(65)
Defined contribution plans— 1 26 18 18 23 n/an/an/a
Net Periodic Benefit Cost (Credit)35 60 151 (27)17 7 (55)(63)(65)
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Income (Loss):
Net actuarial (gain) loss
(57)(105)243 (425)(9)24 (1)4 8 
Prior service (credit) cost— — — (4)4 — (50)(11)— 
Amortization of net actuarial (loss) gain(71)(80)(117)(60)(59)(44)(1)1 5 
Amortization of net prior service credit1 2 2 1 1 2 66 76 77 
Curtailment gain— — — 4 1 — — — — 
Total Recognized in Other Comprehensive Income (Loss)(3)
(127)(183)128 (484)(62)(18)14 70 90 
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Loss)$(92)$(123)$279 $(511)$(45)$(11)$(41)$7 $25 
_____________
(1)Interest cost for Pension Benefits includes interest expense on non-TRA obligations of $150, $184 and $243 and interest expense (income) directly allocated to TRA participant accounts of $18, $125 and $128 for the years ended December 31, 2021, 2020 and 2019, respectively.
(2)Expected return on plan assets includes expected investment income on non-TRA assets of $307, $283 and $315 and actual investment income (loss) on TRA assets of $18, $125 and $128 for the years ended December 31, 2021, 2020 and 2019, respectively.
(3)Amounts represent the pre-tax effect included in Other comprehensive income. Refer to Note 25 - Other Comprehensive Income (Loss) for the related tax effects and the net of tax amounts.
Defined benefit plan assets measured at fair value, observable and unobservable inputs
The following tables present the defined benefit plans assets measured at fair value and the basis for that measurement.
December 31, 2021
U.S. PlansNon-U.S. Plans
Asset Class Level 1Level 2Level 3
Assets measured at NAV(1)
TotalLevel 1Level 2Level 3
Assets measured at NAV(1)
Total
Cash and cash equivalents$3 $— $— $— $3 $477 $— $— $— $477 
Equity Securities:
U.S. 148 — — — 148 35 36 — — 71 
International 161 — — 230 391 699 339 — 37 1,075 
Fixed Income Securities:
U.S. treasury securities— 214 — — 214 — 61 — — 61 
Debt security issued by government agency— 119 — — 119 — 2,181 — — 2,181 
Corporate bonds— 1,134 — — 1,134 — 985 — — 985 
Derivatives— 5 — — 5 — 300 — — 300 
Real estate— — 51 10 61 — — 164 112 276 
Private equity/venture capital— — — 239 239 — — 4 1,684 1,688 
Guaranteed insurance contracts— — — — — — — 75 — 75 
Other(2)(3)
95 — — 135 230 22 41 — — 63 
Total Fair Value of Plan Assets$407 $1,472 $51 $614 $2,544 $1,233 $3,943 $243 $1,833 $7,252 
 _____________
(1)Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
(2)Other NAV includes mutual funds of $75 (measured at NAV) which are invested approximately 75% in fixed income securities and approximately 25% in equity securities.
(3)Other Level 1 includes mutual funds of $93, which are invested in equity securities, and net non-financial assets of $2 U.S. and $22 Non-U.S., respectively, such as due to/from broker, interest receivables and accrued expenses.
December 31, 2020
U.S. PlansNon-U.S. Plans
Asset Class Level 1Level 2Level 3
Assets measured at NAV(1)
TotalLevel 1Level 2Level 3
Assets measured at NAV(1)
Total
Cash and cash equivalents$17 $— $— $— $17 $401 $— $— $— $401 
Equity Securities:
U.S. 224 — — 39 263 178 56 — — 234 
International 243 — — 204 447 559 321 — 151 1,031 
Fixed Income Securities:
U.S. treasury securities— 325 — — 325 — 77 — — 77 
Debt security issued by government agency— 78 — — 78 — 2,026 — — 2,026 
Corporate bonds— 1,252 — — 1,252 — 921 — — 921 
Derivatives— 11 — — 11 — 488 — — 488 
Real estate— — 31 10 41 — — 208 108 316 
Private equity/venture capital— — — 209 209 — — 3 1,557 1,560 
Guaranteed insurance contracts— — — — — — — 86 — 86 
Other(2)(3)
7 — — 152 159 21 38 — — 59 
Total Fair Value of Plan Assets$491 $1,666 $31 $614 $2,802 $1,159 $3,927 $297 $1,816 $7,199 
 _____________
(1)Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
(2)Other NAV includes mutual funds of $73 (measured at NAV) which are invested approximately 70% in fixed income securities and approximately 30% in equity securities.
(3)Other Level 1 includes net non-financial (liabilities) assets of $7 U.S. and $21 Non-U.S., respectively, such as due to/from broker, interest receivables and accrued expenses.
Schedule of fair value, assets measured on recurring basis, unobservable input reconciliation
The following tables represents a roll-forward of the defined benefit plans assets measured at fair value using significant unobservable inputs (Level 3 assets):
U.S.Non-U.S.
Real EstateReal EstatePrivate Equity/Venture CapitalGuaranteed Insurance ContractsTotal
Balance at December 31, 2019$5 $219 $5 $90 $314 
Purchases27 — 3 — 3 
Sales— (15)— (4)(19)
Unrealized losses(1)(8)(4)(8)(20)
Currency translation— 12 (1)8 19 
Balance at December 31, 2020$31 $208 $3 $86 $297 
Purchases15 10 — — 10 
Sales— (33)— (5)(38)
Unrealized gains (losses)5 (12)1 1 (10)
Currency translation— (9)— (7)(16)
Balance at December 31, 2021$51 $164 $4 $75 $243 
Schedule of allocation of plan assets
The target asset allocations for our worldwide defined benefit pension plans were:
20212020
 U.S.Non-U.S.U.S.Non-U.S.
Equity investments(1)
24%15%23%15%
Fixed income investments60%44%61%44%
Real estate6%4%6%4%
Private equity/venture capital8%24%8%22%
Other2%13%2%15%
Total Investment Strategy100%100%100%100%
 _____________
(1)Target allows for an additional allocation to synthetic equity which is offset by cash.
Defined benefit and retiree health pension plans, actual and expected cash contributions The following table summarizes cash contributions to our defined benefit pension plans and retiree health benefit plans.
Year Ended December 31,
2021
Estimated 2022
U.S. Plans$24 $25 
Non-U.S. Plans111 110 
Total$135 $135 
Retiree Health$25 $25 
Schedule of expected benefit payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the following years:
 Pension Benefits
U.S.Non-U.S.TotalRetiree Health
2022$349 $284 $633 $25 
2023301 291 592 25 
2024287 301 588 24 
2025276 304 580 22 
2026263 313 576 21 
Years 2027-20311,095 1,681 2,776 87 
Schedule of assumptions used
Weighted-average assumptions used to determine benefit obligations at the plan measurement dates:
Pension Benefits 
 202120202019
U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.
Discount rate2.7 %1.8 %2.2 %1.3 %3.1 %1.8 %
Rate of compensation increase0.1 %2.8 %0.1 %2.6 %0.2 %2.6 %
Interest crediting rate2.8 %1.5 %2.8 %1.5 %2.8 %1.5 %
 
Retiree Health 
 202120202019
Discount rate2.7 %2.2 %3.0 %
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31:
 Pension Benefits 
2022202120202019
 U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.
Discount rate2.7 %1.8 %2.2 %1.3 %3.1 %1.8 %4.2 %2.6 %
Expected return on plan assets5.9 %3.2 %5.9 %3.1 %6.0 %3.3 %6.0 %4.0 %
Rate of compensation increase0.1 %2.8 %0.1 %2.6 %0.2 %2.6 %0.2 %2.6 %
Interest crediting rate2.5 %1.5 %2.8 %1.5 %2.8 %1.5 %2.8 %1.5 %
 
 Retiree Health 
 2022202120202019
Discount rate2.7 %2.2 %3.0 %4.1 %
_____________
Note: Expected return on plan assets is not applicable to retiree health benefits as these plans are not funded. Rate of compensation increase is not applicable to retiree health benefits as compensation levels do not impact earned benefits.
Schedule of health care cost trend rates Assumed health care cost trend rates were as follows:
December 31,
 20212020
Health care cost trend rate assumed for next year5.3 %5.7 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)4.3 %4.3 %
Year that the rate reaches the ultimate trend rate20262025