Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

The fair value hierarchy for assets and liabilities measured at fair value on a recurring basis are as follows:


	December 31, 2020
(In millions)	Level 1		Level 2		Level 3		NAV		Total
Asset Category:
Retirement plan assets	$	114	$	228	$	18	$	549	$	909

Foreign currency instruments	$	—	$	1	$	—	$	—	$	1
Liability Category:
Foreign currency instruments	$	—	$	27	$	—	$	—	$	27
Interest rate swaps	$	—	$	11	$	—	$	—	$	11


	December 31, 2019
(In millions)	Level 1		Level 2		Level 3		NAV		Total
Asset Category:
Retirement plan assets	$	131	$	353	$	15	$	363	$	862
Liability Category:
Foreign currency instruments	$	—	$	6	$	—	$	—	$	6
Interest rate swaps	$	—	$	7	$	—	$	—	$	7

The fair values of the Company’s U.S. retirement plan assets are as follows:


(In millions)	December 31, 2020
Asset Category	Level 1		Level 2		NAV		Total
Registered investment companies	$	4	$	—	$	—	$	4
Common trust funds	—		—		436		436
LDI	—		100		—		100
Limited partnerships and hedge funds	—		—		84		84
Cash and cash equivalents	1		34		—		35
Total	$	5	$	134	$	520	$	659


(In millions)	December 31, 2019
Asset Category	Level 1		Level 2		NAV		Total
Registered investment companies	$	3	$	—	$	—	$	3
Common and preferred stock	27		—		—		27
Common trust funds	—		152		123		275
LDI	—		111		—		111
Limited partnerships and hedge funds	—		—		206		206
Cash and cash equivalents	1		7		—		8
Total	$	31	$	270	$	329	$	630

The fair values of the Company’s Non-U.S. retirement plan assets are as follows:


(In millions)	December 31, 2020
Asset Category	Level 1		Level 2		Level 3		NAV		Total
Registered investment companies	$	10	$	68	$	—	$	—	$	78
Treasury and government securities	91		13		—		—		104
Cash and cash equivalents	6		—		—		—		6
Corporate debt securities	—		6		—		—		6
Common and preferred stock	2		—		—		—		2
Common trust funds	—		11		—		14		25
Limited partnerships	—		1		1		15		17
Insurance contracts	—		—		17		—		17
Derivative instruments	—		(5)		—		—		(5)
Total	$	109	$	94	$	18	$	29	$	250


(In millions)	December 31, 2019
Asset Category	Level 1		Level 2		Level 3		NAV		Total
Registered investment companies	$	59	$	24	$	—	$	—	$	83
Treasury and government securities	34		18		—		—		52
Cash and cash equivalents	4		1		—		—		5
Corporate debt securities	—		8		—		—		8
Common and preferred stock	3		—		—		—		3
Common trust funds	—		35		—		18		53
Limited partnerships	—		—		—		16		16
Insurance contracts	—		—		15		—		15
Derivative instruments	—		(3)		—		—		(3)
Total	$	100	$	83	$	15	$	34	$	232