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Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2018
Retirement Benefits [Abstract]  
Summary of pension plans
Prior to the plan transfers to Veoneer legal entities on April 1, 2018, eligible Veoneer employees participated in the following Autoliv-sponsored plans:
Country
Name of Defined Benefit Plans
Germany
Direct Pension Promises Plan
India
Gratuity Plan
Japan
Retirement Allowances Plan
Defined Benefit Corporate Plan
South Korea
Severance Pay Plan (statutory plan)
Schedule of changes in projected benefit obligation, fair value of plan assets and funded status of plan
Changes in Benefit Obligations and Plan Assets
 
 
As of December 31
 
 
2018
 
2017
Benefit obligation at beginning of year
 
$
74

 
$
66

Service cost
 
5

 
5

Interest cost
 
2

 
1

Actuarial (gain) loss
 
(2
)
 
1

Benefits paid
 
(2
)
 
(1
)
Curtailments
 

 
(3
)
Settlement
 
(3
)
 

Acquisition
 

 
1

Other
 
4

 

Translation difference
 
(2
)
 
4

Benefit obligation at end of year
 
$
76

 
$
74

Fair value of plan assets at beginning of year
 
$
60

 
$
51

Actual return on plan assets
 
(2
)
 
3

Company contributions
 
4

 
6

Benefits paid
 
(2
)
 
(1
)
Settlements
 
(3
)
 
(3
)
Acquisition
 

 
1

Other
 
(1
)
 

Translation difference
 
(2
)
 
3

Fair value of plan assets at year end
 
$
54

 
$
60

Funded status recognized in the balance sheet
 
$
(22
)
 
$
(14
)
Schedule of net periodic benefit cost


Components of Net Periodic Benefit Cost Associated with the Defined Benefit Retirement Plan
 
 
Year Ended December 31
 
 
2018
 
2017
 
2016
Service cost
 
$
5

 
$
5

 
$
4

Interest cost
 
2

 
1

 
1

Expected return on plan assets
 
(2
)
 
(2
)
 
(2
)
Net periodic benefit cost
 
$
4

 
$
5

 
$
4

Schedule of amounts recognized in other comprehensive income (loss)
Components of Accumulated other Comprehensive Income Before Tax
 
 
As of December 31
 
 
2018
 
2017
Net actuarial loss (gain)
 
$
9

 
$
6

Prior service cost (credit)
 

 
1

Total accumulated other comprehensive income recognized in the balance sheet
 
$
10

 
$
7


Changes in Accumulated Other Comprehensive Income Before Tax
 
 
As of December 31
 
 
2018
 
2017
Total retirement benefit recognized in accumulated other comprehensive income at beginning of year
 
$
7

 
$
7

Net actuarial loss (gain)
 
3

 
(1
)
Translation difference
 
(1
)
 
1

Other
 
1

 

Total retirement benefit recognized in accumulated other comprehensive income at end of year
 
$
10

 
$
7

Schedule of accumulated and projected benefit obligations in excess of fair value
Pension Plans for Which Accumulated Benefit Obligation (ABO) Exceeds the Fair Value of Plan Assets
 
 
As of December 31
 
 
2018
 
2017
Projected Benefit Obligation (PBO)
 
$
76

 
$
39

Accumulated Benefit Obligation
 
$
67

 
$
33

Fair value of plan assets
 
$
54

 
$
26

Schedule of assumptions used
 Assumptions Used to Determine the Benefit Obligation
 
 
As of December 31
 
 
2018
 
2017
 
 
Weighted average
 
Range
Discount rate
 
2.14
%
 
0.50-3.60
Rate of increases in compensation level
 
4.39
%
 
2.00-3.00
 Assumptions Used to Determine the Net Periodic Benefit Cost for Years Ended December 31
 
 
Year Ended December 31
 
 
2018
 
2017
 
2016
 
 
Weighted average
 
Range
 
Range
Discount rate
 
2.06
%
 
0.50-3.90
 
0.50-4.10
Rate of increases in compensation level
 
4.30
%
 
2.00-5.00
 
2.25-5.00
Expected long-term rate of return on assets
 
3.81
%
 
0.75-6.00
 
0.75-6.15
Schedule of allocation of plan assets
Fair Value of Total Plan Assets
 
 
As of December 31
ASSETS CATEGORY IN % WEIGHTED AVERAGE
 
2018
 
2017
Equity securities
 
36.0
%
 
40.0
%
Debt instruments
 
12.0
%
 
13.0
%
Other assets
 
52.0
%
 
47.0
%
Total
 
100.0
%
 
100.0
%


The following table summarizes the fair value of the defined benefit pension plan assets: 
 
 
As of December 31
 
 
2018
 
2017
Assets
 
 
 
 
Equity
 
 
 
 
U.S. Large Cap
 
$
7

 
$
16

Non-U.S. Equity
 
13

 
8

Non-U.S. Bonds
 
 
 
 
Corporate
 
3

 

Aggregate
 
4

 
7

Insurance Contracts
 
24

 
25

Other Investments
 
4

 
4

Total
 
$
54

 
$
60

Schedule of expected benefit payments
 
 
Pension Benefits Expected Payments
Amount
2019
$
2

2020
$
2

2021
$
3

2022
$
3

2023
$
3

Years 2024-2028
$
22

Schedule of Multiemployer Plans
Prior to certain legal decisions or plan amendments, Veoneer employees in Sweden and in the U.S. participated in the following Autoliv-sponsored multiemployer plans:
Country
Name of Defined Benefit Plans
Sweden
ITP plan
U.S.
Autoliv ASP, Inc. Pension Plan
Autoliv ASP, Inc. Excess Pension Plan
Autoliv ASP, Inc. Supplemental Pension Plan