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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Retirement Plan Expense
The following table sets forth the components of retirement plan expense for the years ended December 31, 2021, 2020, and 2019:
 Pension BenefitsPostretirement Benefits
(In millions) Year Ended December 31Year Ended December 31
202120202019202120202019
Retirement plan expense
Defined benefit plans:
Service cost (benefits earned during the period)$64 $61 $58 $1 $$
Interest cost48 70 82 2 
Expected return on plan assets(95)(126)(115) — — 
Settlement charges83 — 96  — 
Amortization of actuarial loss33 38 26 6 
Amortization of prior service cost (credit)(20)(19)(19)(2)(13)(15)
Net periodic defined benefit plan expense113 24 128 7 (2)(1)
Defined contribution plans61 54 58  — — 
Total retirement plan expense$174 $78 $186 $7 $(2)$(1)
Changes In Defined Benefit Obligation And Fair Value Of Defined Benefit Plan Assets
The following tables set forth changes in the defined benefit obligation and the fair value of defined benefit plan assets for the years ended December 31, 2021 and 2020:
 Pension BenefitsPostretirement Benefits
December 31
2021
December 31
2020
December 31
2021
December 31
2020
 (In millions)(In millions)
Benefit obligation, beginning$3,014 $2,650 $173 $167 
Service cost64 61 1 
Interest cost48 70 2 
Actuarial loss (gain)(152)285 (5)17 
Employee contributions2  — 
Settlements(715)(17) — 
Benefits paid(51)(84)(17)(14)
Foreign currency effects(32)47  (2)
Benefit obligation, ending$2,178 $3,014 $154 $173 
Fair value of plan assets, beginning$2,337 $2,018 $ $— 
Actual return on plan assets146 317  — 
Employer contributions30 85 17 14 
Employee contributions2  — 
Settlements(715)(18) — 
Benefits paid(51)(84)(17)(14)
Foreign currency effects(7)17  — 
Fair value of plan assets, ending$1,742 $2,337 $ $— 
Funded status$(436)$(677)$(154)$(173)
Prepaid benefit cost$121 $29 $ $— 
Accrued benefit liability – current(18)(19)(15)(16)
Accrued benefit liability – long-term(539)(687)(139)(157)
Net amount recognized in the balance sheet$(436)$(677)$(154)$(173)
Principal Assumptions In Developing Net Periodic Pension Cost
The following table sets forth the principal assumptions used in developing net periodic benefit cost:
 Pension BenefitsPostretirement Benefits
December 31
2021
December 31
2020
December 31
2021
December 31
2020
Discount rate2.3%2.9%2.3%3.2%
Expected return on plan assets6.0%6.6%N/AN/A
Rate of compensation increase4.8%4.9%N/AN/A
Interest crediting rate2.0%2.2%N/AN/A

The following table sets forth the principal assumptions used in developing the year-end actuarial present value of the projected benefit obligations:

 Pension BenefitsPostretirement Benefits
December 31
2021
December 31
2020
December 31
2021
December 31
2020
Discount rate2.5 %2.3 %2.7%2.3%
Rate of compensation increase4.2 %4.8 %N/AN/A
Interest crediting rate1.9 %2.0 %N/AN/A
Schedule Of Fair Value Of Plan Assets
The following tables set forth, by level within the fair value hierarchy, the fair value of plan assets as of December 31, 2021 and 2020.
 Fair Value Measurements at December 31, 2021
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
 (In millions)
Common stock$135 $ $ $135 
Mutual funds426   426 
Corporate bonds 304  304 
U.S. Treasury instruments
226   226 
U.S. government agency, state and local government bonds
 3  3 
Other 8  8 
Total assets$787 $315 $ $1,102 
Common collective trust funds at NAV
U.S. equity34 
International equity193 
Fixed income285 
Other128 
Total assets at fair value$1,742 
 Fair Value Measurements at December 31, 2020
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
 (In millions)
Common stock$251 $— $— $251 
Mutual funds666 — — 666 
Corporate bonds— 328 — 328 
U.S. Treasury instruments345 — — 345 
U.S. government agency, state and local government bonds
— — 
Other— — 
Total assets$1,262 $341 $— $1,603 
Common collective trust funds at NAV
U.S. equity23 
International equity316 
Fixed income245 
Other150 
Total assets at fair value$2,337 
Actual Asset Allocation For Global Pension Plan Assets
The following table sets forth the actual asset allocation for the Company’s global pension plan assets as of the measurement date:
 
December 31 2021(1)(2)
December 31
2020(2)
Equity securities47%54%
Debt securities44%35%
Other9%11%
Total100%100%

(1)The Company’s U.S. pension plans contain approximately 64% of the Company’s global pension plan assets.  The actual asset allocation for the Company’s U.S. pension plans as of the measurement date consists of 50% equity securities and 50% debt securities.  The target asset allocation for the Company’s U.S. pension plans is approximately the same as the actual asset allocation. The actual asset allocation for the Company’s foreign pension plans as of the measurement date consists of 41% equity securities, 17% debt securities, and 42% other.  The target asset allocation for the Company’s foreign pension plans is approximately the same as the actual asset allocation.
(2)The Company’s pension plans did not directly hold any shares of Company common stock as of the December 31, 2021 and 2020 measurement dates.
Expected Future Benefit Payments To Be Paid
The following benefit payments, which reflect expected future service, are expected to be paid by the benefit plans:
 
Pension
Benefits
Postretirement
Benefits
 (In millions)
2022$57 $15 
202362 14 
202467 13 
202573 13 
202680 11 
2027-2031474 46