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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

The components of net periodic (benefit) cost consisted of the following:


	Year Ended December 31,
	2020		2019		2018
Service cost (a)	$	5	$	5	$	6
Interest cost (b)	17		21		19
Expected return on plan assets (b)	(31)		(30)		(33)
Amortization of unrecognized amounts (b)	9		7		7
Net periodic (benefit) cost	$	—	$	3	$	(1)

__________

(a)For the year ended December 31, 2020, $4 million and $1 million were included in operating expenses and selling, general and administrative expenses, respectively. For the year ended December 31, 2019, $4 million and $1 million were included in operating expenses and selling, general and administrative expenses, respectively. For the year ended December 31, 2018, $4 million and $2 million were included in operating expenses and selling, general and administrative expenses, respectively.

(b)Included in selling, general and administrative expenses.

Summary of Funded Status of Pension Plans

The Company uses a measurement date of December 31 for its pension plans. The funded status of the pension plans were as follows:


	As of December 31,
Change in Benefit Obligation	2020		2019
Benefit obligation at end of prior year	$	821	$	722
Service cost	5		5
Interest cost	17		21
Actuarial (gain) loss	84		87
Currency translation adjustment	26		13
Net benefits paid	(27)		(27)
Benefit obligation at end of current year	$	926	$	821

Change in Plan Assets
Fair value of assets at end of prior year	$	649	$	549
Actual return on plan assets	71		91
Employer contributions	14		21
Currency translation adjustment	14		14
Net benefits paid	(26)		(26)
Fair value of assets at end of current year	$	722	$	649

Schedule of Net Funded Status [Table Text Block]


	As of December 31,
Funded Status	2020		2019
Classification of net balance sheet assets (liabilities):
Non-current assets	$	7	$	20
Current liabilities	(4)		(4)
Non-current liabilities	(207)		(188)
Net funded status	$	(204)	$	(172)

Summary of Assumptions Used to Determine Pension Obligations and Pension Costs

The following assumptions were used to determine pension obligations and pension costs for the principal plans in which the Company’s employees participated:


		For the Year Ended December 31,
U.S. Pension Benefit Plans		2020		2019		2018
Discount rate:
	Net periodic benefit cost	3.10	%	4.15	%	3.50	%
	Benefit obligation	2.25	%	3.10	%	4.15	%
Long-term rate of return on plan assets		7.00	%	7.00	%	7.00	%

Non-U.S. Pension Benefit Plans
Discount rate:
	Net periodic benefit cost	1.95	%	2.75	%	2.55	%
	Benefit obligation	1.40	%	1.95	%	2.75	%
Long-term rate of return on plan assets		3.80	%	4.50	%	4.50	%

Summary of Defined Benefit Pension Plans' Assets Fair Value

The following table presents the defined benefit pension plans’ assets measured at fair value, as of December 31:


	2020
Asset Class	Level 1		Level 2		Total
Cash equivalents and short-term investments	$	19	$	50	$	69
U.S. equities	113		56		169
Non-U.S. equities	64		103		167

Government bonds	5		1		6
Corporate bonds	105		32		137
Other assets	1		173		174
Total assets	$	307	$	415	$	722


	2019
Asset Class	Level 1		Level 2		Total
Cash equivalents and short-term investments	$	16	$	54	$	70
U.S. equities	100		52		152
Non-U.S. equities	59		99		158

Government bonds	4		3		7
Corporate bonds	96		20		116
Other assets	2		144		146
Total assets	$	277	$	372	$	649