Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Schedule of Net Funded Status

The following table reconciles the Company's funded status, both domestic and foreign, as of the periods indicated (in millions):

	2019						2018
	U.S.			Foreign			U.S.			Foreign
CHANGE IN PROJECTED BENEFIT OBLIGATION:
Benefit obligation as of January 1	$	1,118		$	417		$	1,257		$	470
Service cost	11			8			15			12
Interest cost	44			19			40			22
Employee contributions	—			—			—			1
Plan amendments	—			—			10			—
Plan settlements	—			—			—			(21		)
Benefits paid	(65		)	(9		)	(105		)	(17		)
Plan combinations	—			—			—			(4		)
Divestitures	—			(244		)	—			—
Actuarial (gain) loss	134			37			(99		)	(8		)
Effect of foreign currency exchange rate changes	—			(4		)	—			(38		)
Benefit obligation as of December 31	$	1,242		$	224		$	1,118		$	417
CHANGE IN PLAN ASSETS:
Fair value of plan assets as of January 1	$	1,026		$	410		$	1,127		$	455
Actual return on plan assets	185			19			(35		)	6
Employer contributions	8			5			39			21
Employee contributions	—			—			—			1
Plan settlements	—			—			—			(21		)
Benefits paid	(65		)	(9		)	(105		)	(17		)
Divestitures	—			(296		)	—			—
Effect of foreign currency exchange rate changes	—			—			—			(35		)
Fair value of plan assets as of December 31	$	1,154		$	129		$	1,026		$	410
RECONCILIATION OF FUNDED STATUS
Funded status as of December 31	$	(88	)	$	(95	)	$	(92	)	$	(7	)

Schedule of Amounts Recognized in Balance Sheet

The following table summarizes the amounts recognized on the Consolidated Balance Sheets related to the funded status of the DB Plans, both domestic and foreign, as of the periods indicated (in millions):

December 31,	2019						2018
Amounts Recognized on the Consolidated Balance Sheets	U.S.			Foreign			U.S.			Foreign
Noncurrent assets	$	—		$	—		$	—		$	64
Accrued benefit liability—current	—			(7		)	—			(6		)
Accrued benefit liability—noncurrent	(88		)	(88		)	(92		)	(65		)
Net amount recognized at end of year	$	(88	)	$	(95	)	$	(92	)	$	(7	)

Schedule of Accumulated and Projected Benefit Obligations

The following table summarizes the Company's U.S. and foreign accumulated benefit obligation as of the periods indicated (in millions):

December 31,	2019				2018
	U.S.		Foreign		U.S.		Foreign
Accumulated Benefit Obligation	$	1,224	$	188	$	1,101	$	376
Information for pension plans with an accumulated benefit obligation in excess of plan assets:
Projected benefit obligation	$	1,242	$	197	$	1,118	$	89
Accumulated benefit obligation	1,224		178		1,101		79
Fair value of plan assets	1,154		114		1,026		33
Information for pension plans with a projected benefit obligation in excess of plan assets:
Projected benefit obligation	$	1,242	$	224	$	1,118	$	220
Fair value of plan assets	1,154		129		1,026		150

Schedule of Assumptions Used

The following table summarizes the significant weighted average assumptions used in the calculation of benefit obligation and net periodic benefit cost, both domestic and foreign, as of the periods indicated:

December 31,		2019					2018
		U.S.		Foreign			U.S.		Foreign
Benefit Obligation:	Discount rate	3.32	%	7.58	%		4.35	%	5.63	%
	Rate of compensation increase	3.33	%	6.11	%		3.34	%	4.79	%
Periodic Benefit Cost:	Discount rate	4.35	%	5.62	%	(1)	3.67	%	5.23	%	(1)
	Expected long-term rate of return on plan assets	5.08	%	4.10	%		5.73	%	3.94	%
	Rate of compensation increase	3.34	%	4.78	%		3.34	%	4.65	%

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⁽¹⁾ 

Includes an inflation factor that is used to calculate future periodic benefit cost, but is not used to calculate the benefit obligation.

Impact Of One Percent Change In Assumptions

The impact on pension expense from a one percentage point change in these assumptions is shown in the following table (in millions):

Increase of 1% in the discount rate	$	(14	)
Decrease of 1% in the discount rate	10
Increase of 1% in the long-term rate of return on plan assets	(11		)
Decrease of 1% in the long-term rate of return on plan assets	11

Schedule of Net Benefit Costs

The following table summarizes the components of the net periodic benefit cost, both domestic and foreign, for the years indicated (in millions):

December 31,	2019						2018						2017
Components of Net Periodic Benefit Cost:	U.S.			Foreign			U.S.			Foreign			U.S.			Foreign
Service cost	$	11		$	8		$	15		$	12		$	13		$	10
Interest cost	44			19			40			22			41			23
Expected return on plan assets	(52		)	(14		)	(64		)	(17		)	(69		)	(21		)
Amortization of prior service cost	5			—			5			—			6			—
Amortization of net loss	15			1			18			3			18			2
Curtailment loss recognized	—			—			1			—			4			—
Settlement loss recognized	—			—			—			4			—			—
Total pension cost	$	23		$	14		$	15		$	24		$	13		$	14

Schedule of Net Periodic Benefit Cost Not yet Recognized

The following table summarizes the amounts reflected in AOCL, including AOCL attributable to noncontrolling interests, on the Consolidated Balance Sheet as of December 31, 2019, that have not yet been recognized as components of net periodic benefit cost (in millions):

December 31, 2019	Accumulated Other Comprehensive Income (Loss)
	U.S.			Foreign
Prior service cost	$	(4	)	$	1
Unrecognized net actuarial loss	(23		)	(63		)
Total	$	(27	)	$	(62	)

Target / Actual Allocation Of Pension Plan Asset

The following table summarizes the Company's target allocation for 2019 and pension plan asset allocation, both domestic and foreign, as of the periods indicated:

			Percentage of Plan Assets as of December 31,
	Target Allocations		2019				2018
Asset Category	U.S.	Foreign	U.S.		Foreign		U.S.		Foreign
Equity securities	33%	13%	32.22	%	15.37	%	16.85	%	3.75	%
Debt securities	65%	81%	67.17	%	81.67	%	80.20	%	93.57	%
Real estate	2%	2%	0.22	%	1.16	%	2.35	%	0.44	%
Other	—%	4%	0.39	%	1.80	%	0.60	%	2.24	%
Total pension assets			100.00	%	100.00	%	100.00	%	100.00	%

Schedule of Allocation of Plan Assets

The asset allocation is reviewed periodically to determine a suitable asset allocation which seeks to manage risk through portfolio diversification and takes into account the above-stated objectives, in conjunction with current funding levels, cash flow conditions, and economic and industry trends. The following table summarizes the Company's U.S. DB Plan assets by category of investment and level within the fair value hierarchy as of the periods indicated (in millions):

		December 31, 2019								December 31, 2018
U.S. Plans		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Equity securities (2):	Mutual funds	$	—	$	372	$	—	$	372	$	173	$	—	$	—	$	173
Debt securities (2):	Government debt securities	—		—		—		—		170		—		—		170
	Mutual funds (1)	—		775		—		775		653		—		—		653
Real estate (2):	Real estate	—		3		—		3		—		24		—		24
Other:	Cash and cash equivalents	4		—		—		4		6		—		—		6
	Total plan assets	$	4	$	1,150	$	—	$	1,154	$	1,002	$	24	$	—	$	1,026

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⁽¹⁾ 

Mutual funds categorized as debt securities consist of mutual funds for which debt securities are the primary underlying investment

Fair Value Of Plan Assets By Category / Level (Foreign)

The investment strategy of the foreign DB Plans seeks to maximize return on investment while minimizing risk. The assumed asset allocation has less exposure to equities in order to closely match market conditions and near term forecasts. The following table summarizes the Company's foreign DB plan assets by category of investment and level within the fair value hierarchy as of the periods indicated (in millions):

		December 31, 2019								December 31, 2018
Foreign Plans		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Equity securities:	Mutual funds	$	19	$	—	$	—	$	19	$	14	$	—	$	—	$	14
	Private equity	—		—		1		1		—		—		1		1
Debt securities:	Government debt securities	—		—		—		—		13		—		—		13
	Mutual funds (1)	17		88		—		105		287		84		—		371
Real estate:	Real estate	—		—		2		2		—		—		2		2
Other:	Cash and cash equivalents	—		—		—		—		2		—		—		2
	Other assets	1		—		1		2		1		—		6		7
	Total plan assets	$	37	$	88	$	4	$	129	$	317	$	84	$	9	$	410

_____________________________

⁽¹⁾ 

Mutual funds categorized as debt securities consist of mutual funds for which debt securities are the primary underlying investment.

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

The following table summarizes the estimated cash flows for U.S. and foreign expected employer contributions and expected future benefit payments, both domestic and foreign (in millions):

	U.S.		Foreign
Expected employer contribution in 2020	$	8	$	8
Expected benefit payments for fiscal year ending:
2020	71		15
2021	72		13
2022	73		14
2023	73		15
2024	73		17
2025 - 2029	365		105

Scheduled Cash Flows For Employer Contributions And Expected Future Benefit Payments

The following table summarizes the estimated cash flows for U.S. and foreign expected employer contributions and expected future benefit payments, both domestic and foreign (in millions):

	U.S.		Foreign
Expected employer contribution in 2020	$	8	$	8
Expected benefit payments for fiscal year ending:
2020	71		15
2021	72		13
2022	73		14
2023	73		15
2024	73		17
2025 - 2029	365		105