Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

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):

	2020				2019
	U.S.		Foreign		U.S.		Foreign
CHANGE IN PROJECTED BENEFIT OBLIGATION:
Benefit obligation as of January 1	$	1,242	$	224	$	1,118	$	417
Service cost	12		6		11		8
Interest cost	35		14		44		19
Employee contributions	—		—		—		—
Plan amendments	1		—		—		—
Plan curtailments	—		(6)		—		—
Plan settlements	—		—		—		—
Benefits paid	(81)		(9)		(65)		(9)
Plan combinations	—		—		—		—
Divestitures	—		—		—		(244)
Actuarial (gain) loss	122		19		134		37
Effect of foreign currency exchange rate changes	—		(30)		—		(4)
Benefit obligation as of December 31	$	1,331	$	218	$	1,242	$	224
CHANGE IN PLAN ASSETS:
Fair value of plan assets as of January 1	$	1,154	$	129	$	1,026	$	410
Actual return on plan assets	168		13		185		19
Employer contributions	8		5		8		5
Employee contributions	—		—		—		—
Plan settlements	—		—		—		—
Benefits paid	(81)		(9)		(65)		(9)
Divestitures	—		—		—		(296)
Effect of foreign currency exchange rate changes	—		(26)		—		—
Fair value of plan assets as of December 31	$	1,249	$	112	$	1,154	$	129
RECONCILIATION OF FUNDED STATUS
Funded status as of December 31	$	(82)	$	(106)	$	(88)	$	(95)

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,	2020				2019
Amounts Recognized on the Consolidated Balance Sheets	U.S.		Foreign		U.S.		Foreign
Noncurrent assets	$	9	$	—	$	—	$	—
Accrued benefit liability—current	—		(8)		—		(7)
Accrued benefit liability—noncurrent	(91)		(98)		(88)		(88)
Net amount recognized at end of year	$	(82)	$	(106)	$	(88)	$	(95)

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,	2020				2019
	U.S.		Foreign		U.S.		Foreign
Accumulated Benefit Obligation	$	1,306	$	199	$	1,224	$	188
Information for pension plans with an accumulated benefit obligation in excess of plan assets:
Projected benefit obligation	$	494	$	218	$	1,242	$	197
Accumulated benefit obligation	481		199		1,224		178
Fair value of plan assets	403		112		1,154		114
Information for pension plans with a projected benefit obligation in excess of plan assets:
Projected benefit obligation	$	494	$	218	$	1,242	$	224
Fair value of plan assets	403		112		1,154		129

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,		2020					2019
		U.S.		Foreign			U.S.		Foreign
Benefit Obligation:	Discount rate	2.45	%	7.53	%		3.32	%	7.58	%
	Rate of compensation increase	2.75	%	5.69	%		3.33	%	6.11	%
Periodic Benefit Cost:	Discount rate	3.32	%	7.58	%	(1)	4.35	%	5.62	%	(1)
	Expected long-term rate of return on plan assets	5.24	%	7.18	%		5.08	%	4.10	%
	Rate of compensation increase	2.86	%	6.13	%		3.34	%	4.78	%

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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	$	(9)
Decrease of 1% in the discount rate	6
Increase of 1% in the long-term rate of return on plan assets	(12)
Decrease of 1% in the long-term rate of return on plan assets	12

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,	2020				2019				2018
Components of Net Periodic Benefit Cost:	U.S.		Foreign		U.S.		Foreign		U.S.		Foreign
Service cost	$	12	$	6	$	11	$	8	$	15	$	12
Interest cost	35		14		44		19		40		22
Expected return on plan assets	(58)		(7)		(52)		(14)		(64)		(17)
Amortization of prior service cost	5		—		5		—		5		—
Amortization of net loss	14		2		15		1		18		3
Curtailment loss recognized	—		—		—		—		1		—
Settlement loss recognized	—		—		—		—		—		4
Total pension cost	$	8	$	15	$	23	$	14	$	15	$	24

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, 2020, that have not yet been recognized as components of net periodic benefit cost (in millions):

December 31, 2020	Accumulated Other Comprehensive Income (Loss)
	U.S.		Foreign
Prior service cost	$	(3)	$	1
Unrecognized net actuarial loss	(34)		(69)
Total	$	(37)	$	(68)

Target / Actual Allocation Of Pension Plan Asset

The following table summarizes the Company's target allocation for 2020 and pension plan asset allocation, both domestic and foreign, as of the periods indicated:

			Percentage of Plan Assets as of December 31,
	Target Allocations		2020				2019
Asset Category	U.S.	Foreign	U.S.		Foreign		U.S.		Foreign
Equity securities	41%	13%	43.79	%	14.85	%	32.22	%	15.37	%
Debt securities	57%	82%	55.87	%	82.30	%	67.17	%	81.67	%
Real estate	2%	2%	—	%	1.12	%	0.22	%	1.16	%
Other	—%	3%	0.34	%	1.73	%	0.39	%	1.80	%
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, 2020								December 31, 2019
U.S. Plans		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Equity securities: (2)	Mutual funds	$	—	$	547	$	—	$	547	$	—	$	372	$	—	$	372
Debt securities: (2)	Mutual funds (1)	—		698		—		698		—		775		—		775
Real estate: (2)	Real estate	—		—		—		—		—		3		—		3
Other:	Cash and cash equivalents	4		—		—		4		4		—		—		4
	Total plan assets	$	4	$	1,245	$	—	$	1,249	$	4	$	1,150	$	—	$	1,154

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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, 2020								December 31, 2019
Foreign Plans		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Equity securities:	Mutual funds	$	16	$	—	$	—	$	16	$	19	$	—	$	—	$	19
	Private equity	—		—		1		1		—		—		1		1
Debt securities:	Government debt securities	—		—		—		—		—		—		—		—
	Mutual funds (1)	18		74		—		92		17		88		—		105
Real estate:	Real estate	—		—		1		1		—		—		2		2
Other:	Cash and cash equivalents	—		—		—		—		—		—		—		—
	Other assets	1		—		1		2		1		—		1		2
	Total plan assets	$	35	$	74	$	3	$	112	$	37	$	88	$	4	$	129

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(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 2021	$	8	$	15
Expected benefit payments for fiscal year ending:
2021	70		15
2022	71		13
2023	71		14
2024	71		16
2025	72		17
2026 - 2030	354		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 2021	$	8	$	15
Expected benefit payments for fiscal year ending:
2021	70		15
2022	71		13
2023	71		14
2024	71		16
2025	72		17
2026 - 2030	354		105