XML 69 R49.htm IDEA: XBRL DOCUMENT v3.22.0.1
Employee Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Pension and Other Postretirement Plans, Policy [Policy Text Block] We also sponsor a voluntary 401(k) Retirement Savings Plan for eligible employees. We match 200 percent of employee elective deferrals for the first two percent of employee eligible compensation and 50 percent of employee elective deferrals greater than two percent, but not exceeding six percent, of employee eligible compensation. Total expense for our matching contributions to the plan was $118 million in 2021, $102 million in 2020 and $98 million in 2019.
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] The outstanding obligation is as follows:
 As of December 31, 2021
(in millions)
Accumulated Benefit Obligation (ABO)Projected
Benefit
Obligation (PBO)
Fair value of Plan AssetsUnfunded/Underfunded
PBO Recognized
Domestic Retirement Plans$56 $59 $— $59 
U.K. Plan209 209 205 
Other International Retirement Plans214 234 130 103 
 $478 $502 $336 $166 

 As of December 31, 2020
(in millions)
Accumulated Benefit Obligation (ABO)Projected
Benefit
Obligation (PBO)
Fair value of Plan AssetsUnfunded/Underfunded PBO Recognized
Domestic Retirement Plans$54 $58 $— $58 
U.K. Plan226 226 223 
Other International Retirement Plans225 247 132 115 
 $506 $532 $355 $177 
Schedule of Changes in Projected Benefit Obligations [Table Text Block]
A rollforward of the changes in the PBO for our retirement plans is as follows:
 Year Ended December 31,
(in millions)20212020
Beginning obligations$532 $488 
Acquired plans— 
Service costs17 19 
Interest costs
Actuarial (gain) loss(7)22 
Plan amendments and assumption changes(6)(5)
Benefits paid(22)(23)
Impact of foreign currency fluctuations(20)26 
Ending obligation$502 $532 
Schedule of Defined Benefit Plans Disclosures [Table Text Block] The following assumptions were used to measure the fair value of the benefit obligation and associated plan assets as of the August 19, 2019 measurement date:
Discount RateExpected Return on Plan AssetsRate of Compensation Increase
U.K. Plan0.4%0.4%3.4%

As of the measurement date of August 19, 2019, the funded status was as follows:
(in millions)
Fair value of plan assets$213 
Benefit obligation(216)
Funded status$(3)
The critical assumptions associated with our employee retirement plans for 2021 are as follows:
Weighted Average Discount RateWeighted Average Expected Return on Plan
Weighted Average Rate of Compensation Increase(1)
Domestic Retirement Plans2.40%n/a1.50%
U.K. Plan0.70%0.70%n/a
Other International Retirement Plans0.82%2.16%2.60%
(1)    Rates of compensation increase were not weighted by relative fair value. As such, the amount represents the median of the inputs and is not a weighted average.
The critical assumptions associated with our employee retirement plans for 2020 are as follows:
Weighted Average Discount RateWeighted Average Expected Return on Plan
Weighted Average Rate of Compensation Increase(1)
Domestic Retirement Plans1.90%n/a1.50%
U.K. Plan0.10%0.10%n/a
Other International Retirement Plans0.67%1.98%2.40%
(1)    Rates of compensation increase were not weighted by relative fair value. As such, the amount represents the median of the inputs and is not a weighted average.
Schedule of Allocation of Plan Assets The following table presents the fair value hierarchy of the U.K. Plan assets measured at fair value as of December 31, 2021:
As of
December 31, 2021
(in millions)Level 1Level 2Level 3Total
Buy-in contracts$— $— $205 $205 
Total assets$ $ $205 $205 
The following table presents the fair value hierarchy of the U.K. Plan assets measured at fair value as of December 31, 2020:
As of
December 31, 2020
(in millions)Level 1Level 2Level 3Total
Buy-in contracts$— $— $223 $223 
Total assets$ $ $223 $223 
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] A rollforward of the changes in the fair value of plan assets for our funded retirement plans is as follows:
 Year Ended December 31,
(in millions)20212020
Beginning fair value$355 $332 
Acquired plans— 
Actual return on plan assets
Employer contributions12 12 
Participant contributions
Actuarial gain (loss)(4)14 
Benefits paid(22)(23)
Impact of foreign currency fluctuations(13)16 
Ending fair value$336 $355 
Changes in the fair value of the U.K. Plan Level 3 assets were as follows:
(in millions)Buy-in Contracts
Balance as of December 31, 2020$223 
Actual return on plan assets— 
Actuarial gain (loss)(5)
Transfers out for benefits paid(11)
Impact of foreign currency fluctuations(2)
Balance as of December 31, 2021$205 
Schedule of Expected Benefit Payments Benefit payments expected to be paid during the next ten years for our Domestic Retirement Plans, our U.K. Plan and our Other International Retirement Plans are as follows:
(in millions)Post Retirement Benefits
2022$20 
202321 
202416 
202522 
202623 
2027-2031109