Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value

			Basis of fair value measurements
	Balance at December 31, 2019		Quoted prices in active markets for identical items (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Valuation technique
(in millions)
Assets:
Net investment hedge contracts	$	3	$	—	$	3	$	—	A
Liabilities:
Foreign currency contracts	$	1	$	—	$	1	$	—	A
Net investment hedge contracts	$	8	$	—	$	8	$	—	A

			Basis of fair value measurements
(in millions)	Balance at December 31, 2018		Quoted prices in active markets for identical items (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Valuation technique
Assets:
Foreign currency contracts	$	3	$	—	$	3	$	—	A
Other long-term receivables (insurance settlement agreement note receivable)	$	34	$	—	$	34	$	—	C
Net investment hedge contracts	$	12	$	—	$	12	$	—	A
Liabilities:
Foreign currency contracts	$	2	$	—	$	2	$	—	A

Fair value defined benefit plan assets measured at recurring and non-recurring basis

			Basis of fair value measurements
(in millions)	Balance at December 31, 2019		Quoted prices in active markets for identical items (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3) (a)		Valuation technique	Assets measured at NAV (b)
U.S. Plans:
Fixed income securities	$	88	$	—	$	—	$	—	—	88
Equity securities	59		8		—		—		A	51
Real estate and other	29		15		—		—		A	14
	$	176	$	23	$	—	$	—		$	153
Non-U.S. Plans:
Fixed income securities	$	168	$	—	$	—	$	—	—	168
Equity securities	185		111		—		—		A	74
Insurance contract and other	152		—		—		110		C	42
	$	505	$	111	$	—	$	110		$	284

			Basis of fair value measurements
(in millions)	Balance at December 31, 2018		Quoted prices in active markets for identical items (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Valuation technique	Assets measured at NAV (b)
U.S. Plans:
Fixed income securities	$	122	$	1	$	—	$	—	A	121
Equity securities	71		11		—		—		A	60
Real estate and other	23		18		—		—		A	5
	$	216	$	30	$	—	$	—		$	186
Non-U.S. Plans:
Fixed income securities	$	239	$	—	$	—	$	—	—	239
Equity securities	163		93		—		—		A	70
Other	36		—		—		—		—	36
	$	438	$	93	$	—	$	—		$	345

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(a) In 2019, the BW Plan, a defined benefit plan in the United Kingdom, purchased an insurance contract that guarantees payment of specified pension liabilities. The Company measures the fair value of the insurance asset by projecting expected future cash flows from the contract and discounting them to present value based on current market rates, including an assessment for non-performance risk of the insurance company. The assumptions used to project expected future cash flows are based on actuarial estimates and are unobservable; therefore, the contract is categorized within Level 3 of the hierarchy.

(b) Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. These amounts represent investments in commingled and managed funds which have underlying assets in fixed income securities, equity securities, and other assets.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The reconciliation of Level 3 defined benefit plans assets was as follows:

	Fair Value Measurements
(in millions)	Using Significant Unobservable Inputs (Level 3)
Balance at December 31, 2018	$	—
Purchase of insurance contract	106
Unrealized gains on assets still held at the reporting date	2
Translation adjustment	2
Balance at December 31, 2019	$	110