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Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Components of Pension Expense and Benefits Cost
The components of pension expense were as follows:
U.S. Plans202120202019
Service cost$20 $18 $15 
Interest cost25 38 50 
Expected return on plan assets(63)(73)(70)
Settlements— 3 — 
Curtailments and special termination benefits9 — — 
Amortization of actuarial loss58 56 55 
Amortization of prior service cost1 1 1 
Net periodic cost$50 $43 $51 

Non-U.S. Plans202120202019
Service cost$13 $10 $13 
Interest cost32 52 70 
Expected return on plan assets(72)(107)(138)
Settlements1,511 63 44 
Curtailments— — (14)
Amortization of actuarial loss33 27 37 
Amortization of prior service credit— — (1)
Net periodic cost $1,517 $45 $11 
The components of net postretirement benefits cost were as follows:
Other Postretirement Benefits202120202019
Service cost$1 $1 $1 
Interest cost4 5 6 
Amortization of prior service credit(26)(26)(34)
Amortization of actuarial loss4 4 3 
Net periodic benefit credit$(17)$(16)$(24)
Schedule of Projected Benefit Obligations, Accumulated Benefit Obligations, Plan Assets and Funded Status
The projected benefit obligations, accumulated benefit obligations, plan assets and funded status of the Company's U.S. and non-U.S. plans were as follows:
 U.S. PlansNon-U.S. Plans
 2021202020212020
Projected Benefit Obligations
Benefit obligations at January 1$1,505 $1,440 $3,172 $3,155 
Service cost20 18 13 10 
Interest cost25 38 32 52 
Plan participants’ contributions— — 2 2 
Amendments2 1 (3)— 
Settlements— (7)(2,982)(271)
Curtailments(10)— (7)— 
Special termination benefits6 — — — 
Actuarial (gain) / loss(43)109 444 276 
Benefits paid(92)(94)(165)(148)
Foreign currency translation— — 7 96 
Benefit obligations at December 31$1,413 $1,505 $513 $3,172 
Plan Assets
Fair value of plan assets at January 1$1,152 $1,131 $3,518 $3,480 
Actual return on plan assets115 113 (94)334 
Employer contributions2 9 234 18 
Plan participants’ contributions— — 2 2 
Settlements— (7)(2,982)(271)
Benefits paid(92)(94)(165)(152)
Foreign currency translation— — 16 107 
Fair value of plan assets at December 31$1,177 $1,152 $529 $3,518 
Funded status$(236)$(353)$16 $346 
Accumulated benefit obligations at December 31$1,361 $1,445 $474 $3,111 
Information for Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
U.S. pension plans with accumulated benefit obligations and projected benefit obligations in excess of plan assets were as follows: 
20212020
Projected benefit obligations$1,413 $1,505 
Accumulated benefit obligations1,361 1,445 
Fair value of plan assets1,177 1,152 

Non-U.S. pension plans with accumulated benefit obligations in excess of plan assets were as follows: 
20212020
Projected benefit obligations$284 $354 
Accumulated benefit obligations253 320 
Fair value of plan assets147 191 
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets
Non-U.S. pension plans with projected benefit obligations in excess of plan assets were as follows: 
20212020
Projected benefit obligations$288 $432 
Accumulated benefit obligations257 389 
Fair value of plan assets151 194 
Schedule of Ranges for Asset Allocation and Summary of Defined Benefit Plan Assets and Accrued Income
The strategic ranges for asset allocation in the U.S. plans are as follows: 
U.S. equities45 %to55 %
International equities7 %to13 %
Fixed income18 %to28 %
Balanced funds7 %to13 %
Real estate4 %to10 %
The levels assigned to the defined benefit plan assets as of December 31, 2021 and 2020 are summarized in the tables below:
 2021
 U.S. plan
assets		Non-U.S. plan
assets		Total
Level 1
Cash and cash equivalents$68 $21 $89 
Global large cap equity— 8 8 
U.S. large cap equity238 6 244 
U.S. mid/small cap equity332 25 357 
Mutual funds – global equity93 — 93 
Mutual funds – U.S. equity85 — 85 
Mutual funds – fixed income71 — 71 
887 60 947 
Level 2
Government issued debt securities— 17 17 
Corporate debt securities61 3 64 
Insurance contracts— 110 110 
Investment funds – fixed income— 38 38 
61 168 229 
Level 3
Investment funds – real estate79 92 171 
Private equity5 2 7 
Real estate – direct25 15 40 
109 109 218 
Total assets in fair value hierarchy1,057 337 1,394 
Investments measured at NAV Practical Expedient (a)
Investment funds – fixed income112 25 137 
Investment funds – global equity— 167 167 
Investment funds – emerging markets7 — 7 
 119 192 311 
Total investments at fair value$1,176 $529 $1,705 
 2020
 U.S. plan
assets		Non-U.S. plan
assets		Total
Level 1
Cash and cash equivalents$157 $498 $655 
Global large cap equity— 9 9 
U.S. large cap equity178 4 182 
U.S. mid/small cap equity301 22 323 
Mutual funds – global equity88 — 88 
Mutual funds – U.S. equity56 — 56 
Mutual funds – fixed income75 — 75 
855 533 1,388 
Level 2
Government issued debt securities— 298 298 
Corporate debt securities58 647 705 
Asset backed securities— 2 2 
Structured debt— 1,034 1,034 
Insurance contracts— 115 115 
Derivatives— 166 166 
Investment funds – fixed income— 128 128 
Investment funds – global equity— 69 69 
58 2,459 2,517 
Level 3
Investment funds – real estate91 181 272 
Hedge funds— 2 2 
Private equity5 46 51 
Real estate – direct23 12 35 
119 241 360 
Total assets in fair value hierarchy1,032 3,233 4,265 
Investments measured at NAV Practical Expedient (a)
Investment funds – fixed income112 25 137 
Investment funds – global equity— 141 141 
Investment funds – emerging markets7 — 7 
Hedge funds— 109 109 
119 275 394 
Total investments at fair value$1,151 $3,508 $4,659 

(a) Certain investments that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy.

Accrued income excluded from the tables above was as follows:
20212020
U.S. plan assets$1 $1 
Non-U.S. plan assets— 10 
Reconciliation of Plan Assets Using Level 3 The following tables reconcile the beginning and ending balances of plan assets measured using significant unobservable inputs (Level 3).
Hedge
funds		Private
equity		Real
estate		Total
Balance at January 1, 2020$43 $75 $346 $464 
Foreign currency translation1 2 7 10 
Asset returns – assets held at reporting date3 6 (15)(6)
Asset returns – assets sold during the period(12)(9)3 (18)
Purchases, sales and settlements, net(33)(23)(34)(90)
Balance at December 31, 20202 51 307 360 
Foreign currency translation— — (1)(1)
Asset returns – assets held at reporting date(1)(48)30 (19)
Asset returns – assets sold during the period1 39 3 43 
Purchases, sales and settlements, net(2)(35)(128)(165)
Balance at December 31, 2021$— $7 $211 $218 
Additional Information About Pension Plan Assets Valued Using Net Asset Value
The following table presents additional information about the pension plan assets valued using net asset value as a practical expedient:
Fair ValueRedemption FrequencyRedemption Notice Period
Balance at December 31, 2021
Investment funds – fixed income$137 Semi-monthly
1- 5 days
Investment funds – global equity167 Daily10 days
Investment funds – emerging markets7 Daily30 days
Balance at December 31, 2020
Investment funds – fixed income$137 Semi-monthly
1- 5 days
Investment funds – global equity141 Monthly
1- 5 days
Investment funds – emerging markets7 Daily30 days
Hedge funds109 Monthly
1 - 30 days
Schedule of Pension Assets and Liabilities
Pension assets and liabilities included in the Consolidated Balance Sheets were:
20212020
Non-current assets$158 $532 
Current liabilities11 8 
Non-current liabilities367 537 
Schedule of Changes in Net Loss and Prior Service Cost/(Credit)
Changes in the net loss and prior service cost (credit) for the Company’s pension plans were: 
 202120202019
 Net lossPrior
service		Net lossPrior
service		Net lossPrior
service
Balance at January 1$1,802 $8 $1,808 $8 $1,962 $(6)
Reclassification to net periodic benefit cost(1,629)(4)(150)(1)(137)14 
Current year loss / (gain)640 (2)118 — (53)— 
Amendments(1)— — 1 — — 
Foreign currency translation2 — 26 — 36 — 
Balance at December 31$814 $2 $1,802 $8 $1,808 $8 
Changes in the net loss and prior service credit for the Company’s postretirement benefit plans were:
 202120202019
 Net
loss		Prior
service		Net
loss		Prior
service		Net
loss		Prior
service
Balance at January 1$45 $(46)$42 $(72)$31 $(105)
Reclassification to net periodic benefit cost(4)26 (4)26 (3)34 
Current year (gain) / loss(20)— 7 — 14 — 
Amendments— — — — — (1)
Balance at December 31$21 $(20)$45 $(46)$42 $(72)
Schedule of Expected Future Benefit Payments
Expected future benefit payments as of December 31, 2021 are:

 
U.S.
plans		Non-U.S.
plans
2022$104 $31 
202399 30 
202499 30 
2025100 32 
202685 32 
2027 - 2031419 360 
Expected future benefit payments are as follows:
 Benefit Payments
2022$14 
202312 
202411 
202510 
202610 
2027 - 203143 
Schedule of Benefit Obligations Weighted Average Actuarial Assumptions
The weighted average actuarial assumptions used to calculate the benefit obligations at December 31 were:
U.S. Plans202120202019
Discount rate2.9 %2.5 %3.2 %
Compensation increase4.7 %4.7 %4.7 %
Non-U.S. Plans202120202019
Discount rate2.5 %1.4 %2.1 %
Compensation increase2.5 %3.0 %3.0 %

The weighted average actuarial assumptions used to calculate pension expense for each year were:
U.S. Plans202120202019
Discount rate - service cost3.1 %3.6 %4.7 %
Discount rate - interest cost1.7 %2.8 %3.9 %
Compensation increase4.7 %4.7 %4.5 %
Long-term rate of return5.7 %6.8 %7.3 %
 
Non-U.S. Plans202120202019
Discount rate - service cost2.2 %2.6 %3.0 %
Discount rate - interest cost1.8 %1.9 %2.7 %
Compensation increase2.5 %3.0 %3.2 %
Long-term rate of return3.3 %3.3 %4.3 %
Weighted average discount rates used to calculate the benefit obligations at the end of each year and the cost for each year are presented below:

 
202120202019
Benefit obligations3.4 %2.8 %3.5 %
Service cost5.9 %4.1 %4.8 %
Interest cost3.6 %3.3 %4.2 %
Schedule of Changes in Benefit Obligations Changes in the benefit obligations were:
20212020
Benefit obligations at January 1$163 $161 
Service cost1 1 
Interest cost4 5 
Actuarial (gain) / loss (20)7 
Benefits paid(10)(11)
Foreign currency translation(1)— 
Benefit obligations at December 31$137 $163 
Schedule of Assumed Health Care Cost Trend Rates
The assumed health care cost trend rates at December 31, 2021 were as follows: 
Health care cost trend rate assumed for 20214.5 %
Rate that the cost trend rate gradually declines to3.8 %
Year that the rate reaches the rate it is assumed to remain2040