Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

The following table provides an analysis of the changes in the benefit obligations, plan assets and funded status of our dedicated pension plans (including those transferred to us):

	As of and for the
	Year Ended December 31,
(MILLIONS OF DOLLARS)	2020		2019
Change in benefit obligation:
Projected benefit obligation, beginning	$	144	$	123
Service cost	8		6
Interest cost	2		3
Changes in actuarial assumptions and other	1		19
Settlements and curtailments	—		(1)
Benefits paid	(2)		(2)
Adjustments for foreign currency translation	12		(3)
Other––net	(1)		(1)
Benefit obligation, ending	164		144
Change in plan assets:
Fair value of plan assets, beginning	72		65
Actual return on plan assets	4		7
Company contributions	5		5
Settlements and curtailments	—		(1)
Benefits paid	(2)		(2)
Adjustments for foreign currency translation	6		(2)
Fair value of plan assets, ending	85		72
Funded status—Projected benefit obligation in excess of plan assets at end of year(a)	$	(79)	$	(72)

(a)    Included in Other noncurrent liabilities.

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

Information related to the funded status of selected plans follows:

	As of December 31,
(MILLIONS OF DOLLARS)	2020		2019
Pension plans with an accumulated benefit obligation in excess of plan assets:
Fair value of plan assets	$	77	$	65
Accumulated benefit obligation	131		113
Pension plans with a projected benefit obligation in excess of plan assets:
Fair value of plan assets	83		66
Projected benefit obligation	162		138

Schedule of Net Benefit Costs

The following table provides the net periodic benefit cost associated with dedicated pension plans (including those transferred to us):

	Year Ended December 31,
(MILLIONS OF DOLLARS)	2020		2019		2018
Service cost	$	8	$	6	$	7
Interest cost	2		3		3
Expected return on plan assets	(3)		(3)		(3)
Amortization of net (gains) / losses	2		1		1
Settlement and curtailments (gains) / losses	—		—		(1)
Net periodic benefit cost	$	9	$	7	$	7

Schedule of Assumptions Used

The following table provides the weighted average actuarial assumptions for the dedicated pension plans (including those transferred to us):

	As of December 31,
(PERCENTAGES)	2020		2019		2018
Weighted average assumptions used to determine benefit obligations:
Discount rate	1.2	%	1.3	%	2.3	%
Rate of compensation increase	3.1	%	3.1	%	3.0	%
Cash balance credit interest rate	1.5	%	1.5	%	1.7	%
Weighted average assumptions used to determine net benefit cost for the year ended December 31:
Discount rate	1.3	%	2.3	%	2.2	%
Expected return on plan assets	3.8	%	4.1	%	4.4	%
Rate of compensation increase	3.1	%	3.0	%	3.0	%
Cash balance credit interest rate	1.5	%	1.7	%	1.7	%

Schedule of Allocation of Plan Assets

The components of plan assets follow:

	As of December 31,
(MILLIONS OF DOLLARS)	2020		2019
Cash and cash equivalents	$	1	$	1
Equity securities: Equity commingled funds	31		27
Debt securities: Government bonds	43		36
Other investments	10		8
Total(a)	$	85	$	72

(a)    Fair values are determined based on valuation inputs categorized as Level 1, 2 or 3 (see Note 3. Significant Accounting Policies—Fair Value). Investment plan assets are valued using Level 1 or Level 2 inputs.

Schedule Of Percentage Of Allocation Of Plan Assets

The long-term target asset allocations and the percentage of the fair value of plans assets for dedicated benefit plans follow:

	As of December 31,
	Target allocation
	percentage		Percentage of Plan Assets
(PERCENTAGES)	2020		2020		2019
Cash and cash equivalents	0-10%		1.2	%	1.7	%
Equity securities	0-60%		37.0	%	36.9	%
Debt securities	15-100%		50.2	%	49.7	%
Other investments	0-100%		11.6	%	11.7	%
Total	100	%	100	%	100	%