Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Summary of Net Periodic Benefit Cost

The components of net periodic (benefit) cost consisted of the following:

	Year Ended December 31,
	2021		2020		2019
Service cost (a)	$	6	$	5	$	5
Interest cost (b)	12		17		21
Expected return on plan assets (b)	(35)		(31)		(30)
Amortization of unrecognized amounts (b)	9		9		7
Net periodic (benefit) cost	$	(8)	$	—	$	3

__________ 

(a)For the year ended December 31, 2021, $4 million and $2 million were included in operating expenses and selling, general and administrative expenses, respectively. For the year ended December 31, 2020 and 2019, $4 million and $1 million were included in operating expenses and selling, general and administrative expenses, in each period.

(b)Included in selling, general and administrative expenses.

Summary of Funded Status of Pension Plans

We use a measurement date of December 31 for our pension plans. The funded status of the pension plans were as follows:

	As of December 31,
Change in Benefit Obligation	2021		2020
Benefit obligation at end of prior year	$	926	$	821
Service cost	6		5
Interest cost	12		17
Actuarial (gain) loss	(17)		84
Plan amendments	(3)		—
Currency translation adjustment	(12)		26
Net benefits paid	(31)		(27)
Benefit obligation at end of current year	$	881	$	926
Change in Plan Assets
Fair value of assets at end of prior year	$	722	$	649
Actual return on plan assets	71		71
Employer contributions	16		14
Currency translation adjustment	(5)		14
Net benefits paid	(32)		(26)
Fair value of assets at end of current year	$	772	$	722

Schedule of Net Funded Status

	As of December 31,
Funded Status	2021		2020
Classification of net balance sheet assets (liabilities):
Non-current assets	$	50	$	7
Current liabilities	(5)		(4)
Non-current liabilities	(154)		(207)
Net funded status	$	(109)	$	(204)

Summary of Assumptions Used to Determine Pension Obligations and Pension Costs

The following assumptions were used to determine pension obligations and pension costs for the principal plans in which our employees participated:

		For the Year Ended December 31,
U.S. Pension Benefit Plans		2021		2020		2019
Discount rate:
	Net periodic benefit cost	2.25	%	3.10	%	4.15	%
	Benefit obligation	2.67	%	2.25	%	3.10	%
Long-term rate of return on plan assets		6.75	%	7.00	%	7.00	%
Non-U.S. Pension Benefit Plans
Discount rate:
	Net periodic benefit cost	1.40	%	1.95	%	2.75	%
	Benefit obligation	1.83	%	1.40	%	1.95	%
Long-term rate of return on plan assets		3.71	%	3.80	%	4.50	%

Summary of Defined Benefit Pension Plans' Assets Fair Value

The following table presents the defined benefit pension plans’ assets measured at fair value:

	As of December 31, 2021
Asset Class	Level 1		Level 2		Level 3		Total
Cash equivalents and short-term investments	$	14	$	48	$	—	$	62
U.S. equities	115		45		—		160
Non-U.S. equities	56		89		—		145
Government bonds	6		11		—		17
Corporate bonds	134		51		—		185
Other assets	5		152		46		203
Total assets	$	330	$	396	$	46	$	772

__________

During 2021, we purchased and classified $46 million of investments as Level 3.

	As of December 31, 2020
Asset Class	Level 1		Level 2		Total
Cash equivalents and short-term investments	$	19	$	50	$	69
U.S. equities	113		56		169
Non-U.S. equities	64		103		167
Government bonds	5		1		6
Corporate bonds	105		32		137
Other assets	1		173		174
Total assets	$	307	$	415	$	722