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Postretirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Expense Related to Defined Benefit and Retiree Health Care Benefit Plans Expenses related to defined benefit and retiree health care benefit plans are as follows:
U.S. Defined BenefitU.S. Retiree Health CareNon-U.S. Defined Benefit
202120202019202120202019202120202019
Service cost$21 $18 $18 $3 $3 $3 $36 $34 $31 
Interest cost30 31 38 10 13 14 37 38 43 
Expected return on plan assets(31)(36)(41)(9)(12)(14)(81)(78)(86)
Amortization of prior service cost (credit)— — — (2)(2)(1)1 1 1 
Recognized net actuarial loss15 7 9 — — — 7 14 29 
Net periodic benefit costs35 20 24 2 2 2 — 9 18 
Settlement losses13 16 10 — — — 2 1 3 
Total, including other postretirement losses$48 $36 $34 $2 $2 $2 $2 $10 $21 
Schedule of Changes in the Benefit Obligations and Plan Assets for the Defined Benefit and Retiree Health Care Benefit Plans Changes in the benefit obligations and plan assets for defined benefit and retiree health care benefit plans are as follows:
U.S. Defined BenefitU.S. Retiree Health CareNon-U.S. Defined Benefit
202120202021202020212020
Change in plan benefit obligation
Benefit obligation at beginning of year:$1,097 $960 $389 $359 $2,868 $2,581 
Service cost21 18 3 3 36 34 
Interest cost30 31 10 13 37 38 
Participant contributions— — 14 13 9 7 
Benefits paid(12)(12)(38)(39)(101)(95)
Settlements(162)(94)— — (12)(8)
Actuarial loss (gain)(79)194 (18)40 (111)143 
Plan amendments— — — — — 1 
Effects of exchange rate changes— — — — (152)167 
Benefit obligation at end of year$895 $1,097 $360 $389 $2,574 $2,868 
Change in plan assets
Fair value of plan assets at beginning of year:$1,061 $987 $389 $356 $3,008 $2,661 
Actual return on plan assets37 164 19 58 75 260 
Employer contributions (qualified plans)— — 1 1 7 11 
Employer contributions (non-qualified plans)10 16 — — — — 
Participant contributions— — 14 13 9 7 
Benefits paid(12)(12)(38)(39)(101)(95)
Settlements(162)(94)— — (12)(8)
Effects of exchange rate changes— — — — (173)172 
Fair value of plan assets at end of year$934 $1,061 $385 $389 $2,813 $3,008 
Funded status at end of year$39 $(36)$25 $— $239 $140 
Schedule of Amounts Recognized in our Balance Sheet Amounts recognized on our Consolidated Balance Sheets as of December 31, are as follows:
U.S. Defined BenefitU.S. Retiree Health CareNon-U.S. Defined BenefitTotal
2021
Overfunded retirement plans$73 $28 $291 $392 
Accrued expenses and other liabilities & other long-term liabilities(5)— (5)(10)
Underfunded retirement plans(29)(3)(47)(79)
Funded status at end of 2021
$39 $25 $239 $303 
2020
Overfunded retirement plans$9 $3 $234 $246 
Accrued expenses and other liabilities & other long-term liabilities(6)— (5)(11)
Underfunded retirement plans(39)(3)(89)(131)
Funded status at end of 2020
$(36)$— $140 $104 
Schedule of Change in AOCI The change in AOCI is as follows:
U.S. Defined BenefitU.S. Retiree Health CareNon-U.S. Defined BenefitTotal
Net Actuarial LossNet Actuarial LossPrior Service CreditNet Actuarial LossPrior Service CreditNet Actuarial LossPrior Service Credit
AOCI balance, net of taxes, December 31, 2020
$125 $(8)$(2)$242 $1 $359 $(1)
Changes in AOCI by category:
Adjustments(84)(28)— (119)— (231)— 
Recognized within net income(28)— 2 (9)(1)(37)1 
Tax effect23 6 (1)35 1 64 — 
Total change to AOCI(89)(22)1 (93)— (204)1 
AOCI balance, net of taxes, December 31, 2021
$36 $(30)$(1)$149 $1 $155 $— 
Schedule of Allocation of Plan Assets The tables below set forth the fair value of our plan assets using the same three-level hierarchy of fair-value inputs described in Note 6.
December 31, 2021
Level 1Level 2Other (a)Total
Assets of U.S. defined benefit plan:
Fixed income securities and cash equivalents$— $— $655 $655 
Equity securities— — 279 279 
Total$— $— $934 $934 
Assets of U.S. retiree health care plan:
Fixed income securities and cash equivalents$10 $— $238 $248 
Equity securities— — 137 137 
Total$10 $— $375 $385 
Assets of non-U.S. defined benefit plans:
Fixed income securities and cash equivalents$71 $104 $2,045 $2,220 
Equity securities49 2 542 593 
Total$120 $106 $2,587 $2,813 
(a)Consists of bond index and equity index funds, measured at net asset value per share, as well as cash equivalents.
December 31, 2020
Level 1Level 2Other (a)Total
Assets of U.S. defined benefit plan:
Fixed income securities and cash equivalents$— $— $743 $743 
Equity securities— — 318 318 
Total$— $— $1,061 $1,061 
Assets of U.S. retiree health care plan:
Fixed income securities and cash equivalents$29 $— $222 $251 
Equity securities— — 138 138 
Total$29 $— $360 $389 
Assets of non-U.S. defined benefit plans:
Fixed income securities and cash equivalents$69 $146 $2,063 $2,278 
Equity securities43 2 685 730 
Total$112 $148 $2,748 $3,008 
(a)Consists of bond index and equity index funds, measured at net asset value per share, as well as cash equivalents.
The target allocation ranges for the plans that hold a substantial majority of the defined benefit assets are as follows:
U.S. Defined BenefitU.S. Retiree Health CareNon-U.S. Defined Benefit
Fixed income securities and cash equivalents
65% – 80%
65% – 80%
60% – 100%
Equity securities
20% – 35%
20% – 35%
0% – 40%
Weighted average asset allocations as of December 31 are as follows:
U.S. Defined BenefitU.S. Retiree Health CareNon-U.S. Defined Benefit
202120202021202020212020
Fixed income securities and cash equivalents70%70%64%65%79%76%
Equity securities30%30%36%35%21%24%
Schedule of Assumptions Used Assumptions and investment policies
U.S. Defined BenefitU.S. Retiree Health CareNon-U.S. Defined Benefit
202120202021202020212020
Weighted average assumptions used to determine benefit obligations:
Discount rate2.74%2.81%3.05%2.74%1.57%1.31%
Long-term pay progression3.70%3.70%n/an/a3.15%3.15%
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate2.95%3.42%2.74%3.63%1.31%1.46%
Long-term rate of return on plan assets3.50%4.00%3.10%3.50%2.82%2.93%
Long-term pay progression3.70%3.30%n/an/a3.15%3.06%
Schedule of Assumed Future Benefit Payments The following assumed future benefit payments to plan participants in the next 10 years are used to measure our benefit obligations. Almost all of the payments, which may vary significantly from these assumptions, will be made from plan assets and not from company assets.
202220232024202520262027 – 2031
U.S. Defined Benefit$89 $96 $87 $87 $87 $391 
U.S. Retiree Health Care28 27 26 25 24 108 
Non-U.S. Defined Benefit99 101 103 105 107 566 
Schedule of Assumed Health Care Cost Trend Rates for U.S Retiree Health Care Benefit Plan Assumed health care cost trend rates for the U.S. retiree health care benefit plan as of December 31 are as follows:
20212020
Assumed health care cost trend rate for next year6.50%6.75%
Ultimate trend rate5.00%5.00%
Year in which ultimate trend rate is reached20282028