Benefit asset

  
All components of the net periodic benefit cost are recorded in General and administrative expense and were as follows:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Years Ended December 31, |
|  | 2021 |  | 2020 |  | 2019 |
|  | (in millions) |
| Service cost | $ | 45  |  |  | $ | 45  |  |  | $ | 44  |  |
| Interest cost | 21  |  |  | 29  |  |  | 36  |  |
| Expected return on plan assets | (57) |  |  | (55) |  |  | (53) |  |
| Amortization of prior service credits | (2) |  |  | (2) |  |  | —  |  |
| Amortization of net loss | 23  |  |  | 15  |  |  | 5  |  |
| Other | 5  |  |  | 7  |  |  | 8  |  |
| Net periodic benefit cost | $ | 35  |  |  | $ | 39  |  |  | $ | 40  |  |

The prior service costs are amortized on a straight-line basis over the average remaining service period of active participants. Actuarial gains and losses in excess of 10% of the greater of the projected benefit obligation or the market-related value of assets are amortized on a straight-line basis over the expected average remaining service period of active participants.The following table provides a reconciliation of changes in the benefit obligation:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Pension Plans |  | Other Postretirement Plans |
|  | 2021 |  | 2020 |  | 2021 |  | 2020 |
|  | (in millions) |
| Benefit obligation, January 1 | $ | 1,271  |  |  | $ | 1,111  |  |  | $ | 14  |  |  | $ | 14  |  |
| Service cost | 45  |  |  | 45  |  |  | —  |  |  | —  |  |
| Interest cost | 21  |  |  | 29  |  |  | —  |  |  | —  |  |
| Plan change | 7  |  |  | —  |  |  | —  |  |  | —  |  |
| Benefits paid | (12) |  |  | (10) |  |  | (1) |  |  | (1) |  |
| Actuarial (gain) loss | 16  |  |  | 117  |  |  | —  |  |  | 1  |  |
| Acquisitions | 498  |  |  | —  |  |  | —  |  |  | —  |  |
|  |  |  |  |  |  |  |  |
| Settlements | (27) |  |  | (30) |  |  | —  |  |  | —  |  |
| Foreign currency rate changes | (4) |  |  | 9  |  |  | —  |  |  | —  |  |
| Benefit obligation, December 31 | $ | 1,815  |  |  | $ | 1,271  |  |  | $ | 13  |  |  | $ | 14  |  |

The actuarial losses for pension plans for 2021 and 2020 were primarily due to a decrease in the discount rate assumption as of December 31, 2021 and 2020, respectively.The following table provides a reconciliation of changes in the fair value of assets:

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  | Pension Plans |
|  | 2021 |  | 2020 |
|  | (in millions) |
| Fair value of plan assets, January 1 | $ | 905  |  |  | $ | 838  |  |
| Actual return on plan assets | 121  |  |  | 67  |  |
| Employer contributions | 14  |  |  | 31  |  |
| Benefits paid | (12) |  |  | (10) |  |
| Acquisitions | 586  |  |  | —  |  |
| Settlements | (27) |  |  | (30) |  |
| Foreign currency rate changes | (4) |  |  | 9  |  |
| Fair value of plan assets, December 31 | $ | 1,583  |  |  | $ | 905  |  |

The Company complies with the minimum funding requirements in all countries. The following table provides the amounts recognized in the Consolidated Balance Sheets as of December 31, which equal the funded status of the plans:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Pension Plans |  | Other Postretirement Plans |
|  | 2021 |  | 2020 |  | 2021 |  | 2020 |
|  | (in millions) |
| Benefit liability | $ | (339) |  |  | $ | (366) |  |  | $ | (13) |  |  | $ | (14) |  |
| Benefit asset | 107  |  |  | —  |  |  | —  |  |  | —  |  |
| Net amount recognized | $ | (232) |  |  | $ | (366) |  |  | $ | (13) |  |  | $ | (14) |  |

        143
