Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Jan. 31, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Title of 12(b) Security | Ordinary shares, par value €0.07 per share | ||
Trading Symbol | NLSN | ||
Security Exchange Name | NYSE | ||
Entity Registrant Name | Nielsen Holdings plc | ||
Entity Central Index Key | 0001492633 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Tax Identification Number | 98-1225347 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity File Number | 001-35042 | ||
Entity Address, Address Line One | 675 Avenue of the Americas | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10010 | ||
City Area Code | 646 | ||
Local Phone Number | 654-5000 | ||
Entity Interactive Data Current | Yes | ||
Entity Incorporation, State or Country Code | X0 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Common Stock, Shares Outstanding | 359,484,838 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Public Float | $ 8,788 | ||
Auditor Firm ID | 42 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | New York, New York | ||
Documents Incorporated by Reference | Portions of the definitive Proxy Statement of the registrant to be filed pursuant to Regulation 14A of the general rules and regulations under the Securities Exchange Act of 1934, as amended, for the 2022 annual general meeting of shareholders of the registrant are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Other Address | |||
Document Information [Line Items] | |||
Entity Address, Address Line One | 5th Floor Endeavour House | ||
Entity Address, City or Town | London | ||
Entity Address, Postal Zip Code | WC2H 8JR | ||
City Area Code | 646 | ||
Local Phone Number | 654-5000 | ||
Entity Address, Address Line Two | 189 Shaftesbury Avenue | ||
Entity Address, Country | GB |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Income Statement [Abstract] | ||||
Revenues | [1] | $ 3,500 | $ 3,361 | $ 3,441 |
Cost of revenues, exclusive of depreciation and amortization shown separately below | 1,212 | 1,235 | 1,191 | |
Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below | 891 | 714 | 885 | |
Depreciation and amortization | 512 | 550 | 465 | |
Impairment of goodwill and other long-lived assets | 146 | |||
Restructuring charges | 13 | 37 | 30 | |
Operating income | 872 | 679 | 870 | |
Interest expense, net | (285) | (329) | (342) | |
Foreign currency exchange transaction (losses)/gains, net | (5) | 17 | (13) | |
Other expense, net | (24) | (20) | (77) | |
Income from continuing operations before income taxes and equity in net loss of affiliates | 558 | 347 | 438 | |
Benefit/(provision) for income taxes | 2 | (144) | 141 | |
Equity in net loss of affiliates | (1) | |||
Net income from continuing operations | 559 | 203 | 579 | |
Net income/(loss) from discontinued operations, net of income taxes | 412 | (196) | (982) | |
Net income/(loss) | 971 | 7 | (403) | |
Net income attributable to noncontrolling interests | 8 | 13 | 12 | |
Net income/(loss) attributable to Nielsen shareholders | $ 963 | $ (6) | $ (415) | |
Net income/(loss) per share of common stock, basic | ||||
Net income/(loss) from continuing operations attributable to Nielsen shareholders | $ 1.54 | $ 0.53 | $ 1.59 | |
Net income/(loss) from discontinued operations attributable to Nielsen shareholders......................... | 1.15 | (0.55) | (2.76) | |
Net income/(loss) attributable to Nielsen shareholders | 2.69 | (0.02) | (1.17) | |
Net income/(loss) per share of common stock, diluted | ||||
Net income attributable to Nielsen shareholders | 1.53 | 0.53 | 1.59 | |
Net income/(loss) from discontinued operations attributable to Nielsen shareholders......................... | 1.14 | (0.55) | (2.75) | |
Net income/(loss) attributable to Nielsen shareholders | $ 2.67 | $ (0.02) | $ (1.16) | |
Weighted-average shares of common stock outstanding, basic | 358,649,432 | 356,860,635 | 355,731,862 | |
Dilutive shares of common stock | 1,801,082 | 1,404,459 | 1,099,853 | |
Weighted-average shares of common stock outstanding, diluted | 360,450,514 | 358,265,094 | 356,831,715 | |
Dividends declared per common share | $ 0.24 | $ 0.24 | $ 1.11 | |
[1] | Revenues are attributed to geographic areas based on the location of customers. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income/(loss) | $ 971 | $ 7 | $ (403) | |
Other comprehensive income/(loss), net of tax | ||||
Foreign currency translation adjustments | [1] | 173 | (45) | 5 |
Changes in the fair value of cash flow hedges | [2] | 21 | (20) | (30) |
Defined benefit pension plan adjustments | [3] | 172 | (35) | 132 |
Total other comprehensive income/(loss) | 366 | (100) | 107 | |
Total comprehensive income/(loss) | 1,337 | (93) | (296) | |
Less: comprehensive income attributable to noncontrolling interests | 7 | 13 | 14 | |
Total comprehensive income/(loss) attributable to Nielsen shareholders | $ 1,330 | $ (106) | $ (310) | |
[1] | Net of tax of $(1) million, $9 million and $(4) million for the year ended December 31, 2021, 2020 and 2019, respectively. | |||
[2] | Net of tax of $(8) million, $8 million and $11 million for the year ended December 31, 2021, 2020 and 2019, respectively. | |||
[3] | Net of tax of $(53) million, $8 million and $(8) million for the year ended December 31, 2021, 2020 and 2019, respectively. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income/(Loss) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Foreign currency translation adjustments, tax | $ (1) | $ 9 | $ (4) |
Changes in the fair value of cash flow hedges, tax | (8) | 8 | 11 |
Defined benefit pension plan adjustments, tax | $ (53) | $ 8 | $ (8) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 380 | $ 500 |
Trade and other receivables, net of allowances for doubtful accounts and sales returns of $13 and $23 as of December 31, 2021 and 2020, respectively | 517 | 465 |
Prepaid expenses and other current assets | 243 | 195 |
Current assets, discontinued operations | 1,064 | |
Total current assets | 1,140 | 2,224 |
Non-current assets | ||
Property, plant and equipment, net | 273 | 270 |
Operating lease right-of-use asset | 144 | 161 |
Goodwill | 5,599 | 5,680 |
Other intangible assets, net | 3,462 | 3,663 |
Deferred tax assets | 55 | 53 |
Other non-current assets | 147 | 159 |
Non-current assets, discontinued operations | 1,925 | |
Total assets | 10,820 | 14,135 |
Current liabilities | ||
Accounts payable and other current liabilities | 478 | 499 |
Deferred revenues | 131 | 135 |
Income tax liabilities | 13 | 15 |
Current portion of long-term debt, finance lease obligations and short-term borrowings | 35 | 276 |
Current liabilities, discontinued operations | 989 | |
Total current liabilities | 657 | 1,914 |
Non-current liabilities | ||
Long-term debt and finance lease obligations | 5,591 | 6,684 |
Deferred tax liabilities | 561 | 888 |
Operating lease liabilities | 126 | 140 |
Other non-current liabilities | 389 | 429 |
Non-current liabilities, discontinued operations | 1,837 | |
Total liabilities | 7,324 | 11,892 |
Commitments and contingencies (Note 16) | ||
Nielsen shareholders’ equity | ||
Common stock, €0.07 par value, 1,185,800,000 and 1,185,800,000 shares authorized; 359,267,580 and 357,678,263 shares issued and 359,267,535 and 357,644,935 shares outstanding at December 31, 2021 and 2020, respectively | 32 | 32 |
Additional paid-in capital | 4,273 | 4,340 |
Retained earnings/(accumulated deficit) | (253) | (1,216) |
Accumulated other comprehensive loss, net of income taxes | (738) | (1,105) |
Total Nielsen shareholders’ equity | 3,314 | 2,051 |
Noncontrolling interests | 182 | 192 |
Total equity | 3,496 | 2,243 |
Total liabilities and equity | $ 10,820 | $ 14,135 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) $ in Millions | Dec. 31, 2021USD ($)shares | Dec. 31, 2021€ / shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2020€ / shares |
Statement Of Financial Position [Abstract] | ||||
Trade and other receivables, allowances for doubtful accounts and sales returns | $ | $ 13 | $ 23 | ||
Common stock, par value | € / shares | € 0.07 | € 0.07 | ||
Common stock, shares authorized | 1,185,800,000 | 1,185,800,000 | ||
Common stock, shares issued | 359,267,580 | 357,678,263 | ||
Common stock, shares outstanding | 359,267,535 | 357,644,935 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities | |||
Net income from continuing operations | $ 559 | $ 203 | $ 579 |
Net loss from discontinued operations | (77) | (196) | (982) |
Gain on disposal of Global Connect, net of tax, within discontinued operations | 489 | ||
Net income/(loss) | 971 | 7 | (403) |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
Share-based compensation expense | 37 | 53 | 50 |
Gain on disposal of Global Connect, net of tax, within discontinued operations | (489) | ||
Deferred income tax | (116) | (69) | 5 |
Currency exchange rate differences on financial transactions and other (gains)/losses | 35 | 23 | 178 |
Equity in net loss of affiliates, net of dividends received | 4 | 1 | |
Depreciation and amortization | 548 | 864 | 756 |
Impairment of goodwill and other long-lived assets | 184 | 1,004 | |
Changes in operating assets and liabilities, net of effect of businesses acquired and divested: | |||
Trade and other receivables, net | (66) | (28) | 4 |
Prepaid expenses and other assets | (6) | 138 | 64 |
Accounts payable and other current liabilities and deferred revenues | (184) | (38) | (20) |
Other non-current liabilities | (61) | (95) | (95) |
Interest payable | 29 | 13 | 11 |
Income taxes | (36) | (53) | (489) |
Net cash provided by operating activities | 666 | 999 | 1,066 |
Investing Activities | |||
Acquisition of subsidiaries and affiliates, net of cash acquired | (20) | (30) | (61) |
Proceeds from the sale of subsidiaries and affiliates, net | 2,269 | 13 | 17 |
Additions to property, plant and equipment and other assets | (81) | (86) | (116) |
Additions to intangible assets | (260) | (433) | (403) |
Proceeds from the sale of property, plant and equipment and other assets | 3 | ||
Other investing activities | 22 | (1) | (19) |
Net cash provided by/(used in) by investing activities | 1,933 | (537) | (582) |
Financing Activities | |||
Proceeds from issuances of debt, net of issuance costs | 1,231 | 2,971 | |
Repayment of debt | (3,882) | (3,092) | (57) |
Cash dividends paid to shareholders | (86) | (86) | (395) |
Activity from share-based compensation plans | (15) | (12) | (8) |
Proceeds from employee stock purchase plan | 2 | 3 | 4 |
Finance leases | (48) | (60) | (60) |
Other financing activities | (18) | (31) | (28) |
Net cash used in financing activities | (2,816) | (307) | (544) |
Effect of exchange-rate changes on cash and cash equivalents | (13) | 1 | (10) |
Net (decrease)/increase in cash and cash equivalents | (230) | 156 | (70) |
Cash and cash equivalents at beginning of period | 610 | 454 | 524 |
Cash and cash equivalents at end of period | 380 | 610 | 454 |
Supplemental Cash Flow Information | |||
Cash paid for income taxes | 128 | 189 | 224 |
Cash paid for interest, net of amounts capitalized | $ 264 | $ 358 | $ 386 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income/(Loss), Net Currency Translation Adjustments | Accumulated Other Comprehensive Income/(Loss), Net Cash Flow Hedges | Accumulated Other Comprehensive Income/(Loss), Net Post Employment Benefits | Total Nielsen Shareholders' Equity | Noncontrolling Interests | ||
Balance at Dec. 31, 2018 | $ 3,043 | $ 32 | $ 4,720 | $ (795) | $ (779) | $ 11 | $ (342) | $ 2,847 | $ 196 | ||
Net income/(loss) | (403) | (415) | (415) | 12 | |||||||
Currency translation adjustments, net of tax | 5 | 3 | 3 | 2 | |||||||
Cash flow hedges, net of tax | (30) | [1] | (30) | (30) | |||||||
Defined benefit pension plan adjustments | 132 | [2] | 132 | 132 | |||||||
Capital contribution by non-controlling partner | 2 | 2 | |||||||||
(Divestiture)/acquisition of an interest in a consolidated subsidiary | (2) | (2) | |||||||||
Employee stock purchase plan | 4 | 4 | 4 | ||||||||
Dividends to shareholders | (412) | (395) | (395) | (17) | |||||||
Common stock activity from share-based compensation plans | (8) | (8) | (8) | ||||||||
Share-based compensation expense | 57 | 57 | 57 | ||||||||
Balance at Dec. 31, 2019 | 2,388 | 32 | 4,378 | (1,210) | (776) | (19) | (210) | 2,195 | 193 | ||
Net income/(loss) | 7 | (6) | (6) | 13 | |||||||
Currency translation adjustments, net of tax | (45) | (45) | (45) | ||||||||
Cash flow hedges, net of tax | (20) | [1] | (20) | (20) | |||||||
Defined benefit pension plan adjustments | (35) | [2] | (35) | (35) | |||||||
Capital contribution by non-controlling partner | 1 | 1 | |||||||||
Employee stock purchase plan | 4 | 4 | 4 | ||||||||
Dividends to shareholders | (101) | (86) | (86) | (15) | |||||||
Common stock activity from share-based compensation plans | (12) | (12) | (12) | ||||||||
Share-based compensation expense | 56 | 56 | 56 | ||||||||
Balance at Dec. 31, 2020 | 2,243 | 32 | 4,340 | (1,216) | (821) | (39) | (245) | 2,051 | 192 | ||
Net income/(loss) | 971 | 963 | 963 | 8 | |||||||
Currency translation adjustments, net of tax | (60) | (59) | (59) | (1) | |||||||
Cash flow hedges, net of tax | 21 | [1] | 21 | 21 | |||||||
Defined benefit pension plan adjustments | [2] | 172 | |||||||||
Unrealized gains on pension liability, net of tax | 31 | 31 | 31 | ||||||||
Other comprehensive gain on disposition, net of tax | 374 | 233 | 141 | 374 | |||||||
Employee stock purchase plan | 2 | 2 | 2 | ||||||||
Dividends to shareholders | (101) | (86) | (86) | (15) | |||||||
Common stock activity from share-based compensation plans | (10) | (10) | (10) | ||||||||
Share-based compensation expense | 36 | 36 | 36 | ||||||||
Other | (11) | (9) | (9) | (2) | |||||||
Balance at Dec. 31, 2021 | $ 3,496 | $ 32 | $ 4,273 | $ (253) | $ (647) | $ (18) | $ (73) | $ 3,314 | $ 182 | ||
[1] | Net of tax of $(8) million, $8 million and $11 million for the year ended December 31, 2021, 2020 and 2019, respectively. | ||||||||||
[2] | Net of tax of $(53) million, $8 million and $(8) million for the year ended December 31, 2021, 2020 and 2019, respectively. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Stockholders Equity [Abstract] | |||
Currency translation adjustments, tax | $ (1) | $ 9 | $ (4) |
Cash flow hedges, tax | (8) | 8 | 11 |
Unrealized gain on pension liability, tax | (11) | ||
Defined benefit pension plan adjustments, tax | $ (53) | $ 8 | $ (8) |
Description of Business, Basis
Description of Business, Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Description of Business, Basis of Presentation and Significant Accounting Policies | Note Nielsen Holdings plc (“Nielsen” or the “Company”) serves the world’s media and content ecosystem and is a global leader in audience measurement, data and analytics. Through its understanding of people and their behaviors across all channels and platforms, Nielsen empowers its clients with independent and actionable intelligence so they can connect and engage with their audiences—now and into the future. Nielsen provides a holistic and objective understanding of the media industry to its various client segments. The Company’s data is used by its publishing clients to understand their audiences, establish the value of their advertising inventory and maximize the value of their content. Its data is used by its marketer and advertiser agency clients to plan and optimize their spend and is used by content creator clients to inform decisions and identify trends. An S&P 500 company, Nielsen has operations in more than 55 countries, with its registered office located in Oxford, the United Kingdom and headquarters located in New York, United States. On August 31, 2015, Nielsen N.V., a Dutch public company listed on the New York Stock Exchange, merged with Nielsen Holdings plc, by way of a cross-border merger under the European Cross-Border Merger Directive, with Nielsen Holdings plc being the surviving company (the “Merger”). The Merger effectively changed the place of incorporation of Nielsen’s publicly traded parent holding company from the Netherlands to England and Wales, with no changes made to the business being conducted by Nielsen prior to the Merger. Due to the fact that the Merger was a business combination between entities under common control, the exchange of assets and liabilities were made at carrying value. Therefore, there were no direct accounting implications in the Company’s consolidated financial statements. Sale of Nielsen’s Global Connect Business On March 5, 2021, Nielsen completed the previously announced sale of its Global Connect business (such business, “Global Connect,” and the sale of Global Connect, the “Connect Transaction”) to affiliates of Advent International Corporation (“Purchaser”), pursuant to the Stock Purchase Agreement, dated as of October 31, 2020 (the “Stock Purchase Agreement”). Pursuant to the Stock Purchase Agreement, Purchaser acquired Global Connect by means of a sale of the equity interests of certain subsidiaries held by Nielsen, which operate Global Connect, for $2.7 billion in cash, subject to adjustments based on closing levels of cash, indebtedness, debt-like items and working capital, and a warrant to purchase equity interests in the company that, following the sale, owns Global Connect (the “Connect Warrant”). The Company received net proceeds of $2.4 billion on March 5, 2021 andrecorded a gain of $489 million net of tax, inclusive of closing adjustments, during the year ended December 31, 2021. Proceeds from the sale were primarily utilized for debt repayment. See Note 20 to our consolidated financial statements– Discontinued Operations. The results of operations of Global Connect have been classified as discontinued operations for all periods presented. As such, the results of Global Connect have been excluded from both continuing operations and segment results for all periods presented. Nielsen’s continuing business operates as a single operating and reportable segment. The accompanying consolidated financial statements are presented in conformity with U.S. generally accepted accounting principles (“GAAP”). All amounts are presented in U.S. Dollars (“$”), except for share and per share data or where expressly stated as being in other currencies, e.g., Euros (“€”). The consolidated financial statements include the accounts of Nielsen and all subsidiaries and other controlled entities. Consolidation The consolidated financial statements include the accounts of Nielsen and all subsidiaries and other controlled entities. Noncontrolling interests in subsidiaries are reported as a component of equity in the consolidated financial statements with disclosure on the face of the consolidated statements of operations of the amounts of consolidated net income/(loss) attributable to Nielsen shareholders and to the noncontrolling interests. The equity method of accounting is used for investments in affiliates and joint ventures where Nielsen has significant influence but not control, usually supported by a shareholding of between 20% and 50% of the voting rights. In addition, the Company records changes in the fair value of non-equity method equity investments with readily determinable fair values in net income rather than in accumulated other comprehensive income/(loss). Investments that do not have readily determinable fair values are recognized at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The adjustments related to the observable price changes will also be recognized in net income. Intercompany accounts and transactions between consolidated companies have been eliminated in consolidation. Foreign Currency Translation Nielsen has significant investments outside the U.S., primarily in the Euro-zone, Canada and the United Kingdom. Therefore, changes in the value of foreign currencies affect the consolidated financial statements when translated into U.S. Dollars. The functional currency for substantially all subsidiaries outside the U.S. is the local currency. Financial statements for these subsidiaries are translated into U.S. Dollars at period-end exchange rates as to the assets and liabilities and monthly average exchange rates as to revenues, expenses and cash flows. For these countries, currency translation adjustments are recognized in shareholders’ equity as a component of accumulated other comprehensive income/(loss), net, whereas transaction gains and losses are recognized in foreign exchange transaction losses, net in the consolidated statement of operations. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Research and Development Costs Research and development costs, which were not material for any periods presented, are expensed as incurred. Deferred Costs Incremental direct costs incurred related to establishing or significantly expanding a panel in a designated market are deferred at the point when Nielsen determines them to be recoverable. Prior to this point, these costs are expensed as incurred. These deferred costs are typically amortized through cost of revenues over the original contract period beginning when the panel or infrastructure to service new clients is ready for its intended use. Advertising and Marketing Costs Advertising and marketing costs are expensed as incurred and are reflected as selling, general and administrative expenses in the consolidated statements of operations. These costs include all brand advertising, telemarketing, direct mail and other sales promotions associated with marketing/media research services. Advertising and marketing costs totaled $19 million, $5 million and $8 million for the years ended December 31, 2021, 2020 and 2019, respectively. Computation of Net Income per Share Basic net income per share is computed using the weighted-average number of common stock outstanding during the period. Diluted net income per share is computed using the weighted-average number of shares of common stock and dilutive potential shares of common stock outstanding during the period. Dilutive potential shares of common stock primarily consist of employee stock options and restricted stock. Employee stock options, restricted stock and similar equity instruments granted by the Company are treated as potential common stock outstanding in computing diluted earnings per share. Diluted stock outstanding includes nonvested restricted stock units and the dilutive effect of in-the-money options which is calculated based on the average share price for each period using the treasury stock method. Under the treasury stock method, the amount the employee must pay for exercising stock options, the amount of compensation cost for future service that the Company has not yet recognized are assumed to be used to repurchase stock. The effect of 2,342,903, 3,132,528 and 3,950,984 shares of common stock equivalents under stock compensation plans were excluded from the calculation of diluted earnings per share for the years ended December 31, 2021, 2020 and 2019, respectively, as such shares would have been anti-dilutive. Comprehensive Income/(Loss) Comprehensive income/(loss) is reported in the accompanying consolidated statements of comprehensive income/(loss) and consists of net income/(loss) and other gains and losses, net of tax, affecting equity that are excluded from net income/(loss). Cash and Cash Equivalents Cash and cash equivalents include cash and short-term, highly liquid investments with an original maturity date of three months or less. Cash and cash equivalents are carried at fair value. Accounts Receivable The Company extends non-interest bearing trade credit to its customers in the ordinary course of business. To minimize credit risk, ongoing credit evaluations of clients’ financial condition are performed. Nielsen is required to measure expected credit losses on trade accounts receivable. Nielsen considered the asset’s contractual life, the risk of loss and reasonable and supportable forecasts of future economic conditions. The estimate of expected credit losses reflects the risk of loss, even if management believes no loss was incurred as of the measurement date. During the years ended December 31, 2021, 2020 and 2019, the Company sold $10 million, $249 million and $318 million, respectively, of accounts receivables to third parties and recorded an immaterial loss on the sale to interest expense, net in the consolidated statement of operations. As of December 31, 2021, 2020 and 2019, zero, $30 million and $66 million, respectively, of previously sold receivables, remained outstanding. The sales were accounted for as true sales, without recourse. Nielsen maintains servicing responsibilities of the receivables sold during the year, for which the related costs are not significant. The proceeds of $10 million, $249 million and $318 million from the sales were reported as a component of the changes in trade and other receivables, net within operating activities in the consolidated statement of cash flows. Discontinued Operations Nielsen considers an asset to be held for sale when management, having the authority through shareholder and/or Board approval, as needed, commits to a formal plan to actively market the asset for sale at a price reasonable in relation to fair value, the asset is available for immediate sale in its present condition, an active program to locate a buyer and other actions required to complete the sale have been initiated, the sale of the asset is expected to be completed within one year and it is unlikely that significant changes will be made to the plan. Upon designation as held for sale, Nielsen records the carrying value of the asset at the lower of its carrying value or its estimated fair value, less costs to sell. In accordance with GAAP, assets held for sale are not depreciated or amortized. If the disposal of the component of an entity (or group of components) represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results, it meets the criteria for discontinued operations. The results of discontinued operations, as well as any gain or loss on the disposal transaction, are presented separately, net of tax, from the results of continuing operations for all periods presented. The expenses included in the results of discontinued operations are the direct operating expenses incurred by the discontinued segment that may be reasonably segregated from the costs of the ongoing operations of the Company. Certain corporate costs directly attributable to the discontinued operations and transaction costs directly related to the sale are also presented within net income/(loss) from discontinued operations, net of income taxes. The assets and liabilities have been accounted for as assets held for sale in Nielsen’s consolidated balance sheets through the date of the sale. The operating results related to these lines of business have been included in discontinued operations in Nielsen’s consolidated statements of operations. The consolidated statement of cash flows presents combined cash flows from continuing operations with cash flows from discontinued operations within each cash flow statement category. See Note 20 – Discontinued Operations for further detail. Other Significant Accounting Policies The following table includes other significant accounting policies that are described in other notes to the financial statements, including the related note: Significant Accounting Policy Note Revenue recognition 3 Leases 5 Goodwill and Other Intangible Assets 6 Impairment of Long-Lived Assets 6&8 Property, Plant and Equipment 8 Investments 9 Financial Instruments 9 Derivative Financial Instruments 9 Pensions and Other Post Retirement Benefits 11 Share-Based Compensation 14 Income Taxes 15 |
Summary of Recent Accounting Pr
Summary of Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Recent Accounting Pronouncements | Note Income Taxes (Topic 740): Simplifying the Accounting for Income taxes Effective January 1, 2021, the Company adopted ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The standard amends and aims to simplify accounting disclosure requirements regarding a number of topics including: intraperiod tax allocation, accounting for deferred taxes when there are changes in consolidation of certain investments, tax basis step up in an acquisition and the application of effective rate changes during interim periods, amongst other improvements. Upon adoption, this new standard did not have a significant impact on Nielsen’s financial statements. Reference Rate Reform - On March 12, 2020, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (“ASC 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASC 848 contains optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. The provisions of ASC 848 must be applied at a Topic, Subtopic or Industry Subtopic for all transactions other than derivatives, which may be applied at a hedging relationship level. The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offered Rate (“LIBOR”)-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2021 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Note Revenue is measured based on the consideration specified in a contract with a customer. The Company recognizes revenue when it satisfies a performance obligation by transferring control of a product or service to a customer, which generally occurs over time. Substantially all of the Company’s customer contracts are non-cancelable and non-refundable. Revenue is primarily generated from television, radio, digital and mobile audience measurement services and analytics, which are used by the Company’s clients to establish the value of airtime and more effectively schedule and promote their programming and the Company’s advertising clients to plan and optimize their spend. As the customer simultaneously receives and consumes the benefits provided by the Company’s performance, revenues for these services are recognized over the period during which the performance obligations are satisfied and control of the service is transferred to the customer. The Company enters into cooperation arrangements with certain customers, under which the customer provides Nielsen with its data in exchange for Nielsen’s services. Nielsen records these transactions at fair value, which is determined based on the fair value of goods or services received, if reasonably estimable. If not reasonably estimable, the Company considers the fair value of the goods or services surrendered. The table below sets forth the Company’s revenue disaggregated by major product offerings and timing of revenue recognition. (IN MILLIONS) Year Ended December 31, 2021 2020 2019 Measurement $ 2,545 $ 2,455 $ 2,471 Impact/Content 955 906 970 Total $ 3,500 $ 3,361 $ 3,441 Timing of revenue recognition Products transferred at a point in time $ 397 $ 342 $ 286 Products and services transferred over time 3,103 3,019 3,155 Total $ 3,500 $ 3,361 $ 3,441 Contract Assets and Liabilities Contract assets represent the Company’s rights to consideration in exchange for services transferred to a customer that have not been billed as of the reporting date. While the Company’s rights to consideration are generally unconditional at the time its performance obligations are satisfied, under certain circumstances the related billing occurs in arrears, generally within one month of the services being rendered. At the inception of a contract, the Company generally expects the period between when it transfers its services to its customers and when the customer pays for such services will be one year or less. Contract liabilities relate to advance consideration received or the right to consideration that is unconditional from customers for which revenue is recognized when the performance obligation is satisfied and control is transferred to the customer. The table below sets forth the Company’s contract assets and contract liabilities from contracts with customers. (IN MILLIONS) Year Ended December 31, 2021 2020 Contract assets $ 97 $ 94 Contract liabilities $ 131 $ 135 The increase in the contract assets balance during the period was primarily due to $88 million of revenue recognized that was not billed, in accordance with the terms of the contracts, as of December 31, 2021, partially offset by $84 million of contract assets included in the December 31, 2020 balance that were invoiced to Nielsen’s clients and therefore transferred to trade receivables. The decrease in the contract liability balance during the period was primarily due to $120 million of revenue recognized during the period that had been included in the December 31, 2020 contract liability balance and the effect of foreign currency translation, partially offset by $120 million of advance consideration received or the right to consideration that is unconditional from customers for which revenue was not recognized during the period. Transaction Price Allocated to the Remaining Performance Obligations As of December 31, 2021, approximately $3.3 billion of revenue is expected to be recognized from remaining performance obligations that are unsatisfied (or partially unsatisfied) for Nielsen’s services. This amount excludes variable consideration allocated to performance obligations related to sales and usage based royalties on licenses of intellectual property. The Company expects to recognize revenue on approximately 85% of these remaining performance obligations through December 31, 2023, with the balance recognized thereafter. Deferred Costs Incremental direct costs incurred to build the infrastructure to service new contracts are capitalized as a contract cost. As of December 31, 2021 and 2020, the balances of such capitalized costs were $31 million and $3 million, respectively. These costs are typically amortized through cost of revenues over the original contract period beginning when the infrastructure to service new clients is ready for its intended use. As of December 31, 2021 and 2020, there was no amo rtization recorded given that the Company has not yet begun to transfer the goods and services associated with these capitalized costs. There was no impairment loss recorded in any of the periods recorded . Expected Credit Losses Nielsen is required to measure expected credit losses on trade accounts receivable. Nielsen considered the asset’s contractual life, the risk of loss and reasonable and supportable forecasts of future economic The following schedule represents the allowance for doubtful accounts rollforward incorporating expected credit losses for the years ended December 31, 2021 and 2020, respectively. (IN MILLIONS) Balance Net Charges to Deductions Effect of Balance at Allowance for accounts receivable Year ended December 31, 2021 $ 11 $ (4 ) $ - $ (1 ) $ 6 Year ended December 31, 2020 8 7 (4 ) - 11 |
Business Acquisitions
Business Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Business Acquisitions | Note 4. Business Acquisitions For the years ended December 31, 2021, 2020 and 2019, Nielsen paid cash consideration of $20 million, $3 million and $45 million, respectively, associated with current period acquisitions, net of cash acquired. Had these acquisitions occurred as of January 1 of each year, the impact on Nielsen’s consolidated results of operations would not have been material. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Note All significant lease arrangements are generally recognized at lease commencement. Operating lease right-of-use (“ROU”) assets and lease liabilities are recognized at commencement. An ROU asset and corresponding lease liability are not recorded for leases with an initial term of 12 months or less (short term leases) and Nielsen recognizes lease expense for these short term leases as incurred over the lease term . ROU assets represent the Company’s right to use an underlying asset during the reasonably certain lease term, and lease liabilities represent its obligation to make lease payments arising from the lease. Nielsen’s lease terms may include options to extend or terminate the lease when it is reasonably certain that Nielsen will exercise that option. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Nielsen uses the rate implicit in the lease for the discount rate when determining the present value of lease payments whenever that rate is readily determinable. If the rate is not readily determinable, Nielsen uses its incremental borrowing rate, which is updated periodically, based on the information available at commencement date. The operating lease ROU asset also includes any lease payments related to initial direct cost and prepayments and excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term. Nielsen has lease agreements with lease and non-lease components, which are generally accounted for together . Nielsen has operating and finance leases for real estate facilities, servers, computer hardware, and other equipment. Nielsen’s leases have remaining lease terms of 1 year to 20 years, some of which include options to extend the leases for up to 5 years, and some of which include options to terminate the leases within 1 year. The components of lease expense were as follows: (in millions) Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Lease cost Finance lease cost: Amortization of right-of-use assets $ 44 $ 41 $ 40 Interest on lease liabilities 5 6 7 Total finance lease cost 49 47 47 Operating lease cost 55 52 44 Variable lease costs 2 - - Short-term lease costs 1 - 1 Sublease income (5 ) (1 ) (2 ) Total lease cost $ 102 $ 98 $ 90 Nielsen recognized rental income received under subleases from operating leases of $3 million, zero and $2 million for the years ended December 31, 2021, 2020 and 2019, respectively. At December 31, 2021, Nielsen had aggregate future proceeds to be received under operating lease sub-lease guarantees of $6 million. Supplemental balance sheet information related to leases was as follows: (in millions, except lease term and discount rate) December 31, 2021 December 31, 2020 Operating leases Operating lease right-of-use assets $ 144 $ 161 Other current liabilities 54 50 Operating lease liabilities 126 140 Total operating lease liabilities $ 180 $ 190 Finance leases Property, plant and equipment, gross $ 327 $ 300 Accumulated depreciation (220 ) (175 ) Property, plant and equipment, net 107 125 Other intangible assets, gross 12 11 Accumulated amortization (10 ) (9 ) Other intangible assets, net 2 2 Accounts payable and other current liabilities 34 39 Long-term debt and finance lease obligations 42 59 Total finance lease liabilities $ 76 $ 98 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used in finance leases (5 ) (6 ) Operating cash flows used in operating leases (66 ) (41 ) Financing cash flows used in finance leases (45 ) (44 ) Right-of-use assets obtained in exchange for new finance lease liabilities 26 32 Right-of-use assets obtained in exchange for new operating lease liabilities 29 30 Weighted-average remaining lease term--finance leases 2 years 3 years Weighted-average remaining lease term--operating leases 6 years 7 years Weighted-average discount rate--finance leases 5.0 % 5.2 % Weighted-average discount rate--operating leases 2.9 % 4.0 % Annual maturities of Nielsen’s lease liabilities are as follows: (in millions) Operating Leases Finance Leases 2022 $ 57 $ 38 2023 42 28 2024 25 11 2025 14 2 2026 11 - Thereafter 47 - Total lease payments 196 79 Less imputed interest (16 ) (3 ) Total $ 180 $ 76 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note Goodwill Goodwill and other indefinite-lived intangible assets, consisting of certain trade names and trademarks, are each tested for impairment on an annual basis and whenever events or circumstances indicate that the carrying amount of such asset may not be recoverable. Nielsen has designated October 1st as the date in which the annual assessment is performed as this timing corresponds with the development of the Company’s formal budget and business plan review. Nielsen reviews the recoverability of its goodwill by comparing the estimated fair value of Nielsen’s reporting unit with the respective carrying amount. The Company established, and continues to evaluate, its reporting unit based on its internal reporting structure and defines such reporting unit at its operating segment level or one level below. The estimates of fair value of a reporting unit are determined using a combination of valuation techniques, primarily an income approach using a discounted cash flow analysis supplemented by a market-based approach. A discounted cash flow analysis requires the use of various assumptions, including expectations of future cash flows, growth rates, discount rates and tax rates in developing the present value of future cash flow projections. The market-based approach utilizes available market comparisons such as indicative industry multiples that are applied to current year revenue and earnings as well as recent comparable transactions. Nielsen conducted the annual assessment as of October 1, 2021 and concluded that there was no impairment. Goodwill is stated at historical cost less accumulated impairments losses, if any. The table below summarizes the changes in the carrying amount of goodwill for the years ended December 31, 2021 and 2020, respectively. (IN MILLIONS) Balance, December 31, 2019 $ 5,662 Acquisitions, divestitures and other adjustments (3 ) Effect of foreign currency translation 21 Balance, December 31, 2020 $ 5,680 Acquisitions, divestitures and other adjustments (62 ) Effect of foreign currency translation (19 ) Balance, December 31, 2021 $ 5,599 Cumulative impairments $ 376 At December 31, 2021, $20 million of goodwill is expected to be deductible for income tax purposes. Other Intangible Assets Intangible assets with finite lives are stated at historical cost, less accumulated amortization and impairment losses. These intangible assets are amortized on a straight-line basis over the following estimated useful lives, which are reviewed annually. Nielsen has purchased and internally developed software to facilitate its global information processing, financial reporting and client access needs. Costs that are related to the conceptual formulation and design of software programs are expensed as incurred. Costs that are incurred to produce the finished product after technological feasibility has been established are capitalized as an intangible asset and are amortized over the estimated useful life. If events or changes in circumstances indicate that the carrying value of software may not be recovered, a recoverability analysis is performed based on estimated undiscounted cash flows to be generated from the software in the future. If the analysis indicates that the carrying value is not recoverable from the future cash flows, the software cost is written down to estimated fair value and an impairment is recognized. These estimates are subject to revision as market conditions and as the Company’s assessments change. Certain of the trade names associated with Nielsen are deemed indefinite-lived intangible assets, as their associated Nielsen brand awareness and recognition has existed for over 50 years and the Company intends to continue to utilize these trade names. There are also no legal, regulatory, contractual, competitive, economic or other factors that may limit their estimated useful lives. Nielsen reconsiders the remaining estimated useful life of indefinite-lived intangible assets each reporting period. The impairment test for other indefinite-lived intangible assets consists of a comparison of the fair value of an intangible asset with its carrying amount. If the carrying amount of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The estimates of fair value of trade names and trademarks are determined using a “relief from royalty” discounted cash flow valuation methodology. Significant assumptions inherent in this methodology include estimates of royalty rates , estimated future revenue (inclusive of long-term revenue growth rates) and discount rates. Discount rate assumptions are based on an assessment of the risk inherent in the respective intangible assets. Assumptions about royalty rates are based on the rates at which comparable trade names and trademarks are being licensed in the marketplace. The 2021 evaluation resulted in no indefinite lived intangible impairment charges. As of the annual impairment assessment, the fair value exceeded carrying value by less than 10%. The valuation is sensitive to the assumptions discussed above. A downward trend in revenue projections or an increase in discount rate could lead to a future impairment. Pursuant to the Connect Transaction, we granted Purchaser a license to brand its products and services with the Nielsen name and other trademarks for 20 years following the closing of the Connect Transaction. There was an indefinite-lived trade name historically recognized within the Connect segment. However, as this indefinite-lived trade name will be retained by us as part of the Connect Transaction, the trade name is included within continuing operations. During the first quarter of 2021, we concluded that there was a triggering event for an interim impairment assessment as a result of the change in unit of account of the indefinite-lived intangibles as a result of the sale of Global Connect. Based on our interim impairment assessment, Nielsen concluded that the estimated fair values exceeded their carrying values, thus no impairment was recorded. During the fourth quarter of 2020 as of our October 1, 2020 assessment date, Nielsen concluded that the fair value was less than the carrying amount for our indefinite-lived intangible asset and recorded a non-cash impairment charge of $88 million. The impairment was primarily a result of change in market comparable data inputs utilized in establishing the discount rate, which resulted in a higher discount rate in the valuation, as well as slightly downward revisions of management’s forecasts of future revenues. Nielsen is required to assess whether the value of the Company’s amortizable intangible assets have been impaired whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. Nielsen does not perform a periodic assessment of assets for impairment in the absence of such information or indicators. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used or a significant adverse change that would indicate that the carrying amount of an asset or group of assets is not recoverable. Recoverability of assets that are held and used is measured by comparing the sum of the future undiscounted cash flows expected to be derived from an asset (or a group of assets) to their carrying value. If the carrying value of the asset (or the group of assets) exceeds the sum of the future undiscounted cash flows, impairment is considered to exist. If impairment is considered to exist based on undiscounted cash flows, the impairment charge is measured using an estimation of the assets’ fair value, typically using a discounted cash flow method. The identification of impairment indicators, the estimation of future cash flows and the determination of fair values for assets (or groups of assets) requires Nielsen to make significant judgments concerning the identification and validation of impairment indicators, expected cash flows and applicable discount rates. These estimates are subject to revision as market conditions and the Company’s assessments change. There was no impairment or indicators of impairment noted in 2021 with respect to the Company’s amortizable intangible assets. During 2020, Nielsen decided to exit smaller, underperforming markets and non-core businesses and product lines and concluded that this decision represented an impairment indicator for the long-lived assets within those markets and businesses. In addition, during the fourth quarter of 2020, Nielsen identified a change in the extent to which certain self-developed software would be utilized and concluded this represented an impairment indicator. To the extent that the carrying value of the assets exceeded the sum of the future undiscounted cash flows, we measured an impairment charge using a discounted cash flow method for estimation of the assets’ fair value. The non-cash impairment charge for amortizable intangibles was $53 million for the year ended December 31, 2020. The table below summarizes the carrying value of such intangible assets and their estimated useful lives: Gross Amounts Accumulated Amortization Estimated Weighted December 31, December 31, December 31, December 31, (IN MILLIONS) Useful Lives Average 2021 2020 2021 2020 Indefinite-lived intangibles: Trade names and trademarks $ 1,833 $ 1,833 $ — $ — Amortized intangibles: Trade names and trademarks 5-20 years 9 years 110 128 (96 ) (110 ) Customer-related intangibles 6-25 years 20 years 2,558 2,564 (1,689 ) (1,580 ) Covenants-not-to-compete 1-7 years 2 years 26 26 (26 ) (26 ) Content databases 12-16 years 12 years 168 168 (67 ) (53 ) Computer software 3-10 years 5 years 1,572 1,372 (947 ) (692 ) Patents and other 3-10 years 7 years 148 153 (128 ) (120 ) Total $ 4,582 $ 4,411 $ (2,953 ) $ (2,581 ) The amortization expense for the years ended December 31, 2021, 2020 and 2019 was $412 million, $444 million and $356 million, respectively. These amounts include amortization expense associated with computer software of $269 million, $292 million and $199 million for the years ended December 31, 2021, 2020 and 2019, respectively. At December 31, 2021, the net book value of purchased software and internally developed software was $11 million and $614 million, respectively All other intangible assets are subject to amortization. Future amortization expense is estimated to be as follows: (IN MILLIONS) For the year ending December 31: 2022 $ 397 2023 322 2024 234 2025 155 2026 133 Thereafter 388 Total $ 1,629 |
Changes in and Reclassification
Changes in and Reclassification out of Accumulated Other Comprehensive Income/(Loss) by Component | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Changes in and Reclassification out of Accumulated Other Comprehensive Income/(Loss) by Component | Note The table below summarizes the changes in accumulated other comprehensive income/(loss), net of tax, by component for the years ended December 31, 2021 and 2020, respectively. Currency Translation Cash Flow Post-Employment (IN MILLIONS) Adjustments Hedges Benefits Total Balance December 31, 2020 $ (821 ) $ (39 ) $ (245 ) $ (1,105 ) Other comprehensive (loss)/income before reclassifications $ (60 ) $ 3 $ 28 $ (29 ) Amounts reclassified from accumulated other comprehensive loss 233 18 144 395 Net current period other comprehensive income 173 21 172 366 Net current period other comprehensive loss attributable to noncontrolling interest (1 ) — — (1 ) Net current period other comprehensive income attributable to Nielsen shareholders 174 21 172 367 Balance December 31, 2021 $ (647 ) $ (18 ) $ (73 ) $ (738 ) Currency Translation Cash Flow Post-Employment (IN MILLIONS) Adjustments Hedges Benefits Total Balance December 31, 2019 $ (776 ) $ (19 ) $ (210 ) $ (1,005 ) Other comprehensive income/(loss) before reclassifications $ (45 ) $ (37 ) $ (44 ) $ (126 ) Amounts reclassified from accumulated other comprehensive (income)/loss — 17 9 26 Net current period other comprehensive income/(loss) attributable to Nielsen shareholders (45 ) (20 ) (35 ) (100 ) Balance December 31, 2020 $ (821 ) $ (39 ) $ (245 ) $ (1,105 ) The table below summarizes the reclassification of accumulated other comprehensive loss by component for the years ended December 31, 2021 and 2020, respectively. Amount Reclassified from Accumulated Other (IN MILLIONS) Comprehensive Loss/(Income) Details about Accumulated Affected Line Item in the Other Comprehensive Year Ended December 31, Consolidated Income components 2021 2020 Statement of Operations Currency Translation Adjustments Currency translation losses on dispositions (1) $ 233 $ — Net income/(loss) from discontinued operations Cash flow hedges Interest rate contracts $ 25 $ 23 Interest (income)/expense (7 ) (6 ) (Benefit)/provision for income taxes $ 18 $ 17 Total, net of tax Post-Employment Benefits Amortization of actuarial loss (2) $ 14 $ 17 Other expense, net (11 ) (8 ) (Benefit)/provision for income taxes $ 3 $ 9 Total, net of tax Unrealized (gains)/losses on pension liability on dispositions (1) $ 141 $ — Net income/(loss) from discontinued operations Total Post-Employment Benefits reclassified from accumulated other comprehensive (income)/loss $ 144 $ 9 Total reclassification for the period $ 395 $ 26 Net of tax (1) The sale of Global Connect resulted . (2) This accumulated other comprehensive loss component is included in the computation of net periodic pension cost . |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | Note Property, plant and equipment are carried at historical cost less accumulated depreciation and impairment losses. Property, plant and equipment are depreciated on a straight-line basis over the estimated useful lives. Nielsen is required to assess whether the value of our long-lived assets, including the Company’s buildings, improvements, technical and other equipment, have been impaired whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. Nielsen does not perform a periodic assessment of assets for impairment in the absence of such information or indicators. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used or a significant adverse change that would indicate that the carrying amount of an asset or group of assets is not recoverable. Recoverability of assets that are held and used is measured by comparing the sum of the future undiscounted cash flows expected to be derived from an asset (or a group of assets) to their carrying value. If the carrying value of the asset (or the group of assets) exceeds the sum of the future undiscounted cash flows, impairment is considered to exist. If impairment is considered to exist based on undiscounted cash flows, the impairment charge is measured using an estimation of the assets’ fair value, typically using a discounted cash flow method. The identification of impairment indicators, the estimation of future cash flows and the determination of fair values for assets (or groups of assets) requires Nielsen to make significant judgments concerning the identification and validation of impairment indicators, expected cash flows and applicable discount rates. These estimates are subject to revision as market conditions and our assessments change. During 2020, Nielsen concluded that the decision to exit smaller, underperforming markets and non-core businesses was an impairment indicator for the long-lived assets within those exits. Where the carrying value of the assets exceeded the sum of the future undiscounted cash flows, we measured an impairment charge using a discounted cash flow method for estimation of the assets’ fair value. During the year ended December 31, 2020, we recognized a pre-tax non-cash impairment charge associated with property, plant and equipment of $5 million. There was no impairment or indicators of impairment noted in 2021 with respect to the Company’s property, plant and equipment. The following tables summarizes the carrying value of our property, plant and equipment including the associated useful lives: Estimated December 31, December 31, (IN MILLIONS) Useful Life 2021 2020 Land and buildings 25-50 years $ 177 $ 174 Information and communication equipment 3-10 years 649 567 Furniture, equipment and other 3-10 years 30 19 856 760 Less accumulated depreciation and amortization (583 ) (490 ) $ 273 $ 270 Depreciation and amortization expense from operations related to property, plant and equipment was $93 million, $90 million and $91 million for the years ended December 31, 2021, 2020 and 2019, respectively. The above amounts include amortization expense on assets under finance leases and other financing obligations of $42 million, $37 million and $40 million for the years ended December 31, 2021, 2020 and 2019, respectively. Finance leases and other financing obligations are comprised primarily of land and buildings and information and communication equipment. See Note 5 “Leases” for further information on finance leases. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 9. Fair Value Measurements Nielsen’s financial instruments include cash and cash equivalents, investments, long-term debt and derivative financial instruments. These financial instruments potentially subject Nielsen to concentrations of credit risk. To minimize the risk of credit loss, these financial instruments are primarily held with acknowledged financial institutions. The carrying value of Nielsen’s financial instruments approximate fair value, except for differences with respect to long-term, fixed and variable-rate debt. The fair value of financial instruments is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market. In cases where quoted market prices are not available, fair value is based on estimates using present value or other valuation techniques. Cash equivalents have original maturities of three months or less. In addition, the Company has accounts receivable that are not collateralized. Nielsen services high quality clients dispersed across many geographic areas. The Company analyzes the aging of accounts receivable, historical bad debts, customer creditworthiness and current economic trends in determining the allowance for doubtful accounts. Investments include investments in affiliates and a trading asset portfolio maintained to generate returns to offset changes in certain liabilities related to deferred compensation arrangements. Nielsen assesses declines in the value of individual investments to determine whether such decline is other than temporary and thus the investment is impaired by considering available evidence. No impairment charge was recorded for the years ended December 31, 2021, 2020 and 2019. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value, the Company considers the principal or most advantageous market in which the Company would transact, and also considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of non-performance . There are three levels of inputs that may be used to measure fair value: Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3: Pricing inputs that are generally unobservable and may not be corroborated by market data. Financial Assets and Liabilities Measured on a Recurring Basis The Company’s financial assets and liabilities are measured and recorded at fair value, except for equity method investments and long-term debt. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment, and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. In addition, the Company records changes in the fair value of equity investments with readily determinable fair values in net income rather than in accumulated other comprehensive income/(loss). Investments that do not have readily determinable fair values are recognized at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The adjustments related to the observable price changes will also be recognized in net income . The following table summarizes the valuation of the Company’s material financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 and 2020: December 31, (IN MILLIONS) 2021 Level 1 Level 2 Level 3 Assets: Plan assets for deferred compensation (1) $ 24 $ 24 $ — $ — Investment in mutual funds (2) 1 1 — — Warrant (3 ) 6 — — 6 Total $ 31 $ 25 $ — $ 6 Liabilities: Interest rate swap arrangements (4 ) $ 22 $ — $ 22 $ — Deferred compensation liabilities (5 ) 24 24 — — Total $ 46 $ 24 $ 22 $ — December 31, 2020 Level 1 Level 2 Level 3 Assets: Plan assets for deferred compensation (1) $ 24 $ 24 $ — $ — Investment in mutual funds (2) 2 2 — — Total $ 26 $ 26 $ — $ — Liabilities: Interest rate swap arrangements (3) $ 52 $ — $ 52 $ — Deferred compensation liabilities (5 ) 24 24 — — Total $ 76 $ 24 $ 52 $ — ( 1 ) Plan assets are comprised of investments in mutual funds, which are intended to fund liabilities arising from deferred compensation plans. These investments are carried at fair value, which is based on quoted market prices at period end in active markets. These investments are classified as equity securities with any gains or losses resulting from changes in fair value recorded in other income/(expense), net in the consolidated statement of operations. (2) Investments in mutual funds are money-market accounts held with the intention of funding certain specific retirement plans. ( 3 ) The estimated fair value of the Connect Warrant issued March 5, 2021 of $5 million was part of the proceeds related to the sale of Global Connect and included in the net gain on sale of Global Connect. The Connect Warrant is marked-to-market each reporting period with the subsequent change in fair value recorded to other income/(expense), net in the consolidated statement of operations. The Connect Warrant is reported within other non-current assets within the consolidated balance sheet. The fair value of the Connect Warrant asset is estimated using a Black-Scholes option-pricing model and had an estimated fair value of $6 million as of December 31, 2021. ( 4 ) Derivative financial instruments include interest rate swap arrangements recorded at fair value based on externally-developed valuation models that use readily observable market parameters and the consideration of counterparty risk. ( 5 ) The Company offers certain employees the opportunity to participate in a deferred compensation plan. A participant’s deferrals are invested in a variety of participant directed stock and bond mutual funds and are classified as equity securities. Changes in the fair value of these securities are measured using quoted prices in active markets based on the market price per unit multiplied by the number of units held exclusive of any transaction costs. A corresponding adjustment for changes in fair value of the equity securities is also reflected in the changes in fair value of the deferred compensation obligation. Derivative Financial Instruments Nielsen primarily uses interest rate swap derivative instruments to manage the risk that changes in interest rates will affect the cash flows of its underlying debt obligations. To qualify for hedge accounting, the hedging relationship must meet several conditions with respect to documentation, probability of occurrence, hedge effectiveness and reliability of measurement. Nielsen documents the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions as well as the hedge effectiveness assessment, both at the hedge inception and on an ongoing basis. Nielsen recognizes all derivatives at fair value either as assets or liabilities in the consolidated balance sheets, and changes in the fair values of such instruments are recognized currently in earnings unless specific hedge accounting criteria are met. If specific cash flow hedge accounting criteria are met, Nielsen recognizes the changes in fair value of these instruments in accumulated other comprehensive income/(loss). Nielsen manages exposure to possible defaults on derivative financial instruments by monitoring the concentration of risk that Nielsen has with any individual bank and through the use of minimum credit quality standards for all counterparties. Nielsen does not require collateral or other security in relation to derivative financial instruments. A derivative contract entered into between Nielsen or certain of its subsidiaries and a counterparty that was also a lender under Nielsen’s senior secured credit facilities at the time the derivative contract was entered into is guaranteed under the senior secured credit facilities by Nielsen and certain of its subsidiaries (s ee Note 12 – Long-term Debt and Other Financing Arrangements for more information). Since it is Nielsen’s policy to only enter into derivative contracts with banks of internationally acknowledged standing, Nielsen considers the counterparty risk to be remote . It is Nielsen’s policy to have an International Swaps and Derivatives Association (“ISDA”) Master Agreement established with every bank with which it has entered into any derivative contract. Under each of these ISDA Master Agreements, Nielsen agrees to settle only the net amount of the combined market values of all derivative contracts outstanding with any one counterparty should that counterparty default. Certain of the ISDA Master Agreements contain cross-default provisions pursuant to which the Company could be declared in default on its derivative obligations if the Company either defaults in payment obligations under its credit facility or if such obligations are accelerated by the lenders. At December 31, 2021, Nielsen had no material exposure to potential economic losses due to counterparty credit default risk or cross-default risk on its derivative financial instruments. Interest Rate Risk Nielsen is exposed to cash flow interest rate risk on the floating-rate U.S. Dollar loans, and uses floating-to-fixed interest rate swaps to hedge this exposure. For these derivatives, Nielsen reports the after-tax gain or loss from the effective portion of the hedge as a component of accumulated other comprehensive income/(loss) and reclassifies it into earnings in the same period or periods in which the hedged transaction affects earnings, and within the same income statement line item as the impact of the hedged transaction . The Company has $1,050 million aggregate notional amount of forward interest rate swaps outstanding as of December 31, 2021. These agreements fix the LIBOR-related portion of interest rates of a corresponding amount of the Company’s variable-rate-debt. These derivatives have been designated as interest rate cash flow hedges. As of December 31, 2021, the Company had the following U.S. Dollar term loan floating-to-fixed rate outstanding interest rate swaps designated as hedges utilized in the management of its interest rate risk: Notional Amount Maturity Date Interest Rates $ 250 July 2022 2.00 % $ 150 April 2023 2.26 % $ 250 May 2023 2.72 % $ 250 June 2023 2.07 % $ 150 July 2023 1.82 % The effect of cash flow hedge accounting on the consolidated statement of operations for the years ended December 31, 2021, 2020 and 2019: Interest Expense Year Ended December 31, (IN MILLIONS) 2021 2020 2019 Interest expense (Location in the consolidated statement of operations in which the effects of cash flow hedges are recorded) $ 285 $ 331 $ 348 Amount of (gain)/loss reclassified from accumulated other comprehensive income/(loss) into income, net of tax $ 18 $ 17 $ (7 ) There were no income/(loss) reclassified from accumulated other comprehensive income/(loss) into income as a result that a forecasted transaction is no longer probable of occurring, for all years presented. Nielsen expects to recognize approximately $17 million of net pre-tax losses from accumulated other comprehensive loss to interest expense in the next 12 months associated with its interest-related derivative financial instruments. Foreign Currency Exchange Risk During the years ended December 31, 2021 and 2020, Nielsen recorded a net loss of $1 million and $2 million respectively, associated with foreign currency derivative financial instruments within foreign currency exchange transactions losses, net in Nielsen’s consolidated statements of operations. As of December 31, 2021 and 2020, the notional amounts of the outstanding foreign currency derivative financial instruments were $29 million and $68 million, respectively. See Note 12 – “Long-term Debt and Other Financing Arrangements” for more information on the long-term debt transactions referenced in this note. Fair Values of Derivative Instruments in the Consolidated Balance Sheets The fair values of the Company’s derivative instruments as of December 31, 2021 and 2020 were as follows: December 31, 2021 December 31, 2020 Derivatives Designated as Hedging Instruments Accounts Payable and Other Current Other Non- Current Accounts Payable and Other Current Other Non- Current (IN MILLIONS) Liabilities Liabilities Liabilities Liabilities Interest rate swaps $ 4 $ 18 $ 4 $ 48 Derivatives in Cash Flow Hedging Relationships The pre-tax effect of derivative instruments in effective cash flow hedging relationships for the years ended December 31, 2021, 2020 and 2019 was as follows: Amount of (Gain)/Loss Amount of (Gain)/Loss Recognized in OCI Location of (Gain)/Loss Reclassified from OCI Derivatives in Cash Flow on Derivatives Reclassified from OCI into Income Hedging Relationships December 31, into Income December 31, (IN MILLIONS) 2021 2020 2019 2021 2020 2019 Interest rate swaps $ (5 ) $ 52 $ 33 Interest expense $ 25 $ 23 $ (9 ) |
Restructuring Activities
Restructuring Activities | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Activities | Note Productivity Initiatives Restructuring charges are primarily related to programs associated with Nielsen’s plans to reduce selling, general and administrative expenses, consolidate real estate locations, as well as automation initiatives . On June 30, 2020, Nielsen announced a broad-based optimization plan to drive permanent cost savings and operational efficiencies, as well as to position the Company for greater profitability and growth. The plan was substantially completed in 2020 Nielsen incurred $13 million of restructuring charges in the year ended December 31, 2021, primarily relating to real estate consolidation . A summary of the changes in the liabilities for restructuring activities is provided below: Total (IN MILLIONS) Initiatives Balance at December 31, 2018 $ 22 Reclassification of ASC 420 real estate restructuring to right-of -use asset (1) (14 ) Charges (2) 20 Non-cash charges and other adjustments 1 Payments (20 ) Balance at December 31, 2019 9 Charges (3) 30 Non-cash charges and other adjustments - Payments (25 ) Balance at December 31, 2020 14 Charges (4) - Non-cash charges and other adjustments (2 ) Payments (12 ) Balance at December 31, 2021 $ - (1) Upon adoption of ASC 842, the real estate operating lease ASC 420 liabilities were reclassified and presented as a reduction of the related operating lease right-of-use asset. (2) Excludes charges related to operating lease right-of-use assets of $10 million. (3) Excludes charges related to operating lease right-of-use assets of $7 million. Includes $7 million of adjustments related to changes in a plan to exit a business. (4) Excludes charges related to operating lease right-of-use assets of $13 million |
Pensions and Other Post-Retirem
Pensions and Other Post-Retirement Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Pensions and Other Post-Retirement Benefits | Note Nielsen sponsors both funded and unfunded defined benefit pension plans (the “Pension Plans”) and post-retirement medical plans for some if its employees in the U.S. and other international locations. Pension costs, in respect of defined benefit pension plans, primarily represent the increase in the actuarial present value of the obligation for pension benefits based on employee service during the year and the interest on this obligation in respect of employee service in previous years, net of the expected return on plan assets. Differences between this expected return and the actual return on these plan assets and actuarial changes are not recognized in the statement of operations, unless the accumulated differences and changes exceed a certain threshold. Nielsen recognizes obligations for contributions to defined contribution pension plans as expenses in the statement of operations as they are incurred. The determination of benefit obligations and expenses is based on actuarial models. In order to measure benefit costs and obligations using these models, critical assumptions are made with regard to the discount rate, the expected return on plan assets and the assumed rate of compensation increases. Nielsen provides retiree medical benefits to a limited number of participants in the U.S. Therefore, retiree medical care cost trend rates are not a significant driver of our post retirement costs. Management reviews these critical assumptions at least annually. Other assumptions involve demographic factors such as turnover, retirement and mortality rates. Management reviews these assumptions periodically and updates them as necessary. The discount rate is the rate at which the benefit obligations could be effectively settled. For Nielsen’s U.S. plans, the discount rate is based on a bond portfolio that includes only long-term bonds with an Aa rating, or equivalent, from a major rating agency. For the non-U.S. plans, the discount rate is set by reference to market yields on high-quality corporate bonds. Nielsen believes the timing and amount of cash flows related to the bonds in these portfolios are expected to match the estimated payment benefit streams of our plans. The Company uses the spot rate approach to calculate the discount rate for its retirement benefit plans. Under the spot-rate approach, the Company uses individual spot rates along the yield curve that correspond with the timing of each future cash outflow for benefit payments in order to calculate interest cost and service cost within net periodic benefit costs. To determine the expected long-term rate of return on pension plan assets, Nielsen considers, for each country, the structure of the asset portfolio and the expected rates of return for each of the components. For Nielsen’s U.S. plans, a 50 basis point decrease in the expected return on assets would increase pension expense on our principal plans by approximately $1 million per year. During 2019, certain of the Company’s pension plans contracted with insurance companies and transferred $53 million of outstanding defined benefit pension obligations and related pension assets for approximately 125 retirees and beneficiaries in the UK to the insurance companies. The insurance companies are now required to pay and administer the retirement benefits owed to these retirees and beneficiaries. These transactions have no impact on the amount, timing, or form of the monthly retirement benefit payments to the covered retirees and beneficiaries. These transactions resulted in a non-cash charge to other income/expense of $6 million in our consolidated statements of operations and did not impact cash flows in 2019 . The actuarial gains on the benefit obligation during 2021 were approximately $19 million. This consists of a $20 million gain due to changes in financial assumptions, with the primary driver being an increase in discount rates in most countries. This gain was partially offset by a loss of $1 million related to changes in mortality tables. A summary of the activity for the Pension Plans follows: Year Ended December 31, 2021 United (IN MILLIONS) States Other Total Change in projected benefit obligation Benefit obligation at beginning of period $ 419 $ 37 $ 456 Service cost — 3 3 Interest cost 7 1 8 Plan participants’ contributions — 1 1 Actuarial (gain)/loss (16 ) (3 ) (19 ) Benefits paid (14 ) (1 ) (15 ) Settlements — (1 ) (1 ) Effect of foreign currency translation — (1 ) (1 ) Benefit obligation at end of period 396 36 432 Change in plan assets Fair value of plan assets at beginning of period 305 18 323 Actual return on plan assets 23 — 23 Employer contributions 11 3 14 Plan participants’ contributions — 1 1 Benefits paid (14 ) (1 ) (15 ) Settlements — (1 ) (1 ) Fair value of plan assets at end of period 325 20 345 Funded status $ (71 ) $ (16 ) $ (87 ) Amounts recognized in the Consolidated Balance Sheets Current liabilities (1 ) — (1 ) Accrued benefit liability included in other non-current liabilities (70 ) (16 ) (86 ) Net amount recognized $ (71 ) $ (16 ) $ (87 ) Amounts recognized in Other Comprehensive Income/(Loss), before tax Net (gain)/loss $ (23 ) $ (2 ) $ (25 ) Settlement loss — — — Amortization of net loss (13 ) (1 ) (14 ) Total recognized in other comprehensive (income)/loss $ (36 ) $ (3 ) $ (39) Amounts not yet reflected in net periodic benefit cost and included in Accumulated Other Comprehensive Income/(Loss), before tax Unrecognized losses $ 99 $ 7 $ 106 Year Ended December 31, 2020 United (IN MILLIONS) States Other Total Change in projected benefit obligation Benefit obligation at beginning of period $ 378 $ 2 $ 380 Service cost — 3 3 Interest cost 11 1 12 Actuarial (gain)/loss 46 4 50 Benefits paid (16 ) — (16 ) Settlements — (1 ) (1 ) Other — 26 26 Effect of foreign currency translation — 2 2 Benefit obligation at end of period 419 37 456 Change in plan assets Fair value of plan assets at beginning of period 270 1 271 Actual return on plan assets 40 1 41 Employer contributions 11 2 13 Benefits paid (16 ) — (16 ) Settlements — (1 ) (1 ) Other — 15 15 Fair value of plan assets at end of period 305 18 323 Funded status $ (114 ) $ (19 ) $ (133 ) Amounts recognized in the Consolidated Balance Sheets Accrued benefit liability included in other non-current liabilities (114 ) (19 ) (133 ) Net amount recognized $ (114 ) $ (19 ) $ (133 ) Amounts recognized in Other Comprehensive Income/(Loss), before tax Net (gain)/loss $ 23 $ 4 $ 27 Settlement loss — (1 ) (1 ) Amortization of net loss (11 ) 1 (10 ) Total recognized in other comprehensive (income)/loss $ 12 $ 4 $ 16 Amounts not yet reflected in net periodic benefit cost and included in Accumulated Other Comprehensive Income/(Loss), before tax Unrecognized losses $ 135 $ 5 $ 140 The total accumulated benefit obligation and minimum liability changes for the Pension Plans were as follows: Year Ended Year Ended Year Ended December 31, December 31, December 31, (IN MILLIONS) 2021 2020 2019 Accumulated benefit obligation. $ 425 $ 450 $ 380 Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets at December 31, 2021 United (IN MILLIONS) States Other Total Accumulated benefit obligation $ 396 $ 24 $ 420 Fair value of plan assets 325 13 338 Pension Plans with Projected Benefit Obligation in Excess of Plan Assets at December 31, 2021 United (IN MILLIONS) States Other Total Projected benefit obligation $ 396 $ 35 $ 431 Fair value of plan assets 325 19 344 Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets at December 31, 2020 United (IN MILLIONS) States Other Total Accumulated benefit obligation $ 419 $ 24 $ 443 Fair value of plan assets 305 12 317 Pension Plans with Projected Benefit Obligation in Excess of Plan Assets at December 31, 2020 United (IN MILLIONS) States Other Total Projected benefit obligation $ 419 $ 36 $ 455 Fair value of plan assets 305 17 322 Net periodic benefit costs for the years ended December 31, 2021 and 2020, respectively, includes the following components: United (IN MILLIONS) States Other Total Year ended December 31, 2021 Service cost $ — $ 3 $ 3 Interest cost 7 1 8 Expected return on plan assets (15 ) (2 ) (17 ) Amortization of net loss 13 1 14 Net periodic pension cost $ 5 $ 3 $ 8 United (IN MILLIONS) States Other Total Year ended December 31, 2020 Service cost $ — $ 3 $ 3 Interest cost 11 1 12 Expected return on plan assets (17 ) — (17 ) Amortization of net loss 11 — 11 Net periodic pension cost $ 5 $ 4 $ 9 Net periodic benefit cost for the year ended December 31, 2019 includes the following components: United (IN MILLIONS) States Other Total Year ended December 31, 2019 Interest cost 14 — 14 Expected return on plan assets (17 ) — (17 ) Settlement loss recognized — 6 6 Amortization of net loss 6 — 6 Net periodic pension cost $ 3 $ 6 $ 9 The non-cash settlement loss of $6 million in 2019 resulted from the transfer of defined benefit pension obligations and related assets in the UK to insurance companies which relieved Nielsen of its obligations related to the plans. Actuarial gains and losses are amortized over the average remaining service lives for plans with active participants, and over the average remaining lives for legacy plans with no active participants. The weighted average assumptions underlying the pension computations were as follows: Year Ended December 31, 2021 2020 2019 US Other US Other NL US Other Pension benefit obligation: —discount rate 2.9 % 2.0 % 2.5 % 1.5 % 1.9 % 3.4 % 1.9 % —rate of compensation increase — 3.2 % — 1.3 % 1.1 % — 1.1 % Net periodic pension costs: —discount rate 2.9 % 1.5 % 3.4 % 1.8 % 2.5 % 4.4 % 2.5 % —rate of compensation increase — 3.1 % — 1.0 % 1.1 % — 1.1 % —expected long-term return on plan assets 6.0 % 3.7 % 6.5 % 3.9 % 4.2 % 6.7 % 4.2 % The assumptions for the expected return on plan assets for the Pension Plans were based on a review of the historical returns of the asset classes in which the assets of the Pension Plans are invested and long-term economic forecast for the type of investments held by the plans. The historical returns on these asset classes were weighted based on the expected long-term allocation of the assets of the Pension Plans. Nielsen’s pension plans’ weighted average asset allocations by asset category are as follows: United States Other Total At December 31, 2021 Equity securities 55 % 23 % 53 % Fixed income securities 45 28 44 Other — 49 3 Total 100 % 100 % 100 % United States Other Total At December 31, 2020 Equity securities 57 % 16 % 55 % Fixed income securities 43 21 41 Other — 63 4 Total 100 % 100 % 100 % No Nielsen shares are held by the Pension Plans. Nielsen’s primary objective with regard to the investment of the Pension Plans’ assets is to ensure that in each individual plan, sufficient funds are available to satisfy future benefit obligations. For this purpose, asset and liability management studies are made periodically at each pension fund. For each of the Pension Plans, an appropriate mix is determined on the basis of the outcome of these studies, taking into account the national rules and regulations. The overall target asset allocation among all plans for 2021 was 53% equity securities and 44% long-term interest-earning investments (debt or fixed income securities), and 3% other investments. Equity securities primarily include investments in U.S. and non U.S. companies. Fixed income securities include corporate bonds of companies from diversified industries and mortgage-backed securities. Real estate contracts are categorized as level 3 and are valued based on contractual terms. Assets at fair value (See Note 9 – “Fair Value Measurements” for additional information on fair value measurement and the underlying fair value hierarchy) as of December 31, 2021 and 2020 are as follows: (IN MILLIONS) December 31, 2021 December 31, 2020 Asset Category Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and equivalents $ 6 $ — $ — $ 6 $ 7 $ — $ — $ 7 Equity securities – U.S. 70 2 — 72 70 7 — 77 Equity securities – Global. 12 37 — 49 12 32 — 44 Equity securities – non-U.S. — 60 — 60 — 55 — 55 Real estate — 2 1 3 — 2 2 4 Corporate bonds 127 24 — 151 114 20 — 134 Debt issued by national, state or local government 1 — — 1 — — — — Other — 3 — 3 — 2 — 2 Total assets at fair value at December 31, 2021 and December 31, 2020 $ 216 $ 128 $ 1 $ 345 $ 203 $ 118 $ 2 $ 323 The following is a summary of changes in the fair value of the Pension Plans’ Level 3 assets for the years ended December 31, 2021 and 2020: (IN MILLIONS) Real Estate Balance, end of year December 31, 2019 $ 1 Actual return on plan assets: Effect of foreign currency translation 1 Balance, end of year December 31, 2020 $ 2 Actual return on plan assets: Effect of foreign currency translation (1 ) Balance, end of year December 31, 2021 $ 1 Real estate investment valuations require significant judgment due to the absence of quoted market prices, the inherent lack of liquidity and the long-term nature of such assets. These assets are initially valued at cost and are reviewed periodically utilizing available and relevant market data to determine if the carrying value of these assets should be adjusted. The valuation methodology is applied consistently from period to period. Contributions to the Pension Plans in 2022 are expected to be approximately $10 million for the U.S. plan and $3 million for other plans. Estimated future benefit payments are as follows: United (IN MILLIONS) States Other Total For the years ending December 31, 2022 $ 17 $ 2 $ 19 2023 19 2 21 2024 19 2 21 2025 19 2 21 2026 20 2 22 2027-2031 104 13 117 Defined Contribution Plans Nielsen also offers defined contribution plans to certain participants, primarily in the U.S. Nielsen’s expense related to these plans was $26 million, $22 million and $33 million for the years ended December 31, 2021, 2020 and 2019, respectively. In the U.S., Nielsen contributes cash to each employee’s account in an amount up to 3% of compensation (subject to IRS limitations). Due to the COVID-19 pandemic, the defined contribution company matching was suspended in the U.S. effective May 9, 2020 through December 31, 2020, resulting in a reduction in the expense related to such plans. No contributions are made in shares of the Company’s common stock. |
Long-term Debt and Other Financ
Long-term Debt and Other Financing Arrangements | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt and Other Financing Arrangements | 12. Long-term Debt and Other Financing Arrangements Unless otherwise stated, interest rates are as of December 31, 2021. December 31, 2021 December 31, 2020 Weighted Weighted (IN MILLIONS) Carrying Interest Fair Carrying Interest Fair Senior secured term loans Amount Rate Value Value Rate Value Maturing in 2023, L+ 1.75% $ 742 $ 742 $ 754 $ 752 Maturing in 2023, L+ 2.00% 1,351 1,352 1,603 1,602 Maturing in 2023, Euro L+ 2.50% — — 251 250 Maturing in 2025, Euro L+ 3.75% — — 639 654 Maturing in 2025, L+ 4.75% — — 419 434 Maturing in 2023 $850 revolving credit facility (L+ 1.75%) — — — — Total (with weighted-average interest rate) 2,093 2.10 % 2,094 3,666 3.01 % 3,692 Senior debenture loans $425 maturing in 2021, 5.500% — — 150 151 $825 maturing in 2022, 5.000% — — 824 828 $500 maturing in 2025, 5.000% 498 507 498 514 $1,000 maturing in 2028, 5.625% 987 1,031 985 1,088 $750 maturing in 2030, 5.875% 740 785 739 846 $625 maturing in 2029, 4.500% 616 613 — — $625 maturing in 2031, 4.750% 616 616 — — Total (with weighted-average interest rate) 3,457 5.52 % 3,552 3,196 5.69 % 3,427 Total long-term debt 5,550 4.24 % 5,646 6,862 4.26 % 7,119 Finance lease and other financing obligations 76 98 Total debt and other financing arrangements 5,626 6,960 Less: Current portion of long-term debt, finance lease and other financing obligations and other short-term borrowings 35 276 Non-current portion of long-term debt and finance lease and other financing obligations $ 5,591 $ 6,684 The fair value of the Company’s long-term debt instruments was based on the yield on public debt where available or current borrowing rates available for financings with similar terms and maturities and such fair value measurements are considered Level 1or Level 2 in nature, respectively. The carrying value of Nielsen’s long-term debt are denominated in the following currencies: December 31, December 31, (IN MILLIONS) 2021 2020 U.S. Dollars $ 5,550 $ 5,972 Euro — 890 $ 5,550 $ 6,862 Annual maturities of Nielsen’s long-term debt are as follows: (IN MILLIONS) 2022 $ — 2023 $ 2,093 2024 $ — 2025 $ 498 2026 $ — Thereafter $ 2,959 $ 5,550 On March 16, 2021, primarily utilizing the proceeds from the Connect Transaction, Nielsen wrote-off certain previously deferred financing fees of $7.5 million associated with the redemptions during the period ended March 31, 2021, which was included within net income/(loss) from discontinued operations, net of tax. The redemption of the 2022 Notes resulted in a pre-tax charge of $1 million in the second quarter of 2021, which was included within other expense, net, in the consolidated statement of operations On May 28, 2021, Nielsen Finance LLC and Nielsen Finance Co., each an indirect, wholly-owned subsidiary of Nielsen, issued $625 Nielsen capitalized $19 million of fees in connection with the refinancing. Nielsen applied the net proceeds of the offering plus cash on hand to prepay the approximately $430 million €530 million senior secured euro term loans which were both due 2025 and the approximately €204 million aggregate outstanding principal amount of senior secured euro term loans due 2023 Nielsen wrote-off certain previously deferred financing fees of $20 million in connection with the May 2021 prepayments In connection with the prepayment of the senior secured dollar and euro term loans due 2025, Nielsen terminated the Credit Agreement dated June 4, 2020, as amended on July 21, 2020, and all commitments thereunder. During the fourth quarter of 2021, Nielsen utilized cash on hand to partially prepay approximately $250 millionof senior secured dollar term loans due 2023 Nielsen wrote-off certain previously deferred financing fees of $0.4 million in connection with the prepayments made during the fourth quarter of 2021. For the years ended December 31, interest expense, net, includes zero, $2 million and $6 million, respectively, of interest income in our consolidated statement of operations. The indentures governing the senior notes limit the majority of Nielsen’s subsidiaries’ ability to use assets as security in other transactions and sell certain assets or merge with or into other companies subject to certain exceptions. Upon a change in control, Nielsen is required under each indenture to make an offer to redeem all of the Senior Notes issued pursuant to such indenture at a redemption price equal to the 101% of the aggregate principal amount plus accrued and unpaid interest. The Senior Notes are jointly and severally guaranteed by Nielsen, substantially all of the wholly owned material U.S. subsidiaries of Nielsen and certain of the non-U.S. wholly-owned subsidiaries of Nielsen. Covenants As of December 31, 2021, Nielsen was in full compliance with the financial covenant described below. Nielsen’s Sixth Amended and Restated Credit Agreement, date July 21, 2020 (the “Amended Credit Agreement”) contains a number of covenants that, among other things, restrict, subject to certain exceptions, the ability of Nielsen Holding and Finance B.V. and its restricted subsidiaries (which together constitute most of our subsidiaries) to incur additional indebtedness or guarantees, incur liens and engage in sale and leaseback transactions, make certain loans and investments, declare dividends, make payments or redeem or repurchase capital stock, engage in certain mergers, acquisitions and other business combinations, prepay, redeem or purchase certain indebtedness, amend or otherwise alter terms of certain indebtedness, sell certain assets, transact with affiliates, enter into agreements limiting subsidiary distributions and alter the business they conduct. These entities are restricted, subject to certain exceptions, in their ability to transfer their net assets to Nielsen. Such restricted net assets amounted to approximately $1.3 billion at December 31, 2021. The Amended Credit Agreement contains a total leverage covenant that requires the Covenant Parties (as defined in the Amended Credit Agreement) maintain a ratio of Consolidated Total Net Debt (as defined in the Amended Credit Agreement) to Consolidated EBITDA (as defined in the Amended Credit Agreement) at or below 5.50 to 1.00, measured at the end of each calendar quarter for the four quarters most recently ended. Neither Nielsen nor TNC B.V. is currently bound by any financial or negative covenants contained in the Amended Credit Agreement. The Amended Credit Agreement also contain s certain customary affirmative covenants and events of default. Certain significant financial covenants are described further below. Failure to comply with the financial covenant described above would result in an event of default under our Amended Credit Amended Credit Pursuant to the terms of Nielsen’s Amended Credit Agreement, Nielsen is subject to making mandatory prepayments on the term loans outstanding thereunder to the extent in any full calendar year Nielsen generates Excess Cash Flow (“ECF”), as defined in the Amended Credit Agreement. The percentage of ECF that must be applied as a repayment under either the Amended Credit Agreement . Revolving Credit Facility The Amended Credit Agreement contains a senior secured revolving credit facility with aggregate revolving credit commitments of $850 million and a final maturity of July 2023 under which Nielsen Finance LLC, TNC (US) Holdings, Inc., and Nielsen Holding and Finance B.V. can borrow revolving loans. The revolving credit facility can also be used for letters of credit, guarantees and swingline loans. The senior secured revolving credit facility is provided under the Amended Credit Agreement and so contains covenants and restrictions as noted above with respect to the Amended Credit Agreement. Obligations under the revolving credit facility are guaranteed by the same entities that guarantee obligations under the Amended Credit Agreement. As of December 31, 2021, Nielsen had zero borrowings outstanding and outstanding letters of credit of $13 million. As of December 31, 2020, Nielsen had zero borrowings outstanding and outstanding letters of credit of $18 million. As of December 31, 2021, Nielsen had $837 million available for borrowing under the revolving credit facility. Debt-Issuance Costs The costs related to the issuance of debt are presented as a deduction from the corresponding debt liability and amortized to interest expense using the effective interest method over the life of the related debt. Finance Lease and Other Obligations Nielsen finances certain computer equipment, software, buildings and automobiles under finance leases and related transactions. These arrangements do not include terms of renewal, purchase options, or escalation clauses. Assets under finance lease are recorded within property, plant and equipment. See Note 8 “Property, Plant and Equipment.” Liabilities under finance leases are recorded within long-term debt and other financing obligations above. See Note 5 “Leases” for more information on finance leases and other financing obligations referenced in this note. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Shareholders' Equity | Note 13. Shareholders’ Equity Common stock activity is as follows: Year Ended December 31, 2021 2020 2019 Actual number of shares of common stock outstanding Beginning of period 357,644,935 356,149,883 355,271,737 Shares of common stock issued through compensation plans 1,589,317 1,519,384 835,057 Employee benefit trust activity 33,283 (24,332 ) 43,089 End of period 359,267,535 357,644,935 356,149,883 Dividends and Share Repurchase On January 31, 2013, the Company’s Board of Directors (the “Board”) adopted a cash dividend policy to pay quarterly cash dividends on its outstanding common stock $86 . On February 10, 2022, the Board declared a cash dividend of $0.06 per share on Nielsen’s common stock. The dividend is payable on March 17, 2022 to shareholders of record at the close of business on March 3, 2022. On February 26, 2022, Nielsen’s Board authorized the repurchase of up to $1 billion of the Company’s ordinary shares. The Board authorization may be suspended, modified or terminated at any time without prior notice subject to compliance with applicable laws and regulation. This share repurchase authorization replaces all previous authorizations. There were no share repurchases in 2021 or 2020. The timing of any repurchases will depend on a number of factors, including constraints specified in any Rule 10b5-1 trading, price, general business and market conditions, and alternative investment opportunities. This authorization has been executed within the limitations of the authority granted to Nielsen at its annual shareholders meeting held on May 25, 2021 (the "Authority") such authority to remain in place until the end of the 2022 annual shareholders meeting, or close of business on August 25, 2022, whichever is earlier. Pursuant to the Authority, the Company may only repurchase ordinary shares in accordance with procedures for "off-market" purchases under the UK Companies Act (the "Act") and, in order to be compliant with the Act, share repurchases can only be made pursuant to the terms of one or more share repurchase agreements entered into in either of the forms approved, and with counterparties that have also been approved, by shareholders at the 2021 annual shareholders meeting. Two forms of share repurchase contracts were approved by shareholders. The first provides that the counterparty will purchase shares on the New York Stock Exchange at such prices and in such quantities as the Company may instruct from time to time, subject to the limitations set forth in Rule 10b-18 of the Exchange Act, as amended. The second form of agreement provides that the amount of shares to be purchased each day, the limit price and the total amount that may be purchased under the agreement will be determined at the time the agreement is executed. Both agreements provide that the counterparty will purchase the ordinary shares as principal and sell any ordinary shares purchased to the Company in record form. Any such shares repurchased by the Company pursuant to either form of contract will be cancelled. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | Note 14. Share-based Compensation Nielsen measures the cost of all share-based payments, including stock options, at fair value on the grant date and recognizes such costs within the consolidated statements of operations. Nielsen recognizes the expense of its options that cliff vest using the straight-line method. For those that vest over time, an accelerated graded vesting is used. The Company recorded $36 million, $34 million and $32 million of expense associated with share-based compensation for the years ended December 31, 2021, 2020 and 2019, respectively. The tax benefit related to the share-based compensation expense was $6 million, $5 million and $5 million for each of the respective periods. Nielsen has an equity-based, management compensation plan (“Equity Participation Plan” or “EPP”) to align compensation for certain key executives with the performance of the Company. Under this plan, certain of the Company’s executives may be granted stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”) and dividend equivalent rights in the shares of the Company or purchase its shares. In 2019, the Company replaced the Amended and Restated Nielsen 2010 Stock Incentive Plan (the “Prior Plan”) with the Nielsen 2019 Stock Incentive Plan (the “Stock Incentive Plan”). The Stock Incentive Plan is the source of new equity-based awards permitting the Company to grant to its key employees, directors and other service providers the following types of awards: incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, RSUs and other awards valued in whole or in part by reference to shares of Nielsen’s common stock and performance-based awards denominated in shares or cash. As of December 31, 2021, the total number of shares authorized for award of options or other equity-based awards was 10,420,826 under the Stock Incentive Plan. This includes the 7,200,000 newly authorized shares under the Stock Incentive Plan and the 3,220,826 shares reserved for issuance from the Prior Plan. Nielsen’s stock option plan activity is summarized below (the aggregate intrinsic share value outstanding was zero for all periods presented): Number of Options Weighted-Average Weighted- Stock Option Plan activity Outstanding at December 31, 2018 4,631,836 $ 43.20 3.66 Granted — — Forfeited (662,732 ) 46.31 Expired options (445,760 ) 28.09 Exercised (9,027 ) 17.44 Outstanding at December 31, 2019 3,514,317 $ 44.60 3.15 Granted — — Forfeited (160,668 ) 48.74 Expired options (463,507 ) 35.00 Exercised — — Outstanding at December 31, 2020 2,890,142 $ 45.91 2.55 Granted — — Forfeited (535,798 ) 51.52 Expired options (735,625 ) 41.92 Exercised — — Exercisable and outstanding at December 31, 2021 1,618,719 $ 45.87 2.51 During the years ended December 31, 2021, 2020 and 2019, there were no time-based only options granted and the aggregate fair value of options vested was $1 million, $3 million and $5 million, respectively. During the year ended December 31, 2021 and December 31, 2020 there were no time-based options exercised. The intrinsic value of the options exercised during the year ended December 31, 2019 was insignificant. Under the Nielsen Stock Incentive Plan, Nielsen granted 1,365,411 and 200,000 time and performance based stock options to purchase shares during the years ended December 31, 2021 and 2020, respectively. There were no time and performance based stock options granted during the year ended December 31, 2019. The weighted average grant date fair value of the awards in 2021 and 2020 were $7.69 and $3.56. The performance aspect of the award is achieved based on the performance of Nielsen’s stock price. If the performance obligations are satisfied, the award will become exercisable on the fourth anniversary date of the award, and are tied to the executives’ continuing employment. As of December 31, 2021, there was approximately $6 million of unearned share-based compensation related to performance stock options (net of estimated forfeitures) which the Company expects to record as share-based compensation over the next four years. The fair values of the granted time and performance based awards during 2021 and 2020 were estimated using the Monte Carlo simulation model with the expected volatility based on the Company’s historical volatility. For the year ended December 31, 2019, there were no time and performance-based stock options issued. The following assumptions were used for grants of time and performance based awards: Year Ended December 31, 2021 2020 Expected life (years) 5.00 5.00 Risk-free interest rate 0.89 % 0.49-1.34 % Expected dividend yield 0.92 % 1.16-1.62 % Expected volatility 37.06 % 28.99-31.40 % Weighted average volatility 37.06 % 30.20 % Activity of Nielsen’s RSUs that are ultimately payable in shares of common stock granted under the Stock Incentive Plan is summarized below: Number of Weighted-Average Fair Value RSU activity Nonvested at December 31, 2018 3,865,684 $ 29.88 Granted 2,454,871 21.46 Forfeited (692,718 ) 28.63 Vested (986,852 ) 33.60 Nonvested at December 31, 2019 4,640,985 $ 25.10 Granted 2,153,198 17.14 Forfeited (496,497 ) 22.59 Vested (2,025,318 ) 26.38 Nonvested at December 31, 2020 4,272,368 $ 20.86 Granted 1,198,743 25.68 Forfeited (1,150,836 ) 20.09 Vested (2,135,117 ) 22.70 Nonvested at December 31, 2021 2,185,157 $ 22.02 The majority of the awards granted in 2021, 2020 and 2019 will vest at a rate of 6.25% per quarter over four years. Other 2021 awards will vest at one of the following rates: 8.33% per quarter over three years, 50% per year over two years on the anniversary date of the award, or 25% per year over four years on the anniversary date of the award. Other 2020 awards will vest at one of the following rates: 25% on the first anniversary date of the award/75% on the second anniversary date of the award, 100% on the second anniversary date of the award, 100% on the third anniversary of the award, 50% per year over two years on the anniversary date of the award, or 25% per year over four years on the anniversary date of the award. The other 2019 awards will vest at one of the following rates: 25% on the first anniversary date of the award/75% on the second anniversary date of the award, 100% on the second anniversary date of the award, 12.5% per quarter over two years, or 25% per year over four years on the anniversary date of the award. As of December 31, 2021, there was approximately $17 million of unearned share-based compensation related to unvested RSUs (net of estimated forfeitures) which the Company expects to record as stock-based compensation expense over a weighted average period of 2.7 years. During the years ended December 31, 2021, 2020 and 2019, the Company granted 740,462, 724,814 and 523,508 performance restricted stock units (“PRSUs”), representing the target number of performance restricted stock subject to the award. The weighted average grant date fair value of the awards in 2021, 2020 and 2019 were $28.65, $16.08 and $24.62 per share. For the PRSUs granted in 2021, the majority of PRSUs to be earned is subject to achievement of performance goals for the three year period ending December 31, 2023. For the PRSUs granted in 2020, the total number of PRSUs to be earned is subject to achievement of performance goals for the period ending December 31, 2020. For the PRSUs granted in 2019, the total number of PRSUs to be earned is subject to achievement of cumulative performance goals for the two year period ending December 31, 2020. For the 2021 award, fifty percent of the target award was determined based on the Company’s average organic revenue growth rate and fifty percent of the award was determined based on cumulative free cash flow/EBITDA conversion. For the 2020 award, fifty percent of the target award was determined based on the Company’s revenue target and fifty percent of the award was determined based on adjusted earnings per share achievements. The Company’s revenue target was not achieved and fifty percent of the adjusted earnings per share targets were achieved. For the 2019 award, fifty percent of the target award was determined based on the Company’s revenue compounded annual growth rate achievements and fifty percent of the award was determined based on adjusted earnings per share achievements. The Company’s revenue compounded annual growth rate target was not achieved and the adjusted earnings per share targets was achieved. There is a relative total shareholder return modifier that can increase or decrease the payout. The fair value of the target awards related to relative shareholder return was based on the Monte Carlo model. In 2016, the Company implemented the Nielsen Holdings plc 2016 Employee Share Purchase Plan (the ESPP) and 2,000,000 shares were authorized for issuance under the ESPP. There were 60,634, 266,984 and 201,637 shares issued under the ESPP in 2021, 2020 and 2019, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note Nielsen provides for income taxes utilizing the asset and liability method of accounting for income taxes. Under this method, deferred income taxes are recorded to reflect the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each balance sheet date, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. If it is determined that it is more likely than not that future tax benefits associated with a deferred tax asset will not be realized, a valuation allowance is provided. The effect on deferred tax assets and liabilities of a change in the tax rates is recognized in the consolidated statements of operations as an adjustment to income tax expense in the period that includes the enactment date. The Company records a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. Such tax positions are, based solely on their technical merits, more likely than not to be sustained upon examination by taxing authorities and reflect the largest amount of benefit, determined on a cumulative probability basis that is more likely than not to be realized upon settlement with the applicable taxing authority with full knowledge of all relevant information. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. Throughout 2021, 2020, and 2019, ongoing federal and international audits were effectively settled in certain tax jurisdictions and the impact was recorded in the financial statements. The components of income/(loss) before income taxes and equity in net income of affiliates, were: Year Ended December 31, (IN MILLIONS) 2021 2020 2019 UK $ 547 $ (21 ) $ (30 ) Non-UK 11 368 468 Income/(loss) before income taxes and equity in net income/(loss) of affiliates $ 558 $ 347 $ 438 The above amounts for UK and non-UK activities were determined based on the location of the taxing authorities. The provision for income taxes attributable to the income/(loss) before income taxes and equity in net income/(loss) of affiliates consisted of: Year Ended December 31, (IN MILLIONS) 2021 2020 2019 Current: UK $ — $ — $ — Non-UK . 114 133 (128 ) 114 133 (128 ) Deferred: UK 2 21 (2 ) Non-UK (118 ) (10 ) (11 ) (116 ) 11 (13 ) Total $ (2 ) $ 144 $ (141 ) The Company’s provision for income taxes for the years ended December 31, 2021, 2020 and 2019 was different from the amount computed by applying the statutory UK federal income tax rates to the underlying income/(loss) before income taxes and equity in net income/(loss) of affiliates as a result of the following: Year Ended December 31, (IN MILLIONS) 2021 2020 2019 Income before income taxes and equity in net income of affiliates $ 558 $ 347 $ 438 UK statutory tax rate 19.00 % 19.00 % 19.00 % Provision for income taxes at the UK statutory Rate $ 106 $ 66 $ 83 Effect of operations in non-UK jurisdictions 17 (4 ) 18 Tax impact of global licensing arrangements — (4 ) (4 ) U.S. state and local taxation 23 23 28 Base erosion and anti-abuse tax — 4 49 Withholding and other taxation — 18 8 Effect of global financing activities 4 2 (7 ) Changes in estimates for uncertain tax positions and audit settlements (1) (10 ) 4 (266 ) Changes in valuation allowances (91 ) 8 (104 ) Effect of change in deferred tax rates (11 ) 5 46 Tax impact of post-retirement settlements — — 17 Research & development credit ) (5) (4 ) Excess tax benefits on prior period employee compensation (11 ) — — Reversal of prior period outside basis differences (17 ) — — Other, net (3 ) 27 (5 ) Total (benefit)/provision for income taxes $ (2 ) $ 144 $ (141 ) Effective tax rate (0.4 )% 41.5 % (32.2. )% (1) The $266 million benefit for 2019 is primarily the result of settlement of the 2015 US tax audit and the lapsing of statutes of limitations for years prior. The components of current and non-current deferred income tax assets/(liabilities) were: December 31, (IN MILLIONS) 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 733 $ 354 Capital loss carryforwards 99 55 Interest expense limitation 253 265 Employee benefits 28 36 Tax credit carryforwards 109 191 Share-based payments 5 10 Accrued expenses 4 19 Lease liabilities 49 79 Deferred (revenues)/costs 5 — Deferred compensation 23 — Financial instruments 9 18 Other assets 34 34 1,351 1,061 Valuation allowances (494 ) (560 ) Deferred tax assets, net of valuation allowances 857 501 Deferred tax liabilities: Intangible assets (767 ) (912 ) Fixed asset and computer software depreciation (92 ) (209 ) Lease assets (39 ) (59 ) Outside basis difference in subsidiary (406 ) — Unremitted earnings — (8 ) Unrealized gain on investments — (50 ) Deferred (revenues)/costs — (7 ) Deferred compensation — (4 ) Other liabilities (59 ) (87 ) (1,363 ) (1,336 ) Net deferred tax liability $ (506 ) $ (835 ) Realization of deferred tax assets is based, in part, on Nielsen’s judgment and various factors including reversal of deferred tax liabilities, Nielsen’s ability to generate future taxable income in jurisdictions where such assets have arisen and potential tax planning strategies. Valuation allowances are recorded in order to reduce the deferred tax assets to the amount expected to be realized in the future. At December 31, 2021 and 2020 the Company had net operating loss carryforwards of approximately $3,018 million and $1,485 million, respectively, which began to expire in 2021 and begin to expire in 2022 respectively. In addition, the Company had tax credit carryforwards of approximately $109 million and $191 million at December 31, 2021 and 2020, respectively, which begin to expire in 2022. In certain jurisdictions, the Company has operating losses and other tax attributes that, due to the uncertainty of achieving sufficient profits to utilize these operating loss carryforwards and tax credit carryforwards, the Company currently believes it is more likely than not that a portion of these losses will not be realized. Therefore, the Company had a valuation allowance of approximately $494 million and $560 million at December 31, 2021 and 2020, respectively, related to net operating loss carryforwards, tax credit carryforwards and deferred tax assets related to other temporary differences. With respect to the outside basis differences of “domestic” subsidiaries, in each taxing jurisdiction where a tiered ownership structure exists, the Company has confirmed that one or more viable tax planning strategies exists in each separate taxing jurisdiction that it could, and would - if required - employ to eliminate any income tax liability on such outside basis differences, with the exception of certain Luxembourg entities. The Company is planning to continue operations in Luxembourg, and therefore the Company do es not have the ability to avoid potential recapture of the tax benefits cla imed for the tax write-down of Nielsen’s investments. As such, Nielsen has established deferred tax liabilities for the outsid e basis differences related to its investments. In addi tion, resulting from the U.S. Tax Cuts and Jobs Act , the C ompany no longer asserts that all foreign undistributed earnings will be permanen tly reinvested, but rather the C ompany will, over time, remit up foreign earnings and has provisioned for withholding taxes related to those earnings. At December 31, 2021 and 2020, the Company had gross uncertain tax positions of $161 million and $128 million, respectively. The Company has also accrued interest and penalties associated with these unrecognized tax benefits as of December 31, 2021 and 2020 of $7 million and $11 million, respectively. Estimated interest and penalties related to the underpayment of income taxes is classified as a component of benefit/(provision) for income taxes in the Consolidated Statement of Operations. It is reasonably possible that a reduction in a range of $131 million to $139 million of uncertain tax positions may occur within the next twelve months, and of this amount, approximately $1 million to $9 would result in a tax benefit for income taxes as a result of projected resolutions of worldwide tax disputes, filed tax returns, and expirations of statute of limitations in various jurisdictions, along with related interest and penalties. Furthermore, the amounts ultimately paid may differ from the amounts accrued. A reconciliation of the beginning and ending amount of gross uncertain tax positions is as follows: December 31, (IN MILLIONS) 2021 2020 2019 Balance as of the beginning of period $ 128 $ 136 $ 374 Additions for current year tax positions 1 1 2 Additions for tax positions of prior years 41 — 12 Reductions for lapses of statute of limitations (4 ) (1 ) (252 ) Reductions for tax positions of prior years (5 ) (8 ) — Balance as of the end of the period $ 161 $ 128 $ 136 If the balance of the Company’s uncertain tax positions is sustained by the taxing authorities in the Company’s favor, the Company’s effective tax rate would be reduced in future periods by $21 million. The Company files numerous consolidated and separate income tax returns in the U.S. Federal jurisdiction and in many state and foreign jurisdictions. The Company is no longer subject to U.S. federal tax examination for periods prior to 2017. The tax positions and related attributes from 2017 onward are open to examination. In addition, the Company has subsidiaries in various states, provinces and countries that are currently under audit for years ranging from 2011 through 2021, and the tax positions and related attributes in those particular years are also open to examination. |
Investments in Affiliates and R
Investments in Affiliates and Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | |
Investments in Affiliates and Related Party Transactions | Note 16. Investments in Affiliates and Related Party Transactions Related Party Transactions with Affiliates Nielsen had investments in affiliates of $5 million and $11 million for the years ended December 31, 2021 and 2020, respectively. Obligations between Nielsen and its affiliates are regularly settled in cash in the ordinary course of business. Nielsen had net receivables from its affiliates of approximately zero and $2 million for the years ended December 31, 2021 and 2020, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 17. Commitments and Contingencies In July 2019, Nielsen amended its Second Amended and Restated Master Services Agreement (the “MSA”), dated as of October 1, 2017 and effective as of January 1, 2017 (the “Effective Date”), with Tata America International Corporation and Tata Consultancy Services Limited (jointly, “TCS”) by executing Amendment Number One (the “Amendment”) with TCS, dated as of July 1, 2019 and effective as of January 1, 2019 (the “Amendment Effective Date”). The Amendment reduced the amount of services Nielsen committed to purchase from TCS from the Amendment Effective Date through the remaining term of the MSA (the “Minimum Commitment”) to $1.4 billion, including a commitment to purchase at least $184 million in services per year from 2021 through 2024, and $138 million in services in 2025 (in each of the foregoing cases, the “Annual Commitment”). As of December 31, 2020, the aggregate TCS commitment was approximately $ 875 million. In September 2021, it was agreed with TCS that Nielsen’s remaining Minimum Commitment, after giving effect to the sale of Global Connect, was $ 90 million (“Remaining Minimum Commitment”). It was also agreed that the remaining Annual Commitment for services would be $ 45 million in 2021 and $ 17 million per year from 2022 through 2025 (“ Remaining Annual Commitment”). As of December 31, 2021, the Remaining Minimum Commitment was fully satisfied and the Remaining Annual Commitment no longer applies as a result . Nielsen has also entered into operating leases and other contractual obligations to secure real estate facilities, agreements to purchase data processing services and leases of computers and other equipment used in the ordinary course of business and various outsourcing contracts. These agreements are not unilaterally cancelable by Nielsen, are legally enforceable and specify fixed or minimum amounts or quantities of goods or services at fixed or minimum prices. The amounts presented below represent the minimum annual payments under Nielsen’s purchase obligations that have initial or remaining non-cancelable terms in excess of one year. These purchase obligations include data processing, building maintenance, equipment purchasing, photocopiers, land and mobile telephone service, computer software and hardware maintenance, and outsourcing. For the Years Ending December 31, (IN MILLIONS) 2022 2023 2024 2025 2026 Thereafter Total Operating leases $ 57 $ 42 $ 25 $ 14 $ 11 $ 47 $ 196 Other contractual obligations (a) 148 37 20 19 2 - 226 Total $ 205 $ 79 $ 45 $ 33 $ 13 $ 47 $ 422 (a) Other contractual obligations represent obligations under agreement, which are not unilaterally cancelable by Nielsen, are legally enforceable and specify fixed or minimum amounts or quantities of goods or services at fixed or minimum prices. Nielsen generally requires purchase orders for vendor and third party spending. The amounts presented above represent the minimum future annual services covered by purchase obligations including data processing, cloud services, building maintenance, equipment purchasing, photocopiers, land and mobile telephone service, computer software and hardware maintenance, and outsourcing including cloud services Total expenses incurred under operating leases were $55 million, $52 million and $44 million for the years ended December 31, 2021, 2020 and 2019, respectively. Nielsen recognized rental income received under subleases of $3 million, zero and $2 million for the years ended December 31, 2021, 2020 and 2019, respectively. At December 31, 2021, Nielsen had aggregate future proceeds to be received under sub-lease guarantees of $6 million. Nielsen also has minimum commitments under non-cancelable finance leases. See Note 5 “Leases” for more information on finance leases. Guarantees and Other Contingent Commitments At December 31, 2021, Nielsen was committed under the following significant guarantee arrangements: Sub-lease guarantees Nielsen provides sub-lease guarantees in accordance with certain agreements pursuant to which Nielsen guarantees all rental payments upon default of rental payment by the sub-lessee. To date, the Company has not been required to perform under such arrangements does not anticipate making any significant payments related to such guarantees and, accordingly, no amounts have been recorded. Letters of credit Letters of credit issued and outstanding amount to $13 million and $18 million at December 31, 2021 and 2020, respectively. Legal Proceedings and Contingencies In August 2018, a putative shareholder class action lawsuit was filed in the Southern District of New York, naming as defendants Nielsen, former Chief Executive Officer Dwight Mitchell Barns, and former Chief Financial Officer Jamere Jackson. Another lawsuit, which alleged similar facts but also named other Nielsen officers, was filed in the Northern District of Illinois in September 2018 and transferred to the Southern District of New York in December 2018. The actions were consolidated on April 22, 2019, and the Public Employees’ Retirement System of Mississippi was appointed lead plaintiff for the putative class. The operative complaint was filed on September 27, 2019, and asserts violations of certain provisions of the Securities Exchange Act of 1934, as amended, based on allegedly false and materially misleading statement s relating to the outlook of Nielsen’s Buy segment (now “Global Connect,” which was sold in the f irst quarter of 2021), Nielsen’s preparedness for changes in global data privacy laws and Nielsen’s reliance on third-party data. Nielsen moved to dismiss the operative complaint on November 26, 2019. On January 4, 2021, certa in of the allegations against Nielsen and its officers were dismissed, while others were sustained. On February 3, 2022, the parties reached a settlement in principle to resolve this litigation and are currently documenting the terms of that settleme nt for submission to the Court. Once the formal documents are executed and submitted to the Court, the settlement will be subject to Court approval. The amount of any settlement payment, if approved, is expected to be paid by Nielsen’s insurance carriers . In addition, in January 2019, a shareholder derivative lawsuit was filed in New York Supreme Court against a number of Nielsen’s current and former officers and directors. The derivative lawsuit alleges that the named officers and directors breached their fiduciary duties to us in connection with factual assertions substantially similar to those in the putative class action complaint. The derivative lawsuit further alleges that certain officers and directors engaged in trading our stock based on material, nonpublic information. An amended complaint was filed on May 7, 2021, which Nielsen moved to dismiss on July 16, 2021. By agreement dated September 8, 2021, the action was stayed for a period of 90 days. On January 31, 2022, the stay was extended to June 1, 2022. Nielsen intends to defend this lawsuit vigorously. Based on currently available information, Nielsen believes that the Company has meritorious defenses to this action and that its resolution is not likely to have a material adverse effect on Nielsen’s business, financial position, or results of operations . Nielsen is subject to litigation and other claims in the ordinary course of business, some of which include claims for substantial sums. Accruals have been recorded when the outcome is probable and can be reasonably estimated. While the ultimate results of claims and litigation cannot be determined, the Company does not expect that the ultimate disposition of these matters will have a material adverse effect on its operations or financial condition. However, depending on the amount and the timing, an unfavorable resolution of some or all of these matters could materially affect the Company’s future results of operations or cash flows in a particular period. |
Segments
Segments | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segments | Note As discussed in Note 20 – Discontinued Operations, the former Global Connect operating segment has been classified as discontinued operations beginning with the first quarter of 2021. Following the sale of Global Connect, the Company evaluated segment reporting in accordance with ASC 280 “Segment Reporting” and beginning with the first quarter of 2021, the Company concluded that it operates as a single operating segment and a single reportable segment consisting principally of television, radio, online and mobile audience and advertising measurement and corresponding analytics. Nielsen operates as a complete unit - from the conception of a product, through the collection of the data, into the technology and operations, all the way to the data being sold and delivered to the client. The reporting structure of Nielsen is and has historically been centralized under one Chief Operating Decision Maker (“CODM”), who evaluates Nielsen’s operating financial results to assess its performance . Segment Information (IN MILLIONS) Year Ended December 31, 2021 2020 2019 Revenues $ 3,500 $ 3,361 $ 3,441 Operating income 872 679 870 Depreciation and amortization 512 550 465 Impairment of other long-lived assets — 146 — Restructuring charges 13 37 30 Share-based compensation expense 36 34 32 Dis-synergy costs (1) — (70 ) (70 ) Other items (2) 58 35 58 Adjusted EBITDA (3) $ 1,491 $ 1,411 $ 1,385 Total Assets: Total assets $ 10,820 $ 11,146 (1 ) Costs to stand-up Nielsen as a standalone company including incremental real estate, IT/infrastructure, transition services agreements (TSAs) and commercial arrangements (2) Other items primarily consist of legal settlements and related fees, business optimization costs and transaction related costs for the year ended December 31, 2021. Other Items primarily consists of business optimization costs, including strategic review costs and transaction related costs for the years ended December 31, 2020 and 2019. (3 ) The Company’s chief operating decision-maker uses Adjusted EBITDA to measure performance and allocate resources from period to period. Year ended December 31, (IN MILLIONS) 2021 2020 2019 Capital expenditures $ 316 $ 305 $ 328 Geographic Segment Information Operating Long- Income/ Lived (IN MILLIONS) Revenues (1) (Loss) Assets (2) 2021 U.S. $ 2,886 $ 836 $ 8,684 North and South America, excluding the U.S. 56 10 75 United Kingdom 67 (18 ) 79 Other Europe, Middle East & Africa 265 (23 ) 402 Asia Pacific 226 67 94 Total $ 3,500 $ 872 $ 9,334 Operating Long- Income/ Lived (IN MILLIONS) Revenues (1) (Loss) Assets (2) 2020 U.S. $ 2,831 $ 690 $ 9,017 North and South America, excluding the U.S. 48 2 81 United Kingdom 59 (15 ) 84 Other Europe, Middle East & Africa 231 (49 ) 355 Asia Pacific 192 51 76 Total $ 3,361 $ 679 $ 9,613 Operating Income/ (IN MILLIONS) Revenues (1) (Loss) 2019 U.S. $ 2,880 $ 805 North and South America, excluding the U.S. 53 2 United Kingdom 62 (18 ) Other Europe, Middle East & Africa 236 20 Asia Pacific 210 61 Total $ 3,441 $ 870 (1) Revenues are attributed to geographic areas based on the location of customers. (2) Long-lived assets include property, plant and equipment, goodwill and other intangible assets. |
Additional Financial Informatio
Additional Financial Information | 12 Months Ended |
Dec. 31, 2021 | |
Payables And Accruals [Abstract] | |
Additional Financial Information | Note 19. Additional Financial Information Accounts payable and other current liabilities December 31, December 31, (IN MILLIONS) 2021 2020 Trade payables $ 29 $ 94 Personnel costs 130 107 Data and professional services 56 28 Interest payable 74 56 Other current liabilities (1) 189 214 Total accounts payable and other current liabilities $ 478 $ 499 (1) Other includes multiple items, none of which is individually significant. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | Note On October 31, 2020, Nielsen entered into the Stock Purchase Agreement to sell its Global Connect business to affiliates of Purchaser, for $2.7 billion in cash, subject to adjustments based on closing levels of cash, indebtedness, debt-like items and working capital, and the Connect Warrant. On February 11, 2021, Nielsen held a special meeting of Nielsen’s shareholders. At the special meeting, the Connect Transaction was submitted to a vote of the shareholders through the solicitation of proxies. Approval of the Connect Transaction required the affirmative vote of the holders of a majority of ordinary shares present (online or by proxy) at the special meeting. The Connect Transaction was approved by the requisite vote of Nielsen’s shareholders. Beginning in the first quarter of 2021, Global Connect met the criteria set forth in ASC 205 – 20 “Presentation of Financial Statements – Discontinued Operations,” and has been presented on a discontinued operations basis for all periods presented. Given Global Connect represented a separate segment and approximately 50% of our consolidated revenues, we considered this to be a strategic shift. The Connect Transaction closed on March 5, 2021. Nielsen received net proceeds of $2.4 billion on March 5, 2021 and recorded a gain of $489 million net of tax, inclusive of closing adjustments, during the year ended December 31, 2021. Proceeds from the sale were primarily utilized for debt repayment. On March 16, 2021, Nielsen completed the partial prepayment of $1.0 billion of the senior secured term loans due 2023 and $0.3 billion of the senior secured term loans due 2025. Nielsen redeemed $150 million outstanding aggregate principal amount of its 5.500% senior notes due 2021 effective March 21, 2021 and redeemed $825 million of outstanding aggregate principal amount of the 5.000% senior notes due 2022 effective April 10, 2021, in each case at a redemption price equal to 100% of the principal amount of such notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the applicable redemption date. In connection with the Connect Transaction, Nielsen and Global Connect entered into a Transition Services Agreement for services that primarily relate to technology functions such as infrastructure and cybersecurity, which will run for up to two years following the closing, with an option to extend the term by six months per service. In addition, Nielsen and Global Connect entered into a Master Services Agreement pursuant to which each party granted the other reciprocal licenses to certain data used by Global Connect and Nielsen, respectively, as well as certain corresponding services related to such data at agreed rates for up to five years following the closing. The following table summarizes the major classes of line items constituting net income from discontinued operations, net of tax: Years Ended December 31, (IN MILLIONS) 2021 2020 2019 Operations Revenues $ 452 $ 2,929 $ 3,057 Cost of revenues, exclusive of depreciation and amortization shown separately below 264 1,525 1,631 Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below 229 1,158 1,044 Depreciation and amortization 36 314 291 Impairment of goodwill and other long-lived assets (1) — 38 1,004 Restructuring charges 6 107 50 Operating loss (83 ) (213 ) (963 ) Other expenses (2) (15 ) (60 ) (138 ) Loss from discontinued operations before income taxes (98 ) (273 ) (1,101 ) Benefit for income taxes 21 77 119 Net loss from discontinued operations $ (77 ) $ (196 ) $ (982 ) Disposal Gain on disposal before income taxes $ 367 $ — $ — Benefit for income taxes (3) 122 — — Gain on disposal, net of taxes 489 — — Net income/(loss) from discontinued operations 412 (196 ) (982 ) Net income from discontinued operations attributable to noncontrolling interests — — — Net income/(loss) from discontinued operations attributable to Nielsen shareholders $ 412 $ (196 ) $ (982 ) (1) Includes a non-cash goodwill impairment charge of $1,004 million. (2) The Company’s Sixth Amended and Restated Credit Agreement entered into in July 2020 and the Credit Agreement entered into in June 2020, as amended by Amendment No. 1 thereto in July 2020, required $1.3 billion of senior secured term loans to be repaid pursuant to the debt covenants that triggered as a result of the Connect Transaction. As such, the Company elected to allocate interest expense to discontinued operations of $8 million, $38 million and $46 for the years ended December 30, 2021, 2020 and 2019, respectively. Other expenses for the year ended December 31, 2019 included non-cash expenses of $164 million for pension settlements which included plan transfers to third parties in the Netherlands, where we terminated our responsibility for future defined benefit obligations and transferred that responsibility to third parties. (3) The company recorded a $122 million tax benefit associated with the US pre-tax loss on sale; the non-US gain on sale was not subject to tax. For the three year period ended December 31, 2021, the Company has incurred $162 million in separation costs related to the sale of Global Connect, of which approximately $37 million, $123 million and $2 million are reflected in the Company’s consolidated statement of operations as discontinued operations for the years ended December 30, 2021, 2020 and 2019, respectively. These costs are comprised primarily of professional fees (e.g., legal, banking and accounting), as well as other items that are incremental and one-time in nature that are related to the sale of Global Connect. The following table summarizes the major classes of assets and liabilities of discontinued operations at December 31, 2020: December 31, (IN MILLIONS) 2020 Assets: Current assets Cash and cash equivalents $ 110 Trade and other receivables, net of allowances for doubtful accounts and sales returns 689 Prepaid expenses and other current assets 265 Total current assets of discontinued operations 1,064 Non-current assets Property, plant and equipment, net 177 Operating lease right-of-use asset 217 Goodwill 360 Other intangible assets, net 807 Deferred tax assets 228 Other non-current assets 136 Total assets of discontinued operations $ 2,989 Liabilities: Current liabilities Accounts payable and other current liabilities $ 710 Deferred revenues 235 Income tax liabilities 27 Current portion of long-term debt, finance lease obligations and short-term borrowings 17 Total current liabilities of discontinued operations 989 Non-current liabilities Long-term debt and finance lease obligations 1,330 Deferred tax liabilities 65 Operating lease liabilities 218 Other non-current liabilities 224 Total liabilities of discontinued operations $ 2,826 As of December 31, 2021, the consolidated balance sheet included $32 million of a receivable from Purchaser within prepaid expenses and other current assets as well as $2 million payable to Purchaser within accounts payable and other current liabilities and $17 million within other non-current liabilities for liabilities to affiliates of Purchaser. These represent estimated receivables from and payables to affiliates of Purchaser under tax indemnification arrangements for certain liabilities to various taxing authorities that will be settled in future periods. The following table provides operating and investing cash flows for discontinued operations (in millions): For the year ended December 31, (IN MILLIONS) 2021 2020 2019 Net cash flows provided by/(used in) operating activities (1) $ (245) $ 63 $ 238 Net cash flows used in investing activities (26) (232 ) (207 ) (1) For the year ended net cash flows used in operating activities included $8 million of net payments under the tax indemnification arrangements. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 21. Subsequent Events On February 26, 2022, Nielsen’s Board authorized the repurchase of up to $1 billion of the Company’s ordinary shares. The Board authorization may be suspended, modified or terminated at any time without prior notice subject to compliance with applicable laws and regulation. This share repurchase authorization replaces all previous authorizations . The timing of any repurchases will depend on a number of factors, including constraints specified in any Rule 10b5-1 trading, price, general business and market conditions, and alternative investment opportunities. This authorization has been executed within the limitations of the authority granted to Nielsen at its annual shareholders meeting held on May 25, 2021 (the "Authority") such authority to remain in place until the end of the 2022 annual shareholders meeting, or close of business on August 25, 2022, whichever is earlier. Pursuant to the Authority, the Company may only repurchase ordinary shares in accordance with procedures for "off-market" purchases under the UK Companies Act (the "Act") and, in order to be compliant with the Act, share repurchases can only be made pursuant to the terms of one or more share repurchase agreements entered into in either of the forms approved, and with counterparties that have also been approved, by shareholders at the 2021 annual shareholders meeting. Two forms of share repurchase contracts were approved by shareholders. The first provides that the counterparty will purchase shares on the New York Stock Exchange at such prices and in such quantities as the Company may instruct from time to time, subject to the limitations set forth in Rule 10b-18 of the Exchange Act, as amended. The second form of agreement provides that the amount of shares to be purchased each day, the limit price and the total amount that may be purchased under the agreement will be determined at the time the agreement is executed. Both agreements provide that the counterparty will purchase the ordinary shares as principal and sell any ordinary shares purchased to the Company in record form. Any such shares repurchased by the Company pursuant to either form of contract will be cancelled. |
Schedule I-Condensed Financial
Schedule I-Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Schedule I-Condensed Financial Information of Registrant | Schedule I—Condensed Financial Information of Registrant Nielsen Holdings plc Parent Company Only Statements of Operations Year Ended December 31, (IN MILLIONS) 2021 2020 2019 Selling, general and administrative expenses $ 13 $ 13 $ 14 Operating loss (13 ) (13 ) (14 ) Interest income — 1 1 Interest expense — — — Other income, net 5 — — Loss before income taxes and equity in net income/(loss) of subsidiaries (8 ) (12 ) (13 ) Benefit/(provision) for income taxes — — — Equity in net income/(loss) of subsidiaries 971 6 (402 ) Net income/(loss) $ 963 $ (6 ) $ (415 ) Nielsen Holdings plc Parent Company Only Balance Sheets December 31, (IN MILLIONS) 2021 2020 Assets: Current assets Cash and cash equivalents $ 14 $ 3 Amounts receivable from subsidiary — 1 Total current assets 14 4 Investment in subsidiaries 3,294 2,023 Loans outstanding from subsidiary 6 25 Other non-current assets — — Total assets $ 3,314 $ 2,052 Liabilities and equity: Current liabilities Accounts payable and other current liabilities — — Intercompany payables — 1 Total current liabilities — 1 Loans outstanding from subsidiary — — Other non-current liabilities — — Total liabilities — 1 Total equity 3,314 2,051 Total liabilities and equity $ 3,314 $ 2,052 Nielsen Holdings plc Parent Company Only Statements of Cash Flows Year Ended December 31, (IN MILLIONS) 2021 2020 2019 Net cash used in operating activities $ (10 ) $ (14 ) $ (8 ) Investing Activities: Other investing activities — 1 — Net cash (used in)/provided by investment activities (10 ) 1 — Financing Activities: Cash dividends paid to shareholders (86 ) (86 ) (395 ) Activity under stock plans — (2 ) — Proceeds from employee stock purchase plan 1 4 4 Other financing activities 106 98 398 Net cash provided by financing activities 21 14 7 Net increase/(decrease) in cash and cash equivalents 11 1 (1 ) Cash and cash equivalents, beginning of period 3 2 3 Cash and cash equivalents, end of period $ 14 $ 3 $ 2 The notes to the consolidated financial statements of Nielsen Holdings plc (the “Company”) are an integral part of these nonconsolidated financial statements. Notes to Schedule I 1. Basis of Presentation The Company has accounted for the earnings of its subsidiaries under the equity method in these financial statements. 2. Commitments and Contingencies The debenture loans are jointly and severally guaranteed on an unconditional basis by the Company and subject to certain exceptions, each of the direct and indirect wholly-owned subsidiaries of the Company, including VNU Intermediate Holding B.V., Nielsen Holding and Finance B.V., VNU International B.V., TNC (US) Holdings, Inc., VNU Marketing Information, Inc. and ACN Holdings, Inc., and the wholly-owned subsidiaries thereof, including the wholly-owned U.S. subsidiaries of ACN Holdings, Inc., in each case to the extent that such entities provide a guarantee under the senior secured credit facilities. The issuers are Nielsen Finance LLC and Nielsen Finance Co., both wholly-owned subsidiaries of ACN Holdings, Inc. and subsidiary guarantors and The Nielsen Company (Luxembourg) S.à.r.l., a wholly owned subsidiary of Nielsen Holding and Finance B.V. The historical financial information has been updated to reflect The Nielsen Company (Luxembourg) S.à.r.l. as an issuer. The Company had no material commitments or contingencies during the reported periods. 3. Related Party Transactions The Company enters into certain transactions with its subsidiaries through the normal course of operations and periodically settles these transactions in cash. The Company’s $25 million loan receivable from subsidiaries associated with financing transactions outstanding balance from 2020 was settled in September of 2021. 4. Common Stock and Related Transactions Dividends and Share Repurchase On January 31, 2013, the Board adopted a cash dividend policy to pay quarterly cash dividends on its outstanding common stock continuing determination that the dividend policy and the declaration of dividends thereunder are in the best interests of Nielsen’s shareholders, and are in compliance with all laws and agreements to which we are subject . On February 10, 2022, the Board declared a cash dividend of $0.06 per share on our common stock. The dividend is payable on March 17, 2022 to shareholders of record at the close of business on March 3, 2022. On February 26, 2022, Nielsen’s Board authorized the repurchase of up to $1 billion of the Company’s ordinary shares. The Board authorization may be suspended, modified or terminated at any time without prior notice subject to compliance with applicable laws and regulation. This share repurchase authorization replaces all previous authorizations. There were no share repurchases in 2021 or 2020. The timing of any repurchases will depend on a number of factors, including constraints specified in any Rule 10b5-1 trading, price, general business and market conditions, and alternative investment opportunities. This authorization has been executed within the limitations of the authority granted to Nielsen at its annual shareholders meeting held on May 25, 2021 (the "Authority") such authority to remain in place until the end of the 2022 annual shareholders meeting, or close of business on August 25, 2022, whichever is earlier. Pursuant to the Authority, the Company may only repurchase ordinary shares in accordance with procedures for "off-market" purchases under the UK Companies Act (the "Act") and, in order to be compliant with the Act, share repurchases can only be made pursuant to the terms of one or more share repurchase agreements entered into in either of the forms approved, and with counterparties that have also been approved, by shareholders at the 2021 annual shareholders meeting. Two forms of share repurchase contracts were approved by shareholders. The first provides that the counterparty will purchase shares on the New York Stock Exchange at such prices and in such quantities as the Company may instruct from time to time, subject to the limitations set forth in Rule 10b-18 of the Exchange Act, as amended. The second form of agreement provides that the amount of shares to be purchased each day, the limit price and the total amount that may be purchased under the agreement will be determined at the time the agreement is executed. Both agreements provide that the counterparty will purchase the ordinary shares as principal and sell any ordinary shares purchased to the Company in record form. Any such shares repurchased by the Company pursuant to either form of contract will be cancelled. |
Schedule II-Valuation and Quali
Schedule II-Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2021 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure | Schedule II—Valuation and Qualifying Accounts For the Years ended December 31, 2021, 2020 and 2019 (IN MILLIONS) Balance Net Charges to Deductions Effect of Balance at Allowance for doubtful accounts and sales returns For the year ended December 31, 2019 $ 20 $ 1 $ (5 ) $ - $ 16 For the year ended December 31, 2020 $ 16 $ 16 $ (9 ) $ - $ 23 For the year ended December 31, 2021 $ 23 $ (9 ) $ - $ (1 ) $ 13 (IN MILLIONS) Balance Charges/ Charged Effect of Balance at Valuation allowance for deferred taxes For the year ended December 31, 2019 $ 629 $ (12 ) $ - $ (8 ) $ 609 For the year ended December 31, 2020 $ 609 $ (48 ) $ 2 $ (3 ) $ 560 For the year ended December 31, 2021 $ 560 $ (67 ) $ 5 $ (4 ) $ 494 |
Description of Business, Basi_2
Description of Business, Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The consolidated financial statements include the accounts of Nielsen and all subsidiaries and other controlled entities. Noncontrolling interests in subsidiaries are reported as a component of equity in the consolidated financial statements with disclosure on the face of the consolidated statements of operations of the amounts of consolidated net income/(loss) attributable to Nielsen shareholders and to the noncontrolling interests. The equity method of accounting is used for investments in affiliates and joint ventures where Nielsen has significant influence but not control, usually supported by a shareholding of between 20% and 50% of the voting rights. In addition, the Company records changes in the fair value of non-equity method equity investments with readily determinable fair values in net income rather than in accumulated other comprehensive income/(loss). Investments that do not have readily determinable fair values are recognized at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The adjustments related to the observable price changes will also be recognized in net income. Intercompany accounts and transactions between consolidated companies have been eliminated in consolidation. |
Foreign Currency Translations | Foreign Currency Translation Nielsen has significant investments outside the U.S., primarily in the Euro-zone, Canada and the United Kingdom. Therefore, changes in the value of foreign currencies affect the consolidated financial statements when translated into U.S. Dollars. The functional currency for substantially all subsidiaries outside the U.S. is the local currency. Financial statements for these subsidiaries are translated into U.S. Dollars at period-end exchange rates as to the assets and liabilities and monthly average exchange rates as to revenues, expenses and cash flows. For these countries, currency translation adjustments are recognized in shareholders’ equity as a component of accumulated other comprehensive income/(loss), net, whereas transaction gains and losses are recognized in foreign exchange transaction losses, net in the consolidated statement of operations. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
Research and Development Costs | Research and Development Costs Research and development costs, which were not material for any periods presented, are expensed as incurred. |
Deferred Costs | Deferred Costs Incremental direct costs incurred related to establishing or significantly expanding a panel in a designated market are deferred at the point when Nielsen determines them to be recoverable. Prior to this point, these costs are expensed as incurred. These deferred costs are typically amortized through cost of revenues over the original contract period beginning when the panel or infrastructure to service new clients is ready for its intended use. |
Advertising and Marketing Costs | Advertising and Marketing Costs Advertising and marketing costs are expensed as incurred and are reflected as selling, general and administrative expenses in the consolidated statements of operations. These costs include all brand advertising, telemarketing, direct mail and other sales promotions associated with marketing/media research services. Advertising and marketing costs totaled $19 million, $5 million and $8 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Computation of Net Income per Share | Computation of Net Income per Share Basic net income per share is computed using the weighted-average number of common stock outstanding during the period. Diluted net income per share is computed using the weighted-average number of shares of common stock and dilutive potential shares of common stock outstanding during the period. Dilutive potential shares of common stock primarily consist of employee stock options and restricted stock. Employee stock options, restricted stock and similar equity instruments granted by the Company are treated as potential common stock outstanding in computing diluted earnings per share. Diluted stock outstanding includes nonvested restricted stock units and the dilutive effect of in-the-money options which is calculated based on the average share price for each period using the treasury stock method. Under the treasury stock method, the amount the employee must pay for exercising stock options, the amount of compensation cost for future service that the Company has not yet recognized are assumed to be used to repurchase stock. The effect of 2,342,903, 3,132,528 and 3,950,984 shares of common stock equivalents under stock compensation plans were excluded from the calculation of diluted earnings per share for the years ended December 31, 2021, 2020 and 2019, respectively, as such shares would have been anti-dilutive. |
Comprehensive Income/(Loss) | Comprehensive Income/(Loss) Comprehensive income/(loss) is reported in the accompanying consolidated statements of comprehensive income/(loss) and consists of net income/(loss) and other gains and losses, net of tax, affecting equity that are excluded from net income/(loss). |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash and short-term, highly liquid investments with an original maturity date of three months or less. Cash and cash equivalents are carried at fair value. |
Accounts Receivable | Accounts Receivable The Company extends non-interest bearing trade credit to its customers in the ordinary course of business. To minimize credit risk, ongoing credit evaluations of clients’ financial condition are performed. Nielsen is required to measure expected credit losses on trade accounts receivable. Nielsen considered the asset’s contractual life, the risk of loss and reasonable and supportable forecasts of future economic conditions. The estimate of expected credit losses reflects the risk of loss, even if management believes no loss was incurred as of the measurement date. During the years ended December 31, 2021, 2020 and 2019, the Company sold $10 million, $249 million and $318 million, respectively, of accounts receivables to third parties and recorded an immaterial loss on the sale to interest expense, net in the consolidated statement of operations. As of December 31, 2021, 2020 and 2019, zero, $30 million and $66 million, respectively, of previously sold receivables, remained outstanding. The sales were accounted for as true sales, without recourse. Nielsen maintains servicing responsibilities of the receivables sold during the year, for which the related costs are not significant. The proceeds of $10 million, $249 million and $318 million from the sales were reported as a component of the changes in trade and other receivables, net within operating activities in the consolidated statement of cash flows. |
Discontinued Operations | Discontinued Operations Nielsen considers an asset to be held for sale when management, having the authority through shareholder and/or Board approval, as needed, commits to a formal plan to actively market the asset for sale at a price reasonable in relation to fair value, the asset is available for immediate sale in its present condition, an active program to locate a buyer and other actions required to complete the sale have been initiated, the sale of the asset is expected to be completed within one year and it is unlikely that significant changes will be made to the plan. Upon designation as held for sale, Nielsen records the carrying value of the asset at the lower of its carrying value or its estimated fair value, less costs to sell. In accordance with GAAP, assets held for sale are not depreciated or amortized. If the disposal of the component of an entity (or group of components) represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results, it meets the criteria for discontinued operations. The results of discontinued operations, as well as any gain or loss on the disposal transaction, are presented separately, net of tax, from the results of continuing operations for all periods presented. The expenses included in the results of discontinued operations are the direct operating expenses incurred by the discontinued segment that may be reasonably segregated from the costs of the ongoing operations of the Company. Certain corporate costs directly attributable to the discontinued operations and transaction costs directly related to the sale are also presented within net income/(loss) from discontinued operations, net of income taxes. The assets and liabilities have been accounted for as assets held for sale in Nielsen’s consolidated balance sheets through the date of the sale. The operating results related to these lines of business have been included in discontinued operations in Nielsen’s consolidated statements of operations. The consolidated statement of cash flows presents combined cash flows from continuing operations with cash flows from discontinued operations within each cash flow statement category. See Note 20 – Discontinued Operations for further detail. |
Other Significant Accounting Policies | Other Significant Accounting Policies The following table includes other significant accounting policies that are described in other notes to the financial statements, including the related note: Significant Accounting Policy Note Revenue recognition 3 Leases 5 Goodwill and Other Intangible Assets 6 Impairment of Long-Lived Assets 6&8 Property, Plant and Equipment 8 Investments 9 Financial Instruments 9 Derivative Financial Instruments 9 Pensions and Other Post Retirement Benefits 11 Share-Based Compensation 14 Income Taxes 15 |
Income Taxes (Topic 740): Simplifying the Accounting for Income taxes | Income Taxes (Topic 740): Simplifying the Accounting for Income taxes Effective January 1, 2021, the Company adopted ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The standard amends and aims to simplify accounting disclosure requirements regarding a number of topics including: intraperiod tax allocation, accounting for deferred taxes when there are changes in consolidation of certain investments, tax basis step up in an acquisition and the application of effective rate changes during interim periods, amongst other improvements. Upon adoption, this new standard did not have a significant impact on Nielsen’s financial statements. |
Revenue Recognition | Revenue is measured based on the consideration specified in a contract with a customer. The Company recognizes revenue when it satisfies a performance obligation by transferring control of a product or service to a customer, which generally occurs over time. Substantially all of the Company’s customer contracts are non-cancelable and non-refundable. Revenue is primarily generated from television, radio, digital and mobile audience measurement services and analytics, which are used by the Company’s clients to establish the value of airtime and more effectively schedule and promote their programming and the Company’s advertising clients to plan and optimize their spend. As the customer simultaneously receives and consumes the benefits provided by the Company’s performance, revenues for these services are recognized over the period during which the performance obligations are satisfied and control of the service is transferred to the customer. The Company enters into cooperation arrangements with certain customers, under which the customer provides Nielsen with its data in exchange for Nielsen’s services. Nielsen records these transactions at fair value, which is determined based on the fair value of goods or services received, if reasonably estimable. If not reasonably estimable, the Company considers the fair value of the goods or services surrendered. |
Leases | All significant lease arrangements are generally recognized at lease commencement. Operating lease right-of-use (“ROU”) assets and lease liabilities are recognized at commencement. An ROU asset and corresponding lease liability are not recorded for leases with an initial term of 12 months or less (short term leases) and Nielsen recognizes lease expense for these short term leases as incurred over the lease term . ROU assets represent the Company’s right to use an underlying asset during the reasonably certain lease term, and lease liabilities represent its obligation to make lease payments arising from the lease. Nielsen’s lease terms may include options to extend or terminate the lease when it is reasonably certain that Nielsen will exercise that option. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Nielsen uses the rate implicit in the lease for the discount rate when determining the present value of lease payments whenever that rate is readily determinable. If the rate is not readily determinable, Nielsen uses its incremental borrowing rate, which is updated periodically, based on the information available at commencement date. The operating lease ROU asset also includes any lease payments related to initial direct cost and prepayments and excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term. Nielsen has lease agreements with lease and non-lease components, which are generally accounted for together . Nielsen has operating and finance leases for real estate facilities, servers, computer hardware, and other equipment. Nielsen’s leases have remaining lease terms of 1 year to 20 years, some of which include options to extend the leases for up to 5 years, and some of which include options to terminate the leases within 1 year. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue Recognition [Abstract] | |
Summary of Revenue Disaggregated by Major Product Offerings and Timing of Revenue Recognition | The table below sets forth the Company’s revenue disaggregated by major product offerings and timing of revenue recognition. (IN MILLIONS) Year Ended December 31, 2021 2020 2019 Measurement $ 2,545 $ 2,455 $ 2,471 Impact/Content 955 906 970 Total $ 3,500 $ 3,361 $ 3,441 Timing of revenue recognition Products transferred at a point in time $ 397 $ 342 $ 286 Products and services transferred over time 3,103 3,019 3,155 Total $ 3,500 $ 3,361 $ 3,441 |
Summary of Contract Assets and Contract Liabilities from Contracts with Customers | The table below sets forth the Company’s contract assets and contract liabilities from contracts with customers. (IN MILLIONS) Year Ended December 31, 2021 2020 Contract assets $ 97 $ 94 Contract liabilities $ 131 $ 135 |
Schedule of Allowance for Doubtful Accounts Rollforward Incorporating Expected Credit Losses | The following schedule represents the allowance for doubtful accounts rollforward incorporating expected credit losses for the years ended December 31, 2021 and 2020, respectively. (IN MILLIONS) Balance Net Charges to Deductions Effect of Balance at Allowance for accounts receivable Year ended December 31, 2021 $ 11 $ (4 ) $ - $ (1 ) $ 6 Year ended December 31, 2020 8 7 (4 ) - 11 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense were as follows: (in millions) Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Lease cost Finance lease cost: Amortization of right-of-use assets $ 44 $ 41 $ 40 Interest on lease liabilities 5 6 7 Total finance lease cost 49 47 47 Operating lease cost 55 52 44 Variable lease costs 2 - - Short-term lease costs 1 - 1 Sublease income (5 ) (1 ) (2 ) Total lease cost $ 102 $ 98 $ 90 |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: (in millions, except lease term and discount rate) December 31, 2021 December 31, 2020 Operating leases Operating lease right-of-use assets $ 144 $ 161 Other current liabilities 54 50 Operating lease liabilities 126 140 Total operating lease liabilities $ 180 $ 190 Finance leases Property, plant and equipment, gross $ 327 $ 300 Accumulated depreciation (220 ) (175 ) Property, plant and equipment, net 107 125 Other intangible assets, gross 12 11 Accumulated amortization (10 ) (9 ) Other intangible assets, net 2 2 Accounts payable and other current liabilities 34 39 Long-term debt and finance lease obligations 42 59 Total finance lease liabilities $ 76 $ 98 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used in finance leases (5 ) (6 ) Operating cash flows used in operating leases (66 ) (41 ) Financing cash flows used in finance leases (45 ) (44 ) Right-of-use assets obtained in exchange for new finance lease liabilities 26 32 Right-of-use assets obtained in exchange for new operating lease liabilities 29 30 Weighted-average remaining lease term--finance leases 2 years 3 years Weighted-average remaining lease term--operating leases 6 years 7 years Weighted-average discount rate--finance leases 5.0 % 5.2 % Weighted-average discount rate--operating leases 2.9 % 4.0 % |
Schedule of Annual Maturities of Lease Liabilities | Annual maturities of Nielsen’s lease liabilities are as follows: (in millions) Operating Leases Finance Leases 2022 $ 57 $ 38 2023 42 28 2024 25 11 2025 14 2 2026 11 - Thereafter 47 - Total lease payments 196 79 Less imputed interest (16 ) (3 ) Total $ 180 $ 76 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amount of Goodwill | The table below summarizes the changes in the carrying amount of goodwill for the years ended December 31, 2021 and 2020, respectively. (IN MILLIONS) Balance, December 31, 2019 $ 5,662 Acquisitions, divestitures and other adjustments (3 ) Effect of foreign currency translation 21 Balance, December 31, 2020 $ 5,680 Acquisitions, divestitures and other adjustments (62 ) Effect of foreign currency translation (19 ) Balance, December 31, 2021 $ 5,599 Cumulative impairments $ 376 |
Other Intangible Assets | The table below summarizes the carrying value of such intangible assets and their estimated useful lives: Gross Amounts Accumulated Amortization Estimated Weighted December 31, December 31, December 31, December 31, (IN MILLIONS) Useful Lives Average 2021 2020 2021 2020 Indefinite-lived intangibles: Trade names and trademarks $ 1,833 $ 1,833 $ — $ — Amortized intangibles: Trade names and trademarks 5-20 years 9 years 110 128 (96 ) (110 ) Customer-related intangibles 6-25 years 20 years 2,558 2,564 (1,689 ) (1,580 ) Covenants-not-to-compete 1-7 years 2 years 26 26 (26 ) (26 ) Content databases 12-16 years 12 years 168 168 (67 ) (53 ) Computer software 3-10 years 5 years 1,572 1,372 (947 ) (692 ) Patents and other 3-10 years 7 years 148 153 (128 ) (120 ) Total $ 4,582 $ 4,411 $ (2,953 ) $ (2,581 ) |
Summary of Estimated Future Amortization Expense | All other intangible assets are subject to amortization. Future amortization expense is estimated to be as follows: (IN MILLIONS) For the year ending December 31: 2022 $ 397 2023 322 2024 234 2025 155 2026 133 Thereafter 388 Total $ 1,629 |
Changes in and Reclassificati_2
Changes in and Reclassification out of Accumulated Other Comprehensive Income/(Loss) by Component (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Summary of Changes in Accumulated Other Comprehensive Income/(Loss), Net of Tax by Component | The table below summarizes the changes in accumulated other comprehensive income/(loss), net of tax, by component for the years ended December 31, 2021 and 2020, respectively. Currency Translation Cash Flow Post-Employment (IN MILLIONS) Adjustments Hedges Benefits Total Balance December 31, 2020 $ (821 ) $ (39 ) $ (245 ) $ (1,105 ) Other comprehensive (loss)/income before reclassifications $ (60 ) $ 3 $ 28 $ (29 ) Amounts reclassified from accumulated other comprehensive loss 233 18 144 395 Net current period other comprehensive income 173 21 172 366 Net current period other comprehensive loss attributable to noncontrolling interest (1 ) — — (1 ) Net current period other comprehensive income attributable to Nielsen shareholders 174 21 172 367 Balance December 31, 2021 $ (647 ) $ (18 ) $ (73 ) $ (738 ) Currency Translation Cash Flow Post-Employment (IN MILLIONS) Adjustments Hedges Benefits Total Balance December 31, 2019 $ (776 ) $ (19 ) $ (210 ) $ (1,005 ) Other comprehensive income/(loss) before reclassifications $ (45 ) $ (37 ) $ (44 ) $ (126 ) Amounts reclassified from accumulated other comprehensive (income)/loss — 17 9 26 Net current period other comprehensive income/(loss) attributable to Nielsen shareholders (45 ) (20 ) (35 ) (100 ) Balance December 31, 2020 $ (821 ) $ (39 ) $ (245 ) $ (1,105 ) |
Summary of Reclassification of Accumulated Other Comprehensive Loss by Component | The table below summarizes the reclassification of accumulated other comprehensive loss by component for the years ended December 31, 2021 and 2020, respectively. Amount Reclassified from Accumulated Other (IN MILLIONS) Comprehensive Loss/(Income) Details about Accumulated Affected Line Item in the Other Comprehensive Year Ended December 31, Consolidated Income components 2021 2020 Statement of Operations Currency Translation Adjustments Currency translation losses on dispositions (1) $ 233 $ — Net income/(loss) from discontinued operations Cash flow hedges Interest rate contracts $ 25 $ 23 Interest (income)/expense (7 ) (6 ) (Benefit)/provision for income taxes $ 18 $ 17 Total, net of tax Post-Employment Benefits Amortization of actuarial loss (2) $ 14 $ 17 Other expense, net (11 ) (8 ) (Benefit)/provision for income taxes $ 3 $ 9 Total, net of tax Unrealized (gains)/losses on pension liability on dispositions (1) $ 141 $ — Net income/(loss) from discontinued operations Total Post-Employment Benefits reclassified from accumulated other comprehensive (income)/loss $ 144 $ 9 Total reclassification for the period $ 395 $ 26 Net of tax (1) The sale of Global Connect resulted . (2) This accumulated other comprehensive loss component is included in the computation of net periodic pension cost . |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | The following tables summarizes the carrying value of our property, plant and equipment including the associated useful lives: Estimated December 31, December 31, (IN MILLIONS) Useful Life 2021 2020 Land and buildings 25-50 years $ 177 $ 174 Information and communication equipment 3-10 years 649 567 Furniture, equipment and other 3-10 years 30 19 856 760 Less accumulated depreciation and amortization (583 ) (490 ) $ 273 $ 270 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured on Recurring Basis | The following table summarizes the valuation of the Company’s material financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 and 2020: December 31, (IN MILLIONS) 2021 Level 1 Level 2 Level 3 Assets: Plan assets for deferred compensation (1) $ 24 $ 24 $ — $ — Investment in mutual funds (2) 1 1 — — Warrant (3 ) 6 — — 6 Total $ 31 $ 25 $ — $ 6 Liabilities: Interest rate swap arrangements (4 ) $ 22 $ — $ 22 $ — Deferred compensation liabilities (5 ) 24 24 — — Total $ 46 $ 24 $ 22 $ — December 31, 2020 Level 1 Level 2 Level 3 Assets: Plan assets for deferred compensation (1) $ 24 $ 24 $ — $ — Investment in mutual funds (2) 2 2 — — Total $ 26 $ 26 $ — $ — Liabilities: Interest rate swap arrangements (3) $ 52 $ — $ 52 $ — Deferred compensation liabilities (5 ) 24 24 — — Total $ 76 $ 24 $ 52 $ — ( 1 ) Plan assets are comprised of investments in mutual funds, which are intended to fund liabilities arising from deferred compensation plans. These investments are carried at fair value, which is based on quoted market prices at period end in active markets. These investments are classified as equity securities with any gains or losses resulting from changes in fair value recorded in other income/(expense), net in the consolidated statement of operations. (2) Investments in mutual funds are money-market accounts held with the intention of funding certain specific retirement plans. ( 3 ) The estimated fair value of the Connect Warrant issued March 5, 2021 of $5 million was part of the proceeds related to the sale of Global Connect and included in the net gain on sale of Global Connect. The Connect Warrant is marked-to-market each reporting period with the subsequent change in fair value recorded to other income/(expense), net in the consolidated statement of operations. The Connect Warrant is reported within other non-current assets within the consolidated balance sheet. The fair value of the Connect Warrant asset is estimated using a Black-Scholes option-pricing model and had an estimated fair value of $6 million as of December 31, 2021. ( 4 ) Derivative financial instruments include interest rate swap arrangements recorded at fair value based on externally-developed valuation models that use readily observable market parameters and the consideration of counterparty risk. ( 5 ) The Company offers certain employees the opportunity to participate in a deferred compensation plan. A participant’s deferrals are invested in a variety of participant directed stock and bond mutual funds and are classified as equity securities. Changes in the fair value of these securities are measured using quoted prices in active markets based on the market price per unit multiplied by the number of units held exclusive of any transaction costs. A corresponding adjustment for changes in fair value of the equity securities is also reflected in the changes in fair value of the deferred compensation obligation. |
Summary of U.S Dollar Term Loan to Fixed Rate Outstanding Interest Rate Swaps | As of December 31, 2021, the Company had the following U.S. Dollar term loan floating-to-fixed rate outstanding interest rate swaps designated as hedges utilized in the management of its interest rate risk: Notional Amount Maturity Date Interest Rates $ 250 July 2022 2.00 % $ 150 April 2023 2.26 % $ 250 May 2023 2.72 % $ 250 June 2023 2.07 % $ 150 July 2023 1.82 % |
Schedule of Effect of Cash Flow Hedge Accounting on Consolidated Statement of Operations | The effect of cash flow hedge accounting on the consolidated statement of operations for the years ended December 31, 2021, 2020 and 2019: Interest Expense Year Ended December 31, (IN MILLIONS) 2021 2020 2019 Interest expense (Location in the consolidated statement of operations in which the effects of cash flow hedges are recorded) $ 285 $ 331 $ 348 Amount of (gain)/loss reclassified from accumulated other comprehensive income/(loss) into income, net of tax $ 18 $ 17 $ (7 ) |
Fair Values of Derivative Instruments in Consolidated Balance Sheets | The fair values of the Company’s derivative instruments as of December 31, 2021 and 2020 were as follows: December 31, 2021 December 31, 2020 Derivatives Designated as Hedging Instruments Accounts Payable and Other Current Other Non- Current Accounts Payable and Other Current Other Non- Current (IN MILLIONS) Liabilities Liabilities Liabilities Liabilities Interest rate swaps $ 4 $ 18 $ 4 $ 48 |
Derivatives in Effective Cash Flow Hedging Relationships | The pre-tax effect of derivative instruments in effective cash flow hedging relationships for the years ended December 31, 2021, 2020 and 2019 was as follows: Amount of (Gain)/Loss Amount of (Gain)/Loss Recognized in OCI Location of (Gain)/Loss Reclassified from OCI Derivatives in Cash Flow on Derivatives Reclassified from OCI into Income Hedging Relationships December 31, into Income December 31, (IN MILLIONS) 2021 2020 2019 2021 2020 2019 Interest rate swaps $ (5 ) $ 52 $ 33 Interest expense $ 25 $ 23 $ (9 ) |
Restructuring Activities (Table
Restructuring Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring And Related Activities [Abstract] | |
Summary of Changes in Liabilities for Restructuring Activities | A summary of the changes in the liabilities for restructuring activities is provided below: Total (IN MILLIONS) Initiatives Balance at December 31, 2018 $ 22 Reclassification of ASC 420 real estate restructuring to right-of -use asset (1) (14 ) Charges (2) 20 Non-cash charges and other adjustments 1 Payments (20 ) Balance at December 31, 2019 9 Charges (3) 30 Non-cash charges and other adjustments - Payments (25 ) Balance at December 31, 2020 14 Charges (4) - Non-cash charges and other adjustments (2 ) Payments (12 ) Balance at December 31, 2021 $ - (1) Upon adoption of ASC 842, the real estate operating lease ASC 420 liabilities were reclassified and presented as a reduction of the related operating lease right-of-use asset. (2) Excludes charges related to operating lease right-of-use assets of $10 million. (3) Excludes charges related to operating lease right-of-use assets of $7 million. Includes $7 million of adjustments related to changes in a plan to exit a business. (4) Excludes charges related to operating lease right-of-use assets of $13 million |
Pensions and Other Post-Retir_2
Pensions and Other Post-Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Summary of Pension Plans | A summary of the activity for the Pension Plans follows: Year Ended December 31, 2021 United (IN MILLIONS) States Other Total Change in projected benefit obligation Benefit obligation at beginning of period $ 419 $ 37 $ 456 Service cost — 3 3 Interest cost 7 1 8 Plan participants’ contributions — 1 1 Actuarial (gain)/loss (16 ) (3 ) (19 ) Benefits paid (14 ) (1 ) (15 ) Settlements — (1 ) (1 ) Effect of foreign currency translation — (1 ) (1 ) Benefit obligation at end of period 396 36 432 Change in plan assets Fair value of plan assets at beginning of period 305 18 323 Actual return on plan assets 23 — 23 Employer contributions 11 3 14 Plan participants’ contributions — 1 1 Benefits paid (14 ) (1 ) (15 ) Settlements — (1 ) (1 ) Fair value of plan assets at end of period 325 20 345 Funded status $ (71 ) $ (16 ) $ (87 ) Amounts recognized in the Consolidated Balance Sheets Current liabilities (1 ) — (1 ) Accrued benefit liability included in other non-current liabilities (70 ) (16 ) (86 ) Net amount recognized $ (71 ) $ (16 ) $ (87 ) Amounts recognized in Other Comprehensive Income/(Loss), before tax Net (gain)/loss $ (23 ) $ (2 ) $ (25 ) Settlement loss — — — Amortization of net loss (13 ) (1 ) (14 ) Total recognized in other comprehensive (income)/loss $ (36 ) $ (3 ) $ (39) Amounts not yet reflected in net periodic benefit cost and included in Accumulated Other Comprehensive Income/(Loss), before tax Unrecognized losses $ 99 $ 7 $ 106 Year Ended December 31, 2020 United (IN MILLIONS) States Other Total Change in projected benefit obligation Benefit obligation at beginning of period $ 378 $ 2 $ 380 Service cost — 3 3 Interest cost 11 1 12 Actuarial (gain)/loss 46 4 50 Benefits paid (16 ) — (16 ) Settlements — (1 ) (1 ) Other — 26 26 Effect of foreign currency translation — 2 2 Benefit obligation at end of period 419 37 456 Change in plan assets Fair value of plan assets at beginning of period 270 1 271 Actual return on plan assets 40 1 41 Employer contributions 11 2 13 Benefits paid (16 ) — (16 ) Settlements — (1 ) (1 ) Other — 15 15 Fair value of plan assets at end of period 305 18 323 Funded status $ (114 ) $ (19 ) $ (133 ) Amounts recognized in the Consolidated Balance Sheets Accrued benefit liability included in other non-current liabilities (114 ) (19 ) (133 ) Net amount recognized $ (114 ) $ (19 ) $ (133 ) Amounts recognized in Other Comprehensive Income/(Loss), before tax Net (gain)/loss $ 23 $ 4 $ 27 Settlement loss — (1 ) (1 ) Amortization of net loss (11 ) 1 (10 ) Total recognized in other comprehensive (income)/loss $ 12 $ 4 $ 16 Amounts not yet reflected in net periodic benefit cost and included in Accumulated Other Comprehensive Income/(Loss), before tax Unrecognized losses $ 135 $ 5 $ 140 |
Schedule of Accumulated and Projected Benefit Obligations and Fair Value of Plan Assets for Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets Table [Text Block] | The total accumulated benefit obligation and minimum liability changes for the Pension Plans were as follows: Year Ended Year Ended Year Ended December 31, December 31, December 31, (IN MILLIONS) 2021 2020 2019 Accumulated benefit obligation. $ 425 $ 450 $ 380 Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets at December 31, 2021 United (IN MILLIONS) States Other Total Accumulated benefit obligation $ 396 $ 24 $ 420 Fair value of plan assets 325 13 338 Pension Plans with Projected Benefit Obligation in Excess of Plan Assets at December 31, 2021 United (IN MILLIONS) States Other Total Projected benefit obligation $ 396 $ 35 $ 431 Fair value of plan assets 325 19 344 Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets at December 31, 2020 United (IN MILLIONS) States Other Total Accumulated benefit obligation $ 419 $ 24 $ 443 Fair value of plan assets 305 12 317 Pension Plans with Projected Benefit Obligation in Excess of Plan Assets at December 31, 2020 United (IN MILLIONS) States Other Total Projected benefit obligation $ 419 $ 36 $ 455 Fair value of plan assets 305 17 322 |
Net Periodic Benefit Cost | Net periodic benefit costs for the years ended December 31, 2021 and 2020, respectively, includes the following components: United (IN MILLIONS) States Other Total Year ended December 31, 2021 Service cost $ — $ 3 $ 3 Interest cost 7 1 8 Expected return on plan assets (15 ) (2 ) (17 ) Amortization of net loss 13 1 14 Net periodic pension cost $ 5 $ 3 $ 8 United (IN MILLIONS) States Other Total Year ended December 31, 2020 Service cost $ — $ 3 $ 3 Interest cost 11 1 12 Expected return on plan assets (17 ) — (17 ) Amortization of net loss 11 — 11 Net periodic pension cost $ 5 $ 4 $ 9 Net periodic benefit cost for the year ended December 31, 2019 includes the following components: United (IN MILLIONS) States Other Total Year ended December 31, 2019 Interest cost 14 — 14 Expected return on plan assets (17 ) — (17 ) Settlement loss recognized — 6 6 Amortization of net loss 6 — 6 Net periodic pension cost $ 3 $ 6 $ 9 |
Weighted Average Assumptions Underlying Pension Computations | The weighted average assumptions underlying the pension computations were as follows: Year Ended December 31, 2021 2020 2019 US Other US Other NL US Other Pension benefit obligation: —discount rate 2.9 % 2.0 % 2.5 % 1.5 % 1.9 % 3.4 % 1.9 % —rate of compensation increase — 3.2 % — 1.3 % 1.1 % — 1.1 % Net periodic pension costs: —discount rate 2.9 % 1.5 % 3.4 % 1.8 % 2.5 % 4.4 % 2.5 % —rate of compensation increase — 3.1 % — 1.0 % 1.1 % — 1.1 % —expected long-term return on plan assets 6.0 % 3.7 % 6.5 % 3.9 % 4.2 % 6.7 % 4.2 % |
Weighted Average Asset Allocation by Asset Category | Nielsen’s pension plans’ weighted average asset allocations by asset category are as follows: United States Other Total At December 31, 2021 Equity securities 55 % 23 % 53 % Fixed income securities 45 28 44 Other — 49 3 Total 100 % 100 % 100 % United States Other Total At December 31, 2020 Equity securities 57 % 16 % 55 % Fixed income securities 43 21 41 Other — 63 4 Total 100 % 100 % 100 % |
Assets at Fair Value | Assets at fair value (See Note 9 – “Fair Value Measurements” for additional information on fair value measurement and the underlying fair value hierarchy) as of December 31, 2021 and 2020 are as follows: (IN MILLIONS) December 31, 2021 December 31, 2020 Asset Category Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and equivalents $ 6 $ — $ — $ 6 $ 7 $ — $ — $ 7 Equity securities – U.S. 70 2 — 72 70 7 — 77 Equity securities – Global. 12 37 — 49 12 32 — 44 Equity securities – non-U.S. — 60 — 60 — 55 — 55 Real estate — 2 1 3 — 2 2 4 Corporate bonds 127 24 — 151 114 20 — 134 Debt issued by national, state or local government 1 — — 1 — — — — Other — 3 — 3 — 2 — 2 Total assets at fair value at December 31, 2021 and December 31, 2020 $ 216 $ 128 $ 1 $ 345 $ 203 $ 118 $ 2 $ 323 |
Summary of Changes in Fair Value of Pension Plans Level 3 Assets | The following is a summary of changes in the fair value of the Pension Plans’ Level 3 assets for the years ended December 31, 2021 and 2020: (IN MILLIONS) Real Estate Balance, end of year December 31, 2019 $ 1 Actual return on plan assets: Effect of foreign currency translation 1 Balance, end of year December 31, 2020 $ 2 Actual return on plan assets: Effect of foreign currency translation (1 ) Balance, end of year December 31, 2021 $ 1 |
Estimated Future Benefit Payments | Estimated future benefit payments are as follows: United (IN MILLIONS) States Other Total For the years ending December 31, 2022 $ 17 $ 2 $ 19 2023 19 2 21 2024 19 2 21 2025 19 2 21 2026 20 2 22 2027-2031 104 13 117 |
Long-term Debt and Other Fina_2
Long-term Debt and Other Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Unless otherwise stated, interest rates are as of December 31, 2021. December 31, 2021 December 31, 2020 Weighted Weighted (IN MILLIONS) Carrying Interest Fair Carrying Interest Fair Senior secured term loans Amount Rate Value Value Rate Value Maturing in 2023, L+ 1.75% $ 742 $ 742 $ 754 $ 752 Maturing in 2023, L+ 2.00% 1,351 1,352 1,603 1,602 Maturing in 2023, Euro L+ 2.50% — — 251 250 Maturing in 2025, Euro L+ 3.75% — — 639 654 Maturing in 2025, L+ 4.75% — — 419 434 Maturing in 2023 $850 revolving credit facility (L+ 1.75%) — — — — Total (with weighted-average interest rate) 2,093 2.10 % 2,094 3,666 3.01 % 3,692 Senior debenture loans $425 maturing in 2021, 5.500% — — 150 151 $825 maturing in 2022, 5.000% — — 824 828 $500 maturing in 2025, 5.000% 498 507 498 514 $1,000 maturing in 2028, 5.625% 987 1,031 985 1,088 $750 maturing in 2030, 5.875% 740 785 739 846 $625 maturing in 2029, 4.500% 616 613 — — $625 maturing in 2031, 4.750% 616 616 — — Total (with weighted-average interest rate) 3,457 5.52 % 3,552 3,196 5.69 % 3,427 Total long-term debt 5,550 4.24 % 5,646 6,862 4.26 % 7,119 Finance lease and other financing obligations 76 98 Total debt and other financing arrangements 5,626 6,960 Less: Current portion of long-term debt, finance lease and other financing obligations and other short-term borrowings 35 276 Non-current portion of long-term debt and finance lease and other financing obligations $ 5,591 $ 6,684 |
Schedule of Long-Term Debt Currency Wise | The carrying value of Nielsen’s long-term debt are denominated in the following currencies: December 31, December 31, (IN MILLIONS) 2021 2020 U.S. Dollars $ 5,550 $ 5,972 Euro — 890 $ 5,550 $ 6,862 |
Annual Maturities of Long-Term Debt | Annual maturities of Nielsen’s long-term debt are as follows: (IN MILLIONS) 2022 $ — 2023 $ 2,093 2024 $ — 2025 $ 498 2026 $ — Thereafter $ 2,959 $ 5,550 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Common Stock Activity | Common stock activity is as follows: Year Ended December 31, 2021 2020 2019 Actual number of shares of common stock outstanding Beginning of period 357,644,935 356,149,883 355,271,737 Shares of common stock issued through compensation plans 1,589,317 1,519,384 835,057 Employee benefit trust activity 33,283 (24,332 ) 43,089 End of period 359,267,535 357,644,935 356,149,883 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Stock Option Plan Activity | Nielsen’s stock option plan activity is summarized below (the aggregate intrinsic share value outstanding was zero for all periods presented): Number of Options Weighted-Average Weighted- Stock Option Plan activity Outstanding at December 31, 2018 4,631,836 $ 43.20 3.66 Granted — — Forfeited (662,732 ) 46.31 Expired options (445,760 ) 28.09 Exercised (9,027 ) 17.44 Outstanding at December 31, 2019 3,514,317 $ 44.60 3.15 Granted — — Forfeited (160,668 ) 48.74 Expired options (463,507 ) 35.00 Exercised — — Outstanding at December 31, 2020 2,890,142 $ 45.91 2.55 Granted — — Forfeited (535,798 ) 51.52 Expired options (735,625 ) 41.92 Exercised — — Exercisable and outstanding at December 31, 2021 1,618,719 $ 45.87 2.51 |
Summary of Restricted Stock Units | Activity of Nielsen’s RSUs that are ultimately payable in shares of common stock granted under the Stock Incentive Plan is summarized below: Number of Weighted-Average Fair Value RSU activity Nonvested at December 31, 2018 3,865,684 $ 29.88 Granted 2,454,871 21.46 Forfeited (692,718 ) 28.63 Vested (986,852 ) 33.60 Nonvested at December 31, 2019 4,640,985 $ 25.10 Granted 2,153,198 17.14 Forfeited (496,497 ) 22.59 Vested (2,025,318 ) 26.38 Nonvested at December 31, 2020 4,272,368 $ 20.86 Granted 1,198,743 25.68 Forfeited (1,150,836 ) 20.09 Vested (2,135,117 ) 22.70 Nonvested at December 31, 2021 2,185,157 $ 22.02 |
Time and Performance Based Stock Options | |
Summary of Assumptions Used for Grants of Time and Performance Based Awards | The following assumptions were used for grants of time and performance based awards: Year Ended December 31, 2021 2020 Expected life (years) 5.00 5.00 Risk-free interest rate 0.89 % 0.49-1.34 % Expected dividend yield 0.92 % 1.16-1.62 % Expected volatility 37.06 % 28.99-31.40 % Weighted average volatility 37.06 % 30.20 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Components of Income/(Loss) Before Income Taxes and Equity in Net Income/(Loss) of Affiliates | The components of income/(loss) before income taxes and equity in net income of affiliates, were: Year Ended December 31, (IN MILLIONS) 2021 2020 2019 UK $ 547 $ (21 ) $ (30 ) Non-UK 11 368 468 Income/(loss) before income taxes and equity in net income/(loss) of affiliates $ 558 $ 347 $ 438 |
Provision for Income Taxes Attributable to Income Before Income Taxes and Equity in Net Income of Affiliates | The provision for income taxes attributable to the income/(loss) before income taxes and equity in net income/(loss) of affiliates consisted of: Year Ended December 31, (IN MILLIONS) 2021 2020 2019 Current: UK $ — $ — $ — Non-UK . 114 133 (128 ) 114 133 (128 ) Deferred: UK 2 21 (2 ) Non-UK (118 ) (10 ) (11 ) (116 ) 11 (13 ) Total $ (2 ) $ 144 $ (141 ) |
Schedule of Provision for Income Taxes as Per UK Federal Income Tax Rates | The Company’s provision for income taxes for the years ended December 31, 2021, 2020 and 2019 was different from the amount computed by applying the statutory UK federal income tax rates to the underlying income/(loss) before income taxes and equity in net income/(loss) of affiliates as a result of the following: Year Ended December 31, (IN MILLIONS) 2021 2020 2019 Income before income taxes and equity in net income of affiliates $ 558 $ 347 $ 438 UK statutory tax rate 19.00 % 19.00 % 19.00 % Provision for income taxes at the UK statutory Rate $ 106 $ 66 $ 83 Effect of operations in non-UK jurisdictions 17 (4 ) 18 Tax impact of global licensing arrangements — (4 ) (4 ) U.S. state and local taxation 23 23 28 Base erosion and anti-abuse tax — 4 49 Withholding and other taxation — 18 8 Effect of global financing activities 4 2 (7 ) Changes in estimates for uncertain tax positions and audit settlements (1) (10 ) 4 (266 ) Changes in valuation allowances (91 ) 8 (104 ) Effect of change in deferred tax rates (11 ) 5 46 Tax impact of post-retirement settlements — — 17 Research & development credit ) (5) (4 ) Excess tax benefits on prior period employee compensation (11 ) — — Reversal of prior period outside basis differences (17 ) — — Other, net (3 ) 27 (5 ) Total (benefit)/provision for income taxes $ (2 ) $ 144 $ (141 ) Effective tax rate (0.4 )% 41.5 % (32.2. )% (1) The $266 million benefit for 2019 is primarily the result of settlement of the 2015 US tax audit and the lapsing of statutes of limitations for years prior. |
Components of Current and Non-Current Deferred Income Tax Assets/(Liabilities) | The components of current and non-current deferred income tax assets/(liabilities) were: December 31, (IN MILLIONS) 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 733 $ 354 Capital loss carryforwards 99 55 Interest expense limitation 253 265 Employee benefits 28 36 Tax credit carryforwards 109 191 Share-based payments 5 10 Accrued expenses 4 19 Lease liabilities 49 79 Deferred (revenues)/costs 5 — Deferred compensation 23 — Financial instruments 9 18 Other assets 34 34 1,351 1,061 Valuation allowances (494 ) (560 ) Deferred tax assets, net of valuation allowances 857 501 Deferred tax liabilities: Intangible assets (767 ) (912 ) Fixed asset and computer software depreciation (92 ) (209 ) Lease assets (39 ) (59 ) Outside basis difference in subsidiary (406 ) — Unremitted earnings — (8 ) Unrealized gain on investments — (50 ) Deferred (revenues)/costs — (7 ) Deferred compensation — (4 ) Other liabilities (59 ) (87 ) (1,363 ) (1,336 ) Net deferred tax liability $ (506 ) $ (835 ) |
Schedule of Reconciliation of Beginning and Ending Amount of Gross Uncertain Tax Positions | A reconciliation of the beginning and ending amount of gross uncertain tax positions is as follows: December 31, (IN MILLIONS) 2021 2020 2019 Balance as of the beginning of period $ 128 $ 136 $ 374 Additions for current year tax positions 1 1 2 Additions for tax positions of prior years 41 — 12 Reductions for lapses of statute of limitations (4 ) (1 ) (252 ) Reductions for tax positions of prior years (5 ) (8 ) — Balance as of the end of the period $ 161 $ 128 $ 136 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Minimum Annual Payments under Nielsen's Purchase Obligations | The amounts presented below represent the minimum annual payments under Nielsen’s purchase obligations that have initial or remaining non-cancelable terms in excess of one year. These purchase obligations include data processing, building maintenance, equipment purchasing, photocopiers, land and mobile telephone service, computer software and hardware maintenance, and outsourcing. For the Years Ending December 31, (IN MILLIONS) 2022 2023 2024 2025 2026 Thereafter Total Operating leases $ 57 $ 42 $ 25 $ 14 $ 11 $ 47 $ 196 Other contractual obligations (a) 148 37 20 19 2 - 226 Total $ 205 $ 79 $ 45 $ 33 $ 13 $ 47 $ 422 (a) Other contractual obligations represent obligations under agreement, which are not unilaterally cancelable by Nielsen, are legally enforceable and specify fixed or minimum amounts or quantities of goods or services at fixed or minimum prices. Nielsen generally requires purchase orders for vendor and third party spending. The amounts presented above represent the minimum future annual services covered by purchase obligations including data processing, cloud services, building maintenance, equipment purchasing, photocopiers, land and mobile telephone service, computer software and hardware maintenance, and outsourcing including cloud services |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Business Segment Information | Segment Information (IN MILLIONS) Year Ended December 31, 2021 2020 2019 Revenues $ 3,500 $ 3,361 $ 3,441 Operating income 872 679 870 Depreciation and amortization 512 550 465 Impairment of other long-lived assets — 146 — Restructuring charges 13 37 30 Share-based compensation expense 36 34 32 Dis-synergy costs (1) — (70 ) (70 ) Other items (2) 58 35 58 Adjusted EBITDA (3) $ 1,491 $ 1,411 $ 1,385 Total Assets: Total assets $ 10,820 $ 11,146 (1 ) Costs to stand-up Nielsen as a standalone company including incremental real estate, IT/infrastructure, transition services agreements (TSAs) and commercial arrangements (2) Other items primarily consist of legal settlements and related fees, business optimization costs and transaction related costs for the year ended December 31, 2021. Other Items primarily consists of business optimization costs, including strategic review costs and transaction related costs for the years ended December 31, 2020 and 2019. (3 ) The Company’s chief operating decision-maker uses Adjusted EBITDA to measure performance and allocate resources from period to period. Year ended December 31, (IN MILLIONS) 2021 2020 2019 Capital expenditures $ 316 $ 305 $ 328 |
Geographical Segment Information | Geographic Segment Information Operating Long- Income/ Lived (IN MILLIONS) Revenues (1) (Loss) Assets (2) 2021 U.S. $ 2,886 $ 836 $ 8,684 North and South America, excluding the U.S. 56 10 75 United Kingdom 67 (18 ) 79 Other Europe, Middle East & Africa 265 (23 ) 402 Asia Pacific 226 67 94 Total $ 3,500 $ 872 $ 9,334 Operating Long- Income/ Lived (IN MILLIONS) Revenues (1) (Loss) Assets (2) 2020 U.S. $ 2,831 $ 690 $ 9,017 North and South America, excluding the U.S. 48 2 81 United Kingdom 59 (15 ) 84 Other Europe, Middle East & Africa 231 (49 ) 355 Asia Pacific 192 51 76 Total $ 3,361 $ 679 $ 9,613 Operating Income/ (IN MILLIONS) Revenues (1) (Loss) 2019 U.S. $ 2,880 $ 805 North and South America, excluding the U.S. 53 2 United Kingdom 62 (18 ) Other Europe, Middle East & Africa 236 20 Asia Pacific 210 61 Total $ 3,441 $ 870 (1) Revenues are attributed to geographic areas based on the location of customers. (2) Long-lived assets include property, plant and equipment, goodwill and other intangible assets. |
Additional Financial Informat_2
Additional Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Other Current Liabilities | Accounts payable and other current liabilities December 31, December 31, (IN MILLIONS) 2021 2020 Trade payables $ 29 $ 94 Personnel costs 130 107 Data and professional services 56 28 Interest payable 74 56 Other current liabilities (1) 189 214 Total accounts payable and other current liabilities $ 478 $ 499 (1) Other includes multiple items, none of which is individually significant. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | The following table summarizes the major classes of line items constituting net income from discontinued operations, net of tax: Years Ended December 31, (IN MILLIONS) 2021 2020 2019 Operations Revenues $ 452 $ 2,929 $ 3,057 Cost of revenues, exclusive of depreciation and amortization shown separately below 264 1,525 1,631 Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below 229 1,158 1,044 Depreciation and amortization 36 314 291 Impairment of goodwill and other long-lived assets (1) — 38 1,004 Restructuring charges 6 107 50 Operating loss (83 ) (213 ) (963 ) Other expenses (2) (15 ) (60 ) (138 ) Loss from discontinued operations before income taxes (98 ) (273 ) (1,101 ) Benefit for income taxes 21 77 119 Net loss from discontinued operations $ (77 ) $ (196 ) $ (982 ) Disposal Gain on disposal before income taxes $ 367 $ — $ — Benefit for income taxes (3) 122 — — Gain on disposal, net of taxes 489 — — Net income/(loss) from discontinued operations 412 (196 ) (982 ) Net income from discontinued operations attributable to noncontrolling interests — — — Net income/(loss) from discontinued operations attributable to Nielsen shareholders $ 412 $ (196 ) $ (982 ) (1) Includes a non-cash goodwill impairment charge of $1,004 million. (2) The Company’s Sixth Amended and Restated Credit Agreement entered into in July 2020 and the Credit Agreement entered into in June 2020, as amended by Amendment No. 1 thereto in July 2020, required $1.3 billion of senior secured term loans to be repaid pursuant to the debt covenants that triggered as a result of the Connect Transaction. As such, the Company elected to allocate interest expense to discontinued operations of $8 million, $38 million and $46 for the years ended December 30, 2021, 2020 and 2019, respectively. Other expenses for the year ended December 31, 2019 included non-cash expenses of $164 million for pension settlements which included plan transfers to third parties in the Netherlands, where we terminated our responsibility for future defined benefit obligations and transferred that responsibility to third parties. (3) The company recorded a $122 million tax benefit associated with the US pre-tax loss on sale; the non-US gain on sale was not subject to tax. For the three year period ended December 31, 2021, the Company has incurred $162 million in separation costs related to the sale of Global Connect, of which approximately $37 million, $123 million and $2 million are reflected in the Company’s consolidated statement of operations as discontinued operations for the years ended December 30, 2021, 2020 and 2019, respectively. These costs are comprised primarily of professional fees (e.g., legal, banking and accounting), as well as other items that are incremental and one-time in nature that are related to the sale of Global Connect. The following table summarizes the major classes of assets and liabilities of discontinued operations at December 31, 2020: December 31, (IN MILLIONS) 2020 Assets: Current assets Cash and cash equivalents $ 110 Trade and other receivables, net of allowances for doubtful accounts and sales returns 689 Prepaid expenses and other current assets 265 Total current assets of discontinued operations 1,064 Non-current assets Property, plant and equipment, net 177 Operating lease right-of-use asset 217 Goodwill 360 Other intangible assets, net 807 Deferred tax assets 228 Other non-current assets 136 Total assets of discontinued operations $ 2,989 Liabilities: Current liabilities Accounts payable and other current liabilities $ 710 Deferred revenues 235 Income tax liabilities 27 Current portion of long-term debt, finance lease obligations and short-term borrowings 17 Total current liabilities of discontinued operations 989 Non-current liabilities Long-term debt and finance lease obligations 1,330 Deferred tax liabilities 65 Operating lease liabilities 218 Other non-current liabilities 224 Total liabilities of discontinued operations $ 2,826 As of December 31, 2021, the consolidated balance sheet included $32 million of a receivable from Purchaser within prepaid expenses and other current assets as well as $2 million payable to Purchaser within accounts payable and other current liabilities and $17 million within other non-current liabilities for liabilities to affiliates of Purchaser. These represent estimated receivables from and payables to affiliates of Purchaser under tax indemnification arrangements for certain liabilities to various taxing authorities that will be settled in future periods. The following table provides operating and investing cash flows for discontinued operations (in millions): For the year ended December 31, (IN MILLIONS) 2021 2020 2019 Net cash flows provided by/(used in) operating activities (1) $ (245) $ 63 $ 238 Net cash flows used in investing activities (26) (232 ) (207 ) (1) For the year ended net cash flows used in operating activities included $8 million of net payments under the tax indemnification arrangements. |
Description of Business, Basi_3
Description of Business, Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) $ in Millions | Mar. 05, 2021USD ($) | Dec. 31, 2021USD ($)Countryshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | Oct. 31, 2020USD ($) |
Business And Basis Of Presentation [Line Items] | ||||||
Gain on disposal of Global Connect, net of tax, within discontinued operations | $ 489 | |||||
Advertising and marketing expenses | $ 19 | $ 5 | $ 8 | |||
Anti-dilutive shares excluded from calculation of earning per share under compensation plan | shares | 2,342,903 | 3,132,528 | 3,950,984 | |||
Accounts receivable sold to third parties | $ 10 | $ 249 | $ 318 | |||
Accounts receivable outstanding | 0 | 30 | 66 | |||
Proceed from sale of accounts receivable | 10 | $ 249 | $ 318 | |||
Connect | ||||||
Business And Basis Of Presentation [Line Items] | ||||||
Gain on disposal of Global Connect, net of tax, within discontinued operations | 489 | |||||
Connect | Advent | ||||||
Business And Basis Of Presentation [Line Items] | ||||||
Cash proceeds on sale of business | $ 2,700 | |||||
Net proceeds from sale of business | $ 2,400 | |||||
Gain on disposal of Global Connect, net of tax, within discontinued operations | $ 489 | |||||
Minimum | ||||||
Business And Basis Of Presentation [Line Items] | ||||||
Number of countries in which entity operates | Country | 55 | |||||
Equity method investments, percentage | 20.00% | |||||
Maximum | ||||||
Business And Basis Of Presentation [Line Items] | ||||||
Equity method investments, percentage | 50.00% |
Summary of Recent Accounting _2
Summary of Recent Accounting Pronouncements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Change in accounting principle, accounting standards update, adopted | true |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2021 |
Change in accounting principle, accounting standards update, immaterial effect | true |
Accounting standards update description | ASU No. 2019-12 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Revenue Disaggregated by Major Product Offerings and Timing of Revenue Recognition (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | [1] | $ 3,500 | $ 3,361 | $ 3,441 |
Operating Segments | Products Transferred at a Point in Time | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 397 | 342 | 286 | |
Operating Segments | Products and Services Transferred Over Time | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 3,103 | 3,019 | 3,155 | |
Media | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 3,500 | 3,361 | 3,441 | |
Media | Operating Segments | Measurement | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 2,545 | 2,455 | 2,471 | |
Media | Operating Segments | Impact/Content | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | $ 955 | $ 906 | $ 970 | |
[1] | Revenues are attributed to geographic areas based on the location of customers. |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Contract Assets and Contract Liabilities from Contracts with Customers (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Revenues [Abstract] | ||
Contract assets | $ 97 | $ 94 |
Contract liabilities | $ 131 | $ 135 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues [Abstract] | ||
Increase in contract with customer asset | $ 88,000,000 | |
Contract with customer asset offset | 84,000,000 | |
Decrease in contract with customer liability | 120,000,000 | |
Contract with customer liability offset | 120,000,000 | |
Revenue, remaining performance obligation | $ 3,300,000,000 | |
Revenue, remaining performance obligations, percentage | 85.00% | |
Deferred costs capitalized | $ 31,000,000 | $ 3,000,000 |
Amortization of deferred costs | 0 | 0 |
Impairment loss | $ 0 | $ 0 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Allowance for Doubtful Accounts Rollforward Incorporating Expected Credit Losses (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Allowance for accounts receivable | ||
Balance Beginning of Period | $ 11 | $ 8 |
Net Charges to Expense | (4) | 7 |
Deductions | (4) | |
Effect of Foreign Currency Translation | (1) | |
Balance at End of Period | $ 6 | $ 11 |
Business Acquisitions - Additio
Business Acquisitions - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other acquisitions | |||
Business Acquisition [Line Items] | |||
Payments to acquire businesses, net of cash acquired | $ 20 | $ 3 | $ 45 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee Lease Description [Line Items] | |||
Recognized rental income received under subleases | $ 3 | $ 0 | $ 2 |
Aggregate future proceeds under sub-lease guarantees | $ 6 | ||
Minimum | |||
Lessee Lease Description [Line Items] | |||
Operating and Finance leases, remaining lease terms | 1 year | ||
Maximum | |||
Lessee Lease Description [Line Items] | |||
Operating and Finance leases, remaining lease terms | 20 years | ||
Operating and Financing leases, options to extend leases term | 5 years | ||
Operating and Finance leases, options to terminate leases term | 1 year |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finance lease cost: | |||
Amortization of right-of-use assets | $ 44 | $ 41 | $ 40 |
Interest on lease liabilities | 5 | 6 | 7 |
Total finance lease cost | 49 | 47 | 47 |
Operating lease cost | 55 | 52 | 44 |
Variable lease costs | 2 | ||
Short-term lease costs | 1 | 1 | |
Sublease income | (5) | (1) | (2) |
Total lease cost | $ 102 | $ 98 | $ 90 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating leases | ||
Operating lease right-of-use assets | $ 144 | $ 161 |
Other current liabilities | $ 54 | $ 50 |
Operating Lease Liability Current Statement Of Financial Position [Extensible List] | Other current liabilities | Other current liabilities |
Operating lease liabilities | $ 126 | $ 140 |
Total operating lease liabilities | 180 | 190 |
Finance leases | ||
Property, plant and equipment, gross | 327 | 300 |
Accumulated depreciation | (220) | (175) |
Property, plant and equipment, net | $ 107 | $ 125 |
Finance Lease Right-of-Use Asset Statement of Financial Position [Extensible List] | us-gaap:OtherAssets | us-gaap:OtherAssets |
Accounts payable and other current liabilities | $ 34 | $ 39 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent |
Long-term debt and finance lease obligations | $ 42 | $ 59 |
Finance Lease Liability Noncurrent Statement Of Financial Position [Extensible List] | Long-term debt and finance lease obligations | Long-term debt and finance lease obligations |
Total finance lease liabilities | $ 76 | $ 98 |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows used in finance leases | (5) | (6) |
Operating cash flows used in operating leases | (66) | (41) |
Financing cash flows used in finance leases | (45) | (44) |
Right-of-use assets obtained in exchange for new finance lease liabilities | 26 | 32 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 29 | $ 30 |
Weighted-average remaining lease term--finance leases | 2 years | 3 years |
Weighted-average remaining lease term--operating leases | 6 years | 7 years |
Weighted-average discount rate--finance leases | 5.00% | 5.20% |
Weighted-average discount rate--operating leases | 2.90% | 4.00% |
Other Intangible Assets | ||
Finance leases | ||
Property, plant and equipment, gross | $ 12 | $ 11 |
Accumulated depreciation | (10) | (9) |
Property, plant and equipment, net | $ 2 | $ 2 |
Finance Lease Right-of-Use Asset Statement of Financial Position [Extensible List] | us-gaap:OtherAssets | us-gaap:OtherAssets |
Leases - Schedule of Annual Mat
Leases - Schedule of Annual Maturities of Lease Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating Leases, 2022 | $ 57 | |
Operating Leases, 2023 | 42 | |
Operating Leases, 2024 | 25 | |
Operating Leases, 2025 | 14 | |
Operating Leases, 2026 | 11 | |
Operating Leases, Thereafter | 47 | |
Operating Leases, Total lease payments | 196 | |
Operating Leases, Less imputed interest | (16) | |
Operating Leases, Total | 180 | $ 190 |
Finance Leases, 2022 | 38 | |
Finance Leases, 2023 | 28 | |
Finance Leases, 2024 | 11 | |
Finance Leases, 2025 | 2 | |
Finance Leases, Total lease payments | 79 | |
Finance Leases, Less imputed interest | (3) | |
Finance Leases, Total | $ 76 | $ 98 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Goodwill, impairment loss | $ 0 | ||
Goodwill deductible for income tax purposes | 20,000,000 | ||
Impairment of intangible assets | 0 | ||
Impairment of other intangibles net | $ 53,000,000 | ||
Amortization expense, intangible assets | 412,000,000 | 444,000,000 | $ 356,000,000 |
Amortization expense, computer software | 269,000,000 | 292,000,000 | 199,000,000 |
Net book value | 1,629,000,000 | ||
Connect | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Impairment of other intangibles net | $ 88,000,000 | ||
Purchased Software | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Net book value | 11,000,000 | ||
Internally Developed Software | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Net book value | $ 614,000,000 | ||
Connect | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Goodwill, impairment loss | $ 1,004,000,000 | ||
Connect | Trade names and trademarks | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Intangible assets license period | 20 years | ||
Maximum | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Percentage of fair value exceeded carrying value | 10.00% | ||
Maximum | Trade names and trademarks | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Intangible assets license period | 20 years | ||
Maximum | Purchased Software | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Intangible assets license period | 10 years | ||
Minimum | Trade names and trademarks | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Intangible assets license period | 5 years | ||
Minimum | Purchased Software | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Intangible assets license period | 3 years |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Balance beginning | $ 5,680 | $ 5,662 |
Acquisitions, divestitures and other adjustments | (62) | (3) |
Effect of foreign currency translation | (19) | 21 |
Balance ending | 5,599 | $ 5,680 |
Cumulative impairments | $ 376 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Other Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Amortized intangibles, Gross Amounts | $ 4,582 | $ 4,411 |
Amortized intangibles, Gross Amounts | 2,953 | 2,581 |
Amortized intangibles, Accumulated Amortization | $ (2,953) | (2,581) |
Trade names and trademarks | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Asset, Weighted Average Useful Life | 9 years | |
Amortized intangibles, Gross Amounts | $ 110 | 128 |
Amortized intangibles, Gross Amounts | 96 | 110 |
Amortized intangibles, Accumulated Amortization | $ (96) | (110) |
Trade names and trademarks | Minimum | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets license period | 5 years | |
Trade names and trademarks | Maximum | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets license period | 20 years | |
Customer - related intangibles | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Asset, Weighted Average Useful Life | 20 years | |
Amortized intangibles, Gross Amounts | $ 2,558 | 2,564 |
Amortized intangibles, Gross Amounts | 1,689 | 1,580 |
Amortized intangibles, Accumulated Amortization | $ (1,689) | (1,580) |
Customer - related intangibles | Minimum | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets license period | 6 years | |
Customer - related intangibles | Maximum | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets license period | 25 years | |
Covenants-not-to-compete | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Asset, Weighted Average Useful Life | 2 years | |
Amortized intangibles, Gross Amounts | $ 26 | 26 |
Amortized intangibles, Gross Amounts | 26 | 26 |
Amortized intangibles, Accumulated Amortization | $ (26) | (26) |
Covenants-not-to-compete | Minimum | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets license period | 1 year | |
Covenants-not-to-compete | Maximum | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets license period | 7 years | |
Content database | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Asset, Weighted Average Useful Life | 12 years | |
Amortized intangibles, Gross Amounts | $ 168 | 168 |
Amortized intangibles, Gross Amounts | 67 | 53 |
Amortized intangibles, Accumulated Amortization | $ (67) | (53) |
Content database | Minimum | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets license period | 12 years | |
Content database | Maximum | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets license period | 16 years | |
Computer software | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Asset, Weighted Average Useful Life | 5 years | |
Amortized intangibles, Gross Amounts | $ 1,572 | 1,372 |
Amortized intangibles, Gross Amounts | 947 | 692 |
Amortized intangibles, Accumulated Amortization | $ (947) | (692) |
Computer software | Minimum | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets license period | 3 years | |
Computer software | Maximum | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets license period | 10 years | |
Patents and other | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Asset, Weighted Average Useful Life | 7 years | |
Amortized intangibles, Gross Amounts | $ 148 | 153 |
Amortized intangibles, Gross Amounts | 128 | 120 |
Amortized intangibles, Accumulated Amortization | $ (128) | (120) |
Patents and other | Minimum | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets license period | 3 years | |
Patents and other | Maximum | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets license period | 10 years | |
Trade names and trademarks | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangibles, Gross Amounts | $ 1,833 | $ 1,833 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Summary of Estimated Future Amortization Expense (Detail) $ in Millions | Dec. 31, 2021USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2022 | $ 397 |
2023 | 322 |
2024 | 234 |
2025 | 155 |
2026 | 133 |
Thereafter | 388 |
Total | $ 1,629 |
Changes in and Reclassificati_3
Changes in and Reclassification out of Accumulated Other Comprehensive Income/(Loss) by Component - Summary of Changes in Accumulated Other Comprehensive Income/(Loss), Net of Tax by Component (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Balance | $ 2,243 | $ 2,388 | $ 3,043 |
Amounts reclassified from accumulated other comprehensive(income)/loss | 395 | 26 | |
Total other comprehensive income/(loss) | 366 | (100) | 107 |
Balance | 3,496 | 2,243 | 2,388 |
Currency Translation Adjustments | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Balance | (821) | (776) | (779) |
Other comprehensive (loss)/income before reclassifications | (60) | (45) | |
Amounts reclassified from accumulated other comprehensive(income)/loss | 233 | ||
Total other comprehensive income/(loss) | 173 | ||
Net current period other comprehensive loss attributable to noncontrolling interest | (1) | ||
Net current period other comprehensive income/(loss) attributable to Nielsen shareholders | 174 | (45) | |
Balance | (647) | (821) | (776) |
Cash Flow Hedges | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Balance | (39) | (19) | |
Other comprehensive (loss)/income before reclassifications | 3 | (37) | |
Amounts reclassified from accumulated other comprehensive(income)/loss | 18 | 17 | |
Total other comprehensive income/(loss) | 21 | ||
Net current period other comprehensive income/(loss) attributable to Nielsen shareholders | 21 | (20) | |
Balance | (18) | (39) | (19) |
Post Employment Benefits | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Balance | (245) | (210) | (342) |
Other comprehensive (loss)/income before reclassifications | 28 | (44) | |
Amounts reclassified from accumulated other comprehensive(income)/loss | 144 | 9 | |
Total other comprehensive income/(loss) | 172 | ||
Net current period other comprehensive income/(loss) attributable to Nielsen shareholders | 172 | (35) | |
Balance | (73) | (245) | (210) |
AOCI Including Portion Attributable to Noncontrolling Interest | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Balance | (1,105) | (1,005) | |
Other comprehensive (loss)/income before reclassifications | (29) | (126) | |
Amounts reclassified from accumulated other comprehensive(income)/loss | 395 | 26 | |
Total other comprehensive income/(loss) | 366 | ||
Net current period other comprehensive loss attributable to noncontrolling interest | (1) | ||
Net current period other comprehensive income/(loss) attributable to Nielsen shareholders | 367 | (100) | |
Balance | $ (738) | $ (1,105) | $ (1,005) |
Changes in and Reclassificati_4
Changes in and Reclassification out of Accumulated Other Comprehensive Income/(Loss) by Component - Summary of Reclassification of Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Net income/(loss) from discontinued operations, Net of Tax | $ (412) | $ 196 | $ 982 |
(Benefit)/provision for income taxes | (2) | 144 | (141) |
Net income attributable to Nielsen stockholders | (963) | 6 | 415 |
Other expense, net | 24 | 20 | $ 77 |
Amount Reclassified from Accumulated Other Comprehensive Loss/(Income) | 395 | 26 | |
Currency Translation Losses on Dispositions | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Net income/(loss) from discontinued operations, Net of Tax | 233 | ||
Cash Flow Hedges | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Amount Reclassified from Accumulated Other Comprehensive Loss/(Income) | 18 | 17 | |
Cash Flow Hedges | Interest rate contracts | Amount Reclassified from Accumulated Other Comprehensive (Income)/Loss | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Interest (income)/expense | 25 | 23 | |
(Benefit)/provision for income taxes | (7) | (6) | |
Net income attributable to Nielsen stockholders | 18 | 17 | |
Amortization of Actuarial Loss | Amount Reclassified from Accumulated Other Comprehensive (Income)/Loss | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
(Benefit)/provision for income taxes | (11) | (8) | |
Net income attributable to Nielsen stockholders | 3 | 9 | |
Other expense, net | 14 | 17 | |
Unrealized (Gains)/Losses on Pension Liability on Dispositions | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Net income/(loss) from discontinued operations, before Tax | 141 | ||
Accumulated Other Comprehensive Income/(Loss), Net Post Employment Benefits | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Amount Reclassified from Accumulated Other Comprehensive Loss/(Income) | $ 144 | $ 9 |
Changes in and Reclassificati_5
Changes in and Reclassification out of Accumulated Other Comprehensive Income/(Loss) by Component - Summary of Reclassification of Accumulated Other Comprehensive Loss by Component (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassification from accumulated other comprehensive income | $ (395) | $ (26) |
Connect | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassification from accumulated other comprehensive income | 374 | |
Currency Translation Adjustments | Connect | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassification from accumulated other comprehensive income | 233 | |
Unrealized (Gains)/Losses on Pension Liability on Dispositions | Connect | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassification from accumulated other comprehensive income | $ 141 |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property Plant And Equipment [Line Items] | |||
Impairment of property plant and equipment | $ 0 | $ 5,000,000 | |
Depreciation and amortization expense from operations | 93,000,000 | 90,000,000 | $ 91,000,000 |
Depreciation and amortization | 548,000,000 | 864,000,000 | 756,000,000 |
Finance lease and other financing obligations | |||
Property Plant And Equipment [Line Items] | |||
Depreciation and amortization | $ 42,000,000 | $ 37,000,000 | $ 40,000,000 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 856 | $ 760 |
Less accumulated depreciation and amortization | (583) | (490) |
Property, plant and equipment, net | 273 | 270 |
Land and buildings | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 177 | 174 |
Land and buildings | Minimum | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful Life | 25 years | |
Land and buildings | Maximum | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful Life | 50 years | |
Information and communication equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 649 | 567 |
Information and communication equipment | Minimum | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Information and communication equipment | Maximum | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful Life | 10 years | |
Furniture, equipment and other | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 30 | $ 19 |
Furniture, equipment and other | Minimum | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Furniture, equipment and other | Maximum | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful Life | 10 years |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments Gain Loss [Line Items] | |||
Impairment charges on investments | $ 0 | $ 0 | $ 0 |
Amount of income/(loss) reclassified from accumulated other comprehensiveincome/(loss) into income as a result that a forecasted transaction is no longerprobable of occurring, net of tax | 0 | ||
Pre-tax gain (loss) from accumulated other comprehensive loss to interest expense expected to be recognized in next twelve months | (17,000,000) | ||
Forward Interest Rate Swaps | |||
Derivative Instruments Gain Loss [Line Items] | |||
Notional amount of outstanding derivative financial instruments | 1,050,000,000 | ||
Foreign Currency Exchange Contract | |||
Derivative Instruments Gain Loss [Line Items] | |||
Notional amount of outstanding derivative financial instruments | 29,000,000 | 68,000,000 | |
Gain (loss) on derivative financial instruments | $ (1,000,000) | $ (2,000,000) |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Mar. 05, 2021 | Dec. 31, 2020 | |||
Warrant | ||||||
Assets: | ||||||
Asset | $ 6 | $ 5 | ||||
Fair Value, Measurements, Recurring | ||||||
Assets: | ||||||
Asset | 31 | $ 26 | ||||
Liabilities: | ||||||
Liabilities | 46 | 76 | ||||
Fair Value, Measurements, Recurring | Plan Assets for Deferred Compensation | ||||||
Assets: | ||||||
Asset | [1] | 24 | 24 | |||
Fair Value, Measurements, Recurring | Investment in Mutual Funds | ||||||
Assets: | ||||||
Asset | [2] | 1 | 2 | |||
Fair Value, Measurements, Recurring | Warrant | ||||||
Assets: | ||||||
Asset | 6 | |||||
Fair Value, Measurements, Recurring | Interest Rate Swap Arrangements | ||||||
Liabilities: | ||||||
Liabilities | 22 | [3] | 52 | [4] | ||
Fair Value, Measurements, Recurring | Deferred Compensation Liabilities | ||||||
Liabilities: | ||||||
Liabilities | [5] | 24 | 24 | |||
Fair Value, Measurements, Recurring | Level 1 | ||||||
Assets: | ||||||
Asset | 25 | 26 | ||||
Liabilities: | ||||||
Liabilities | 24 | 24 | ||||
Fair Value, Measurements, Recurring | Level 1 | Plan Assets for Deferred Compensation | ||||||
Assets: | ||||||
Asset | [1] | 24 | 24 | |||
Fair Value, Measurements, Recurring | Level 1 | Investment in Mutual Funds | ||||||
Assets: | ||||||
Asset | [2] | 1 | 2 | |||
Fair Value, Measurements, Recurring | Level 1 | Deferred Compensation Liabilities | ||||||
Liabilities: | ||||||
Liabilities | [5] | 24 | 24 | |||
Fair Value, Measurements, Recurring | Level 2 | ||||||
Liabilities: | ||||||
Liabilities | 22 | 52 | ||||
Fair Value, Measurements, Recurring | Level 2 | Interest Rate Swap Arrangements | ||||||
Liabilities: | ||||||
Liabilities | 22 | [3] | $ 52 | [4] | ||
Fair Value, Measurements, Recurring | Level 3 | ||||||
Assets: | ||||||
Asset | 6 | |||||
Fair Value, Measurements, Recurring | Level 3 | Warrant | ||||||
Assets: | ||||||
Asset | $ 6 | |||||
[1] | Plan assets are comprised of investments in mutual funds, which are intended to fund liabilities arising from deferred compensation plans. These investments are carried at fair value, which is based on quoted market prices at period end in active markets. These investments are classified as equity securities with any gains or losses resulting from changes in fair value recorded in other income/(expense), net in the consolidated statement of operations. | |||||
[2] | Investments in mutual funds are money-market accounts held with the intention of funding certain specific retirement plans. | |||||
[3] | Derivative financial instruments include interest rate swap arrangements recorded at fair value based on externally-developed valuation models that use readily observable market parameters and the consideration of counterparty risk. | |||||
[4] | The estimated fair value of the Connect Warrant issued March 5, 2021 of $5 million was part of the proceeds related to the sale of Global Connect and included in the net gain on sale of Global Connect. The Connect Warrant is marked-to-market each reporting period with the subsequent change in fair value recorded to other income/(expense), net in the consolidated statement of operations. The Connect Warrant is reported within other non-current assets within the consolidated balance sheet. The fair value of the Connect Warrant asset is estimated using a Black-Scholes option-pricing model and had an estimated fair value of $6 million as of December 31, 2021. | |||||
[5] | The Company offers certain employees the opportunity to participate in a deferred compensation plan. A participant’s deferrals are invested in a variety of participant directed stock and bond mutual funds and are classified as equity securities. Changes in the fair value of these securities are measured using quoted prices in active markets based on the market price per unit multiplied by the number of units held exclusive of any transaction costs. A corresponding adjustment for changes in fair value of the equity securities is also reflected in the changes in fair value of the deferred compensation obligation. |
Fair Value Measurements - Fin_2
Fair Value Measurements - Financial Assets and Liabilities Measured on Recurring Basis (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Mar. 05, 2021 |
Warrant | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Estimated fair value | $ 6 | $ 5 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of U.S Dollar Term Loan to Fixed Rate Outstanding Interest Rate Swaps (Detail) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
US Dollar term loan floating-to-fixed rate swaps maturing on July 2021 | |
Derivative Instruments Gain Loss [Line Items] | |
Notional Amount | $ 250,000,000 |
Maturity Date | 2022-07 |
Interest Rates | 2.00% |
US Dollar term loan floating-to-fixed rate swaps maturing on April 2023 | |
Derivative Instruments Gain Loss [Line Items] | |
Notional Amount | $ 150,000,000 |
Maturity Date | 2023-04 |
Interest Rates | 2.26% |
US Dollar term loan floating-to-fixed rate swaps maturing on May 2023 | |
Derivative Instruments Gain Loss [Line Items] | |
Notional Amount | $ 250,000,000 |
Maturity Date | 2023-05 |
Interest Rates | 2.72% |
US Dollar term loan floating-to-fixed rate swaps maturing on June 2023 | |
Derivative Instruments Gain Loss [Line Items] | |
Notional Amount | $ 250,000,000 |
Maturity Date | 2023-06 |
Interest Rates | 2.07% |
US Dollar term loan floating-to-fixed rate swaps maturing on July 2023 | |
Derivative Instruments Gain Loss [Line Items] | |
Notional Amount | $ 150,000,000 |
Maturity Date | 2023-07 |
Interest Rates | 1.82% |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Effect of Cash Flow Hedge Accounting on Consolidated Statement of Operations (Detail) - Interest Expense - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Interest expense (Location in the consolidated statement of operations in which the effects of cash flow hedges are recorded) | $ 285 | $ 331 | $ 348 |
Amount of (gain)/loss reclassified from accumulated other comprehensive income/(loss) into income, net of tax | $ 18 | $ 17 | $ (7) |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Values of Derivative Instruments in Consolidated Balance Sheets (Detail) - Interest Rate Swap Arrangements - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Account Payable And Other Current Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Liabilities | $ 4 | $ 4 |
Other Non-Current Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Liabilities | $ 18 | $ 48 |
Fair Value Measurements - Deriv
Fair Value Measurements - Derivatives in Effective Cash Flow Hedging Relationships (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest Rate Swap Arrangements | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of (Gain)/Loss Recognized in OCI on Derivatives | $ (5) | $ 52 | $ 33 |
Interest Expense | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of (Gain)/Loss Reclassified from OCI into Income | $ 25 | $ 23 | $ (9) |
Restructuring Activities - Addi
Restructuring Activities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charges | $ 13 | $ 37 | $ 30 |
Broad Based Optimization Plan | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charges | 13 | $ 37 | |
Real Estate Consolidation | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charges | $ 13 |
Restructuring Activities - Summ
Restructuring Activities - Summary of Changes in Liabilities for Restructuring Activities (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Restructuring And Related Activities [Abstract] | ||||||
Beginning Balance | $ 14 | $ 9 | $ 22 | |||
Reclassification of ASC 420 real estate restructuring to right-of -use asset | [1] | (14) | ||||
Charges | 30 | [2] | 20 | [3] | ||
Non-cash charges and other adjustments | (2) | 1 | ||||
Payments | $ (12) | (25) | (20) | |||
Ending Balance | $ 14 | $ 9 | ||||
[1] | Upon adoption of ASC 842, the real estate operating lease ASC 420 liabilities were reclassified and presented as a reduction of the related operating lease right-of-use asset. | |||||
[2] | Excludes charges related to operating lease right-of-use assets of $7 million. Includes $7 million of adjustments related to changes in a plan to exit a business. | |||||
[3] | Excludes charges related to operating lease right-of-use assets of $10 million. |
Restructuring Activities - Su_2
Restructuring Activities - Summary of Changes in Liabilities for Restructuring Activities (Parenthetical) (Detail) - Operating Lease Right-of-use Assets - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charges | $ 13 | $ 7 | $ 10 |
Business Exit | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charges | $ 7 |
Pensions and Other Post-Retir_3
Pensions and Other Post-Retirement Benefits - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)RetireesandBeneficiary | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Weighted average expected long term rate of return | 5.80% | 6.50% | 6.70% |
Defined benefit plan pension obligations | $ 1 | $ 1 | |
Actuarial gain | 19 | $ (50) | |
Actuarial gain changes in financial assumptions | 20 | ||
Actuarial loss updated mortality tables | $ (1) | ||
Settlement loss recognized | $ 6 | ||
Weighted average asset allocations | 100.00% | 100.00% | |
Defined contribution plan expenses | $ 26 | $ 22 | 33 |
Contributions made in shares by the employer | shares | 0 | ||
Maximum | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Percentage of contribution by the employer | 3.00% | ||
Equity securities | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Weighted average asset allocations | 53.00% | 55.00% | |
Equity securities | Maximum | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Weighted average asset allocations | 53.00% | ||
Fixed income securities | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Weighted average asset allocations | 44.00% | 41.00% | |
Fixed income securities | Maximum | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Weighted average asset allocations | 44.00% | ||
Other securities | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Weighted average asset allocations | 3.00% | 4.00% | |
Other securities | Maximum | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Weighted average asset allocations | 3.00% | ||
Other Income/Expense | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Defined benefit plan, settlement income/expense | $ 6 | ||
United States | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Defined benefit plan assumptions used in calculations, basis point | 0.50% | ||
Pension expense | $ 1 | ||
Weighted average expected long term rate of return | 6.00% | 6.50% | 6.70% |
Actuarial gain | $ 16 | $ (46) | |
Weighted average asset allocations | 100.00% | 100.00% | |
Expected contributions to the pension plans in 2022 | $ 10 | ||
United States | Equity securities | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Weighted average asset allocations | 55.00% | 57.00% | |
United States | Fixed income securities | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Weighted average asset allocations | 45.00% | 43.00% | |
UK | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Defined benefit plan pension obligations | $ 53 | ||
Number of retirees and beneficiaries | RetireesandBeneficiary | 125 | ||
Settlement loss recognized | $ 6 | ||
Other | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Expected contributions to the pension plans in 2022 | $ 3 |
Pensions and Other Post-Retir_4
Pensions and Other Post-Retirement Benefits - Summary of Pension Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Change in projected benefit obligation | |||
Benefit obligation at beginning of period | $ 456 | $ 380 | |
Service cost | 3 | 3 | |
Interest cost | 8 | 12 | $ 14 |
Plan participants’ contributions | 1 | ||
Actuarial (gain)/loss | (19) | 50 | |
Benefits paid | (15) | (16) | |
Settlements | (1) | (1) | |
Other | 26 | ||
Effect of foreign currency translation | (1) | 2 | |
Benefit obligation at end of period | 432 | 456 | 380 |
Change in plan assets | |||
Fair value of plan assets at beginning of period | 323 | 271 | |
Actual return on plan assets | 23 | 41 | |
Employer contributions | 14 | 13 | |
Plan participants’ contributions | 1 | ||
Benefits paid | (15) | (16) | |
Settlements | (1) | (1) | |
Other | 15 | ||
Fair value of plan assets at end of period | 345 | 323 | 271 |
Funded status | (87) | (133) | |
Amounts recognized in the Consolidated Balance Sheets | |||
Current liabilities | (1) | ||
Accrued benefit liability included in other non-current liabilities | (86) | (133) | |
Net amount recognized | (87) | (133) | |
Amounts recognized in Other Comprehensive Income/(Loss), before tax | |||
Net (gain)/loss | (25) | 27 | |
Settlement loss | (1) | ||
Amortization of net loss | (14) | (10) | |
Total recognized in other comprehensive (income)/loss | (39) | 16 | |
Amounts not yet reflected in net periodic benefit cost and included in Accumulated Other Comprehensive Income/(Loss), before tax | |||
Unrecognized losses | 106 | 140 | |
United States | |||
Change in projected benefit obligation | |||
Benefit obligation at beginning of period | 419 | 378 | |
Interest cost | 7 | 11 | 14 |
Actuarial (gain)/loss | (16) | 46 | |
Benefits paid | (14) | (16) | |
Benefit obligation at end of period | 396 | 419 | 378 |
Change in plan assets | |||
Fair value of plan assets at beginning of period | 305 | 270 | |
Actual return on plan assets | 23 | 40 | |
Employer contributions | 11 | 11 | |
Benefits paid | (14) | (16) | |
Fair value of plan assets at end of period | 325 | 305 | 270 |
Funded status | (71) | (114) | |
Amounts recognized in the Consolidated Balance Sheets | |||
Current liabilities | (1) | ||
Accrued benefit liability included in other non-current liabilities | (70) | (114) | |
Net amount recognized | (71) | (114) | |
Amounts recognized in Other Comprehensive Income/(Loss), before tax | |||
Net (gain)/loss | (23) | 23 | |
Amortization of net loss | (13) | (11) | |
Total recognized in other comprehensive (income)/loss | (36) | 12 | |
Amounts not yet reflected in net periodic benefit cost and included in Accumulated Other Comprehensive Income/(Loss), before tax | |||
Unrecognized losses | 99 | 135 | |
Other | |||
Change in projected benefit obligation | |||
Benefit obligation at beginning of period | 37 | ||
Service cost | 3 | ||
Interest cost | 1 | ||
Plan participants’ contributions | 1 | ||
Actuarial (gain)/loss | (3) | ||
Benefits paid | (1) | ||
Settlements | (1) | ||
Effect of foreign currency translation | (1) | ||
Benefit obligation at end of period | 36 | 37 | |
Change in plan assets | |||
Fair value of plan assets at beginning of period | 18 | ||
Employer contributions | 3 | ||
Plan participants’ contributions | 1 | ||
Benefits paid | (1) | ||
Settlements | (1) | ||
Fair value of plan assets at end of period | 20 | 18 | |
Funded status | (16) | ||
Amounts recognized in the Consolidated Balance Sheets | |||
Accrued benefit liability included in other non-current liabilities | (16) | ||
Net amount recognized | (16) | ||
Amounts recognized in Other Comprehensive Income/(Loss), before tax | |||
Net (gain)/loss | (2) | ||
Amortization of net loss | (1) | ||
Total recognized in other comprehensive (income)/loss | (3) | ||
Amounts not yet reflected in net periodic benefit cost and included in Accumulated Other Comprehensive Income/(Loss), before tax | |||
Unrecognized losses | 7 | ||
Other | |||
Change in projected benefit obligation | |||
Benefit obligation at beginning of period | 37 | 2 | |
Service cost | 3 | 3 | |
Interest cost | 1 | 1 | |
Actuarial (gain)/loss | 4 | ||
Settlements | (1) | ||
Other | 26 | ||
Effect of foreign currency translation | 2 | ||
Benefit obligation at end of period | 37 | 2 | |
Change in plan assets | |||
Fair value of plan assets at beginning of period | $ 18 | 1 | |
Actual return on plan assets | 1 | ||
Employer contributions | 2 | ||
Settlements | (1) | ||
Other | 15 | ||
Fair value of plan assets at end of period | 18 | $ 1 | |
Funded status | (19) | ||
Amounts recognized in the Consolidated Balance Sheets | |||
Accrued benefit liability included in other non-current liabilities | (19) | ||
Net amount recognized | (19) | ||
Amounts recognized in Other Comprehensive Income/(Loss), before tax | |||
Net (gain)/loss | 4 | ||
Settlement loss | (1) | ||
Amortization of net loss | 1 | ||
Total recognized in other comprehensive (income)/loss | 4 | ||
Amounts not yet reflected in net periodic benefit cost and included in Accumulated Other Comprehensive Income/(Loss), before tax | |||
Unrecognized losses | $ 5 |
Pensions and Other Post-Retir_5
Pensions and Other Post-Retirement Benefits - Total Accumulated Benefit Obligation and Minimum Liability Changes For Pension Plans (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Accumulated benefit obligation | $ 425 | $ 450 | $ 380 |
Accumulated Benefit Obligation | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Accumulated benefit obligation | 420 | 443 | |
Fair value of plan assets | 338 | 317 | |
Projected Benefit Obligation | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Projected benefit obligation | 431 | 455 | |
Fair value of plan assets | 344 | 322 | |
Other | Accumulated Benefit Obligation | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Accumulated benefit obligation | 24 | 24 | |
Fair value of plan assets | 13 | 12 | |
Other | Projected Benefit Obligation | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Projected benefit obligation | 35 | 36 | |
Fair value of plan assets | 19 | 17 | |
United States | Accumulated Benefit Obligation | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Accumulated benefit obligation | 396 | 419 | |
Fair value of plan assets | 325 | 305 | |
United States | Projected Benefit Obligation | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Projected benefit obligation | 396 | 419 | |
Fair value of plan assets | $ 325 | $ 305 |
Pensions and Other Post-Retir_6
Pensions and Other Post-Retirement Benefits - Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Service cost | $ 3 | $ 3 | |
Interest cost | 8 | 12 | $ 14 |
Expected return on plan assets | (17) | (17) | (17) |
Settlement loss recognized | 6 | ||
Amortization of net loss | 14 | 11 | 6 |
Net periodic pension cost | 8 | 9 | 9 |
UNITED STATES | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Interest cost | 7 | 11 | 14 |
Expected return on plan assets | (15) | (17) | (17) |
Amortization of net loss | 13 | 11 | 6 |
Net periodic pension cost | 5 | 5 | 3 |
Other International Regions | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Service cost | 3 | 3 | |
Interest cost | 1 | 1 | |
Expected return on plan assets | (2) | ||
Settlement loss recognized | 6 | ||
Amortization of net loss | 1 | ||
Net periodic pension cost | $ 3 | $ 4 | $ 6 |
Pensions and Other Post-Retir_7
Pensions and Other Post-Retirement Benefits - Weighted Average Assumptions Underlying Pension Computations (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net periodic pension costs: | |||
Weighted average expected long term rate of return | 5.80% | 6.50% | 6.70% |
United States | |||
Pension benefit obligation: | |||
Pension benefit obligation - discount rate | 2.90% | 2.50% | 3.40% |
Net periodic pension costs: | |||
Net periodic pension costs - discount rate | 2.90% | 3.40% | 4.40% |
Weighted average expected long term rate of return | 6.00% | 6.50% | 6.70% |
Other | |||
Pension benefit obligation: | |||
Pension benefit obligation - discount rate | 2.00% | 1.50% | 1.90% |
Pension benefit obligation - rate of compensation increase | 3.20% | 1.30% | 1.10% |
Net periodic pension costs: | |||
Net periodic pension costs - discount rate | 1.50% | 1.80% | 2.50% |
Net periodic pension costs - rate of compensation increase | 3.10% | 1.00% | 1.10% |
Weighted average expected long term rate of return | 3.70% | 3.90% | 4.20% |
The Netherlands | |||
Pension benefit obligation: | |||
Pension benefit obligation - discount rate | 1.90% | ||
Pension benefit obligation - rate of compensation increase | 1.10% | ||
Net periodic pension costs: | |||
Net periodic pension costs - discount rate | 2.50% | ||
Net periodic pension costs - rate of compensation increase | 1.10% | ||
Weighted average expected long term rate of return | 4.20% |
Pensions and Other Post-Retir_8
Pensions and Other Post-Retirement Benefits - Weighted Average Asset Allocation by Asset Category (Detail) | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Weighted average asset allocations | 100.00% | 100.00% |
Equity securities | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Weighted average asset allocations | 53.00% | 55.00% |
Fixed income securities | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Weighted average asset allocations | 44.00% | 41.00% |
Other securities | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Weighted average asset allocations | 3.00% | 4.00% |
United States | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Weighted average asset allocations | 100.00% | 100.00% |
United States | Equity securities | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Weighted average asset allocations | 55.00% | 57.00% |
United States | Fixed income securities | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Weighted average asset allocations | 45.00% | 43.00% |
Other | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Weighted average asset allocations | 100.00% | 100.00% |
Other | Equity securities | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Weighted average asset allocations | 23.00% | 16.00% |
Other | Fixed income securities | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Weighted average asset allocations | 28.00% | 21.00% |
Other | Other securities | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Weighted average asset allocations | 49.00% | 63.00% |
Pensions and Other Post-Retir_9
Pensions and Other Post-Retirement Benefits - Assets at Fair Value (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | $ 345 | $ 323 | $ 271 |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 216 | 203 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 128 | 118 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 1 | 2 | |
Cash and equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 6 | 7 | |
Cash and equivalents | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 6 | 7 | |
Equity securities - U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 72 | 77 | |
Equity securities - U.S. | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 70 | 70 | |
Equity securities - U.S. | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 2 | 7 | |
Equity securities - Global | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 49 | 44 | |
Equity securities - Global | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 12 | 12 | |
Equity securities - Global | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 37 | 32 | |
Equity securities - non-U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 60 | 55 | |
Equity securities - non-U.S. | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 60 | 55 | |
Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 3 | 4 | |
Real estate | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 2 | 2 | |
Real estate | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 1 | 2 | |
Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 151 | 134 | |
Corporate bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 127 | 114 | |
Corporate bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 24 | 20 | |
Debt issued by national, state or local government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 1 | ||
Debt issued by national, state or local government | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 1 | ||
Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 3 | 2 | |
Other | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | $ 3 | $ 2 |
Pensions and Other Post-Reti_10
Pensions and Other Post-Retirement Benefits - Summary of Changes in Fair Value of Pension Plans Level 3 Assets (Detail) - Level 3 - Real estate - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Balance, beginning of year | $ 2 | $ 1 |
Actual return on plan assets: | ||
Effect of foreign currency translation | (1) | 1 |
Balance, end of year | $ 1 | $ 2 |
Pensions and Other Post-Reti_11
Pensions and Other Post-Retirement Benefits - Estimated Future Benefit Payments (Detail) $ in Millions | Dec. 31, 2021USD ($) |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
2022 | $ 19 |
2023 | 21 |
2024 | 21 |
2025 | 21 |
2026 | 22 |
2027-2031 | 117 |
United States | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
2022 | 17 |
2023 | 19 |
2024 | 19 |
2025 | 19 |
2026 | 20 |
2027-2031 | 104 |
Other | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
2022 | 2 |
2023 | 2 |
2024 | 2 |
2025 | 2 |
2026 | 2 |
2027-2031 | $ 13 |
Long-term Debt and Other Fina_3
Long-term Debt and Other Financing Arrangements - Summary of Long-Term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total long-term debt, Weighted average interest rate | 4.24% | 4.26% |
Total long-term debt, Carrying Amount | $ 5,550 | $ 6,862 |
Finance lease and other financing obligations | 76 | 98 |
Total debt and other financing arrangements | 5,626 | 6,960 |
Less: Current portion of long-term debt, finance lease and other financing obligations and other short-term borrowings | 35 | 276 |
Long-term debt and finance lease obligations | 5,591 | 6,684 |
Total long-term debt, Fair Value | $ 5,646 | $ 7,119 |
Senior Secured Credit Facility | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Weighted average interest rate | 2.10% | 3.01% |
Total long-term debt, Carrying Amount | $ 2,093 | $ 3,666 |
Total long-term debt, Fair Value | $ 2,094 | $ 3,692 |
Senior Debenture Loans | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Weighted average interest rate | 5.52% | 5.69% |
Total long-term debt, Carrying Amount | $ 3,457 | $ 3,196 |
Total long-term debt, Fair Value | 3,552 | 3,427 |
Senior Secured Term Loan Facility Maturing in 2023 | L+ 1.75% | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Carrying Amount | 742 | 754 |
Total long-term debt, Fair Value | 742 | 752 |
Senior Secured Term Loan Facility Maturing in 2023 | L+ 2.00% | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Carrying Amount | 1,351 | 1,603 |
Total long-term debt, Fair Value | 1,352 | 1,602 |
Senior Secured Term Loan Facility Maturing in 2023 | Euro L+ 2.50% | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Carrying Amount | 251 | |
Total long-term debt, Fair Value | 250 | |
Senior Secured Term Loan Facility Maturing in 2025 | Euro L+ 3.75% | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Carrying Amount | 639 | |
Total long-term debt, Fair Value | 654 | |
Senior Secured Term Loan Facility Maturing in 2025 | L+ 4.75% | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Carrying Amount | 419 | |
Total long-term debt, Fair Value | 434 | |
Senior Debenture Loan Maturing in 2021 | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Carrying Amount | 150 | |
Total long-term debt, Fair Value | 151 | |
Senior Debenture Loan Maturing in 2022 | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Carrying Amount | 824 | |
Total long-term debt, Fair Value | 828 | |
Senior Debenture Loan Maturing in 2025 | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Carrying Amount | 498 | 498 |
Total long-term debt, Fair Value | 507 | 514 |
Senior Debenture Loan Maturing in 2028 | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Carrying Amount | 987 | 985 |
Total long-term debt, Fair Value | 1,031 | 1,088 |
Senior Debenture Loan Maturing in 2030 | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Carrying Amount | 740 | 739 |
Total long-term debt, Fair Value | 785 | $ 846 |
Senior Debenture Loan Maturing in 2029 | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Carrying Amount | 616 | |
Total long-term debt, Fair Value | 613 | |
Senior Debenture Loan Maturing in 2031 | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Carrying Amount | 616 | |
Total long-term debt, Fair Value | $ 616 |
Long-term Debt and Other Fina_4
Long-term Debt and Other Financing Arrangements - Summary of Long-Term Debt (Parenthetical) (Detail) - USD ($) | May 28, 2021 | Apr. 10, 2021 | Mar. 21, 2021 | Mar. 16, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Senior Secured Term Loan Facility Maturing in 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, maturity year | 2023 | |||||
Senior Secured Term Loan Facility Maturing in 2023 | L+ 1.75% | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, variable rate | 1.75% | 1.75% | ||||
Debt instrument, maturity year | 2023 | 2023 | ||||
Senior Secured Term Loan Facility Maturing in 2023 | L+ 2.00% | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, variable rate | 2.00% | 2.00% | ||||
Debt instrument, maturity year | 2023 | 2023 | ||||
Senior Secured Term Loan Facility Maturing in 2023 | Euro L+ 2.50% | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, variable rate | 2.50% | 2.50% | ||||
Debt instrument, maturity year | 2023 | 2023 | ||||
Senior Secured Term Loan Facility Maturing in 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, maturity year | 2025 | |||||
Senior Secured Term Loan Facility Maturing in 2025 | Euro L+ 3.75% | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, variable rate | 3.75% | 3.75% | ||||
Debt instrument, maturity year | 2025 | 2025 | ||||
Senior Secured Term Loan Facility Maturing in 2025 | L+ 4.75% | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, variable rate | 4.75% | 4.75% | ||||
Debt instrument, maturity year | 2025 | 2025 | ||||
Senior Secured Revolving Credit Facility Maturing in 2023 | L+ 1.75% | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument face value | $ 850,000,000 | $ 850,000,000 | ||||
Debt instrument, variable rate | 1.75% | 1.75% | ||||
Debt instrument, maturity year | 2023 | 2023 | ||||
Senior Debenture Loan Maturing in 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument face value | $ 425,000,000 | $ 425,000,000 | ||||
Debt instrument, maturity year | 2021 | 2021 | 2021 | |||
Debt instrument interest rate stated percentage | 5.50% | 5.50% | 5.50% | |||
Senior Debenture Loan Maturing in 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument face value | $ 825,000,000 | $ 825,000,000 | ||||
Debt instrument, maturity year | 2022 | 2022 | 2022 | |||
Debt instrument interest rate stated percentage | 5.00% | 5.00% | 5.00% | |||
Senior Debenture Loan Maturing in 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument face value | $ 500,000,000 | $ 500,000,000 | ||||
Debt instrument, maturity year | 2025 | 2025 | ||||
Debt instrument interest rate stated percentage | 5.00% | 5.00% | ||||
Senior Debenture Loan Maturing in 2028 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument face value | $ 1,000,000,000 | $ 1,000,000,000 | ||||
Debt instrument, maturity year | 2028 | 2028 | ||||
Debt instrument interest rate stated percentage | 5.625% | 5.625% | ||||
Senior Debenture Loan Maturing in 2030 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument face value | $ 750,000,000 | $ 750,000,000 | ||||
Debt instrument, maturity year | 2030 | 2030 | ||||
Debt instrument interest rate stated percentage | 5.875% | 5.875% | ||||
Senior Debenture Loan Maturing in 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument face value | $ 625,000,000 | $ 625,000,000 | $ 625,000,000 | |||
Debt instrument, maturity year | 2029 | 2029 | 2029 | |||
Debt instrument interest rate stated percentage | 4.50% | 4.50% | 4.50% | |||
Senior Debenture Loan Maturing in 2031 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument face value | $ 625,000,000 | $ 625,000,000 | $ 625,000,000 | |||
Debt instrument, maturity year | 2031 | 2031 | 2031 | |||
Debt instrument interest rate stated percentage | 4.75% | 4.75% | 4.75% |
Long-Term Debt and Other Fina_5
Long-Term Debt and Other Financing Arrangements - Schedule of Long-Term Debt Currency Wise (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Carrying Amount of Long Term Debt | $ 5,550 | $ 6,862 |
U.S. Dollars | ||
Debt Instrument [Line Items] | ||
Carrying Amount of Long Term Debt | $ 5,550 | 5,972 |
Euro | ||
Debt Instrument [Line Items] | ||
Carrying Amount of Long Term Debt | $ 890 |
Long-term Debt and Other Fina_6
Long-term Debt and Other Financing Arrangements - Annual Maturities of Long-Term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
2023 | $ 2,093 | |
2025 | 498 | |
Thereafter | 2,959 | |
Total | $ 5,550 | $ 6,862 |
Long-term Debt and Other Fina_7
Long-term Debt and Other Financing Arrangements - Additional Information (Detail) € in Millions | Jul. 21, 2021 | May 28, 2021USD ($) | Apr. 10, 2021USD ($) | Mar. 21, 2021USD ($) | Mar. 16, 2021USD ($) | Dec. 31, 2021USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||||||||||
Redemption rate of senior notes equal to principal amount plus premium and accrued and unpaid interest | 100.00% | 101.00% | 101.00% | |||||||||
Interest income | $ 0 | $ 2,000,000 | $ 6,000,000 | |||||||||
Net restricted assets, subsidiary entities | $ 1,300,000,000 | 1,300,000,000 | ||||||||||
Letters of credit, outstanding | 13,000,000 | 13,000,000 | 18,000,000 | |||||||||
New revolving credit commitments | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, maximum borrowing capacity | 850,000,000 | 850,000,000 | ||||||||||
Debt instrument, maturity date | 2023-07 | |||||||||||
Revolving credit commitments | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Borrowings, outstanding | 0 | 0 | 0 | |||||||||
Letters of credit, outstanding | 13,000,000 | 13,000,000 | $ 18,000,000 | |||||||||
Debt instrument, remaining borrowing capacity | $ 837,000,000 | $ 837,000,000 | ||||||||||
Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Leverage ratio | 5.50% | 5.50% | ||||||||||
Total net debt to covenant EBITDA | 5.00% | 5.00% | ||||||||||
March 2021 Redemptions | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Wrote-off certain previously deferred financing fees | $ 1,000,000 | $ 7,500,000 | ||||||||||
May 2021 Redemptions | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Wrote-off certain previously deferred financing fees | $ 400,000 | 20,000,000 | ||||||||||
Senior Secured Term Loan Facility Maturing in 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Date of long term debt termination | Jun. 4, 2020 | |||||||||||
Senior Secured Term Loan Facility Maturing in 2025 | L+ 4.75% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Prepayment of term loan | $ 430,000,000 | |||||||||||
Senior Secured Term Loan Facility Maturing in 2025 | Euro L+ 3.75% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Prepayment of term loan | € | € 530 | |||||||||||
Senior Secured Term Loan Facility Maturing in 2023 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Prepayment of term loan | $ 250,000,000 | |||||||||||
Senior Secured Term Loan Facility Maturing in 2023 | Euro L+ 2.50% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Prepayment of term loan | € | € 204 | |||||||||||
Senior Secured Term Loan Facility Maturing in 2023 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Prepayment of term loan | $ 1,000,000,000 | |||||||||||
Debt instrument, maturity year | 2023 | |||||||||||
Senior Secured Term Loan Facility Maturing in 2023 | Euro L+ 2.50% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, maturity year | 2023 | 2023 | 2023 | |||||||||
Senior Secured Term Loan Facility Maturing in 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Prepayment of term loan | $ 300,000,000 | |||||||||||
Debt instrument, maturity year | 2025 | |||||||||||
Senior Secured Term Loan Facility Maturing in 2025 | L+ 4.75% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, maturity year | 2025 | 2025 | 2025 | |||||||||
Senior Secured Term Loan Facility Maturing in 2025 | Euro L+ 3.75% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, maturity year | 2025 | 2025 | 2025 | |||||||||
Senior Debenture Loan Maturing in 2021 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, maturity year | 2021 | 2021 | 2021 | 2021 | ||||||||
Debt instrument redeemed principal amount | $ 150,000,000 | |||||||||||
Debt instrument interest rate stated percentage | 5.50% | 5.50% | 5.50% | 5.50% | ||||||||
Redemption rate of senior notes equal to principal amount plus premium and accrued and unpaid interest | 100.00% | |||||||||||
Debt instrument face value | $ 425,000,000 | $ 425,000,000 | $ 425,000,000 | |||||||||
Senior Debenture Loan Maturing in 2022 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, maturity year | 2022 | 2022 | 2022 | 2022 | ||||||||
Debt instrument redeemed principal amount | $ 825,000,000 | |||||||||||
Debt instrument interest rate stated percentage | 5.00% | 5.00% | 5.00% | 5.00% | ||||||||
Redemption rate of senior notes equal to principal amount plus premium and accrued and unpaid interest | 100.00% | |||||||||||
Debt instrument face value | $ 825,000,000 | $ 825,000,000 | $ 825,000,000 | |||||||||
Senior Debenture Loan Maturing in 2029 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, maturity year | 2029 | 2029 | 2029 | 2029 | ||||||||
Debt instrument interest rate stated percentage | 4.50% | 4.50% | 4.50% | 4.50% | ||||||||
Debt instrument face value | $ 625,000,000 | $ 625,000,000 | $ 625,000,000 | $ 625,000,000 | ||||||||
Senior Debenture Loan Maturing in 2031 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, maturity year | 2031 | 2031 | 2031 | 2031 | ||||||||
Debt instrument interest rate stated percentage | 4.75% | 4.75% | 4.75% | 4.75% | ||||||||
Debt instrument face value | $ 625,000,000 | $ 625,000,000 | $ 625,000,000 | $ 625,000,000 | ||||||||
Senior Debenture Loans | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Capitalized debt refinancing fees | $ 19,000,000 |
Shareholders' Equity - Common S
Shareholders' Equity - Common Stock Activity (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Actual number of shares of common stock outstanding | |||
Beginning of period | 357,644,935 | 356,149,883 | 355,271,737 |
Shares of common stock issued through compensation plans | 1,589,317 | 1,519,384 | 835,057 |
Employee benefit trust activity | 33,283 | (24,332) | 43,089 |
End of period | 359,267,535 | 357,644,935 | 356,149,883 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) | Feb. 10, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 26, 2022 |
Stockholders Equity [Line Items] | |||||
Cash dividends paid | $ 86,000,000 | $ 86,000,000 | |||
Dividends declared per common share | $ 0.24 | $ 0.24 | $ 1.11 | ||
Repurchases of common stock | 0 | 0 | |||
Subsequent Event | |||||
Stockholders Equity [Line Items] | |||||
Declaration Date | Feb. 10, 2022 | ||||
Dividends declared per common share | $ 0.06 | ||||
Cash dividend, date to be Paid | Mar. 17, 2022 | ||||
Cash dividend, recorded date | Mar. 3, 2022 | ||||
Subsequent Event | Maximum | |||||
Stockholders Equity [Line Items] | |||||
Cost of treasury stock | $ 1,000,000,000 |
Share-based Compensation - Addi
Share-based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 36 | $ 34 | $ 32 | |
Tax benefit related to the share-based compensation expense | 6 | $ 5 | 5 | |
Number of shares authorized | 10,420,826 | |||
Aggregate fair value of options vested | $ 1 | $ 3 | $ 5 | |
Stock Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares authorized | 7,200,000 | |||
2010 Stock Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares authorized | 3,220,826 | |||
2016 Employee Share Purchase Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares authorized | 2,000,000 | |||
Shares issued under the ESPP | 60,634 | 266,984 | 201,637 | |
Time-based stock options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock options exercised | 0 | 0 | ||
Time-based stock options | Stock Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock options granted | 0 | 0 | 0 | |
Time Based Awards | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Aggregate intrinsic value outstanding | $ 0 | |||
Stock options exercised | 9,027 | |||
Time and Performance Based Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock options issued | 0 | |||
Time and Performance Based Stock Options | Stock Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock options granted | 1,365,411 | 200,000 | 0 | |
Weighted-average grant date fair value of the options granted | $ 7.69 | $ 3.56 | ||
Unearned share-based compensation related to stock options | $ 6 | |||
Unearned share-based compensation, expected period to recognize | 4 years | |||
Restricted Stock Units (RSUs) | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted-average grant date fair value of the options granted | $ 25.68 | $ 17.14 | $ 21.46 | |
Unearned share-based compensation, expected period to recognize | 2 years 8 months 12 days | |||
Unearned stock-based compensation of RSUs | $ 17 | |||
Restricted Stock Units (RSUs) | 2021 Stock Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Vesting description | 6.25% per quarter | |||
Vesting rate | 6.25% | |||
Restricted Stock Units (RSUs) | 2021 Stock Incentive Plan | Over Four Years on Anniversary Date | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Vesting rate | 25.00% | |||
Restricted Stock Units (RSUs) | 2021 Stock Incentive Plan | First Three Years On Anniversary Date Per Quarter | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Vesting rate | 8.33% | |||
Restricted Stock Units (RSUs) | 2021 Stock Incentive Plan | Over Two Years on Anniversary Date | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 2 years | |||
Vesting rate | 50.00% | |||
Restricted Stock Units (RSUs) | 2020 Stock Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Vesting description | 6.25% per quarter | |||
Vesting rate | 6.25% | |||
Restricted Stock Units (RSUs) | 2020 Stock Incentive Plan | First Anniversary Date of Award | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting rate | 25.00% | |||
Restricted Stock Units (RSUs) | 2020 Stock Incentive Plan | Second Anniversary Date of Award | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting rate | 75.00% | |||
Restricted Stock Units (RSUs) | 2020 Stock Incentive Plan | End of Second Anniversary Date of Award | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting rate | 100.00% | |||
Restricted Stock Units (RSUs) | 2020 Stock Incentive Plan | Over Four Years on Anniversary Date | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Vesting rate | 25.00% | |||
Restricted Stock Units (RSUs) | 2020 Stock Incentive Plan | Over Two Years on Anniversary Date | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 2 years | |||
Vesting rate | 50.00% | |||
Restricted Stock Units (RSUs) | 2020 Stock Incentive Plan | Third Anniversary Date of Award | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting rate | 100.00% | |||
Restricted Stock Units (RSUs) | 2019 Stock Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Vesting description | 6.25% per quarter | |||
Vesting rate | 6.25% | |||
Restricted Stock Units (RSUs) | 2019 Stock Incentive Plan | First Anniversary Date of Award | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting rate | 25.00% | |||
Restricted Stock Units (RSUs) | 2019 Stock Incentive Plan | Second Anniversary Date of Award | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting rate | 75.00% | |||
Restricted Stock Units (RSUs) | 2019 Stock Incentive Plan | End of Second Anniversary Date of Award | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting rate | 100.00% | |||
Restricted Stock Units (RSUs) | 2019 Stock Incentive Plan | Over Four Years on Anniversary Date | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Vesting rate | 25.00% | |||
Restricted Stock Units (RSUs) | 2019 Stock Incentive Plan | Over Two Years on Anniversary Date | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 2 years | |||
Vesting rate | 12.50% | |||
PRSUs | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of Options, Granted | 740,462 | 724,814 | 523,508 | |
Weighted-Average Exercise Price, Granted | $ 28.65 | $ 16.08 | $ 24.62 | |
Share based compensation arrangement required service period, years | 3 years | 2 years | ||
Revenue target, percentage | 50.00% | |||
Adjusted earnings per share achieved, percentage | 50.00% | |||
Revenue compounded annual growth rate, Percentage | 50.00% | |||
Adjusted earnings per share, percentage | 50.00% | 50.00% |
Share-based Compensation - Summ
Share-based Compensation - Summary of Stock Option Plan Activity (Detail) - Time Based Awards - $ / shares | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of Options, Outstanding beginning | 2,890,142 | 3,514,317 | 4,631,836 | |
Number of Options, Forfeited | (535,798) | (160,668) | (662,732) | |
Number of Options, Expired | (735,625) | (463,507) | (445,760) | |
Number of Options, Exercised | (9,027) | |||
Number of Options, Outstanding ending | 2,890,142 | 3,514,317 | 4,631,836 | |
Number of Options, Exercisable Outstanding ending | 1,618,719 | |||
Weighted-Average Exercise Price, Outstanding beginning | $ 45.91 | $ 44.60 | $ 43.20 | |
Weighted-Average Exercise Price, Forfeited | 51.52 | 48.74 | 46.31 | |
Weighted-Average Exercise Price, Expired | 41.92 | 35 | 28.09 | |
Weighted-Average Exercise Price, Exercised | 17.44 | |||
Weighted-Average Exercise Price, Outstanding ending | $ 45.91 | $ 44.60 | $ 43.20 | |
Weighted-Average Exercise Price, Exercisable and Outstanding ending | $ 45.87 | |||
Weighted Average Remaining Contractual Term in Years | 2 years 6 months 18 days | 3 years 1 month 24 days | 3 years 7 months 28 days | |
Exercisable and Outstanding Weighted Average Remaining Contractual Term in Years | 2 years 6 months 3 days |
Share-based Compensation - Su_2
Share-based Compensation - Summary of Assumptions Used for Grants of Time and Performance Based Awards (Detail) - Time and Performance Based Stock Options | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Stock Based Compensation [Line Items] | ||
Expected life (years) | 5 years | 5 years |
Risk-free interest rate | 0.89% | |
Expected dividend yield | 0.92% | |
Expected volatility | 37.06% | |
Weighted average volatility | 37.06% | 30.20% |
Minimum | ||
Stock Based Compensation [Line Items] | ||
Risk-free interest rate | 0.49% | |
Expected dividend yield | 1.16% | |
Expected volatility | 28.99% | |
Maximum | ||
Stock Based Compensation [Line Items] | ||
Risk-free interest rate | 1.34% | |
Expected dividend yield | 1.62% | |
Expected volatility | 31.40% |
Share-based Compensation - Su_3
Share-based Compensation - Summary of Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of RSUs, Nonvested beginning | 4,272,368 | 4,640,985 | 3,865,684 |
Number of RSUs, Granted | 1,198,743 | 2,153,198 | 2,454,871 |
Number of RSUs, Forfeited | (1,150,836) | (496,497) | (692,718) |
Number of RSUs, Vested | (2,135,117) | (2,025,318) | (986,852) |
Number of RSUs, Nonvested ending | 2,185,157 | 4,272,368 | 4,640,985 |
Weighted-Average Grant Date Fair Value, Outstanding beginning | $ 20.86 | $ 25.10 | $ 29.88 |
Weighted-Average Grant date Fair Value, Granted | 25.68 | 17.14 | 21.46 |
Weighted-Average Grant date Fair Value, Forfeited | 20.09 | 22.59 | 28.63 |
Weighted-Average Grant date Fair Value, Vested | 22.70 | 26.38 | 33.60 |
Weighted-Average Grant date Fair Value, Outstanding ending | $ 22.02 | $ 20.86 | $ 25.10 |
Income Taxes - Components of In
Income Taxes - Components of Income/(loss) Before Income Taxes and Equity in Net Income(Loss) of Affiliates (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
UK | $ 547 | $ (21) | $ (30) |
Non-UK | 11 | 368 | 468 |
Income from continuing operations before income taxes and equity in net loss of affiliates | $ 558 | $ 347 | $ 438 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes Attributable to Income/(loss) Before Income Taxes and Equity in Net Income/(loss) of Affiliates (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
Non-UK . | $ 114 | $ 133 | $ (128) |
Total current income tax provision | 114 | 133 | (128) |
Deferred: | |||
UK | 2 | 21 | (2) |
Non-UK | (118) | (10) | (11) |
Total deferred income tax provision | (116) | 11 | (13) |
Total (benefit)/provision for income taxes | $ (2) | $ 144 | $ (141) |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes as Per UK Federal Income Tax Rates (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Income before income taxes and equity in net income of affiliates | $ 558 | $ 347 | $ 438 |
Provision for income taxes at the UK statutory Rate | 106 | 66 | 83 |
Effect of operations in non-UK jurisdictions | 17 | (4) | 18 |
Tax impact of global licensing arrangements | (4) | (4) | |
U.S. state and local taxation | 23 | 23 | 28 |
Base erosion and anti-abuse tax | 4 | 49 | |
Withholding and other taxation | 18 | 8 | |
Effect of global financing activities | 4 | 2 | (7) |
Changes in estimates for uncertain tax positions and audit settlements(1) | (10) | 4 | (266) |
Changes in valuation allowances | (91) | 8 | (104) |
Effect of change in deferred tax rates | (11) | 5 | 46 |
Tax impact of post-retirement settlements | 17 | ||
Research & development credit | (9) | (5) | (4) |
Excess tax benefits on prior period employee compensation | (11) | ||
Reversal of prior period outside basis differences | (17) | ||
Other, net | (3) | 27 | (5) |
Total (benefit)/provision for income taxes | $ (2) | $ 144 | $ (141) |
Effective tax rate | (0.40%) | 41.50% | |
UK | |||
Income Tax Disclosure [Abstract] | |||
Statutory tax rate | 19.00% | 19.00% | 19.00% |
Income Taxes - Components of Cu
Income Taxes - Components of Current and Non-Current Deferred Income Tax Assets/(Liabilities) (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 733 | $ 354 |
Capital loss carryforwards | 99 | 55 |
Interest expense limitation | 253 | 265 |
Employee benefits | 28 | 36 |
Tax credit carryforwards | 109 | 191 |
Share-based payments | 5 | 10 |
Accrued expenses | 4 | 19 |
Lease liabilities | 49 | 79 |
Deferred (revenues)/costs | 5 | |
Deferred compensation | 23 | |
Financial instruments | 9 | 18 |
Other assets | 34 | 34 |
Total deferred tax assets, gross | 1,351 | 1,061 |
Valuation allowances | (494) | (560) |
Deferred tax assets, net of valuation allowances | 857 | 501 |
Intangible assets | (767) | (912) |
Fixed asset and computer software depreciation | (92) | (209) |
Lease assets | (39) | (59) |
Outside basis difference in subsidiary | (406) | |
Unremitted earnings | (8) | |
Unrealized gain on investments | (50) | |
Deferred (revenues)/costs | (7) | |
Deferred compensation | (4) | |
Other liabilities | (59) | (87) |
Total deferred income tax liabilities | (1,363) | (1,336) |
Net deferred tax liability | $ (506) | $ (835) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax [Line Items] | |||||
Net operating loss carryforwards | $ 3,018 | $ 1,485 | |||
Deferred tax assets, gross tax credit carry forwards | $ 109 | 191 | |||
Operating loss carryforwards year of expiration | 2022 | ||||
Tax credit carryforward expiration | 2022 | ||||
Valuation allowance on tax credit, loss carryforwards and deferred tax assets related to other temporary differences | $ 494 | 560 | |||
Liabilities for unrecognized income tax benefits | 161 | 128 | $ 136 | $ 136 | $ 374 |
Unrecognized tax benefits | 7 | $ 11 | |||
Unrecognized tax benefits that would impact effective tax rate | 21 | ||||
Minimum | |||||
Income Tax [Line Items] | |||||
Income tax uncertain tax positions reduction in next twelve months | 131 | ||||
Change in tax benefit | 1 | ||||
Maximum | |||||
Income Tax [Line Items] | |||||
Income tax uncertain tax positions reduction in next twelve months | 139 | ||||
Change in tax benefit | $ 9 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Beginning and Ending Amount of Gross Uncertain Tax Positions (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Balance as of the beginning of period | $ 128 | $ 136 | $ 374 |
Additions for current year tax positions | 1 | 1 | 2 |
Additions for tax positions of prior years | 41 | 12 | |
Reductions for lapses of statute of limitations | (4) | (1) | (252) |
Reductions for tax positions of prior years | (5) | (8) | |
Balance as of the end of the period | $ 161 | $ 128 | $ 136 |
Investments in Affiliates and_2
Investments in Affiliates and Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | ||
Investments in affiliates | $ 5 | $ 11 |
Receivable from affiliates | $ 0 | $ 2 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Sep. 30, 2021 | Jul. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Commitment And Contingencies [Line Items] | |||||
Effective date of agreement | Oct. 1, 2017 | ||||
Purchase amended and restated agreement date | Jul. 1, 2019 | ||||
Purchase amended and restated agreement effective date | Jan. 1, 2019 | ||||
Remaining commitments amount | $ 875,000,000 | ||||
Total expenses incurred under operating leases | $ 55,000,000 | 52,000,000 | $ 44,000,000 | ||
Recognized rental income received under subleases | 3,000,000 | 0 | $ 2,000,000 | ||
Aggregate future proceeds under sub-lease guarantees | 6,000,000 | ||||
Letters of credit issued and outstanding | $ 13,000,000 | $ 18,000,000 | |||
Services Per Year From 2021 Through 2024 | |||||
Commitment And Contingencies [Line Items] | |||||
Commitment to purchase services | $ 184,000,000 | ||||
Services 2021 | |||||
Commitment And Contingencies [Line Items] | |||||
Commitment to purchase services | $ 45,000,000 | ||||
Services Per Year From 2022 Through 2025 | |||||
Commitment And Contingencies [Line Items] | |||||
Commitment to purchase services | 17,000,000 | ||||
Services 2025 | |||||
Commitment And Contingencies [Line Items] | |||||
Commitment to purchase services | 138,000,000 | ||||
Commitment | |||||
Commitment And Contingencies [Line Items] | |||||
Purchase commitment, remaining minimum amount committed | $ 90,000,000 | $ 1,400,000,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Minimum Annual Payments under Nielsen's Purchase Obligations (Detail) $ in Millions | Dec. 31, 2021USD ($) | |
Commitments And Contingencies Disclosure [Abstract] | ||
Operating Leases, 2022 | $ 57 | |
Operating Leases, 2023 | 42 | |
Operating Leases, 2024 | 25 | |
Operating Leases, 2025 | 14 | |
Operating Leases, 2026 | 11 | |
Operating Leases, Thereafter | 47 | |
Operating Leases, Total lease payments | 196 | |
Other contractual obligations, Year Ending December 31, 2022 | 148 | [1] |
Other contractual obligations, Year Ending December 31, 2023 | 37 | [1] |
Other contractual obligations, Year Ending December 31, 2024 | 20 | [1] |
Other contractual obligations, Year Ending December 31, 2025 | 19 | [1] |
Other contractual obligations, Year Ending December 31, 2026 | 2 | [1] |
Other contractual obligations, Total | 226 | [1] |
Total, Year Ending December 31, 2022 | 205 | |
Total, Year Ending December 31, 2023 | 79 | |
Total, Year Ending December 31, 2024 | 45 | |
Total, Year Ending December 31, 2025 | 33 | |
Total, Year Ending December 31, 2026 | 13 | |
Total, Thereafter | 47 | |
Total | $ 422 | |
[1] | Other contractual obligations represent obligations under agreement, which are not unilaterally cancelable by Nielsen, are legally enforceable and specify fixed or minimum amounts or quantities of goods or services at fixed or minimum prices. Nielsen generally requires purchase orders for vendor and third party spending. The amounts presented above represent the minimum future annual services covered by purchase obligations including data processing, cloud services, building maintenance, equipment purchasing, photocopiers, land and mobile telephone service, computer software and hardware maintenance, and outsourcing including cloud services |
Segments - Business Segment Inf
Segments - Business Segment Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Segment Reporting [Abstract] | ||||
Revenues | [1] | $ 3,500 | $ 3,361 | $ 3,441 |
Operating income | 872 | 679 | 870 | |
Depreciation and amortization | 512 | 550 | 465 | |
Impairment of other long-lived assets | 146 | |||
Restructuring charges | 13 | 37 | 30 | |
Share-based compensation expense | 36 | 34 | 32 | |
Dis-synergy costs | [2] | (70) | (70) | |
Other items | [3] | 58 | 35 | 58 |
Adjusted EBITDA | [4] | 1,491 | 1,411 | 1,385 |
Assets: | ||||
Total assets | 10,820 | 11,146 | ||
Capital expenditures | $ 316 | $ 305 | $ 328 | |
[1] | Revenues are attributed to geographic areas based on the location of customers. | |||
[2] | Costs to stand-up Nielsen as a standalone company including incremental real estate, IT/infrastructure, transition services agreements (TSAs) and commercial arrangements | |||
[3] | Other items primarily consist of legal settlements and related fees, business optimization costs and transaction related costs for the year ended December 31, 2021. Other Items primarily consists of business optimization costs, including strategic review costs and transaction related costs for the years ended December 31, 2020 and 2019. | |||
[4] | The Company’s chief operating decision-maker uses Adjusted EBITDA to measure performance and allocate resources from period to period. |
Segments - Geographic Segment I
Segments - Geographic Segment Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Segment Reporting Information [Line Items] | ||||
Revenues | [1] | $ 3,500 | $ 3,361 | $ 3,441 |
Operating income | 872 | 679 | 870 | |
Long-lived Assets | [2] | 9,334 | 9,613 | |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | [1] | 2,886 | 2,831 | 2,880 |
Operating income | 836 | 690 | 805 | |
Long-lived Assets | [2] | 8,684 | 9,017 | |
North and South America, excluding the U.S. | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | [1] | 56 | 48 | 53 |
Operating income | 10 | 2 | 2 | |
Long-lived Assets | [2] | 75 | 81 | |
United Kingdom | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | [1] | 67 | 59 | 62 |
Operating income | (18) | (15) | (18) | |
Long-lived Assets | [2] | 79 | 84 | |
Other Europe, Middle East & Africa | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | [1] | 265 | 231 | 236 |
Operating income | (23) | (49) | 20 | |
Long-lived Assets | [2] | 402 | 355 | |
Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | [1] | 226 | 192 | 210 |
Operating income | 67 | 51 | $ 61 | |
Long-lived Assets | [2] | $ 94 | $ 76 | |
[1] | Revenues are attributed to geographic areas based on the location of customers. | |||
[2] | Long-lived assets include property, plant and equipment, goodwill and other intangible assets. |
Additional Financial Informat_3
Additional Financial Information - Accounts Payable and Other Current Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Payables And Accruals [Abstract] | |||
Trade payables | $ 29 | $ 94 | |
Personnel costs | 130 | 107 | |
Data and professional services | 56 | 28 | |
Interest payable | 74 | 56 | |
Other current liabilities | [1] | 189 | 214 |
Total accounts payable and other current liabilities | $ 478 | $ 499 | |
[1] | Other includes multiple items, none of which is individually significant. |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) $ in Millions | Mar. 16, 2021 | Mar. 05, 2021 | Oct. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 10, 2021 | Mar. 21, 2021 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Gain (loss) on disposal of Global Connect, net of tax inclusive of closing adjustments | $ 489 | |||||||
Prepayment of debt | $ 3,882 | $ 3,092 | $ 57 | |||||
Redemption rate of senior notes equal to principal amount plus premium and accrued and unpaid interest | 100.00% | 101.00% | ||||||
Transition Services Agreement term | 2 years | |||||||
Transition Services Agreement extension option period | 6 months | |||||||
Facility Closing | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Separation cost, incurred | $ 162 | |||||||
Facility Closing | Discontinued Operations, Disposed of by Sale | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Separation cost, incurred | 37 | 123 | $ 2 | |||||
Senior Secured Term Loan Facility Due 2023 | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Prepayment of debt | $ 1,000 | |||||||
Senior Secured Term Loan Facility Due 2025 | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Prepayment of debt | $ 300 | |||||||
5.500% Senior Notes due 2021 | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Debt instrument redeemed principal amount | $ 150 | |||||||
5.000% Senior Notes due 2022 | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Debt instrument redeemed principal amount | $ 825 | |||||||
Connect | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Segment revenue percentage on consolidated revenues | 50.00% | |||||||
Gain (loss) on disposal of Global Connect, net of tax inclusive of closing adjustments | 489 | |||||||
Accounts receivable from purchaser | $ 689 | |||||||
Connect | Prepaid Expenses and Other Current Assets | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Accounts receivable from purchaser | 32 | |||||||
Connect | Account Payable And Other Current Liabilities | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Liabilities payable to affiliates of purchaser | 2 | |||||||
Connect | Other Non-Current Liabilities | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Liabilities payable to affiliates of purchaser | 17 | |||||||
Connect | Advent | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Cash proceeds on sale of business | $ 2,700 | |||||||
Net proceeds from sale | $ 2,400 | |||||||
Gain (loss) on disposal of Global Connect, net of tax inclusive of closing adjustments | $ 489 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Major Classes of Line Items Constituting Net Income from Discontinued Operations, Net of Tax (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Restructuring charges | $ 13 | $ 37 | $ 30 |
Net loss from discontinued operations | (77) | (196) | (982) |
Gain on disposal, net of taxes | 489 | ||
Net income/(loss) from discontinued operations | 412 | (196) | (982) |
Connect | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Revenues | 452 | 2,929 | 3,057 |
Cost of revenues, exclusive of depreciation and amortization shown separately below | 264 | 1,525 | 1,631 |
Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below | 229 | 1,158 | 1,044 |
Depreciation and amortization | 36 | 314 | 291 |
Impairment of goodwill and other long-lived assets(1) | 38 | 1,004 | |
Restructuring charges | 6 | 107 | 50 |
Operating loss | (83) | (213) | (963) |
Other expenses | (15) | (60) | (138) |
Loss from discontinued operations before income taxes | (98) | (273) | (1,101) |
Benefit for income taxes | 21 | 77 | 119 |
Net loss from discontinued operations | (77) | (196) | (982) |
Gain on disposal before income taxes | 367 | ||
Benefit for income taxes | 122 | ||
Gain on disposal, net of taxes | 489 | ||
Net income/(loss) from discontinued operations | 412 | (196) | (982) |
Net income/(loss) from discontinued operations attributable to Nielsen shareholders | $ 412 | $ (196) | $ (982) |
Discontinued Operations - Sum_2
Discontinued Operations - Summary of Major Classes of Line Items Constituting Net Income from Discontinued Operations, Net of Tax (Parenthetical) (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Non-cash goodwill impairment | $ 0 | |||
Connect | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Non-cash goodwill impairment | $ 1,004,000,000 | |||
Debt repayment pursuant to the debt covenants triggered as a result of disposal | $ 1,300,000,000 | |||
Interest expense allocated to discontinued operations | 8,000,000 | $ 38,000,000 | 46,000,000 | |
Tax benefit associated with the US pre-tax loss on sale | $ 122,000,000 | |||
Non-cash expenses of pension settlements | $ 164,000,000 |
Discontinued Operations - Sum_3
Discontinued Operations - Summary of Major Classes of Assets and Liabilities of Discontinued Operations (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Current assets | |
Total current assets of discontinued operations | $ 1,064 |
Current liabilities | |
Total current liabilities of discontinued operations | 989 |
Connect | |
Current assets | |
Cash and cash equivalents | 110 |
Trade and other receivables, net of allowances for doubtful accounts and sales returns | 689 |
Prepaid expenses and other current assets | 265 |
Total current assets of discontinued operations | 1,064 |
Non-current assets | |
Property, plant and equipment, net | 177 |
Operating lease right-of-use asset | 217 |
Goodwill | 360 |
Other intangible assets, net | 807 |
Deferred tax assets | 228 |
Other non-current assets | 136 |
Total assets of discontinued operations | 2,989 |
Current liabilities | |
Accounts payable and other current liabilities | 710 |
Deferred revenues | 235 |
Income tax liabilities | 27 |
Current portion of long-term debt, finance lease obligations and short-term borrowings | 17 |
Total current liabilities of discontinued operations | 989 |
Non-current liabilities | |
Long-term debt and finance lease obligations | 1,330 |
Deferred tax liabilities | 65 |
Operating lease liabilities | 218 |
Other non-current liabilities | 224 |
Total liabilities of discontinued operations | $ 2,826 |
Discontinued Operations - Opera
Discontinued Operations - Operating and Investing Cash Flows from Discontinued Operations (Detail) - Connect - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Net cash flows provided by/(used in) operating activities | $ (245) | $ 63 | $ 238 |
Net cash flows used in investing activities | $ (26) | $ (232) | $ (207) |
Discontinued Operations - Ope_2
Discontinued Operations - Operating and Investing Cash Flows from Discontinued Operations (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Connect | Facility Closing | Discontinued Operations, Disposed of by Sale | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Net payments under the tax indemnification arrangements | $ (8) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Feb. 26, 2022USD ($) |
Subsequent Event | Maximum | |
Subsequent Event [Line Items] | |
Cost of treasury stock | $ 1,000,000,000 |
Condensed Financial Information
Condensed Financial Information of Registrant - Statement of Operations (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Financial Statements Captions [Line Items] | |||
Selling, general and administrative expenses | $ 891,000,000 | $ 714,000,000 | $ 885,000,000 |
Operating income | 872,000,000 | 679,000,000 | 870,000,000 |
Interest income | 0 | 2,000,000 | 6,000,000 |
Other expense, net | (24,000,000) | (20,000,000) | (77,000,000) |
Income from continuing operations before income taxes and equity in net loss of affiliates | 558,000,000 | 347,000,000 | 438,000,000 |
Benefit/(provision) for income taxes | 2,000,000 | (144,000,000) | 141,000,000 |
Equity in net income/(loss) of subsidiaries | (1,000,000) | ||
Net income/(loss) | 971,000,000 | 7,000,000 | (403,000,000) |
Total Nielsen Shareholders' Equity | |||
Condensed Financial Statements Captions [Line Items] | |||
Selling, general and administrative expenses | 13,000,000 | 13,000,000 | 14,000,000 |
Operating income | (13,000,000) | (13,000,000) | (14,000,000) |
Interest income | 1,000,000 | 1,000,000 | |
Other expense, net | 5,000,000 | ||
Income from continuing operations before income taxes and equity in net loss of affiliates | (8,000,000) | (12,000,000) | (13,000,000) |
Equity in net income/(loss) of subsidiaries | 971,000,000 | 6,000,000 | (402,000,000) |
Net income/(loss) | $ 963,000,000 | $ (6,000,000) | $ (415,000,000) |
Condensed Financial Informati_2
Condensed Financial Information of Registrant - Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 380 | $ 500 |
Total current assets | 1,140 | 2,224 |
Other non-current assets | 147 | 159 |
Total assets | 10,820 | 14,135 |
Current liabilities | ||
Accounts payable and other current liabilities | 478 | 499 |
Total current liabilities | 657 | 1,914 |
Other non-current liabilities | 389 | 429 |
Total liabilities | 7,324 | 11,892 |
Total equity | 3,314 | 2,051 |
Total liabilities and equity | 10,820 | 14,135 |
Total Nielsen Shareholders' Equity | ||
Current assets | ||
Cash and cash equivalents | 14 | 3 |
Amounts receivable from subsidiary | 1 | |
Total current assets | 14 | 4 |
Investment in subsidiaries | 3,294 | 2,023 |
Loans outstanding from subsidiary | 6 | 25 |
Total assets | 3,314 | 2,052 |
Current liabilities | ||
Intercompany payables | 1 | |
Total current liabilities | 1 | |
Total liabilities | 1 | |
Total equity | 3,314 | 2,051 |
Total liabilities and equity | $ 3,314 | $ 2,052 |
Condensed Financial Informati_3
Condensed Financial Information of Registrant - Statement of Cash Flow (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Financial Statements Captions [Line Items] | |||
Net cash used in operating activities | $ 666 | $ 999 | $ 1,066 |
Investing Activities: | |||
Other investing activities | 22 | (1) | (19) |
Net cash provided by/(used in) by investing activities | 1,933 | (537) | (582) |
Financing Activities: | |||
Cash dividends paid to shareholders | (86) | (86) | (395) |
Proceeds from employee stock purchase plan | 2 | 3 | 4 |
Other financing activities | (18) | (31) | (28) |
Net cash used in financing activities | (2,816) | (307) | (544) |
Net (decrease)/increase in cash and cash equivalents | (230) | 156 | (70) |
Cash and cash equivalents at beginning of period | 610 | 454 | 524 |
Cash and cash equivalents at end of period | 380 | 610 | 454 |
Total Nielsen Shareholders' Equity | |||
Condensed Financial Statements Captions [Line Items] | |||
Net cash used in operating activities | (10) | (14) | (8) |
Investing Activities: | |||
Other investing activities | 1 | ||
Net cash provided by/(used in) by investing activities | (10) | 1 | |
Financing Activities: | |||
Cash dividends paid to shareholders | (86) | (86) | (395) |
Activity under stock plans | (2) | ||
Proceeds from employee stock purchase plan | 1 | 4 | 4 |
Other financing activities | 106 | 98 | 398 |
Net cash used in financing activities | 21 | 14 | 7 |
Net (decrease)/increase in cash and cash equivalents | 11 | 1 | (1) |
Cash and cash equivalents at beginning of period | 3 | 2 | 3 |
Cash and cash equivalents at end of period | $ 14 | $ 3 | $ 2 |
Condensed Financial Informati_4
Condensed Financial Information of Registrant - Additional Information (Detail) - USD ($) | Feb. 10, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 26, 2022 |
Condensed Financial Statements Captions [Line Items] | ||||||
Cash received from subsidiaries | $ 25,000,000 | |||||
Cash dividends paid | $ 86,000,000 | $ 86,000,000 | ||||
Dividends declared per common share | $ 0.24 | $ 0.24 | $ 1.11 | |||
Repurchases of common stock | 0 | 0 | ||||
Subsequent Event | ||||||
Condensed Financial Statements Captions [Line Items] | ||||||
Declaration Date | Feb. 10, 2022 | |||||
Dividends declared per common share | $ 0.06 | |||||
Cash dividend, date to be Paid | Mar. 17, 2022 | |||||
Cash dividend, recorded date | Mar. 3, 2022 | |||||
Subsequent Event | Maximum | ||||||
Condensed Financial Statements Captions [Line Items] | ||||||
Cost of treasury stock | $ 1,000,000,000 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for doubtful accounts and sales returns | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance Beginning of Period | $ 23 | $ 16 | $ 20 |
Charges/ (Credits) to Expense | (9) | 16 | 1 |
Deductions | (9) | (5) | |
Effect of Foreign Currency Translation | (1) | ||
Balance at End of Period | 13 | 23 | 16 |
Valuation allowance for deferred taxes | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance Beginning of Period | 560 | 609 | 629 |
Charges/ (Credits) to Expense | (67) | (48) | (12) |
Charged to Other Accounts | 5 | 2 | |
Effect of Foreign Currency Translation | (4) | (3) | (8) |
Balance at End of Period | $ 494 | $ 560 | $ 609 |