v3.22.1
OTHER NON-CURRENT LIABILITIES (Tables)
3 Months Ended
Mar. 31, 2022
Other Liabilities Disclosure [Abstract]  
Summary of Other Non-Current Liabilities
(US$ in millions)March 31,
2022
December 31,
2021
Labor, legal, and other provisions$213 $187 
Pension and post-retirement obligations (1)
223 227 
Uncertain income tax positions (2)
76 73 
Unrealized losses on derivative contracts, at fair value (3)
158 49 
Other130 122 
Total$800 $658 

(1)On February 28, 2022, the Company, together with plan participants and related employee unions, agreed to the transition of one of the Company's international defined benefit pension plans to a multi-employer pension plan.
Following the transition, the Company will account for the multi-employer plan similar to a defined contribution plan, resulting in full settlement of the related defined benefit plan obligations.
In connection with the settlement, during the three months ended March 31, 2022, the Company recorded a $41 million pretax gain within Other income (expense) - net in its condensed consolidated statements of income, comprising a $4 million settlement of the related defined benefit plan obligations as well as the reclassification of $37 million in unamortized actuarial gains from Accumulated other comprehensive income (loss). Of this pretax gain, $12 million was attributable to redeemable non-controlling interests.
(2)See Note 9- Income Taxes.
(3)See Note 11- Fair Value Measurements.