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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

The following table details information regarding the Company's pension plans:

(In millions)			2021						2020
Change in Benefit Obligation
Benefit obligation at beginning of year			$	3,224					$	2,885
Service cost			27						29
Interest cost			37						52
Actuarial (gain) loss (1)			(112)						239
Benefits paid			(106)						(116)
Curtailment, settlements and special termination benefits			(54)						(16)
Other, including expenses paid			(48)						151
Liabilities held for sale (2)			(2,062)						—
Benefit obligation at end of year			$	906					$	3,224
Change in Plan Assets
Fair value at beginning of year			$	3,294					$	2,953
Actual return on plan assets			67						285
Company contributions			47						41
Benefits paid			(106)						(116)
Settlements			(54)						(15)
Other, including expenses paid			(34)						146
Assets held for sale (2)			(2,623)						—
Fair value of assets end of year			$	591					$	3,294
Funded status of plans			$	(315)					$	70
Amounts included in the balance sheet:
Other non-current assets			$	43					$	542
Accrued compensation and benefits			(10)						(10)
Post-employment and other benefit liabilities			(348)						(462)
Net amount recognized			$	(315)					$	70

(1) Reflects the impact of foreign exchange translation, primarily for plans in the United Kingdom, Canada and Germany.

(2) See Note 20 - Divestitures for additional information.

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

The pretax amounts recognized in Accumulated other comprehensive (income) loss are:

(In millions)						Prior Service Cost (Benefit)						Net Actuarial (Gain) Loss						Total
As of December 31, 2020						$	13					$	689					$	702
Current year changes recorded in AOCI						4						(34)						(30)
Amortization reclassified to earnings						(2)						(32)						(34)
Settlement/curtailment reclassified to earnings						—						(12)						(12)
Currency translation and other						—						(16)						(16)
As of December 31, 2021						$	15					$	595					$	610

Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets

Information for pension plans with accumulated benefit obligations in excess of plan assets:

(In millions)			2021						2020
Projected benefit obligation			$	405					$	622
Accumulated benefit obligation			$	374					$	579
Fair value of plan assets			$	47					$	156

Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets

Information for pension plans with projected benefit obligations in excess of plan assets:

(In millions)			2021						2020
Projected benefit obligation			$	405					$	666
Accumulated benefit obligation			$	374					$	615
Fair value of plan assets			$	47					$	194

Schedule of Costs of Retirement Plans

The components of net periodic pension benefits for the defined benefit pension plans are as follows:

(In millions)			2021						2020						2019
Service cost			$	27					$	29					$	31
Interest cost			37						52						67
Expected return on plan assets			(145)						(140)						(154)
Amortization of prior service cost			2						2						2
Recognized actuarial net loss			32						22						9
Net settlement, curtailment and special termination benefit loss			13						4						4
Net periodic pension benefit			$	(34)					$	(31)					$	(41)

Defined Benefit Plan, Assumptions

Major assumptions used in determining the benefit obligation and net cost for pension plans are presented in the following table as weighted-averages:

						Benefit Obligation												Net Costs
						2021						2020						2021						2020						2019			(2)
Discount rate
Projected benefit obligation						2.1%						1.4		%				1.4%						2.0		%				2.8		%
Interest cost (1)						—%						—		%				1.2%						1.8		%				2.7		%
Service cost (1)						—%						—		%				2.1%						1.8		%				3.2		%
Salary scale						3.1%						2.8		%				2.8%						3.3		%				3.0		%
Expected return on plan assets						—%						—		%				4.6%						4.9		%				5.6		%

(1) The 2021 and 2020 discount rates used to measure the service cost and interest cost applies to the significant plans of the Company. The projected benefit obligation discount rate is used for the service cost and interest cost measurements for non-significant plans.

(2) Assumptions prior to 2020 include assumptions used for the UTC plan which included Carrier employees.

Schedule of Allocation of Plan Assets

The fair values of pension plan assets by asset category are as follows:

						Quoted Prices in Active Markets for Identical Assets						Significant Observable Inputs						Significant Unobservable Inputs						Not Subject
(In millions)						(Level 1)						(Level 2)						(Level 3)						to Leveling						Total
Asset Category
Public Equities:
Global Equities						$	—					$	29					$	—					$	—					$	29
Global Equity Funds at net asset value (1) (2)						—						—						—						208						208
Fixed Income Securities:
Governments						—						26						—						—						26
Corporate Bonds						—						103						—						—						103
Fixed Income Securities (2)						—						—						—						189						189
Real Estate (3)						—						9						—						—						9
Other (4) (5)						—						5						—						—						5
Cash & Cash Equivalents (2)(6)						—						7						—						3						10
Subtotal						$	—					$	179					$	—					$	400					$	579
Other assets and liabilities (7)																														12
Total as of December 31, 2021 (8)																														$	591
						Quoted Prices in Active Markets for Identical Assets						Significant Observable Inputs						Significant Unobservable Inputs						Not Subject
(In millions)						(Level 1)						(Level 2)						(Level 3)						to Leveling						Total
Asset Category
Public Equities:
Global Equities (1) (2)						$	—					$	52					$	—					$	65					$	117
Global Equity Funds at net asset value (1)						—						—						—						733						733
Fixed Income Securities:
Governments						—						1,270						—						—						1,270
Corporate Bonds						—						121						—						41						162
Fixed Income Securities (2)						—						—						—						923						923
Real Estate (3)(2)						—						2						—						11						13
Other (4)(2)(5)						—						(422)						—						407						(15)
Cash & Cash Equivalents (2)(6)						—						32						—						22						54
Subtotal						$	—					$	1,055					$	—					$	2,202					$	3,257
Other assets and liabilities (7)																														37
Total as of December 31, 2020																														$	3,294

(1) Represents commingled funds that invest primarily in common stocks.

(2) In accordance with ASU 2015-07, Fair Value Measurement (Topic 820), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension plan assets.

(3) Represents investments in real estate, including commingled funds and directly held properties.

(4) Represents insurance contracts and global balanced risk commingled funds consisting mainly of equity, bonds and some commodities.

(5) Includes fixed income repurchase agreements entered into for purposes of pension asset and liability matching.

(6) Represents short-term commercial paper, bonds and other cash or cash-like instruments.

(7) Represents trust receivables and payables that are not leveled.

(8) Chubb plan assets for 2021, totaling $2.6 billion are not included within this table, as the business has been reclassified as held for sale.

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