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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [Abstract] |
Obligations and Funded Status | The following tables provide information regarding the Company’s significant defined benefit pension plans summarized by U.S. and international components. Obligations and Funded Status
|  | U.S. |  | International
In millions |  | 2021 |  | 2020 |  | 2021 |  | 2020
Change in projected benefit obligation |  |  |  |  |  |  |  |
Obligation at beginning of year |  | $ | (43) |  |  | $ | (41) |  |  | $ | (385) |  |  | $ | (347) |
Service cost |  | — |  |  | — |  |  | (4) |  |  | (4) |
Interest cost |  | (1) |  |  | (1) |  |  | (4) |  |  | (6) |
Employee contributions |  | — |  |  | — |  |  | (1) |  |  | — |
Plan settlements and amendments |  | — |  |  | — |  |  | 1 |  |  | (2) |
Benefits paid |  | 3 |  |  | 3 |  |  | 13 |  |  | 14 |
Actuarial gain (loss) |  | 2 |  |  | (4) |  |  | 15 |  |  | (22) |
Effect of currency rate changes |  | — |  |  | — |  |  | 9 |  |  | (18) |
Obligation at end of year |  | $ | (39) |  |  | $ | (43) |  |  | $ | (356) |  |  | $ | (385) |
Change in plan assets |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 36 |  |  | $ | 34 |  |  | $ | 305 |  |  | $ | 270 |
Actual return on plan assets |  | 2 |  |  | 4 |  |  | 11 |  |  | 25 |
Employer contributions |  | 5 |  |  | 1 |  |  | 11 |  |  | 10 |
Employee contributions |  | — |  |  | — |  |  | 1 |  |  | 1 |
Benefits paid |  | (3) |  |  | (3) |  |  | (13) |  |  | (14) |
Settlements and other |  | — |  |  | — |  |  | (3) |  |  | 2 |
Effect of currency rate changes |  | — |  |  | — |  |  | (5) |  |  | 11 |
Fair value of plan assets at end of year |  | $ | 40 |  |  | $ | 36 |  |  | $ | 307 |  |  | $ | 305 |
Funded status |  |  |  |  |  |  |  |
Fair value of plan assets |  | $ | 40 |  |  | $ | 36 |  |  | $ | 307 |  |  | $ | 305 |
Benefit obligations |  | (39) |  |  | (43) |  |  | (356) |  |  | (385) |
Funded status |  | $ | 1 |  |  | $ | (7) |  |  | $ | (49) |  |  | $ | (80) |
Amounts recognized in the statement of financial position consist of: |  |  |  |  |  |  |  |
Noncurrent assets |  | $ | 1 |  |  | $ | — |  |  | $ | 17 |  |  | $ | 14 |
Current liabilities |  | — |  |  | — |  |  | (2) |  |  | (3) |
Noncurrent liabilities |  | — |  |  | (7) |  |  | (64) |  |  | (91) |
Net amount recognized |  | $ | 1 |  |  | $ | (7) |  |  | $ | (49) |  |  | $ | (80) |
Amounts recognized in Accumulated other comprehensive loss, before tax consist of: |  |  |  |  |  |  |  |
Prior service cost |  | — |  |  | — |  |  | (1) |  |  | (1) |
Net actuarial loss |  | (16) |  |  | (19) |  |  | (70) |  |  | (90) |
Net amount recognized |  | $ | (16) |  |  | $ | (19) |  |  | $ | (71) |  |  | $ | (91) |
Schedule of U.S. and International Pension Plans with Accumulated Benefit Obligations and with Projected Benefit Obligations in Excess of Plan Assets |
|  | U.S. |  | International
In millions |  | 2021 |  | 2020 |  | 2021 |  | 2020
Information for pension plans with accumulated benefit obligations in excess of Plan assets: |  |  |  |  |  |  |  |
Projected benefit obligation |  | N/A |  | $ | (43) |  |  | $ | (107) |  |  | $ | (316) |
Accumulated benefit obligation |  | N/A |  | (42) |  |  | (97) |  |  | (304) |
Fair value of plan assets |  | N/A |  | 36 |  |  | 41 |  |  | 222 |
Information for pension plans with projected benefit obligations in excess of plan assets: |  |  |  |  |  |  |  |
Projected benefit obligation |  | N/A |  | $ | (43) |  |  | $ | (112) |  |  | $ | (317) |
Accumulated benefit obligation |  | N/A |  | (42) |  |  | (101) |  |  | (305) |
Fair value of plan assets |  | N/A |  | 36 |  |  | 45 |  |  | 224 |
Components of Net Periodic Benefit Costs | Components of Net Periodic Benefit Costs
|  | U.S. |  | International
In millions |  | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Service cost |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | 3 |
Interest cost |  | 1 |  |  | 1 |  |  | 2 |  |  | 4 |  |  | 6 |  |  | 7 |
Expected return on plan assets |  | (1) |  |  | (1) |  |  | (2) |  |  | (13) |  |  | (12) |  |  | (12) |
Amortization of net loss |  | 1 |  |  | 1 |  |  | 1 |  |  | 4 |  |  | 3 |  |  | 3 |
Settlement and curtailment losses recognized |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |
Net periodic benefit cost |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income during 2021 are as follows:
In millions |  | U.S. |  | International
Net gain arising during the year |  | $ | 2 |  |  | $ | 13 |
Effect of exchange rates and other |  | — |  |  | 2 |
Total benefit recognized in Other comprehensive income |  | $ | 2 |  |  | $ | 15 |
Total benefit recognized in Net periodic benefit cost and Other comprehensive income |  | $ | 1 |  |  | $ | 15 |
Weighted Average Assumptions Used to Develop Actuarial Present Value of Projected Benefit Obligation | The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed.
|  | U.S. |  | International
|  | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Discount rate |  | 2.87 | % |  | 2.47 | % |  | 3.27 | % |  | 1.97 | % |  | 1.39 | % |  | 1.84 | %
Expected return on plan assets |  | 5.00 | % |  | 5.35 | % |  | 5.35 | % |  | 4.27 | % |  | 4.43 | % |  | 5.01 | %
Rate of compensation increase |  | 3.00 | % |  | 3.00 | % |  | 3.00 | % |  | 2.70 | % |  | 2.65 | % |  | 2.64 | %
Pension Plan Assets by Asset Category | Plan assets by asset category at December 31, 2021 and 2020 are as follows:
|  | U.S. |  | International
In millions |  | 2021 |  | 2020 |  | 2021 |  | 2020
Pension Plan Assets |  |  |  |  |  |  |  |
Equity security funds |  | $ | 10 |  |  | $ | 19 |  |  | $ | 87 |  |  | $ | 75 |
Debt security funds |  | 27 |  |  | 16 |  |  | 194 |  |  | 198 |
Insurance Contracts |  | — |  |  | — |  |  | 15 |  |  | 15 |
Cash and cash equivalents and other |  | 3 |  |  | 1 |  |  | 11 |  |  | 17 |
Fair value of plan assets |  | $ | 40 |  |  | $ | 36 |  |  | $ | 307 |  |  | $ | 305 |
Schedule of Pension Plan Assets Measured at Fair Value | The following tables summarize our pension plan assets measured at fair value on a recurring basis by fair value hierarchy level (See Note 17):
|  | December 31, 2021
In millions |  | NAV |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
US: |  |  |  |  |  |  |  |  |  |
Equity |  | $ | — |  |  | $ | 10 |  |  | $ | — |  |  | $ | — |  |  | $ | 10 |
Debt Securities |  | — |  |  | 15 |  |  | 12 |  |  | — |  |  | 27 |
Cash and cash equivalents |  | — |  |  | 3 |  |  | — |  |  | — |  |  | 3 |
International: |  |  |  |  |  |  |  |  |  |
Equity |  | 7 |  |  | 20 |  |  | 60 |  |  | — |  |  | 87 |
Debt Securities |  | — |  |  | 4 |  |  | 190 |  |  | — |  |  | 194 |
Insurance Contracts |  | — |  |  | — |  |  | 5 |  |  | 10 |  |  | 15 |
Cash and cash equivalents and other |  | — |  |  | 6 |  |  | 5 |  |  | — |  |  | 11 |
Total |  | $ | 7 |  |  | $ | 58 |  |  | $ | 272 |  |  | $ | 10 |  |  | $ | 347 |
|  | December 31, 2020
In millions |  | NAV |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
US: |  |  |  |  |  |  |  |  |  |
Equity |  | $ | — |  |  | $ | 19 |  |  | $ | — |  |  | $ | — |  |  | $ | 19 |
Debt Securities |  | — |  |  | 6 |  |  | 10 |  |  | — |  |  | 16 |
Cash and cash equivalents |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
International: |  |  |  |  |  |  |  |  |  |
Equity |  | 6 |  |  | 22 |  |  | 47 |  |  | — |  |  | 75 |
Debt Securities |  | — |  |  | 3 |  |  | 195 |  |  | — |  |  | 198 |
Insurance Contracts |  | — |  |  | — |  |  | 5 |  |  | 10 |  |  | 15 |
Cash and cash equivalents and other |  | — |  |  | 9 |  |  | 8 |  |  | — |  |  | 17 |
Total |  | $ | 6 |  |  | $ | 60 |  |  | $ | 265 |  |  | $ | 10 |  |  | $ | 341 |
Benefit Payments Expected to be Paid to Plan Participants | Benefit payments expected to be paid to plan participants are as follows:
In millions |  | U.S. |  | International
Year ended December 31, |  |  |  |
2022 |  | $ | 3 |  |  | $ | 14 |
2023 |  | $ | 3 |  |  | $ | 15 |
2024 |  | $ | 3 |  |  | $ | 15 |
2025 |  | $ | 3 |  |  | $ | 16 |
2026 |  | $ | 3 |  |  | $ | 16 |
2027 through 2031 |  | $ | 12 |  |  | $ | 90 |

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