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RETIREMENT BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [Abstract] |
Schedule of expense for defined contribution and defined benefit pension plans and other post employment defined benefit plans | The following table summarizes the expenses for the Company’s defined contribution and defined benefit pension plans and the other postretirement defined employee benefit plans:
| Year Ended December 31,
(in millions) | 2021 |  | 2020 |  | 2019
Defined contribution expense | $ | 58 |  |  | $ | 38 |  |  | $ | 37 |
Defined benefit pension (income) expense | (19) |  |  | 15 |  |  | 45 |
Other postretirement employee benefit income | (1) |  |  | (1) |  |  | — |
Total | $ | 38 |  |  | $ | 52 |  |  | $ | 82 |
Reconciliation of the plans' benefit obligations, plan assets, funded status and recognition | The following provides a roll forward of the plans’ benefit obligations, plan assets, funded status and recognition in the Consolidated Balance Sheets:
| Pension benefits |  | Other postretirement
| Year Ended December 31, |  | employee benefits
| 2021 |  | 2020 |  | Year Ended December 31,
(in millions) | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  | 2021 |  | 2020
Change in projected benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation, January 1 | $ | 202 |  |  | $ | 2,527 |  |  | $ | 198 |  |  | $ | 695 |  |  | $ | 65 |  |  | $ | 81 |
Service cost | — |  |  | 25 |  |  | — |  |  | 21 |  |  | — |  |  | — |
Interest cost | 3 |  |  | 30 |  |  | 5 |  |  | 16 |  |  | 1 |  |  | 2 |
Plan amendments | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | (12) |
Settlement and curtailment | (4) |  |  | (13) |  |  | — |  |  | (19) |  |  | — |  |  | — |
Actuarial (gain) loss | (7) |  |  | (208) |  |  | 14 |  |  | 161 |  |  | (6) |  |  | 1 |
Currency translation | — |  |  | (59) |  |  | — |  |  | 147 |  |  | — |  |  | — |
Delphi Technologies acquisition 1 | — |  |  | — |  |  | — |  |  | 1,542 |  |  | — |  |  | 1 |
Benefits paid | (11) |  |  | (76) |  |  | (15) |  |  | (36) |  |  | (6) |  |  | (8) |
Projected benefit obligation, December 31 2 | $ | 183 |  |  | $ | 2,227 |  |  | $ | 202 |  |  | $ | 2,527 |  |  | $ | 54 |  |  | $ | 65 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets, January 1 | $ | 187 |  |  | $ | 2,041 |  |  | $ | 176 |  |  | $ | 505 |  |  |  |  |
Actual return on plan assets | 5 |  |  | 110 |  |  | 16 |  |  | 83 |  |  |  |  |
Employer contribution | — |  |  | 24 |  |  | 10 |  |  | 164 |  |  |  |  |
Settlements | (4) |  |  | (11) |  |  | — |  |  | (18) |  |  |  |  |
Currency translation | — |  |  | (39) |  |  | — |  |  | 115 |  |  |  |  |
Delphi Technologies acquisition 1 | — |  |  | — |  |  | — |  |  | 1,228 |  |  |  |  |
Benefits paid | (11) |  |  | (76) |  |  | (15) |  |  | (36) |  |  |  |  |
Fair value of plan assets, December 31 | $ | 177 |  |  | $ | 2,049 |  |  | $ | 187 |  |  | $ | 2,041 |  |  |  |  |
Funded status | $ | (6) |  |  | $ | (178) |  |  | $ | (15) |  |  | $ | (486) |  |  | $ | (54) |  |  | $ | (65) |
Amounts in the Consolidated Balance Sheets consist of: |  |  |  |  |  |  |  |  |  |  |
Non-current assets | $ | — |  |  | $ | 68 |  |  | $ | — |  |  | $ | 26 |  |  | $ | — |  |  | $ | — |
Current liabilities | (2) |  |  | (7) |  |  | (1) |  |  | (6) |  |  | (7) |  |  | (9) |
Non-current liabilities | (4) |  |  | (239) |  |  | (14) |  |  | (506) |  |  | (47) |  |  | (56) |
Net amount | $ | (6) |  |  | $ | (178) |  |  | $ | (15) |  |  | $ | (486) |  |  | $ | (54) |  |  | $ | (65) |
Amounts in accumulated other comprehensive loss consist of: |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss | $ | 84 |  |  | $ | 74 |  |  | $ | 86 |  |  | $ | 330 |  |  | $ | 10 |  |  | $ | 16 |
Net prior service (credit) cost | (3) |  |  | 2 |  |  | (4) |  |  | 2 |  |  | (13) |  |  | (16) |
Net amount | $ | 81 |  |  | $ | 76 |  |  | $ | 82 |  |  | $ | 332 |  |  | $ | (3) |  |  | $ | — |
Total accumulated benefit obligation for all plans | $ | 183 |  |  | $ | 2,183 |  |  | $ | 202 |  |  | $ | 2,471 |  |  |  |  |
_____________________________ 1 Balances are based on actuarial valuations as of October 1, 2020, the date of the Delphi Technologies acquisition. All subsequent activity is included elsewhere within the table. 2 The decrease in the projected benefit obligation was primarily due to actuarial gains during the period. The main driver of these gains was the increase of 0.53% in the weighted average discount rate for Non-U.S. plans.
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets | The funded status of pension plans with accumulated benefit obligations in excess of plan assets is as follows:
| December 31,
(in millions) | 2021 |  | 2020
Accumulated benefit obligation | $ | (658) |  |  | $ | (2,401) |
Plan assets | 442 |  |  | 1,924 |
Deficiency | $ | (216) |  |  | $ | (477) |
Pension deficiency by country: |  |  |
United States | $ | (6) |  |  | $ | (15) |
United Kingdom | (11) |  |  | (202) |
Germany | (89) |  |  | (139) |
Other | (110) |  |  | (121) |
Total pension deficiency | $ | (216) |  |  | $ | (477) |
Summary of funded status of pension plans with accumulated benefit obligations in excess of plan assets | The funded status of pension plans with projected benefit obligations in excess of plan assets is as follows:
| December 31,
(in millions) | 2021 |  | 2020
Projected benefit obligation | $ | (731) |  |  | $ | (2,500) |
Plan assets | 478 |  |  | 1,973 |
Deficiency | $ | (253) |  |  | $ | (527) |
Pension deficiency by country: |  |  |
United States | $ | (6) |  |  | $ | (15) |
United Kingdom | (11) |  |  | (202) |
Germany | (95) |  |  | (147) |
Other | (141) |  |  | (163) |
Total pension deficiency | $ | (253) |  |  | $ | (527) |
Summary of weighted average asset allocations of funded pensions plans and target allocations | The weighted average asset allocations of the Company’s funded pension plans and target allocations by asset category are as follows:
| December 31, |  | Target Allocation
| 2021 |  | 2020 |
U.S. Plans: |  |  |  |  |
Alternative credit, real estate, cash and other | 12 | % |  | 23 | % |  | 3% - 23%
Fixed income securities | 72 | % |  | 43 | % |  | 66% - 76%
Equity securities | 16 | % |  | 34 | % |  | 11% - 21%
| 100 | % |  | 100 | % |  |
Non-U.S. Plans: |  |  |  |  |
Insurance contract, real estate, cash and other 1 | 45 | % |  | 31 | % |  | 19% - 39%
Fixed income securities 1 | 35 | % |  | 55 | % |  | 47% - 57%
Equity securities | 20 | % |  | 14 | % |  | 14% - 24%
| 100 | % |  | 100 | % |  |
_____________________________ 1 As of December 31, 2021, £122 million in the Company’s non-U.S. plans was deemed cash in-transit, driving the variances between actual allocation and target allocation.
Summary of components of net periodic benefit cost | See the table below for a breakout of net periodic benefit cost between U.S. and non-U.S. pension plans:
| Pension benefits |  | Other postretirement employee benefits
| Year Ended December 31, |
| 2021 |  | 2020 |  | 2019 |  | Year Ended December 31,
(in millions) | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  | 2021 |  | 2020 |  | 2019
Service cost | $ | — |  |  | $ | 25 |  |  | $ | — |  |  | $ | 21 |  |  | $ | — |  |  | $ | 18 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 3 |  |  | 30 |  |  | 5 |  |  | 16 |  |  | 8 |  |  | 12 |  |  | 1 |  |  | 2 |  |  | 3 |
Expected return on plan assets | (10) |  |  | (83) |  |  | (10) |  |  | (36) |  |  | (11) |  |  | (22) |  |  | — |  |  | — |  |  | — |
Settlements, curtailments and other | 2 |  |  | (2) |  |  | — |  |  | 5 |  |  | 27 |  |  | 1 |  |  | — |  |  | — |  |  | — |
Amortization of unrecognized prior service (credit) cost | (1) |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (3) |  |  | (4) |  |  | (4) |
Amortization of unrecognized loss | 4 |  |  | 13 |  |  | 3 |  |  | 11 |  |  | 4 |  |  | 9 |  |  | 1 |  |  | 1 |  |  | 1 |
Net periodic cost (income) | $ | (2) |  |  | $ | (17) |  |  | $ | (2) |  |  | $ | 17 |  |  | $ | 27 |  |  | $ | 18 |  |  | $ | (1) |  |  | $ | (1) |  |  | $ | — |
Summary of defined benefit plan weighted average assumptions used in calculating benefit obligations | The Company’s weighted-average assumptions used to determine the benefit obligations for its defined benefit pension and other postretirement employee benefit plans were as follows:
| December 31,
(percent) | 2021 |  | 2020
U.S. pension plans: |  |  |
Discount rate | 2.73 |  |  | 2.31 |
Rate of compensation increase | N/A |  | N/A
U.S. other postretirement employee benefit plans: |  |  |
Discount rate | 2.46 |  |  | 1.93 |
Rate of compensation increase | N/A |  | N/A
Non-U.S. pension plans: |  |  |
Discount rate 1 | 1.97 |  |  | 1.44 |
Rate of compensation increase | 3.21 |  |  | 3.23 |
________________ 1 Includes 1.91% and 1.39% for the U.K. pension plans for December 31, 2021 and 2020, respectively. The Company’s weighted-average assumptions used to determine the net periodic benefit cost/(income) for its defined benefit pension and other postretirement employee benefit plans were as follows:
| Year Ended December 31,
(percent) | 2021 |  | 2020
U.S. pension plans: |  |  |
Discount rate | 2.31 |  |  | 3.17 |
Effective interest rate on benefit obligation | 1.62 |  |  | 2.73 |
Expected long-term rate of return on assets | 5.75 |  |  | 6.00 |
Average rate of increase in compensation | N/A |  | N/A
U.S. other postretirement plans: |  |  |
Discount rate | 1.93 |  |  | 2.95 |
Effective interest rate on benefit obligation | 1.21 |  |  | 2.50 |
Expected long-term rate of return on assets | N/A |  | N/A
Average rate of increase in compensation | N/A |  | N/A
Non-U.S. pension plans: |  |  |
Discount rate 1 | 1.44 |  |  | 1.69 |
Effective interest rate on benefit obligation | 1.24 |  |  | 2.19 |
Expected long-term rate of return on assets 2 | 4.10 |  |  | 4.75 |
Average rate of increase in compensation | 3.23 |  |  | 3.10 |
________________ 1 Includes 1.39% and 1.82% for the U.K. pension plans for December 31, 2021 and 2020, respectively. 2 Includes 4.00% and 3.97% for the U.K. pension plans for December 31, 2021 and 2020, respectively.
Summary of defined benefit plan estimated future benefit payments | The estimated future benefit payments for the pension and other postretirement employee benefits are as follows:
|  | Pension benefits |  | Other postretirement employee benefits
(in millions) |  |  |  |  |
Year |  | U.S. |  | Non-U.S. |
2022 |  | $ | 19 |  |  | $ | 73 |  |  | $ | 7 |
2023 |  | 14 |  |  | 75 |  |  | 6 |
2024 |  | 13 |  |  | 74 |  |  | 6 |
2025 |  | 13 |  |  | 77 |  |  | 5 |
2026 |  | 13 |  |  | 81 |  |  | 5 |
2027-2031 |  | 55 |  |  | 462 |  |  | 16 |

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