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RETIREMENT BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2022
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) | 2022 |  | 2021 |  | 2020
Defined contribution expense | $ | 59 |  |  | $ | 58 |  |  | $ | 38 |
Defined benefit pension (income) expense | (10) |  |  | (19) |  |  | 15 |
Other postretirement employee benefit income | (1) |  |  | (1) |  |  | (1) |
Total | $ | 48 |  |  | $ | 38 |  |  | $ | 52 |
Schedule of Reconciliation of 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
| 2022 |  | 2021 |  | Year Ended December 31,
(in millions) | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  | 2022 |  | 2021
Change in projected benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation, January 1 | $ | 183 |  |  | $ | 2,227 |  |  | $ | 202 |  |  | $ | 2,527 |  |  | $ | 54 |  |  | $ | 65 |
Service cost | — |  |  | 20 |  |  | — |  |  | 25 |  |  | — |  |  | — |
Interest cost | 4 |  |  | 37 |  |  | 3 |  |  | 30 |  |  | 1 |  |  | 1 |
Plan amendments | — |  |  | (11) |  |  | — |  |  | 1 |  |  | — |  |  | — |
Settlement and curtailment | (6) |  |  | (3) |  |  | (4) |  |  | (13) |  |  | — |  |  | — |
Actuarial gain | (33) |  |  | (685) |  |  | (7) |  |  | (208) |  |  | (13) |  |  | (6) |
Currency translation | — |  |  | (200) |  |  | — |  |  | (59) |  |  | — |  |  | — |
Acquisition | — |  |  | 8 |  |  | — |  |  | — |  |  | — |  |  | — |
Benefits paid | (12) |  |  | (71) |  |  | (11) |  |  | (76) |  |  | (5) |  |  | (6) |
Projected benefit obligation, December 31 1 | $ | 136 |  |  | $ | 1,322 |  |  | $ | 183 |  |  | $ | 2,227 |  |  | $ | 37 |  |  | $ | 54 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets, January 1 | $ | 177 |  |  | $ | 2,049 |  |  | $ | 187 |  |  | $ | 2,041 |  |  |  |  |
Actual return on plan assets | (33) |  |  | (655) |  |  | 5 |  |  | 110 |  |  |  |  |
Employer contribution | 2 |  |  | 20 |  |  | — |  |  | 24 |  |  |  |  |
Settlements | (5) |  |  | (4) |  |  | (4) |  |  | (11) |  |  |  |  |
Currency translation | — |  |  | (189) |  |  | — |  |  | (39) |  |  |  |  |
Acquisition | — |  |  | 6 |  |  | — |  |  | — |  |  |  |  |
Benefits paid | (12) |  |  | (71) |  |  | (11) |  |  | (76) |  |  |  |  |
Fair value of plan assets, December 31 | $ | 129 |  |  | $ | 1,156 |  |  | $ | 177 |  |  | $ | 2,049 |  |  |  |  |
Funded status | $ | (7) |  |  | $ | (166) |  |  | $ | (6) |  |  | $ | (178) |  |  | $ | (37) |  |  | $ | (54) |
Amounts in the Consolidated Balance Sheets consist of: |  |  |  |  |  |  |  |  |  |  |
Non-current assets | $ | — |  |  | $ | 26 |  |  | $ | — |  |  | $ | 68 |  |  | $ | — |  |  | $ | — |
Current liabilities | (1) |  |  | (6) |  |  | (2) |  |  | (7) |  |  | (6) |  |  | (7) |
Non-current liabilities | (6) |  |  | (186) |  |  | (4) |  |  | (239) |  |  | (31) |  |  | (47) |
Net amount | $ | (7) |  |  | $ | (166) |  |  | $ | (6) |  |  | $ | (178) |  |  | $ | (37) |  |  | $ | (54) |
Amounts in accumulated other comprehensive loss consist of: |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss | $ | 80 |  |  | $ | 104 |  |  | $ | 84 |  |  | $ | 74 |  |  | $ | (3) |  |  | $ | 10 |
Net prior service (credit) cost | (3) |  |  | (9) |  |  | (3) |  |  | 2 |  |  | (11) |  |  | (13) |
Net amount | $ | 77 |  |  | $ | 95 |  |  | $ | 81 |  |  | $ | 76 |  |  | $ | (14) |  |  | $ | (3) |
Total accumulated benefit obligation for all plans | $ | 136 |  |  | $ | 1,279 |  |  | $ | 183 |  |  | $ | 2,183 |  |  |  |  |
_____________________________ 1 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 2.97% in the weighted average discount rate for Non-U.S. plans.
Schedule of 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) | 2022 |  | 2021
Accumulated benefit obligation | $ | (1,185) |  |  | $ | (658) |
Plan assets | 1,022 |  |  | 442 |
Deficiency | $ | (163) |  |  | $ | (216) |
Pension deficiency by country: |  |  |
United States | $ | (6) |  |  | $ | (6) |
United Kingdom | (38) |  |  | (11) |
Germany | (34) |  |  | (89) |
Other | (85) |  |  | (110) |
Total pension deficiency | $ | (163) |  |  | $ | (216) |
Schedule 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) | 2022 |  | 2021
Projected benefit obligation | $ | (1,223) |  |  | $ | (731) |
Plan assets | 1,026 |  |  | 478 |
Deficiency | $ | (197) |  |  | $ | (253) |
Pension deficiency by country: |  |  |
United States | $ | (6) |  |  | $ | (6) |
United Kingdom | (38) |  |  | (11) |
Germany | (35) |  |  | (95) |
Other | (118) |  |  | (141) |
Total pension deficiency | $ | (197) |  |  | $ | (253) |
Schedule 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
| 2022 |  | 2021 |
U.S. Plans: |  |  |  |  |
Alternative credit, real estate, cash and other | 18 | % |  | 12 | % |  | 7% - 17%
Fixed income securities | 69 | % |  | 72 | % |  | 70% - 80%
Equity securities | 13 | % |  | 16 | % |  | 9% - 19%
| 100 | % |  | 100 | % |  |
Non-U.S. Plans: |  |  |  |  |
Insurance contract, real estate, cash and other 1 | 42 | % |  | 45 | % |  | 22% - 32%
Fixed income securities 1 | 46 | % |  | 35 | % |  | 54% - 64%
Equity securities | 12 | % |  | 20 | % |  | 9% - 19%
| 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.
Schedule 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, |
| 2022 |  | 2021 |  | 2020 |  | Year Ended December 31,
(in millions) | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  | 2022 |  | 2021 |  | 2020
Service cost | $ | — |  |  | $ | 20 |  |  | $ | — |  |  | $ | 25 |  |  | $ | — |  |  | $ | 21 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 4 |  |  | 37 |  |  | 3 |  |  | 30 |  |  | 5 |  |  | 16 |  |  | 1 |  |  | 1 |  |  | 2 |
Expected return on plan assets | (8) |  |  | (75) |  |  | (10) |  |  | (83) |  |  | (10) |  |  | (36) |  |  | — |  |  | — |  |  | — |
Settlements, curtailments and other | 3 |  |  | — |  |  | 2 |  |  | (2) |  |  | — |  |  | 5 |  |  | — |  |  | — |  |  | — |
Amortization of unrecognized prior service (credit) cost | (1) |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | (3) |  |  | (4) |
Amortization of unrecognized loss | 3 |  |  | 7 |  |  | 4 |  |  | 13 |  |  | 3 |  |  | 11 |  |  | — |  |  | 1 |  |  | 1 |
Net periodic cost (income) | $ | 1 |  |  | $ | (11) |  |  | $ | (2) |  |  | $ | (17) |  |  | $ | (2) |  |  | $ | 17 |  |  | $ | (1) |  |  | $ | (1) |  |  | $ | (1) |
Schedule 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) | 2022 |  | 2021
U.S. pension plans: |  |  |
Discount rate | 5.46 |  |  | 2.73 |
Rate of compensation increase | N/A |  | N/A
U.S. other postretirement employee benefit plans: |  |  |
Discount rate | 5.41 |  |  | 2.46 |
Rate of compensation increase | N/A |  | N/A
Non-U.S. pension plans: |  |  |
Discount rate 1 | 4.94 |  |  | 1.97 |
Rate of compensation increase | 3.76 |  |  | 3.21 |
________________ 1 Includes 4.94% and 1.91% for the U.K. pension plans for December 31, 2022 and 2021, 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) | 2022 |  | 2021 |  | 2020
U.S. pension plans: |  |  |  |  |
Discount rate | 2.73 |  |  | 2.31 |  |  | 3.17 |
Effective interest rate on benefit obligation | 2.18 |  |  | 1.62 |  |  | 2.73 |
Expected long-term rate of return on assets | 4.75 |  |  | 5.75 |  |  | 6.00 |
Average rate of increase in compensation | N/A |  | N/A |  | N/A
U.S. other postretirement plans: |  |  |  |  |
Discount rate | 2.46 |  |  | 1.93 |  |  | 2.95 |
Effective interest rate on benefit obligation | 1.84 |  |  | 1.21 |  |  | 2.50 |
Expected long-term rate of return on assets | N/A |  | N/A |  | N/A
Average rate of increase in compensation | N/A |  | N/A |  | N/A
Non-U.S. pension plans: |  |  |  |  |
Discount rate 1 | 1.97 |  |  | 1.44 |  |  | 1.69 |
Effective interest rate on benefit obligation | 1.83 |  |  | 1.24 |  |  | 2.19 |
Expected long-term rate of return on assets 2 | 4.10 |  |  | 4.10 |  |  | 4.75 |
Average rate of increase in compensation | 3.21 |  |  | 3.23 |  |  | 3.10 |
________________ 1 Includes 1.91%, 1.39% and 1.82% for the U.K. pension plans for December 31, 2022, 2021 and 2020, respectively. 2 Includes 4.12%, 4.00% and 3.97% for the U.K. pension plans for December 31, 2022, 2021 and 2020, respectively.
Schedule 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. |
2023 |  | $ | 14 |  |  | $ | 73 |  |  | $ | 6 |
2024 |  | 14 |  |  | 71 |  |  | 5 |
2025 |  | 13 |  |  | 71 |  |  | 5 |
2026 |  | 13 |  |  | 74 |  |  | 4 |
2027 |  | 13 |  |  | 78 |  |  | 4 |
2028-2032 |  | 52 |  |  | 441 |  |  | 13 |

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