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BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Schedule of Reconciliations of Changes in the Defined Benefit and Postretirement Healthcare Plans' Benefit Obligations, Fair Value of Assets and Statement of Funded Status

Reconciliation of changes in the defined benefit obligations, fair value of assets and statement of funded status were as follows:

						Year Ended December 31,
(in millions)						2020						2019
Change in Benefit Obligation
Benefit obligation at beginning of year						$	578					$	512
Service cost						16						14
Interest cost						5						8
Participant contributions						4						4
Actuarial losses (gains)						31						79
Effect of exchange rate changes						59						(7)
Plan curtailments and settlements						(1)						(23)
Benefits paid						(17)						(9)
Benefit obligation at end of year						$	675					$	578
Change in Plan Assets
Fair value of plan assets at beginning of year						$	185					$	173
Actual return on assets						9						24
Plan settlements						—						(23)
Effect of exchange rate changes						17						2
Employer contributions						15						14
Participant contributions						4						4
Benefits paid						(17)						(9)
Fair value of plan assets at end of year						$	213					$	185
Funded status at end of year						$	(462)					$	(393)

Schedule of Amounts Recognized in the Accompanying Consolidated Balance Sheets, Net of Tax Effects

The amounts recognized in the accompanying Consolidated Balance Sheets, net of tax effects, were as follows:

						Location In The						Year Ended December 31,
(in millions)						Consolidated Balance Sheets						2020						2019
Deferred tax asset						Other noncurrent assets, net						$	49					$	40
Total assets												$	49					$	40
Current liabilities						Accrued liabilities						(10)						(9)
Other noncurrent liabilities						Other noncurrent liabilities						(452)						(384)
Deferred tax liability						Deferred income taxes						(1)						(1)
Total liabilities												$	(463)					$	(394)
Accumulated other comprehensive income						Accumulated other comprehensive loss						139						113
Net amount recognized												$	(275)					$	(241)

Schedule of Amounts Recognized in Accumulated Other Comprehensive Income

Amounts recognized in AOCI were as follows:

						Year Ended December 31,
(in millions)						2020						2019
Net actuarial loss						$	191					$	156
Net prior service cost						(4)						(4)
Before tax AOCI						$	187					$	152
Less: Deferred taxes						48						39
Net of tax AOCI						$	139					$	113

Schedule of Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets

Information for pension plans with a projected or accumulated benefit obligation in excess of plan assets were as follows:

						Year Ended December 31,
(in millions)						2020						2019
Projected benefit obligation						$	484					$	398
Accumulated benefit obligation						455						371
Fair value of plan assets						26						8

Schedule of Components of Net Periodic Benefit Cost

Components of net periodic benefit cost were as follows:

						Year Ended December 31,																		Location in Consolidated
(in millions)						2020						2019						2018						Statements of Operations
Service cost						$	6					$	6					$	6					Cost of products sold
Service cost						10						8						10						Selling, general and administrative expenses
Interest cost						5						8						7						Other expense (income), net
Expected return on plan assets						(4)						(5)						(5)						Other expense (income), net
Amortization of prior service credit						(1)						(1)						—						Other expense (income), net
Amortization of net actuarial loss						9						6						6						Other expense (income), net
Curtailment and settlement (gains) loss						—						6						(1)						Other expense (income), net
Net periodic benefit cost						$	25					$	28					$	23

Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI

Other changes in plan assets and benefit obligations recognized in AOCI were as follows:

						Year Ended December 31,
(in millions)						2020						2019						2018
Net actuarial loss (gain)						$	43					$	53					$	(6)
Net prior service cost (credit)						—						—						(3)
Amortization						(9)						(5)						(6)
Total recognized in AOCI						$	34					$	48					$	(15)
Total recognized in net periodic benefit cost and AOCI						$	59					$	76					$	8

Schedule of Weighted Average Assumptions Used to Determine Benefit Obligations, Principally in Foreign Locations

The weighted average assumptions used to determine benefit obligations for the Company’s plans, principally in foreign locations were as follows:

						Year Ended December 31,
						2020						2019						2018
Interest crediting rate						1.3		%				1.3		%				1.5		%
Discount rate						0.6		%				1.0		%				1.8		%
Rate of compensation increase						2.4		%				2.5		%				2.5		%

Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost

The weighted average assumptions used to determine net periodic benefit cost for the Company’s plans, principally in foreign locations were as follows:

						Year Ended December 31,
						2020						2019						2018
Interest crediting rate						1.3		%				1.3		%				1.5		%
Discount rate						1.0		%				1.8		%				1.6		%
Expected return on plan assets						2.3		%				2.9		%				2.9		%
Rate of compensation increase						2.5		%				2.5		%				2.5		%
Measurement date						12/31/2020						12/31/2019						12/31/2018

Schedule of Fair Value Measurements of Plan Assets

The fair value of the Company’s pension plan assets at December 31, 2020 and 2019 is presented in the table below by asset category. Approximately 75% of the total plan assets are categorized as Level 1, and therefore, the values assigned to these pension assets are based on quoted prices available in active markets. For the other category levels, a description of the valuation is provided in Note 1, Significant Accounting Policies, under the “Fair Value Measurement” heading.

						December 31, 2020
(in millions)						Total						Level 1						Level 2						Level 3
Assets Category
Cash and cash equivalents						$	16					$	16					$	—					$	—
Equity securities:
International						58						58						—						—
Fixed income securities:
Fixed rate bonds (a)						65						65						—						—
Other types of investments:
Mutual funds (b)						20						20						—						—
Common trusts (c)						5						—						5						—
Insurance contracts						37						—						—						37
Hedge funds						12						—						—						12
Total						$	213					$	159					$	5					$	49

						December 31, 2019
(in millions)						Total						Level 1						Level 2						Level 3
Assets Category
Cash and cash equivalents						$	13					$	13					$	—					$	—
Equity securities:
International						56						56						—						—
Fixed income securities:
Fixed rate bonds (a)						55						55						—						—
Other types of investments:
Mutual funds (b)						18						18						—						—
Common trusts (c)						4						—						4						—
Insurance contracts						30						—						—						30
Hedge funds						9						—						—						9
Total						$	185					$	142					$	4					$	39

(a) This category includes fixed income securities invested primarily in Swiss bonds, foreign bonds denominated in Swiss francs, foreign currency bonds, mortgage notes and pledged letters.

(b) This category includes mutual funds balanced between moderate-income generation and moderate capital appreciation with investment allocations of approximately 50% equities and 50% fixed income investments.

(c) This category includes common/collective funds with investments in approximately 65% equities and 35% in fixed income investments.

Schedule of Reconciliation for the Plans Assets Categorized as Level 3

A reconciliation from December 31, 2019 to December 31, 2020 for the plan assets categorized as Level 3 were as follows:

						December 31, 2020
(in millions)						Insurance Contracts						Hedge Funds												Total
Balance at December 31, 2019						$	30					$	9											$	39
Actual return on plan assets:
Relating to assets still held at the reporting date						3						—												3
Purchases, sales and settlements, net						—						2												2
Effect of exchange rate changes						4						1												5
Balance at December 31, 2020						$	37					$	12											$	49

						December 31, 2019
(in millions)						Insurance Contracts						Hedge Funds												Total
Balance at December 31, 2018						$	28					$	7											$	35
Actual return on plan assets:
Relating to assets still held at the reporting date						4						(1)												3
Purchases, sales and settlements, net						(1)						3												2
Effect of exchange rate changes						(1)						—												(1)
Balance at December 31, 2019						$	30					$	9											$	39

Schedule of Estimated Future Benefit Payments

Estimated Future Benefit Payments

Total benefits expected to be paid from the plans in the future were as follows:

(in millions)						Pension Benefits
2021						$	22
2022						21
2023						21
2024						21
2025						23
2026-2030						121

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