PENSION BENEFITS (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Schedule of changes in defined benefit pension obligations

The amounts shown below reflect the change in the non-U.S. defined benefit pension obligations during 2019 and 2018.

	Year Ended December 31,
	2019			2018
	(in millions)
Benefit obligation at beginning of year	$	1,442		$	1,604
Service cost	12			37
Interest cost	34			36
Actuarial (gain) loss	138			(112		)
Benefits paid	(54		)	(47		)
Impact of curtailments	(60		)	—
Plan amendments and other	—			20
Exchange rate movements and other	43			(96		)
Benefit obligation at end of year	1,555			1,442
Change in plan assets:
Fair value of plan assets at beginning of year	976			1,074
Actual return (loss) on plan assets	144			(36		)
Contributions	51			47
Benefits paid	(54		)	(47		)
Exchange rate movements and other	35			(62		)
Fair value of plan assets at end of year	1,152			976
Underfunded status	(403		)	(466		)
Amounts recognized in the consolidated balance sheets consist of:
Non-current assets	—			1
Current liabilities	—			(1		)
Non-current liabilities	(403		)	(466		)
Total	(403		)	(466		)
Amounts recognized in accumulated other comprehensive income consist of (pre-tax):
Actuarial loss	274			285
Prior service cost	6			21
Total	$	280		$	306

Schedule of amounts recognized in other comprehensive income

The amounts shown below reflect the change in the non-U.S. defined benefit pension obligations during 2019 and 2018.

	Year Ended December 31,
	2019			2018
	(in millions)
Benefit obligation at beginning of year	$	1,442		$	1,604
Service cost	12			37
Interest cost	34			36
Actuarial (gain) loss	138			(112		)
Benefits paid	(54		)	(47		)
Impact of curtailments	(60		)	—
Plan amendments and other	—			20
Exchange rate movements and other	43			(96		)
Benefit obligation at end of year	1,555			1,442
Change in plan assets:
Fair value of plan assets at beginning of year	976			1,074
Actual return (loss) on plan assets	144			(36		)
Contributions	51			47
Benefits paid	(54		)	(47		)
Exchange rate movements and other	35			(62		)
Fair value of plan assets at end of year	1,152			976
Underfunded status	(403		)	(466		)
Amounts recognized in the consolidated balance sheets consist of:
Non-current assets	—			1
Current liabilities	—			(1		)
Non-current liabilities	(403		)	(466		)
Total	(403		)	(466		)
Amounts recognized in accumulated other comprehensive income consist of (pre-tax):
Actuarial loss	274			285
Prior service cost	6			21
Total	$	280		$	306

Schedule of accumulated and projected benefit obligations

The projected benefit obligation (“PBO”), accumulated benefit obligation (“ABO”), and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets and with plan assets in excess of accumulated benefit obligations are as follows:

	December 31,
	2019		2018
	(in millions) Plans with ABO in Excess of Plan Assets
PBO	$	1,529	$	1,420
ABO	1,520		1,290
Fair value of plan assets at end of year	1,130		954
	Plans with Plan Assets in Excess of ABO
PBO	$	26	$	22
ABO	21		18
Fair value of plan assets at end of year	22		22
	Total
PBO	$	1,555	$	1,442
ABO	1,541		1,308
Fair value of plan assets at end of year	1,152		976

Schedule of net benefit costs

Benefit costs presented below were determined based on actuarial methods and included the following:

	Year Ended December 31,
	2019			2018			2017
	(in millions)
Service cost	$	12		$	37		$	34
Interest cost	34			36			34
Expected return on plan assets	(56		)	(54		)	(47		)
Curtailment loss	15			—			—
Amortization of actuarial losses	7			24			26
Net periodic benefit cost	$	12		$	43		$	47

Schedule of assumptions used

The principal assumptions used to determine the pension expense and the actuarial value of the projected benefit obligation for the non-U.S. pension plans were:

Assumptions used to determine benefit obligations at December 31:

	Pension Benefits
	2019		2018
Weighted-average discount rate	1.96	%	2.75	%
Weighted-average rate of increase in compensation levels (1)	3.32	%	3.96	%

(1) This assumption is not applicable to plans that have been frozen to future accruals.

Assumptions used to determine net expense for years ended December 31:

	Pension Benefits
	2019		2018		2017
Weighted-average discount rate	2.75	%	2.46	%	2.58	%
Weighted-average rate of increase in compensation levels (1)	3.96	%	3.98	%	3.97	%
Weighted-average expected long-term rate of return on plan assets	5.40	%	5.50	%	5.50	%

Schedule of expected benefit payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

	Projected Pension Benefit Payments
	(in millions)
2020	$	43
2021	44
2022	45
2023	47
2024	50
2025 – 2029	285

Schedule of the fair value of plan assets

The fair values of Delphi Technologies’ pension plan assets weighted-average asset allocations at December 31, 2019 and 2018, by asset category, are as follows:

	Fair Value Measurements at December 31, 2019
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
Cash	$	105	$	105	$	—	$	—
Time deposits	7		—		7		—
Equity mutual funds	120		—		120		—
Bond mutual funds	205		—		205		—
Real estate trust funds	74		—		—		74
Hedge funds	625		—		520		105
Debt securities	10		10		—		—
Equity securities	6		6		—		—
Total	$	1,152	$	121	$	852	$	179

	Fair Value Measurements at December 31, 2018
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
Cash	$	55	$	55	$	—	$	—
Time deposits	9		—		9		—
Equity mutual funds	258		—		258		—
Bond mutual funds	464		—		464		—
Real estate trust funds	91		—		—		91
Hedge funds	85		—		2		83
Debt securities	8		8		—		—
Equity securities	6		6		—		—
Total	$	976	$	69	$	733	$	174

Schedule of changes in fair value

The following table summarizes the changes in Level 3 defined benefit pension plan assets measured at fair value on a recurring basis:

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Real Estate Trust Fund			Hedge Funds
	(in millions)
Beginning balance at January 1, 2018	$	50		$	100
Actual return on plan assets:
Relating to assets still held at the reporting date	9			(2		)
Purchases, sales and settlements	36			(9		)
Foreign currency translation and other	(4		)	(6		)
Ending balance at December 31, 2018	$	91		$	83
Actual return on plan assets:
Relating to assets still held at the reporting date	$	2		$	(1	)
Purchases, sales and settlements	(22		)	20
Foreign currency translation and other	3			3
Ending balance at December 31, 2019	$	74		$	105