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RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Summary of changes in projected benefit obligations, fair value of plan assets, and funded status of plan The following table shows the changes in the benefit obligation and plan assets and the plans’ funded status. For the current year, all plans are considered single-employer plans, and changes to the projected benefit obligation and plan assets reflect full year activity. Prior to the spin-off on October 1, 2021, all pension plans, with the exception of the U.K. and Brazil plans, were accounted for as multi-employer plans. The transfer of the projected benefit obligation (“PBO”) and assets for those plans is reflected within the Pension plan transfer from Parent line below, and the activity after the spin-off date is reflected within the
table for 2021. The changes in the benefit obligation and plan assets for the U.K. and Brazil plans are reflected for the full 2021 period as they were single-employer plans prior to the spin-off.
In millions
20222021
Change in projected benefit obligation:
Benefit obligation, January 1
$462 $171 
Pension plan transfer from Parent— 287 
Service cost
6 2 
Interest cost
13 6 
Actuarial loss (gain)
(151)— 
Benefits paid
(7)(5)
Expenses paid from assets(1)(1)
Effect of foreign currency exchange rate movements
(15)2 
Benefit obligation, December 31
$307 $462 
Change in plan assets:
Fair value of plan assets, January 1
$431 $171 
Pension plan transfer from Parent— 252 
Actual return on plan assets
(126)2 
Company contributions
3 10 
Benefits paid
(7)(5)
Expenses paid from assets(1)(1)
Effect of foreign currency exchange rate movements
(14)2 
Fair value of plan assets, December 31
$286 $431 
Funded status, December 31
$(21)$(31)
Amounts recognized in the consolidated balance sheets:
Non-current asset
$8 $8 
Non-current liability
(29)(39)
$(21)$(31)
Amounts recognized in accumulated other comprehensive income under ASC 715 (pre-tax):
Net prior service cost$2 $2 
Net actuarial loss
91 106 
$93 $108 
Schedule of amounts recognized in balance sheet The following table shows the changes in the benefit obligation and plan assets and the plans’ funded status. For the current year, all plans are considered single-employer plans, and changes to the projected benefit obligation and plan assets reflect full year activity. Prior to the spin-off on October 1, 2021, all pension plans, with the exception of the U.K. and Brazil plans, were accounted for as multi-employer plans. The transfer of the projected benefit obligation (“PBO”) and assets for those plans is reflected within the Pension plan transfer from Parent line below, and the activity after the spin-off date is reflected within the
table for 2021. The changes in the benefit obligation and plan assets for the U.K. and Brazil plans are reflected for the full 2021 period as they were single-employer plans prior to the spin-off.
In millions
20222021
Change in projected benefit obligation:
Benefit obligation, January 1
$462 $171 
Pension plan transfer from Parent— 287 
Service cost
6 2 
Interest cost
13 6 
Actuarial loss (gain)
(151)— 
Benefits paid
(7)(5)
Expenses paid from assets(1)(1)
Effect of foreign currency exchange rate movements
(15)2 
Benefit obligation, December 31
$307 $462 
Change in plan assets:
Fair value of plan assets, January 1
$431 $171 
Pension plan transfer from Parent— 252 
Actual return on plan assets
(126)2 
Company contributions
3 10 
Benefits paid
(7)(5)
Expenses paid from assets(1)(1)
Effect of foreign currency exchange rate movements
(14)2 
Fair value of plan assets, December 31
$286 $431 
Funded status, December 31
$(21)$(31)
Amounts recognized in the consolidated balance sheets:
Non-current asset
$8 $8 
Non-current liability
(29)(39)
$(21)$(31)
Amounts recognized in accumulated other comprehensive income under ASC 715 (pre-tax):
Net prior service cost$2 $2 
Net actuarial loss
91 106 
$93 $108 
Schedule of amounts recognized in other comprehensive income (loss) The following table shows the changes in the benefit obligation and plan assets and the plans’ funded status. For the current year, all plans are considered single-employer plans, and changes to the projected benefit obligation and plan assets reflect full year activity. Prior to the spin-off on October 1, 2021, all pension plans, with the exception of the U.K. and Brazil plans, were accounted for as multi-employer plans. The transfer of the projected benefit obligation (“PBO”) and assets for those plans is reflected within the Pension plan transfer from Parent line below, and the activity after the spin-off date is reflected within the
table for 2021. The changes in the benefit obligation and plan assets for the U.K. and Brazil plans are reflected for the full 2021 period as they were single-employer plans prior to the spin-off.
In millions
20222021
Change in projected benefit obligation:
Benefit obligation, January 1
$462 $171 
Pension plan transfer from Parent— 287 
Service cost
6 2 
Interest cost
13 6 
Actuarial loss (gain)
(151)— 
Benefits paid
(7)(5)
Expenses paid from assets(1)(1)
Effect of foreign currency exchange rate movements
(15)2 
Benefit obligation, December 31
$307 $462 
Change in plan assets:
Fair value of plan assets, January 1
$431 $171 
Pension plan transfer from Parent— 252 
Actual return on plan assets
(126)2 
Company contributions
3 10 
Benefits paid
(7)(5)
Expenses paid from assets(1)(1)
Effect of foreign currency exchange rate movements
(14)2 
Fair value of plan assets, December 31
$286 $431 
Funded status, December 31
$(21)$(31)
Amounts recognized in the consolidated balance sheets:
Non-current asset
$8 $8 
Non-current liability
(29)(39)
$(21)$(31)
Amounts recognized in accumulated other comprehensive income under ASC 715 (pre-tax):
Net prior service cost$2 $2 
Net actuarial loss
91 106 
$93 $108 
Schedule of accumulated and projected benefit obligations
In millions as of December 31
20222021
Pension plans with ABO in excess of plan assets
Accumulated benefit obligation
$201 $279 
Fair value of plan assets
180 254 
Pension plans with PBO in excess of plan assets
Projected benefit obligation
$209 $293 
Fair value of plan assets
180 254 
Schedule of defined benefit plans disclosures
In millions as of December 31
20222021
Pension plans with ABO in excess of plan assets
Accumulated benefit obligation
$201 $279 
Fair value of plan assets
180 254 
Pension plans with PBO in excess of plan assets
Projected benefit obligation
$209 $293 
Fair value of plan assets
180 254 
Schedule of net benefit costs
Net periodic pension expense comprised the following:
In millions
202220212020
Service cost
$6 $2 $1 
Interest cost13 6 4 
Expected return on plan assets
(21)(11)(8)
Actuarial loss (gain)
4 2 1 
Net periodic pension expense (benefit)
$2 $(1)$(2)
Schedule of assumptions used to determine the net periodic (benefit)/cost
Major actuarial assumptions used in determining the benefit obligations and net periodic pension cost for our defined benefit plans are presented in the following table:
202220212020
Actuarial assumptions used to determine benefit obligations as of December 31:
Discount rate
5.52 %2.79 %2.27 %
Rate of compensation increase
3.36 %3.36 %3.54 %
Actuarial assumptions used to determine net periodic pension cost for years ended December 31:
Discount rate
2.79 %2.79 %2.76 %
Expected long-term rate of return on plan assets
5.18 %5.38 %4.84 %
Rate of compensation increase
3.36 %2.85 %3.42 %
Defined benefit plan, plan assets, category
The target allocations for each asset class in the U.S. plan for the year ended December 31, 2022 and December 31, 2021 were 23% in equity securities, 75% in debt securities and 2% in other investment types. The target allocations for each asset class in the U.K. plan for the years ended December 31, 2022 and December 31, 2021 were 48% in growth assets and 52% in stabilizing assets. Pension assets for the immaterial plans totaled $26 million for the years ended December 31, 2022 and $25 million for the year ended December 31, 2021. These assets primarily relate to government securities within Level 1 of the fair value hierarchy.
Fair Value Measurement U.S. Plans
20222021
Asset Class 
TotalQuoted Prices in Active Markets For Identical Assets (Level 1)Significant Observable Inputs (Level 2)TotalQuoted Prices in Active Markets For Identical Assets (Level 1)Significant Observable Inputs (Level 2)
In millions
Cash and cash equivalents
$10 $10 $— $15 $15 $— 
Equities - developed markets
41 — 41 62 — 62 
Government securities7 7 — 23 23 — 
Corporate bonds108 — 108 137 — 137 
Other fixed income securities9 — 9 12 — 12 
Derivatives1 — 1 2 1 1 
Total Investments
$176 $17 $159 $251 $39 $212 
Fair Value Measurement U.K. Plans
20222021
Asset Class 
TotalQuoted Prices in Active Markets For Identical Assets (Level 1)Significant Observable Inputs (Level 2)TotalQuoted Prices in Active Markets For Identical Assets (Level 1)Significant Observable Inputs (Level 2)
In millions
Cash and cash equivalents
$2 $2 $— $2 $2 $— 
Equities - emerging
— — — 8 — 8 
Diversified growth funds6 — 6 33 — 33 
Multi-asset credit8 — 8 23 — 23 
Absolute return fixed income4 — 4 12 — 12 
Liability driven investments30 — 30 40 — 40 
Cash flow driven investments
25 — 25 37 — 37 
Other Investments:
Private equity9 — — — — — 
Total Investments
$84 $2 $73 $155 $2 $153 
Schedule of expected future benefit payments
At December 31, 2022, projected future pension benefit payments, excluding any termination benefits, were as follows:

In millions
2023$7 
20248 
202510 
202613 
202714 
2028-2032103