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RETIREMENT BENEFIT PLANS (Tables)
 12 Months Ended
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)202120202019
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 benefitsOther postretirement
Year Ended December 31,employee benefits
 20212020Year Ended December 31,
(in millions)U.S.Non-U.S.U.S.Non-U.S.20212020
Change in projected benefit obligation:      
Projected benefit obligation, January 1$202 $2,527 $198 $695 $65 $81 
Service cost— 25 — 21 — — 
Interest cost3 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 acquisition1
— — — 1,542 — 1 
Benefits paid(11)(76)(15)(36)(6)(8)
Projected benefit obligation, December 312
$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 assets5 110 16 83   
Employer contribution— 24 10 164   
Settlements(4)(11)— (18)
Currency translation— (39)— 115   
Delphi Technologies acquisition1
— — — 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 $2,471   
_____________________________
1 Balances are based on actuarial valuations as of October 1, 2020, the date of the Delphi Technologies acquisition. All subsequent activity is included elsewhere within the table.
2 The decrease in the projected benefit obligation was primarily due to actuarial gains during the period. The main driver of these gains was the increase of 0.53% in the weighted average discount rate for Non-U.S. plans.
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets The funded status of pension plans with accumulated benefit obligations in excess of plan assets is as follows:
December 31,
(in millions)20212020
Accumulated benefit obligation$(658)$(2,401)
Plan assets442 1,924 
Deficiency$(216)$(477)
Pension deficiency by country:  
United States$(6)$(15)
United Kingdom(11)(202)
Germany(89)(139)
Other(110)(121)
Total pension deficiency$(216)$(477)
Summary of funded status of pension plans with accumulated benefit obligations in excess of plan assets The funded status of pension plans with projected benefit obligations in excess of plan assets is as follows:
December 31,
(in millions)20212020
Projected benefit obligation$(731)$(2,500)
Plan assets478 1,973 
Deficiency$(253)$(527)
Pension deficiency by country:
United States$(6)$(15)
United Kingdom(11)(202)
Germany(95)(147)
Other(141)(163)
Total pension deficiency$(253)$(527)
Summary of weighted average asset allocations of funded pensions plans and target allocations
The weighted average asset allocations of the Company’s funded pension plans and target allocations by asset category are as follows:
December 31,Target Allocation
 20212020
U.S. Plans:   
Alternative credit, real estate, cash and other12 %23 %
3% - 23%
Fixed income securities72 %43 %
66% - 76%
Equity securities16 %34 %
11% - 21%
 100 %100 % 
Non-U.S. Plans:   
Insurance contract, real estate, cash and other1
45 %31 %
19% - 39%
Fixed income securities1
35 %55 %
47% - 57%
Equity securities20 %14 %
14% - 24%
 100 %100 % 
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1 As of December 31, 2021, £122 million in the Company’s non-U.S. plans was deemed cash in-transit, driving the variances between actual allocation and target allocation.
Summary of components of net periodic benefit cost
See the table below for a breakout of net periodic benefit cost between U.S. and non-U.S. pension plans:
 Pension benefitsOther postretirement employee benefits
Year Ended December 31,
202120202019Year Ended December 31,
(in millions)U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.202120202019
Service cost$— $25 $— $21 $— $18 $— $— $— 
Interest cost3 30 5 16 8 12 1 2 3 
Expected return on plan assets(10)(83)(10)(36)(11)(22)— — — 
Settlements, curtailments and other2 (2)— 5 27 1 — — — 
Amortization of unrecognized prior service (credit) cost(1)— — — (1)— (3)(4)(4)
Amortization of unrecognized loss4 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)20212020
U.S. pension plans:  
Discount rate2.73 2.31 
Rate of compensation increaseN/AN/A
U.S. other postretirement employee benefit plans:
Discount rate2.46 1.93 
Rate of compensation increaseN/AN/A
Non-U.S. pension plans:
Discount rate1
1.97 1.44 
Rate of compensation increase3.21 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)20212020
U.S. pension plans:  
Discount rate2.31 3.17 
Effective interest rate on benefit obligation1.62 2.73 
Expected long-term rate of return on assets5.75 6.00 
Average rate of increase in compensationN/AN/A
U.S. other postretirement plans:  
Discount rate1.93 2.95 
Effective interest rate on benefit obligation1.21 2.50 
Expected long-term rate of return on assetsN/AN/A
Average rate of increase in compensationN/AN/A
Non-U.S. pension plans:  
Discount rate1
1.44 1.69 
Effective interest rate on benefit obligation1.24 2.19 
Expected long-term rate of return on assets2
4.10 4.75 
Average rate of increase in compensation3.23 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 benefitsOther postretirement employee benefits
(in millions)  
YearU.S.Non-U.S.
2022$19 $73 $7 
202314 75 6 
202413 74 6 
202513 77 5 
202613 81 5 
2027-203155 462 16