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RETIREMENT BENEFIT PLANS (Tables)
 12 Months Ended
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)202220212020
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 benefitsOther postretirement
Year Ended December 31,employee benefits
 20222021Year Ended December 31,
(in millions)U.S.Non-U.S.U.S.Non-U.S.20222021
Change in projected benefit obligation:      
Projected benefit obligation, January 1$183 $2,227 $202 $2,527 $54 $65 
Service cost— 20 — 25 — — 
Interest cost4 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 311
$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 contribution2 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 $2,183   
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1 The decrease in the projected benefit obligation was primarily due to actuarial gains during the period. The main driver of these gains was the increase of 2.97% in the weighted average discount rate for Non-U.S. plans.
Schedule of Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets The funded status of pension plans with accumulated benefit obligations in excess of plan assets is as follows:
December 31,
(in millions)20222021
Accumulated benefit obligation$(1,185)$(658)
Plan assets1,022 442 
Deficiency$(163)$(216)
Pension deficiency by country:  
United States$(6)$(6)
United Kingdom(38)(11)
Germany(34)(89)
Other(85)(110)
Total pension deficiency$(163)$(216)
Schedule of Funded Status of Pension Plans With Accumulated Benefit Obligations in Excess of Plan Assets The funded status of pension plans with projected benefit obligations in excess of plan assets is as follows:
December 31,
(in millions)20222021
Projected benefit obligation$(1,223)$(731)
Plan assets1,026 478 
Deficiency$(197)$(253)
Pension deficiency by country:
United States$(6)$(6)
United Kingdom(38)(11)
Germany(35)(95)
Other(118)(141)
Total pension deficiency$(197)$(253)
Schedule of Weighted Average Asset Allocations of Funded Pensions Plans and Target Allocations
The weighted average asset allocations of the Company’s funded pension plans and target allocations by asset category are as follows:
December 31,Target Allocation
 20222021
U.S. Plans:   
Alternative credit, real estate, cash and other18 %12 %
7% - 17%
Fixed income securities69 %72 %
70% - 80%
Equity securities13 %16 %
9% - 19%
 100 %100 % 
Non-U.S. Plans:   
Insurance contract, real estate, cash and other1
42 %45 %
22% - 32%
Fixed income securities1
46 %35 %
54% - 64%
Equity securities12 %20 %
9% - 19%
 100 %100 % 
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1 As of December 31, 2021, £122 million in the Company’s non-U.S. plans was deemed cash in-transit, driving the variances between actual allocation and target allocation.
Schedule of Components of Net Periodic Benefit Cost
See the table below for a breakout of net periodic benefit cost between U.S. and non-U.S. pension plans:
 Pension benefitsOther postretirement employee benefits
Year Ended December 31,
202220212020Year Ended December 31,
(in millions)U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.202220212020
Service cost$— $20 $— $25 $— $21 $— $— $— 
Interest cost4 37 3 30 5 16 1 1 2 
Expected return on plan assets(8)(75)(10)(83)(10)(36)— — — 
Settlements, curtailments and other3 — 2 (2)— 5 — — — 
Amortization of unrecognized prior service (credit) cost(1)— (1)— — — (2)(3)(4)
Amortization of unrecognized loss3 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)20222021
U.S. pension plans:  
Discount rate5.46 2.73 
Rate of compensation increaseN/AN/A
U.S. other postretirement employee benefit plans:
Discount rate5.41 2.46 
Rate of compensation increaseN/AN/A
Non-U.S. pension plans:
Discount rate1
4.94 1.97 
Rate of compensation increase3.76 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)202220212020
U.S. pension plans:  
Discount rate2.73 2.31 3.17 
Effective interest rate on benefit obligation2.18 1.62 2.73 
Expected long-term rate of return on assets4.75 5.75 6.00 
Average rate of increase in compensationN/AN/AN/A
U.S. other postretirement plans:  
Discount rate2.46 1.93 2.95 
Effective interest rate on benefit obligation1.84 1.21 2.50 
Expected long-term rate of return on assetsN/AN/AN/A
Average rate of increase in compensationN/AN/AN/A
Non-U.S. pension plans:  
Discount rate1
1.97 1.44 1.69 
Effective interest rate on benefit obligation1.83 1.24 2.19 
Expected long-term rate of return on assets2
4.10 4.10 4.75 
Average rate of increase in compensation3.21 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 benefitsOther postretirement employee benefits
(in millions)  
YearU.S.Non-U.S.
2023$14 $73 $6 
202414 71 5 
202513 71 5 
202613 74 4 
202713 78 4 
2028-203252 441 13