RETIREMENT BENEFIT PLANS

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

RETIREMENT BENEFIT PLANS

RETIREMENT BENEFIT PLANSThe Company has a number of defined benefit pension plans and other postemployment benefit plans covering eligible salaried and hourly employees and their dependents. The estimated contributions to the Company’s defined benefit pension plans for 2023 range from $15 million to $20 million, of which $11 million has been contributed through the first six months of the year. The estimated contributions were reevaluated to reflect the Spin-Off and certain obligations that were retained by PHINIA. The other postemployment benefit plans, which provide medical and life insurance benefits, are funded on a pay-as-you-go basis.

The components of net periodic benefit income and expense recorded in the Condensed Consolidated Statements of Operations are as follows:

	Pension benefits								Other postemployment benefits
(in millions)	2023				2022
Three Months Ended June 30,	US		Non-US		US		Non-US		2023		2022
Service cost	$	—	$	4	$	—	$	5	$	—	$	—
Interest cost	1		16		1		9		1		—
Expected return on plan assets	(1)		(14)		(1)		(20)		—		—
Amortization of unrecognized prior service credit	—		—		—		—		(1)		(1)
Amortization of unrecognized loss	—		1		1		2		—		—
Net periodic benefit expense (income)	$	—	$	7	$	1	$	(4)	$	—	$	(1)
	Pension benefits								Other postemployment benefits
(in millions)	2023				2022
Six Months Ended June 30,	US		Non-US		US		Non-US		2023		2022
Service cost	$	—	$	8	$	—	$	10	$	—	$	—
Interest cost	3		32		2		19		1		—
Expected return on plan assets	(3)		(29)		(3)		(40)		—		—
Amortization of unrecognized prior service credit	—		—		—		—		(1)		(1)
Amortization of unrecognized loss	1		1		1		4		—		—
Net periodic benefit income	$	1	$	12	$	—	$	(7)	$	—	$	(1)

The components of net periodic benefit income other than the service cost component are included in Other postretirement income in the Condensed Consolidated Statements of Operations.