EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2021

The following tables provide information regarding the Company’s significant defined benefit pension plans summarized by U.S. and international components.

Obligations and Funded Status


	U.S.				International
In millions	2021		2020		2021		2020
Change in projected benefit obligation
Obligation at beginning of year	$	(43)	$	(41)	$	(385)	$	(347)
Service cost	—		—		(4)		(4)
Interest cost	(1)		(1)		(4)		(6)
Employee contributions	—		—		(1)		—
Plan settlements and amendments	—		—		1		(2)
Benefits paid	3		3		13		14

Actuarial gain (loss)	2		(4)		15		(22)
Effect of currency rate changes	—		—		9		(18)
Obligation at end of year	$	(39)	$	(43)	$	(356)	$	(385)
Change in plan assets
Fair value of plan assets at beginning of year	$	36	$	34	$	305	$	270
Actual return on plan assets	2		4		11		25
Employer contributions	5		1		11		10
Employee contributions	—		—		1		1
Benefits paid	(3)		(3)		(13)		(14)
Settlements and other	—		—		(3)		2

Effect of currency rate changes	—		—		(5)		11
Fair value of plan assets at end of year	$	40	$	36	$	307	$	305
Funded status
Fair value of plan assets	$	40	$	36	$	307	$	305
Benefit obligations	(39)		(43)		(356)		(385)
Funded status	$	1	$	(7)	$	(49)	$	(80)
Amounts recognized in the statement of financial position consist of:
Noncurrent assets	$	1	$	—	$	17	$	14
Current liabilities	—		—		(2)		(3)
Noncurrent liabilities	—		(7)		(64)		(91)
Net amount recognized	$	1	$	(7)	$	(49)	$	(80)
Amounts recognized in Accumulated other comprehensive loss, before tax consist of:
Prior service cost	—		—		(1)		(1)
Net actuarial loss	(16)		(19)		(70)		(90)
Net amount recognized	$	(16)	$	(19)	$	(71)	$	(91)

Schedule of U.S. and International Pension Plans with Accumulated Benefit Obligations and with Projected Benefit Obligations in Excess of Plan Assets


	U.S.			International
In millions	2021	2020		2021		2020
Information for pension plans with accumulated benefit obligations in excess of Plan assets:
Projected benefit obligation	N/A	$	(43)	$	(107)	$	(316)
Accumulated benefit obligation	N/A	(42)		(97)		(304)
Fair value of plan assets	N/A	36		41		222
Information for pension plans with projected benefit obligations in excess of plan assets:
Projected benefit obligation	N/A	$	(43)	$	(112)	$	(317)
Accumulated benefit obligation	N/A	(42)		(101)		(305)
Fair value of plan assets	N/A	36		45		224

Components of Net Periodic Benefit Costs


	U.S.						International
In millions	2021		2020		2019		2021		2020		2019
Service cost	$	—	$	—	$	—	$	4	$	4	$	3
Interest cost	1		1		2		4		6		7
Expected return on plan assets	(1)		(1)		(2)		(13)		(12)		(12)
Amortization of net loss	1		1		1		4		3		3
Settlement and curtailment losses recognized	—		—		—		1		—		—
Net periodic benefit cost	$	1	$	1	$	1	$	—	$	1	$	1

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income during 2021 are as follows:


In millions	U.S.		International
Net gain arising during the year	$	2	$	13
Effect of exchange rates and other	—		2
Total benefit recognized in Other comprehensive income	$	2	$	15
Total benefit recognized in Net periodic benefit cost and Other comprehensive income	$	1	$	15

Weighted Average Assumptions Used to Develop Actuarial Present Value of Projected Benefit Obligation

The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed.


	U.S.						International
	2021		2020		2019		2021		2020		2019
Discount rate	2.87	%	2.47	%	3.27	%	1.97	%	1.39	%	1.84	%
Expected return on plan assets	5.00	%	5.35	%	5.35	%	4.27	%	4.43	%	5.01	%
Rate of compensation increase	3.00	%	3.00	%	3.00	%	2.70	%	2.65	%	2.64	%

Pension Plan Assets by Asset Category

Plan assets by asset category at December 31, 2021 and 2020 are as follows:


	U.S.				International
In millions	2021		2020		2021		2020
Pension Plan Assets
Equity security funds	$	10	$	19	$	87	$	75
Debt security funds	27		16		194		198
Insurance Contracts	—		—		15		15
Cash and cash equivalents and other	3		1		11		17
Fair value of plan assets	$	40	$	36	$	307	$	305

Schedule of Pension Plan Assets Measured at Fair Value

The following tables summarize our pension plan assets measured at fair value on a recurring basis by fair value hierarchy level (See Note 17):


	December 31, 2021
In millions	NAV		Level 1		Level 2		Level 3		Total
US:
Equity	$	—	$	10	$	—	$	—	$	10
Debt Securities	—		15		12		—		27
Cash and cash equivalents	—		3		—		—		3
International:
Equity	7		20		60		—		87
Debt Securities	—		4		190		—		194
Insurance Contracts	—		—		5		10		15
Cash and cash equivalents and other	—		6		5		—		11
Total	$	7	$	58	$	272	$	10	$	347


	December 31, 2020
In millions	NAV		Level 1		Level 2		Level 3		Total
US:
Equity	$	—	$	19	$	—	$	—	$	19
Debt Securities	—		6		10		—		16
Cash and cash equivalents	—		1		—		—		1
International:
Equity	6		22		47		—		75
Debt Securities	—		3		195		—		198
Insurance Contracts	—		—		5		10		15
Cash and cash equivalents and other	—		9		8		—		17
Total	$	6	$	60	$	265	$	10	$	341

Benefit Payments Expected to be Paid to Plan Participants

Benefit payments expected to be paid to plan participants are as follows:


In millions	U.S.		International
Year ended December 31,
2022	$	3	$	14
2023	$	3	$	15
2024	$	3	$	15
2025	$	3	$	16
2026	$	3	$	16
2027 through 2031	$	12	$	90