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PENSION AND OTHER RETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Summary of Changes in Benefit Obligations and Fair Value of Plan Assets for Retirement Plans Following is a summary of changes in benefit obligations and fair value of plan assets for the Retirement Plans for the years ended December 31:
Pension PlansOther Retirement Plans
2021202020212020
Change in benefit obligation:
Benefit obligation, beginning of the period$(663)$(589)$(48)$(42)
Service cost(19)(17)(4)(3)
Interest cost(14)(17)(1)(1)
Plan participants’ contributions— — (1)(1)
Benefits paid68 22 2 2 
Actuarial (loss) gain (6)6 (3)2 
Assumption changes64 (68)7 (5)
Benefit obligation, end of the period$(570)$(663)$(48)$(48)
Change in plan assets:
Fair value of plan assets, beginning of the period$528 $395 $— $— 
Actual return on plan assets34 45 — — 
Benefits paid(68)(22)(2)(2)
Employer contributions50 110 1 1 
Plan participants’ contributions— — 1 1 
Fair value of plan assets, end of the period$544 $528 $— $— 
Funded Status of the plans$(26)$(135)$(48)$(48)
Amounts recorded on the consolidated balance sheets:
Pension and retirement benefits asset – non current$74 $21 $— $— 
Pension and retirement benefits liability – current(5)(44)(1)(1)
Pension and retirement benefits liability – non current(95)(112)(47)(47)
Net amount recognized$(26)$(135)$(48)$(48)
Accumulated benefit obligation, end of the period$(524)$(601)
Accumulated Benefit Obligation in Excess of Plan Assets The following information is for those pension plans with an accumulated benefit obligation in excess of plan assets:
December 31,
20212020
Aggregate projected benefit obligation$101 $156 
Aggregate accumulated benefit obligation$86 $138 
Summary of Pre-Tax Net Actuarial Losses and Prior Service Cost Recognized in AOCI The following table summarizes the pre-tax net actuarial losses and prior service costs recognized in AOCL for the Company’s Retirement Plans as of December 31:
Pension PlansOther Retirement Plans
2021202020212020
Net actuarial losses$(61)$(144)$(4)$(8)
Net prior service credits3 3 — — 
Total recognized in AOCL – pretax$(58)$(141)$(4)$(8)
Components of Net Periodic Benefit Expense Related to Retirement Plans Net periodic benefit expenses recognized for the Retirement Plans for years ended December 31:
Pension PlansOther Retirement Plans
202120202019202120202019
Components of net periodic expense
Service cost$19 $17 $17 $4 $3 $3 
Interest cost14 17 21 1 1 1 
Expected return on plan assets(27)(20)(20)— — — 
Amortization of net actuarial loss and prior service credits from earlier periods11 7 4 1 — — 
Loss on settlement of pension obligations8 2 — — — — 
Net periodic expense$25 $23 $22 $6 $4 $4 
Summary of Pre-Tax Amounts Recorded in OCI The following table summarizes the pre-tax amounts recorded in OCI related to the Company’s Retirement Plans for the years ended December 31:
Pension PlansOther Retirement Plans
202120202019202120202019
Amortization of net actuarial losses and prior service credit$11 $7 $4 $1 $— $— 
Settlement loss8 2 — — — — 
Net actuarial (loss)/gain arising during the period65 (37)(24)4 (3)(6)
Total recognized in OCI – pre-tax$84 $(28)$(20)$5 $(3)$(6)
Weighted-average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Expenses
Weighted-average assumptions used to determine benefit obligations at December 31:
Pension PlansOther Retirement Plans
2021202020212020
Discount rate2.60 %2.24 %2.65 %2.30 %
Rate of compensation increase3.63 %3.62 %— — 
Weighted-average assumptions used to determine net periodic benefit expense for years ended December 31:
Pension PlansOther Retirement Plans
202120202019202120202019
Discount rate2.24 %3.04 %4.07 %2.30 %3.05 %4.10 %
Expected return on plan assets5.45 %4.45 %5.65 %— — — 
Rate of compensation increase3.62 %3.64 %3.69 %— — — 
Cash balance plan interest crediting rate4.50 %4.50 %4.50 %— — — 
Summary of Pension Plan Assets by Category Based on Hierarchy of Fair Value Measurements Fair value of the assets in the Company’s funded pension plan by asset category at December 31, 2021 and 2020 are as follows:
Fair Value Measurement as of December 31, 2021
Asset CategoryBalanceLevel 1Level 2
Measured using NAV practical expedient (1)
% of total
assets
Cash and cash equivalent$4 $— $4 $— 1 %
Common/collective trust funds—equity securities
U.S. large-cap135 — 135 — 25 %
U.S. small and mid-cap23 — 23 — 4 %
Emerging markets27 — 27 — 5 %
Total equity investments185 — 185 — 34 %
Emerging markets bond fund30 — — 30 6 %
Common/collective trust funds—fixed income securities
Intermediate-term investment grade U.S. government/ corporate bonds245 — 245 — 45 %
Mutual funds
U.S. Treasury Inflation-Protected Securities (TIPs)24 24 — — 4 %
Convertible securities17 17 — — 3 %
Private investment fund—high yield securities14 — — 14 3 %
Total fixed-income investments330 41 245 44 61 %
Other investment—private real estate fund25 — — 25 4 %
Total Assets$544 $41 $434 $69 100 %
Fair Value Measurement as of December 31, 2020
Asset CategoryBalanceLevel 1Level 2
Measured using NAV practical expedient (1)
% of total
assets
Cash and cash equivalent$4 $— $4 $— 1 %
Common/collective trust funds—equity securities
U.S. large-cap143 — 143 — 27 %
U.S. small and mid-cap28 — 28 — 5 %
Emerging markets32 — 32 — 6 %
Total equity investments203 — 203 — 38 %
Emerging markets bond fund32 — — 32 6 %
Common/collective trust funds—fixed income securities
Intermediate-term investment grade U.S. government/ corporate bonds214 — 214 — 41 %
Mutual funds
U.S. Treasury Inflation-Protected Securities (TIPs)23 23 — — 4 %
Convertible securities16 16 — — 3 %
Private investment fund—high yield securities12 — — 12 2 %
Total fixed-income investments297 39 214 44 56 %
Other investment—private real estate debt fund24 — — 24 5 %
Total Assets$528 $39 $421 $68 100 %
(1)Investments are measured using the net asset value per share (or its equivalent) practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit a reconciliation of the fair value hierarchy to the value of the total plan assets.
Estimated Future Benefits Payments for Retirement Plans Estimated future benefits payments for the Retirement Plans are as follows as of year ended December 31, 2021:
Year Ending December 31,Pension PlansOther Retirement Plans
2022$21 $1 
202323 2 
202432 2 
202526 2 
202630 2 
2027 - 2031157 15