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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Plan Assets and Benefit Obligations of Defined Benefit Pension Plans
The plan assets and benefit obligations of the defined benefit pension plans are measured at December 31 of each year.
 U.S. PlansNon-U.S. Plans
(DOLLARS IN MILLIONS)202120202019202120202019
Components of net periodic benefit cost
Service cost for benefits earned(1)
$1 $1 $1 $41 $24 $19 
Interest cost on projected benefit obligation(2)
71 17 22 10 13 18 
Expected return on plan assets(2)
(106)(28)(28)(55)(46)(43)
Net amortization of deferrals(2)
29 8 6 19 15 11 
Settlements and curtailments(2)
— — — (10)5 — 
Net periodic benefit cost(5)(2)1 5 11 5 
Defined contribution and other retirement plans36 13 9 33 7 9 
Total expense$31 $11 $10 $38 $18 $14 
Changes in plan assets and benefit obligations recognized in OCI
Net actuarial (gain) loss$12 $(1)$(135)$70 
Recognized actuarial loss(9)(8)(10)(20)
Prior service cost— — (2)— 
Recognized prior service (cost) credit— — 1 — 
Currency translation adjustment— — (16)28 
Total (gain) loss recognized in OCI (before tax effects)$3 $(9)$(162)$78 
 _______________________ 
(1)Included as a component of Operating Profit.
(2)Included as a component of Other Income (Expense), net.
Amounts Expected to be Recognized in Net Periodic Cost
 Postretirement Benefits
(DOLLARS IN MILLIONS)202120202019
Components of net periodic benefit cost
Service cost for benefits earned$1 $1 $1 
Interest cost on projected benefit obligation7 2 2 
Net amortization and deferrals(20)(5)(5)
Total credit$(12)$(2)$(2)
Changes in plan assets and benefit obligations recognized in OCI
Net actuarial loss $(3)$5 
Recognized actuarial loss(2)(1)
Recognized prior service credit6 6 
Total recognized in OCI (before tax effects)$1 $10 
The amounts of service cost, interest cost, expected return and net amortization and deferrals have been updated to reflect the correction of certain prior period amounts. The aggregate amount of the correction was approximately $17 million for the year ended December 31, 2021.
Weighted-Average Actuarial Assumption Used to Determine Expense
The weighted-average actuarial assumptions used to determine expense at December 31 of each year are:
U.S. PlansNon-U.S. Plans
202120202019202120202019
Discount rate2.51 %3.26 %4.31 %0.85 %1.49 %2.22 %
Expected return on plan assets3.80 %5.60 %5.60 %4.21 %4.62 %4.87 %
Rate of compensation increase3.25 %3.25 %3.25 %2.56 %2.46 %1.93 %
Changes in Postretirement Benefit Obligation and Plan Assets
Changes in the postretirement benefit obligation and plan assets, as applicable, are detailed in the following table:
 U.S. PlansNon-U.S. PlansPostretirement Benefits
(DOLLARS IN MILLIONS)202120202021202020212020
Benefit obligation at beginning of year$682 $621 $1,294 $1,099 $69 $64 
Service cost for benefits earned1 1 42 24 1 1 
Interest cost on projected benefit obligation12 17 10 13 1 2 
Actuarial (gain) loss (5)77 (146)109 (4)5 
Plan amendments— — (2)— — — 
Adjustments for expense/tax contained in service cost— — (2)(1)— — 
Plan participants’ contributions— — 4 3 — — 
Benefits paid(37)(34)(34)(28)(4)(3)
Curtailments / settlements— — (39)(11)— — 
Translation adjustments— — (93)86 — — 
Acquisitions/Transferred Liabilities— — 465 — 3 — 
Other9 — 2 — — — 
Benefit obligation at end of year$662 $682 $1,501 $1,294 $66 $69 
Fair value of plan assets at beginning of year$678 $602 $1,145 $1,005 
Actual return on plan assets3 106 25 84 
Employer contributions5 4 32 20 
Participants’ contributions— — 4 3 
Benefits paid(37)(34)(34)(28)
Settlements— — (24)(11)
Translation adjustments— — (74)70 
Acquisitions/Transferred Assets— — 247 — 
Other— — (1)2 
Fair value of plan assets at end of year$649 $678 $1,320 $1,145 
Funded status at end of year$(13)$(4)$(181)$(149)
Amounts Recognized in Balance Sheet
The amounts recognized in the balance sheet are detailed in the following table:
U.S. PlansNon-U.S. Plans
(DOLLARS IN MILLIONS)2021202020212020
Other assets$53 $54 $83 $47 
Other current liabilities(5)(4)(2)(1)
Retirement liabilities(61)(54)(262)(195)
Net amount recognized$(13)$(4)$(181)$(149)
Amounts Recognized in Accumulated Other Comprehensive Income
The amounts recognized in AOCI are detailed in the following table:
U.S. PlansNon-U.S. PlansPostretirement Benefits
(DOLLARS IN MILLIONS)202120202021202020212020
Net actuarial loss$137 $134 $291 $454 $14 $19 
Prior service cost (credit)— — (3)(2)(15)(21)
Total AOCI (before tax effects)$137 $134 $288 $452 $(1)$(2)
Accumulated Benefit Obligation
 U.S. PlansNon-U.S. Plans
(DOLLARS IN MILLIONS)2021202020212020
Accumulated Benefit Obligation — end of year$654 $680 $1,410 $1,243 
Information for Pension Plans with an ABO in excess of Plan Assets:
Projected benefit obligation$63 $60 $944 $813 
Accumulated benefit obligation62 60 330 762 
Fair value of plan assets— 2 840 617 
Weighted-average assumptions used to determine obligations at December 31
Discount rate2.86 %2.51 %1.43 %0.85 %
Rate of compensation increase3.25 %3.25 %2.72 %2.55 %
Estimated Future Benefit Payments
(DOLLARS IN MILLIONS)U.S. PlansNon-U.S. PlansPostretirement
Benefits
Estimated Future Benefit Payments
2022$38 $36 $4 
202338 36 3 
202439 39 4 
202539 40 4 
202639 42 4 
2027 - 2031189 236 18 
Contributions
Required Company Contributions in the Following Year (2022)$5 $33 $4 
Percentage of Assets Invested
The percentage of assets in the Company's pension plans, by type, is as follows:
 U.S. PlansNon-U.S. Plans
 2021202020212020
Cash and cash equivalents1 %1 %6 %3 %
Equities45 %29 %18 %10 %
Fixed income54 %70 %34 %38 %
Property— %— %6 %8 %
Alternative and other investments— %— %36 %41 %
Fair Value Hierarchy of Plan Assets
The following tables present the Company's plan assets for the U.S. and non-U.S. plans using the fair value hierarchy as of December 31, 2021 and 2020. The plans’ assets were accounted for at fair value and are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and their placement within the fair value hierarchy levels. For more information on a description of the fair value hierarchy, see Note 16.
U.S. Plans for the Year Ended
 December 31, 2021
(DOLLARS IN MILLIONS)Level 1Level 2Level 3Total
Cash Equivalents$— $5 $— $5 
Fixed Income Securities
Government & Government Agency Bonds— 15 — 15 
Corporate Bonds— 77 — 77 
Municipal Bonds— 4 — 4 
Assets measured at net asset value(1)
— — — 547 
Total$— $101 $— $648 
Receivables$1 
Total$649 
U.S. Plans for the Year Ended
 December 31, 2020
(DOLLARS IN MILLIONS)Level 1Level 2Level 3Total
Cash Equivalents$— $4 $— $4 
Fixed Income Securities
Government & Government Agency Bonds— 19 — 19 
Corporate Bonds— 104 — 104 
Municipal Bonds— 6 — 6 
Assets measured at net asset value(1)
— — — 544 
Total$— $133 $— $677 
Receivables$1 
Total$678 
_______________________ 
(1)Investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheets. The total amount measured at net asset value includes approximately $294 million and $201 million in pooled equity funds and $253 million and $343 million in fixed income mutual funds for the years ended December 31, 2021 and 2020, respectively.
Non-U.S. Plans for the Year Ended
 December 31, 2021
(DOLLARS IN MILLIONS)Level 1Level 2Level 3Total
Cash$37 $36 $— $73 
Equity Securities
U.S. Large Cap100 — — 100 
Non-U.S. Large Cap104 — — 104 
Non-U.S. Mid Cap1 — — 1 
Non-U.S. Small Cap1 — — 1 
Emerging Markets30 — — 30 
Fixed Income Securities
U.S. Corporate Bonds42 — — 42 
Non-U.S. Treasuries/Government Bonds162 — — 162 
Non-U.S. Corporate Bonds58 137 — 195 
Non-U.S. Asset-Backed Securities— 51 — 51 
Non-U.S. Other Fixed Income2 — — 2 
Alternative Types of Investments
Insurance Contracts— 265 — 265 
Derivative Financial Instruments— 91 — 91 
Absolute Return Funds4 110 — 114 
Other— 2 10 12 
Real Estate
Non-U.S. Real Estate5 — 72 77 
Total$546 $692 $82 $1,320 
Non-U.S. Plans for the Year Ended
 December 31, 2020
(DOLLARS IN MILLIONS)Level 1Level 2Level 3Total
Cash$13 $19 $— $32 
Equity Securities
U.S. Large Cap57 8 — 65 
Non-U.S. Large Cap26 — — 26 
Non-U.S. Mid Cap1 — — 1 
Non-U.S. Small Cap1 — — 1 
Emerging Markets25 — — 25 
Fixed Income Securities
U.S. Corporate Bonds— 43 — 43 
Non-U.S. Treasuries/Government Bonds163 — — 163 
Non-U.S. Corporate Bonds34 139 — 173 
Non-U.S. Asset-Backed Securities— 51 — 51 
Non-U.S. Other Fixed Income3 — — 3 
Alternative Types of Investments
Insurance Contracts— 247 — 247 
Derivative Financial Instruments— 91 — 91 
Absolute Return Funds4 93 — 97 
Other11 3 19 33 
Real Estate
Non-U.S. Real Estate— — 94 94 
Total$338 $694 $113 $1,145 
Reconciliation of Level 3 Non-U.S. Plan Assets Held
The following table presents a reconciliation of Level 3 non-U.S. plan assets held during the year ended December 31, 2021:
 Non-U.S. Plans
(DOLLARS IN MILLIONS)Real
Estate		Hedge
Funds		Total
Ending balance as of December 31, 2020$94 $19 $113 
Actual return on plan assets(3)1 (2)
Purchases, sales and settlements(19)(10)(29)
Ending balance as of December 31, 2021$72 $10 $82 
Weighted Average Assumptions Used to Determine Postretirement Benefit Expense and Obligation
The following weighted average assumptions were used to determine the postretirement benefit expense and obligation for the years ended December 31:
 ExpenseLiability
 2021202020212020
Discount rate2.60 %3.30 %2.90 %2.60 %
Current medical cost trend rate7.00 %7.25 %6.75 %7.00 %
Ultimate medical cost trend rate4.75 %4.75 %4.75 %4.75 %
Medical cost trend rate decreases to ultimate rate in year2030203020302030
Sensitivity of Disclosures to Changes in Selected Assumptions
The following table presents the sensitivity of disclosures to changes in selected assumptions for the year ended December 31, 2021: 
(DOLLARS IN MILLIONS)U.S. Pension PlansNon-U.S. Pension PlansPostretirement Benefit Plan
25 Basis Point Decrease in Discount Rate
Change in PBO$19 $77 N/A
Change in ABO19 73 2 
Change in pension expense— 5 — 
25 Basis Point Decrease in Long-Term Rate of Return
Change in pension expense1 3 N/A