Employee Benefits

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Employee Benefits

EMPLOYEE BENEFITS

Pension and other defined contribution retirement plan expenses included the following components:

(DOLLARS IN MILLIONS)	U.S. Plans
	Three Months Ended March 31,
	2023		2022
Interest cost on projected benefit obligation(2)	$	7	$	4
Expected return on plan assets(2)	(8)		(5)
Net amortization and deferrals(2)	—		2
Net periodic benefit (income) cost	$	(1)	$	1

(DOLLARS IN MILLIONS)	Non-U.S. Plans
	Three Months Ended March 31,
	2023		2022
Service cost for benefits earned(1)	$	5	$	9
Interest cost on projected benefit obligation(2)	9		5
Expected return on plan assets(2)	(12)		(11)
Net amortization and deferrals(2)	—		3
Net periodic benefit (income) cost	$	2	$	6

_______________________

(1)Included as a component of Operating profit.

(2)Included as a component of Other expense (income), net.

The Company expects to contribute a total of $5 million to its U.S. pension plans and a total of $32 million to its non-U.S. pension plans during 2023. During the three months ended March 31, 2023, no contributions were made to the qualified U.S. pension plans, $6 million of contributions were made to the non-U.S. pension plans, and $1 million of benefit payments were made with respect to the Company’s non-qualified U.S. pension plan.

(Income) expense recognized for postretirement benefits other than pensions included the following components:

	Three Months Ended March 31,
(DOLLARS IN MILLIONS)	2023		2022
Interest cost on projected benefit obligation	$	1	$	—
Net amortization and deferrals	(1)		(1)
Total postretirement benefit (income) expense	$	—	$	(1)

The Company expects to contribute $3 million to its postretirement benefits other than pension plans during 2023. In the three months ended March 31, 2023, $1 million of contributions were made.