Employee Benefits

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Service cost for benefits earned(1)	$	—	$	1	$	—	$	1
Interest cost on projected benefit obligation(2)	6		4		19		12
Expected return on plan assets(2)	(7)		(5)		(23)		(16)
Net amortization and deferrals(2)	—		1		1		5
Net periodic benefit (income) cost	$	(1)	$	1	$	(3)	$	2

(DOLLARS IN MILLIONS)	Non-U.S. Plans
	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Service cost for benefits earned(1)	$	5	$	9	$	15	$	28
Interest cost on projected benefit obligation(2)	9		4		27		13
Expected return on plan assets(2)	(11)		(10)		(34)		(32)
Net amortization and deferrals(2)	—		3		(1)		9
Net periodic benefit (income) cost	$	3	$	6	$	7	$	18

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(1)Included as a component of Operating profit (loss).

(2)Included as a component of Other 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 nine months ended September 30, 2023, no contributions were made to the qualified U.S. pension plans, $22 million of contributions were made to the non-U.S. pension plans, and $3 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 September 30,				Nine Months Ended September 30,
(DOLLARS IN MILLIONS)	2023		2022		2023		2022
Service cost for benefits earned	$	—	$	1	$	—	$	1
Interest cost on projected benefit obligation	—		—		2		1
Net amortization and deferrals	(1)		(2)		(4)		(4)
Total postretirement benefit (income) expense	$	(1)	$	(1)	$	(2)	$	(2)

The Company expects to contribute $3 million to its postretirement benefits other than pension plans during 2023. In the nine months ended September 30, 2023, $2 million of contributions were made.