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EMPLOYEE RETIREMENT PLANS (Tables)
12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Schedule of pre-tax expense related to retirement plans
Pre-tax expense included in income from continuing operations related to our retirement plans was as follows, in millions:
Year Ended December 31,
 202120202019
Defined-contribution plans$57 $46 $40 
Defined-benefit pension plans435 38 24 
$492 $84 $64 
Schedule of changes in the projected benefit obligation and fair value of the plan assets, and the funded status of the Company's defined-benefit pension plans
Changes in the projected benefit obligation and fair value of plan assets, and the funded status of our defined-benefit pension plans were as follows, in millions:
Year Ended December 31,
 20212020
 QualifiedNon-QualifiedQualifiedNon-Qualified
Changes in projected benefit obligation:    
Projected benefit obligation at January 1$1,118 $162 $1,034 $161 
Service cost— — 
Interest cost15 23 
Actuarial loss, net(105)(6)85 10 
Foreign currency exchange(16)— 18 — 
Benefit payments(230)(12)(45)(13)
Divestitures(14)— — (1)
Settlements(594)— — — 
Projected benefit obligation at December 31$178 $148 $1,118 $162 
Changes in fair value of plan assets:    
Fair value of plan assets at January 1$863 $— $780 $— 
Actual return on plan assets(40)— 67 — 
Foreign currency exchange(7)— — 
Company contributions107 12 57 13 
Expenses, other— — (4)— 
Benefit payments(230)(12)(45)(13)
Settlements(594)— — — 
Fair value of plan assets at December 31$99 $— $863 $— 
Funded status at December 31$(79)$(148)$(255)$(162)
Schedule of amounts in the Company's consolidated balance sheets
Amounts in our consolidated balance sheets were as follows, in millions:
At December 31,
 20212020
 QualifiedNon-QualifiedQualifiedNon-Qualified
Other assets$$— $$— 
Accrued liabilities (A)
— (12)(135)(12)
Other liabilities (A)
(80)(136)(121)(150)
Total net liability$(79)$(148)$(255)$(162)
___________________________
(A)As a result of the termination of the qualified domestic defined-benefit pension plans in 2021, the liabilities associated with these plans were reported as current liabilities at December 31, 2020.
Schedule of unrealized loss included in accumulated other comprehensive income before income taxes
Unrealized loss included in accumulated other comprehensive income (loss) before income taxes was as follows, in millions:
At December 31,
 20212020
 QualifiedNon-QualifiedQualifiedNon-Qualified
Net loss$56 $57 $540 $65 
Net prior service cost— — 
Total$59 $57 $543 $65 
Schedule of information for defined-benefit pension plans with an accumulated benefit obligation in excess of plan assets
Information for defined-benefit pension plans with an accumulated benefit obligation in excess of plan assets was as follows, in millions:
At December 31,
20212020
QualifiedNon-QualifiedQualifiedNon-Qualified
Projected benefit obligation$174 $148 $1,100 $162 
Accumulated benefit obligation174 148 1,100 162 
Fair value of plan assets94 — 844 — 
Schedule of net periodic pension cost for the Company's defined-benefit pension plans Net periodic pension cost for our defined-benefit pension plans was as follows, in millions:
Year Ended December 31,
 202120202019
 QualifiedNon-QualifiedQualifiedNon-QualifiedQualifiedNon-Qualified
Service cost$$— $$— $$— 
Interest cost15 28 39 
Expected return on plan assets(9)— (24)— (44)— 
Settlement loss404 — — — — — 
Recognized prior service cost— — — — 
Recognized net loss14 22 18 
Net periodic pension cost$429 $$30 $$16 $
Schedule of the Company's qualified defined-benefit pension plan weighted average asset allocation Our qualified defined-benefit pension plan weighted average asset allocation, which is based upon fair value, was as follows:
At December 31,
 20212020
Equity securities38 %15 %
Debt securities48 %49 %
Other14 %36 %
Total100 %100 %
Schedule of qualified defined-benefit pension plan assets at fair value
The following tables set forth, by level within the fair value hierarchy, the qualified defined-benefit pension plan assets at fair value as of December 31, 2021 and 2020, as well as those valued at NAV using the practical expedient, which approximates fair value, in millions.
 At December 31, 2021
 Level 1Level 2Level 3Valued at NAVTotal
Plan Assets
Common and Preferred Stocks:
United States$25 $— $— $— $25 
International13 — — — 13 
Corporate Debt Securities:
United States— — — 
International— — — 
Government and Other Debt Securities:
United States— — — 
International— 36 — — 36 
Real Estate
United States— — — 
International— — 
Short-Term and Other Investments – International
— — — 
Total Plan Assets$46 $47 $$— $99 
N. EMPLOYEE RETIREMENT PLANS (Continued)

 At December 31, 2020
 Level 1Level 2Level 3Valued at NAVTotal
Plan Assets
Common and Preferred Stocks:
United States$26 $— $— $87 $113 
International15 — — — 15 
Private Equity and Hedge Funds – International
— — — 
Corporate Debt Securities:
United States— 143 — — 143 
International— 23 — — 23 
Government and Other Debt Securities:
United States— 214 — — 214 
International— 46 — — 46 
Common Collective Trust Fund – United States
— 292 — — 292 
Buy-in Annuity - International
— 14 — — 14 
Short-Term and Other Investments – International
— — — 
Total Plan Assets$43 $732 $$87 $863 
Schedule of changes in the fair value of the qualified defined-benefit pension plan level 3 assets
Changes in the fair value of the qualified defined-benefit pension plan Level 3 assets, were as follows, in millions:
 20212020
Fair Value, January 1$$19 
Purchases— 
Sales— (18)
Fair Value, December 31$$
Schedule of weighted-average major assumptions used in accounting for the Company's defined-benefit pension plans Weighted average major assumptions used in accounting for our defined-benefit pension plans were as follows:
At December 31,
202120202019
Discount rate for obligations1.80 %1.70 %2.50 %
Expected return on plan assets3.00 %2.00 %3.00 %
Rate of compensation increase— %— %— %
Discount rate for net periodic pension cost1.70 %2.50 %3.80 %
Schedule of benefits expected to be paid relating to the Company's defined-benefit pension plans
At December 31, 2021, the benefits expected to be paid in each of the next five years, and in aggregate for the five years thereafter, relating to our defined-benefit pension plans, were as follows, in millions:
Qualified
Plans
Non-Qualified
Plans
2022$$12 
202312 
202412 
202511 
202611 
2027 - 203131 48