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PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Schedule of amounts recognized in accumulated other comprehensive loss
The amounts included in Accumulated other comprehensive loss as of December 31, 2020 and 2019 were as follows:
Pension Benefit PlansU.S. Postretirement
Benefit Plan
U.S. PlanNon-U.S. Plans
(in millions)202020192020201920202019
Unrecognized actuarial losses$(21)$(20)$(76)$(65)$(3)$(2)
Unrecognized prior service credits$— $— $27 $26 $11 $14 
Components of net periodic benefit cost
The following table provides the components of net periodic (benefit) cost for the Company’s defined benefit pension plans and postretirement benefit plan in 2020, 2019 and 2018:
 Pension Benefit PlansU.S. Postretirement
Benefit Plan
U.S. PlanNon-U.S. Plans
(in millions)202020192018202020192018202020192018
Service cost$1 $2 $2 $3 $3 $3 $— $— $— 
Interest cost6 8 7 4 5 5 1 1 1 
Expected return on plan assets(13)(13)(15)(5)(5)(5)— — — 
Amortization of net loss— — — 2 1 1 — — — 
Amortization of prior service credit— — — (1)(1)(1)(3)(2)(2)
Other— — — — 1 — — — — 
Net periodic (benefit) cost$(6)$(3)$(6)$3 $4 $3 $(2)$(1)$(1)
Components of the change in projected benefit obligations, change in plan assets and funded status
The table below presents components of the change in projected benefit obligation, change in plan assets and funded status for 2020 and 2019:
 Pension Benefit PlansU.S. Postretirement
Benefit Plan
U.S. PlanNon-U.S. Plans
(in millions)202020192020201920202019
Change in Projected Benefit Obligation
Projected benefit obligation, beginning of year$227 $214 $259 $235 $41 $41 
Service cost1 2 3 3 — — 
Interest cost6 8 4 5 1 1 
Employee contributions— — — — — 1 
Settlements— — (3)(2)— — 
Benefits paid(15)(15)(4)(8)(4)(4)
Actuarial losses17 18 13 30 1 2 
Currency translation adjustments— — 22 (4)— — 
Projected benefit obligation, end of year236 227 294 259 39 41 
Change in Plan Assets
Fair value of plan assets, beginning of year216 187 161 147 — — 
Actual return on plan assets29 42 11 17 — — 
Employee contributions— — — — — 1 
Company contributions1 2 8 10 4 3 
Settlements— — (2)(2)— — 
Benefits paid(15)(15)(4)(8)(4)(4)
Currency translation adjustments— — 15 (3)— — 
Fair value of plan assets, end of year231 216 189 161 — — 
Funded status, end of year$(5)$(11)$(105)$(98)$(39)$(41)
Recognized as:
Accrued and other current liabilities$— $— $(2)$(2)$(4)$(5)
Other non-current liabilities$(5)$(11)$(103)$(96)$(35)$(36)
Schedule of underfunded plans Information for the underfunded pension benefit plans is as follows:
U.S. PlanNon-U.S. Plans
(in millions)2020201920202019
Projected benefit obligation$236 $227 $294 $259 
Accumulated benefit obligation236 227 286 251 
Fair value of plan assets231 216 189 161 
Future benefit payments for the pension benefit plans
Future benefit payments over the next 10 years for the pension benefit plans and the postretirement benefit plan, which reflect expected future service, as appropriate, are expected to be paid as follows:
(in millions)Pension Benefit PlansU.S. Postretirement
Benefit
Plan
U.S. PlanNon-U.S. Plans
2021$14 $6 $4 
202219 6 4 
202317 7 4 
202417 7 3 
202517 7 3 
2026-203075 42 12 
Weighted-average assumptions used to determine net periodic benefit costs and benefit obligations
The weighted-average assumptions used to determine net periodic benefit costs and benefit obligations for 2020, 2019 and 2018 were as follows:
Pension Benefit PlansU.S. Postretirement Benefit Plan
202020192018202020192018
For Determining Net Periodic (Benefit) Cost
U.S. Plans:
Discount rate3.16 %4.25 %3.56 %3.04 %4.16 %3.47 %
Expected rate of return on plan assets6.25 %7.25 %7.50 %— — — 
Rate of compensation increase— — — — — — 
Interest crediting rate5.00 %5.00 %5.00 %
Non-U.S. Plans:
Discount rate1.68 %2.39 %2.29 %
Expected rate of return on plan assets2.98 %3.46 %3.66 %
Rate of compensation increase3.05 %2.89 %2.87 %
Interest crediting rate— — — 
 Pension Benefit PlansU.S. Postretirement Benefit Plan
2020201920202019
For Determining Benefit Obligation
U.S. Plans:
Discount rate2.25 %3.16 %2.09 %3.04 %
Rate of compensation increase— — — — 
Interest crediting rate4.75 %5.00 %
Non-U.S. Plans:
Discount rate1.37 %1.68 %
Rate of compensation increase2.60 %3.05 %
Interest crediting rate— — 
Actual asset allocations The following presents the actual asset allocation as of December 31, 2020 and 2019:
20202019
U.S. Plan
Cash and cash equivalents1 %1 %
Equity securities39 %55 %
Fixed income securities60 %44 %
Non-U.S. Plans
Cash and cash equivalents3 %6 %
Equity securities28 %25 %
Fixed income securities58 %64 %
Other11 %6 %
Fair value of pension and postretirement benefit plan assets assumed in connection with the Acquisition
The table below presents total plan assets by investment category as of December 31, 2020 and 2019 and the classification of each investment category within the fair value hierarchy with respect to the inputs used to measure fair value. There were no transfers between Level 1 and Level 2 during 2020 and 2019.
Pension Benefit Plans - U.S. Plans
December 31, 2020December 31, 2019
(in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$2 $— $— $2 $1 $— $— $1 
Commingled funds:    
Equity securities:
U.S. broad market— 48 — 48 — 64 — 64 
Emerging markets— 9 — 9 — 15 — 15 
Worldwide developed markets— 20 — 20 — 26 — 26 
Other assets— 14 — 14 — 15 — 15 
Fixed income securities:
Investment grade— 138 — 138 — 95 — 95 
$2 $229 $— $231 $1 $215 $— $216 
Pension Benefit Plans - Non-U.S. Plans
December 31, 2020December 31, 2019
(in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash equivalents$— $5 $— $5 $— $9 $— $9 
Commingled funds:    
Equity securities:
Emerging markets— 1 — 1 — 2 — 2 
Worldwide developed markets— 51 — 51 — 38 — 38 
Fixed income securities:
Investment grade— 6 — 6 — 9 — 9 
Global high yield— 1 — 1 — 3 — 3 
Government bond funds1 102 — 103 1 90 — 91 
Other assets— 20 2 22 — 8 1 9 
$1 $186 $2 $189 $1 $159 $1 $161