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PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Schedule of amounts recognized in accumulated other comprehensive loss
The amounts included in Accumulated other comprehensive loss as of December 31, 2021 and 2020 were as follows:
Pension Benefit PlansU.S. Postretirement
Benefit Plan
U.S. PlanNon-U.S. Plans
(in millions)202120202021202020212020
Unrecognized actuarial losses$(18)$(21)$(42)$(76)$(2)$(3)
Unrecognized prior service credits$— $— $25 $27 $8 $11 
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 2021, 2020 and 2019:
 Pension Benefit PlansU.S. Postretirement
Benefit Plan
U.S. PlanNon-U.S. Plans
(in millions)202120202019202120202019202120202019
Service cost$1 $1 $2 $3 $3 $3 $— $— $— 
Interest cost4 6 8 4 4 5 1 1 1 
Expected return on plan assets(11)(13)(13)(5)(5)(5)— — — 
Amortization of net loss— — — 2 2 1 — — — 
Amortization of prior service credit— — — (1)(1)(1)(3)(3)(2)
Settlement loss recognized— — — 8 — — — — — 
Other— — — — — 1 — — — 
Net periodic (benefit) cost$(6)$(6)$(3)$11 $3 $4 $(2)$(2)$(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 2021 and 2020:
 Pension Benefit PlansU.S. Postretirement
Benefit Plan
U.S. PlanNon-U.S. Plans
(in millions)202120202021202020212020
Change in Projected Benefit Obligation
Projected benefit obligation, beginning of year$236 $227 $294 $259 $39 $41 
Service cost1 1 3 3 — — 
Interest cost4 6 4 4 1 1 
Settlements(4)— (43)(3)— — 
Benefits paid(11)(15)(4)(4)(3)(4)
Actuarial (gain) losses(6)17 (8)13 (2)1 
Currency translation adjustments— — (18)22 — — 
Projected benefit obligation, end of year220 236 228 294 35 39 
Change in Plan Assets
Fair value of plan assets, beginning of year231 216 189 161 — — 
Actual return on plan assets8 29 18 11 — — 
Company contributions— 1 28 8 3 4 
Settlements(4)— (43)(2)— — 
Benefits paid(11)(15)(4)(4)(3)(4)
Currency translation adjustments— — (13)15 — — 
Fair value of plan assets, end of year224 231 175 189 — — 
Funded status, end of year$4 $(5)$(53)$(105)$(35)$(39)
Recognized as:
Other non-current assets$4 $— $— $— $— $— 
Accrued and other current liabilities$— $— $2 $2 $4 $4 
Other non-current liabilities$— $5 $51 $103 $31 $35 
Schedule of underfunded plans Information for the underfunded pension benefit plans is as follows:
U.S. PlanNon-U.S. Plans
(in millions)2021202020212020
Projected benefit obligation$— $236 $228 $294 
Accumulated benefit obligation— 236 219 286 
Fair value of plan assets— 231 175 189 
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
2022$15 $5 $4 
202319 6 4 
202417 7 3 
202517 7 3 
202616 7 3 
2027-203173 42 11 
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 2021, 2020 and 2019 were as follows:
Pension Benefit PlansU.S. Postretirement Benefit Plan
202120202019202120202019
For Determining Net Periodic (Benefit) Cost
U.S. Plans:
Discount rate2.25 %3.16 %4.25 %2.09 %3.04 %4.16 %
Expected rate of return on plan assets5.00 %6.25 %7.25 %— — — 
Rate of compensation increase— — — — — — 
Interest crediting rate4.75 %4.75 %5.00 %
Non-U.S. Plans:
Discount rate1.37 %1.68 %2.39 %
Expected rate of return on plan assets2.74 %2.98 %3.46 %
Rate of compensation increase2.60 %3.05 %2.89 %
Interest crediting rate— — — 
 Pension Benefit PlansU.S. Postretirement Benefit Plan
2021202020212020
For Determining Benefit Obligation
U.S. Plans:
Discount rate2.69 %2.25 %2.57 %2.09 %
Rate of compensation increase— — — — 
Interest crediting rate4.75 %4.75 %
Non-U.S. Plans:
Discount rate1.72 %1.37 %
Rate of compensation increase2.63 %2.60 %
Interest crediting rate— — 
Actual asset allocations The following presents the actual asset allocation as of December 31, 2021 and 2020:
20212020
U.S. Plan
Cash and cash equivalents1 %1 %
Equity securities30 %39 %
Fixed income securities69 %60 %
Non-U.S. Plans
Cash and cash equivalents9 %3 %
Equity securities31 %28 %
Fixed income securities39 %58 %
Other21 %11 %
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, 2021 and 2020 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 2021 and 2020.
Pension Benefit Plans - U.S. Plans
December 31, 2021December 31, 2020
(in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$1 $— $— $1 $2 $— $— $2 
Commingled funds:    
Equity securities:
U.S. broad market— 36 — 36 — 48 — 48 
Emerging markets— 6 — 6 — 9 — 9 
Worldwide developed markets— 16 — 16 — 20 — 20 
Other assets— 10 — 10 — 14 — 14 
Fixed income securities:
Investment grade— 155 — 155 — 138 — 138 
$1 $223 $— $224 $2 $229 $— $231 
Pension Benefit Plans - Non-U.S. Plans
December 31, 2021December 31, 2020
(in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash equivalents$— $15 $— $15 $— $5 $— $5 
Commingled funds:    
Equity securities:
Emerging markets— 3 — 3 — 1 — 1 
Worldwide developed markets— 51 — 51 — 51 — 51 
Fixed income securities:
Investment grade— 3 — 3 — 6 — 6 
Global high yield— — — — — 1 — 1 
Government bond funds1 65 — 66 1 102 — 103 
Other assets— 35 2 37 — 20 2 22 
$1 $172 $2 $175 $1 $186 $2 $189