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Pension and Other Postretirement Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
Funded Status of Pension and Postretirement Benefit Plans | The following sets forth the funded status of the U.S. pension, non-U.S. pension and postretirement benefit plans as of the most recent actuarial valuations using measurement dates of December 31 ($ in millions):
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits |  | Postretirement Benefits
| 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Change in pension benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | (1,858) |  |  | $ | (1,909) |  |  | $ | (1,349) |  |  | $ | (1,168) |  |  | $ | (98) |  |  | $ | (101) |
Service cost | — |  |  | — |  |  | (32) |  |  | (30) |  |  | — |  |  | — |
Interest cost | (90) |  |  | (97) |  |  | (45) |  |  | (46) |  |  | (4) |  |  | (5) |
Employee/retiree contributions | — |  |  | — |  |  | (8) |  |  | (7) |  |  | (2) |  |  | (1) |
Benefits and other expenses paid | 152 |  |  | 155 |  |  | 50 |  |  | 47 |  |  | 12 |  |  | 12 |
Actuarial gain (loss) | 47 |  |  | (52) |  |  | 29 |  |  | (99) |  |  | — |  |  | (3) |
Amendments, settlements and curtailments | 46 |  |  | 45 |  |  | 16 |  |  | 13 |  |  | — |  |  | — |
Foreign exchange rate impact and other | — |  |  | — |  |  | 36 |  |  | (59) |  |  | — |  |  | — |
Benefit obligation at end of year | (1,703) |  |  | (1,858) |  |  | (1,303) |  |  | (1,349) |  |  | (92) |  |  | (98) |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | 1,889 |  |  | 1,857 |  |  | 815 |  |  | 772 |  |  | — |  |  | — |
Actual return on plan assets | 214 |  |  | 222 |  |  | (14) |  |  | 24 |  |  | — |  |  | — |
Employer contributions | 8 |  |  | 10 |  |  | 37 |  |  | 36 |  |  | 11 |  |  | 11 |
Employee contributions | — |  |  | — |  |  | 8 |  |  | 7 |  |  | 1 |  |  | 1 |
Amendments and settlements | (45) |  |  | (45) |  |  | (13) |  |  | (13) |  |  | — |  |  | — |
Benefits and other expenses paid | (152) |  |  | (155) |  |  | (50) |  |  | (47) |  |  | (12) |  |  | (12) |
Foreign exchange rate impact and other | — |  |  | — |  |  | (4) |  |  | 36 |  |  | — |  |  | — |
Fair value of plan assets at end of year | 1,914 |  |  | 1,889 |  |  | 779 |  |  | 815 |  |  | — |  |  | — |
Funded status | $ | 211 |  |  | $ | 31 |  |  | $ | (524) |  |  | $ | (534) |  |  | $ | (92) |  |  | $ | (98) |
Projected Benefit Obligation and Fair Value of Plan Assets | Projected benefit obligation (“PBO”) and fair value of plan assets for pension plans and postretirement benefit plans with PBO’s in excess of plan assets ($ in millions):
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits |  | Postretirement Benefits
| 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Projected benefit obligation | $ | 85 |  |  | $ | 92 |  |  | $ | 865 |  |  | $ | 977 |  |  | $ | 92 |  |  | $ | 98 |
Fair value of plan assets | — |  |  | — |  |  | 276 |  |  | 360 |  |  | — |  |  | — |
Accumulated Benefit Obligation and Fair Value of Plan Assets | Accumulated benefit obligation (“ABO”) and fair value of plan assets for pension plans with ABO’s in excess of plan assets ($ in millions):
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits
| 2024 |  | 2023 |  | 2024 |  | 2023
Accumulated benefit obligation | $ | 85 |  |  | $ | 92 |  |  | $ | 803 |  |  | $ | 914 |
Fair value of plan assets | — |  |  | — |  |  | 271 |  |  | 357 |
Weighted Average Assumptions Used to Determine Benefit Obligations and Cost | Weighted average assumptions used to determine benefit obligations at date of measurement:
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits |  | Postretirement Benefits
| 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Discount rate | 5.6 | % |  | 5.1 | % |  | 3.5 | % |  | 3.5 | % |  | 5.5 | % |  | 5.1 | %
Rate of compensation increase | N/A |  | N/A |  | 2.9 | % |  | 3.1 | % |  | N/A |  | N/A
Weighted average assumptions used to determine net periodic pension benefit (cost) at date of measurement:
| U.S. Plans |  | Non-U.S. Plans
| 2024 |  | 2023 |  | 2024 |  | 2023
Discount rate | 5.1 | % |  | 5.4 | % |  | 3.5 | % |  | 4.0 | %
Expected long-term return on plan assets | 6.8 | % |  | 6.8 | % |  | 4.2 | % |  | 4.6 | %
Rate of compensation increase | N/A |  | N/A |  | 3.1 | % |  | 3.0 | %
Components of Net Periodic Pension and Postretirement Benefit (Cost) | Components of net periodic pension and postretirement benefit (cost) ($ in millions):
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits |  | Postretirement Benefits
| 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Service cost | $ | — |  |  | $ | — |  |  | $ | (32) |  |  | $ | (30) |  |  | $ | — |  |  | $ | — |
Interest cost | (90) |  |  | (97) |  |  | (45) |  |  | (46) |  |  | (4) |  |  | (5) |
Expected return on plan assets | 121 |  |  | 124 |  |  | 31 |  |  | 33 |  |  | — |  |  | — |
Amortization of prior service (cost) credit | (1) |  |  | (1) |  |  | 1 |  |  | 1 |  |  | 2 |  |  | 2 |
Amortization of net (loss) gain | (13) |  |  | (12) |  |  | — |  |  | 7 |  |  | — |  |  | — |
Curtailment and settlement (losses) gains recognized | — |  |  | — |  |  | (1) |  |  | 1 |  |  | — |  |  | — |
Net periodic pension benefit (cost) | $ | 17 |  |  | $ | 14 |  |  | $ | (46) |  |  | $ | (34) |  |  | $ | (2) |  |  | $ | (3) |
Fair Values of Pension Plan Assets | The fair values of the Company’s pension plan assets for both the U.S. and non-U.S. plans as of December 31, 2024 and 2023, by asset category were as follows ($ in millions):
| Quoted Prices in Active Market (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
| 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Cash and equivalents | $ | 209 |  |  | $ | 116 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 209 |  |  | $ | 116 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock | 276 |  |  | 410 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 276 |  |  | 410 |
Preferred stock | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | — |  |  | — |  |  | 252 |  |  | 278 |  |  | — |  |  | — |  |  | 252 |  |  | 278 |
Government issued | — |  |  | — |  |  | 24 |  |  | 25 |  |  | — |  |  | — |  |  | 24 |  |  | 25 |
Mutual funds | 118 |  |  | 112 |  |  | 164 |  |  | 167 |  |  | — |  |  | — |  |  | 282 |  |  | 279 |
Insurance contracts | — |  |  | — |  |  | 268 |  |  | 236 |  |  | — |  |  | — |  |  | 268 |  |  | 236 |
Total | $ | 604 |  |  | $ | 638 |  |  | $ | 708 |  |  | $ | 706 |  |  | $ | — |  |  | $ | — |  |  | 1,312 |  |  | 1,344 |
Investments measured at NAV(a): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common/collective trusts |  |  |  |  |  |  |  |  |  |  |  | 1,013 |  |  | 906 |
Venture capital, partnerships and other private investments |  |  |  |  |  |  |  |  |  |  |  | 368 |  |  | 454 |
Total assets at fair value |  |  |  |  |  |  |  |  |  |  |  | $ | 2,693 |  |  | $ | 2,704 |
(a) The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the total plan assets.
Benefit Payments that Reflect Expected Future Service | The following sets forth benefit payments, which reflect expected future service, as appropriate, expected to be paid by the plans in the periods indicated ($ in millions):
| U.S. Pension Plans |  | Non-U.S. Pension Plans |  |  |  | Postretirement Benefit Plans |  | All Plans
2025 | $ | 170 |  |  | $ | 56 |  |  |  |  | $ | 13 |  |  | $ | 239 |
2026 | 171 |  |  | 66 |  |  |  |  | 12 |  |  | 249 |
2027 | 170 |  |  | 64 |  |  |  |  | 11 |  |  | 245 |
2028 | 167 |  |  | 65 |  |  |  |  | 10 |  |  | 242 |
2029 | 164 |  |  | 65 |  |  |  |  | 9 |  |  | 238 |
2030 - 2034 | 658 |  |  | 354 |  |  |  |  | 36 |  |  | 1,048 |

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