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PENSION AND OTHER RETIREMENT BENEFITS (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Summary of Changes in Benefit Obligations and Fair Value of Plan Assets for Retirement Plans

The following is a summary of changes in benefit obligations and fair value of plan assets for the Retirement Plans for the years ended December 31:

			Pension Plans												Other Retirement Plans
			2024						2023						2024						2023
Change in benefit obligation:
Benefit obligation, beginning of the period			$	(484)					$	(462)					$	(42)					$	(39)
Service cost			(10)						(11)						(3)						(3)
Interest cost			(22)						(22)						(2)						(2)
Plan participants’ contributions			—						—						(2)						(1)
Benefits paid			24						30						3						2
Actuarial (loss) gain			—						(4)						—						2
Assumption changes			28						(15)						4						(1)
Benefit obligation, end of the period			$	(464)					$	(484)					$	(42)					$	(42)
Change in plan assets:
Fair value of plan assets, beginning of the period			$	449					$	420					$	—					$	—
Actual return on plan assets			24						48						—						—
Benefits paid			(24)						(30)						(3)						(2)
Employer contributions			11						11						1						1
Plan participants’ contributions			—						—						2						1
Fair value of plan assets, end of the period			$	460					$	449					$	—					$	—
Funded status of the plans			$	(4)					$	(35)					$	(42)					$	(42)
Amounts recorded on the consolidated balance sheets:
Pension and retirement benefits asset – non current			$	60					$	40					$	—					$	—
Pension and retirement benefits liability – current			(8)						(13)						(2)						(2)
Pension and retirement benefits liability – non current			(56)						(62)						(40)						(40)
Net amount recognized			$	(4)					$	(35)					$	(42)					$	(42)
Accumulated benefit obligation, end of the period			$	(436)					$	(453)

Accumulated Benefit Obligation in Excess of Plan Assets

The following information is for those pension plans with an accumulated benefit obligation in excess of plan assets:

			December 31,
			2024						2023
Aggregate projected benefit obligation			$	65					$	75
Aggregate accumulated benefit obligation			$	57					$	67

Summary of Pre-Tax Net Actuarial Losses and Prior Service Cost Recognized in AOCI

The following table summarizes the pre-tax net actuarial losses and prior service costs recognized in AOCL for the Company’s Retirement Plans as of December 31:

			Pension Plans												Other Retirement Plans
			2024						2023						2024						2023
Net actuarial gains (losses)			$	(61)					$	(82)					$	13					$	10
Net prior service credits			1						1						—						—
Total recognized in AOCL – pre-tax			$	(60)					$	(81)					$	13					$	10

Components of Net Periodic Benefit Expense Related to Retirement Plans

Net periodic pension expenses (income) recognized for the Retirement Plans are as follows for the years ended December 31:

			Pension Plans																		Other Retirement Plans
			2024						2023						2022						2024						2023						2022
Components of net periodic expense (income)
Service cost			$	10					$	11					$	14					$	3					$	3					$	4
Interest cost			22						22						15						2						2						1
Expected return on plan assets			(30)						(32)						(26)						—						—						—
Amortization of net actuarial (gains) losses and prior service credits from earlier periods			—						(1)						3						(1)						(1)						—
(Gain) loss on settlement of pension obligations			(1)						(2)						—						—						—						—
Net periodic expense (income)			$	1					$	(2)					$	6					$	4					$	4					$	5

Summary of Pre-Tax Amounts Recorded in OCI

The following table summarizes the pre-tax amounts recorded in OCI related to the Company’s Retirement Plans for the years ended December 31:

			Pension Plans																		Other Retirement Plans
			2024						2023						2022						2024						2023						2022
Amortization of net actuarial (gains) losses and prior service credit			$	(1)					$	(1)					$	3					$	(1)					$	(1)					$	—
(Gain) loss on settlement of pension obligations			(1)						(2)						—						—						—						—
Net actuarial gain (loss) arising during the period			22						(3)						(19)						4						1						13
Total recognized in OCI – pre-tax			$	20					$	(6)					$	(16)					$	3					$	—					$	13

Weighted-average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Expenses

Weighted-average assumptions used to determine benefit obligations at December 31:

			Pension Plans												Other Retirement Plans
			2024						2023						2024						2023
Discount rate			5.43		%				4.73		%				5.40		%				4.75		%
Rate of compensation increase			3.60		%				3.60		%				—						—
Cash balance plan interest crediting rate			4.78		%				4.50		%				—						—

Weighted-average assumptions used to determine net periodic benefit expense for years ended December 31:

			Pension Plans																		Other Retirement Plans
			2024						2023						2022						2024						2023						2022
Discount rate			4.73		%				4.93		%				2.60		%				4.75		%				4.90		%				2.65		%
Expected return on plan assets			6.10		%				6.55		%				5.05		%				—						—						—
Rate of compensation increase			3.60		%				3.63		%				3.63		%				—						—						—
Cash balance plan interest crediting rate			4.50		%				4.50		%				4.50		%				—						—						—

Summary of Pension Plan Assets by Category Based on Hierarchy of Fair Value Measurements

Fair value of the assets in the Company’s funded pension plan by asset category at December 31, 2024 and 2023 are as follows:

			Fair Value Measurement as of December 31, 2024
Asset Category			Balance						Level 1						Level 2						Measured using NAV practical expedient (1)						% of total assets
Cash and cash equivalents			$	2					$	—					$	2					$	—					—		%
Common/collective trust funds—equity securities
U.S. large-cap			114						—						114						—						25		%
U.S. small and mid-cap			25						—						25						—						5		%
Total equity investments			139						—						139						—						30		%
Emerging markets bond fund			30						—						—						30						7		%
Common/collective trust funds and corporate bonds—fixed income securities
Intermediate-term investment grade U.S. government/ corporate bonds			57						—						57						—						12		%
Mutual funds
Long duration corporate bonds			146						—						146						—						32		%
U.S. Treasury Inflation-Protected Securities (TIPs)			26						26						—						—						6		%
Emerging markets equity mutual fund			21						—						21						—						5		%
Private investment fund—high yield securities			15						—						—						15						3		%
Total fixed-income investments			295						26						224						45						65		%
Other investment—private real estate fund			24						—						—						24						5		%
Total Assets			$	460					$	26					$	365					$	69					100		%

			Fair Value Measurement as of December 31, 2023
Asset Category			Balance						Level 1						Level 2						Measured using NAV practical expedient (1)						% of total assets
Cash and cash equivalents			$	5					$	—					$	5					$	—					1		%
Common/collective trust funds—equity securities
U.S. large-cap			106						—						106						—						24		%
U.S. small and mid-cap			21						—						21						—						5		%
Emerging markets			20						—						20						—						4		%
Total equity investments			147						—						147						—						33		%
Emerging markets bond fund			29						—						—						29						6		%
Common/collective trust funds and corporate bonds—fixed income securities
Intermediate-term investment grade U.S. government/ corporate bonds			60						—						60						—						13		%
Mutual funds
Long duration corporate bonds			144						—						144						—						32		%
U.S. Treasury Inflation-Protected Securities (TIPs)			25						25						—						—						6		%
Private investment fund—high yield securities			14						—						—						14						3		%
Total fixed-income investments			272						25						204						43						60		%
Other investment—private real estate debt fund			25						—						—						25						6		%
Total Assets			$	449					$	25					$	356					$	68					100		%

(1)Investments are measured using the net asset value per share (or its equivalent) practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit a reconciliation of the fair value hierarchy to the value of the total plan assets.

Estimated Future Benefits Payments for Retirement Plans

Estimated future benefits payments for the Retirement Plans are as follows as of the year ended December 31, 2024:

Year Ending December 31,						Pension Plans						Other Retirement Plans
2025						$	28					$	2
2026						28						2
2027						30						3
2028						31						3
2029						32						3
2030 - 2034						174						19

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