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EMPLOYEE BENEFITS | 12 Months Ended
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Dec. 31, 2024
EMPLOYEE BENEFITS [Abstract] |
EMPLOYEE BENEFITS | EMPLOYEE BENEFITS The Company provides various retirement benefits to eligible team members, including contributions to defined contribution plans, pension benefits associated with defined benefit plans, postretirement medical benefits and other benefits. Eligibility requirements and benefit levels vary depending on team member location. Various foreign benefit plans cover team members in accordance with local legal requirements. Defined Contribution Plans A majority of the Company's U.S. team members are covered by a retirement savings plan, which provides for an automatic contribution e qual to 6% of the eligible team member's total eligible compensation. The total retirement savings plan expense was $91 million, $85 million, and $87 million for 2024, 2023 and 2022, respectively. The Company sponsors additional defined contribution plans available to certain U.S. and foreign team members for which contributions are made by the Company and participating team members. The expense associated with these defined contribution plans totaled $20 million, $21 million and $11 million for 2024, 2023 and 2022, respectively. Postretirement Healthcare Benefits Plans The Company has a postretirement healthcare benefit plan that provides coverage for certain U.S. team mem bers. C overed team members become eligible for participation when they qualify for retirement while working for the Company. Participation in the plan is voluntary and requires participants to make contributions toward the cost of the plan, as determined by the Company. The net periodic benefits costs were valued with a measurement date of January 1 for each year and consisted of the following components (in millions of dollars):
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
SG&A |  |  |  |  |
Service cost | $ | 2 |  |  | $ | 2 |  |  | $ | 4 |
Other (income) expense |  |  |  |  |
Interest cost | 5 |  |  | 5 |  |  | 4 |
Expected return on assets | (7) |  |  | (6) |  |  | (8) |
Amortization of prior service credit | (9) |  |  | (10) |  |  | (10) |
Amortization of unrecognized gains | (8) |  |  | (7) |  |  | (9) |
Net periodic benefits | $ | (17) |  |  | $ | (16) |  |  | $ | (19) |
Reconciliations of the beginning and ending balances of the postretirement benefit asset, which is calculated as of December 31 measurement date, the fair value of plan assets available for benefits and the funded status of the benefit asset follow (in millions of dollars):
| 2024 |  | 2023
Benefit obligation at beginning of year | $ | 114 |  |  | $ | 112 |
Service cost | 2 |  |  | 2 |
Interest cost | 5 |  |  | 5 |
Plan participants' contributions | 3 |  |  | 3 |
Actuarial (gain) loss | (12) |  |  | 2 |
Benefits paid | (9) |  |  | (10) |
Benefit obligation at end of year | $ | 103 |  |  | $ | 114 |
Plan assets available for benefits at beginning of year | $ | 173 |  |  | $ | 162 |
Actual returns on plan assets | 11 |  |  | 18 |
Plan participants' contributions | 3 |  |  | 3 |
Benefits paid | (9) |  |  | (10) |
Plan assets available for benefits at end of year | 178 |  |  | 173 |
Noncurrent postretirement benefit asset | $ | 75 |  |  | $ | 59 |
The amounts recognized in AOCE consisted of the following (in millions of dollars):
| As of December 31,
| 2024 |  | 2023
Prior service credit | $ | 13 |  |  | $ | 23 |
Unrecognized gains | 88 |  |  | 79 |
Deferred tax liability | (25) |  |  | (25) |
Net accumulated gains | $ | 76 |  |  | $ | 77 |
The Company has elected to amortize the amount of net unrecognized gains over a period equal to the average remaining service period for active plan participants expected to retire and receive benefits of approximately 10 years for 2024. The postretirement benefit obligation is determined by applying the terms of the plan and actuarial models. These models include various actuarial assumptions, including discount rates, long-term rates of return on plan assets, healthcare cost trend rate, mortality and cost-sharing between the Company and the retirees. The actuarial gain recognized during the plan year is primarily related to the change in discount rate assumption. The following assumptions were used to determine net periodic benefit co sts as of January 1:
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Discount rate | 4.73 | % |  | 4.92 | % |  | 2.57 | %
Expected long-term rate of return on plan assets – net of tax | 4.04 | % |  | 4.04 | % |  | 4.04 | %
Initial healthcare cost trend rate (pre age 65) | 7.20 | % |  | 7.50 | % |  | 6.50 | %
Ultimate healthcare cost trend rate | 4.50 | % |  | 4.50 | % |  | 4.50 | %
Year ultimate healthcare cost trend rate reached | 2033 |  | 2033 |  | 2030
The following assumptions were used to determine benefit obligations as of December 31:
| 2024 |  | 2023 |  | 2022
Discount rate | 5.39 | % |  | 4.73 | % |  | 4.92 | %
Expected long-term rate of return on plan assets – net of tax | 4.04 | % |  | 4.04 | % |  | 4.04 | %
Initial healthcare cost trend rate (pre age 65) | 6.90 | % |  | 7.20 | % |  | 7.50 | %
Ultimate healthcare cost trend rate | 4.50 | % |  | 4.50 | % |  | 4.50 | %
Year ultimate healthcare cost trend rate reached | 2033 |  | 2033 |  | 2033
The Company's investment strategy reflects the long-term nature of the plan obligation and seeks to reach a balance allocation between Fixed Income securities and Equities of approximately 65% and 35%, respectively. Current allocations may differ from targeted allocations based on investment results and other timing factors. The plan's assets are stated at fair value, which represents the net asset value of shares held by the plan in the registered investment companies at the quoted market prices (Level 1 input) or at significant other observable inputs (Level 2 input). The plan assets available for benefits consisted of the following as of December 31 (in millions of dollars):
| 2024 |  | 2023
Asset class |  |  |
Level 1 inputs: |  |  |
Mutual funds - corporate bonds fund | 10 |  |  | 10 |
Level 2 Inputs: |  |  |
Fixed Income: |  |  |
Corporate bonds | 48 |  |  | 56 |
Government/municipal bonds | 8 |  |  | 9 |
Equity funds | 101 |  |  | 88 |
Plan assets | 167 |  |  | 163 |
Trust assets | 11 |  |  | 10 |
Plan assets available for benefits | $ | 178 |  |  | $ | 173 |
The Company forecasts the following benefit payments related to postretirement (which include a projection for expected future team member service) for the next ten years (in millions of dollars):
Year |  | Estimated Gross Benefit Payments
2025 |  | $ | 9 |
2026 |  | 9 |
2027 |  | 9 |
2028 |  | 8 |
2029 |  | 8 |
2030-2034 |  | 41 |
Total |  | $ | 84 |

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