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EMPLOYEE BENEFITS (Tables) | 12 Months Ended
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Dec. 31, 2024
EMPLOYEE BENEFITS [Abstract] |
Schedule of Net Benefit Costs | 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) |
Schedule of Accumulated and Projected Benefit Obligations | 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 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | 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 |
Schedule of Assumptions Used | 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
Schedule of Allocation of Plan Assets | 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 |
Schedule of Expected Benefit Payments | 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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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (a) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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