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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Summary of Obligations and Funded Status | The following tables provide information regarding the Company’s significant defined benefit pension plans summarized by U.S. and international components. Obligations and Funded Status
|  | U.S. |  | International
In millions |  | 2023 |  | 2022 |  | 2023 |  | 2022
Change in projected benefit obligation |  |  |  |  |  |  |  |
Obligation at beginning of year |  | $ | (29) |  |  | $ | (39) |  |  | $ | (236) |  |  | $ | (356) |
Service cost |  | — |  |  | — |  |  | (3) |  |  | (3) |
Interest cost |  | (2) |  |  | (1) |  |  | (11) |  |  | (6) |
Employee contributions |  | — |  |  | — |  |  | (1) |  |  | (1) |
Plan settlements, curtailments and amendments |  | 1 |  |  | — |  |  | 1 |  |  | 1 |
Benefits paid |  | 4 |  |  | 3 |  |  | 14 |  |  | 15 |
Acquisition |  | (29) |  |  | — |  |  | — |  |  | — |
Actuarial (loss) gain |  | — |  |  | 8 |  |  | (5) |  |  | 86 |
Effect of currency rate changes |  | — |  |  | — |  |  | (10) |  |  | 28 |
Obligation at end of year |  | $ | (55) |  |  | $ | (29) |  |  | $ | (251) |  |  | $ | (236) |
Change in plan assets |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 31 |  |  | $ | 40 |  |  | $ | 201 |  |  | $ | 307 |
Actual return on plan assets |  | 2 |  |  | (6) |  |  | 10 |  |  | (72) |
Employer contributions |  | — |  |  | — |  |  | 6 |  |  | 6 |
Employee contributions |  | — |  |  | — |  |  | 1 |  |  | 1 |
Benefits paid |  | (4) |  |  | (3) |  |  | (14) |  |  | (15) |
Settlements and other |  | — |  |  | — |  |  | (1) |  |  | (1) |
Acquisition |  | 26 |  |  | — |  |  | — |  |  | — |
Effect of currency rate changes |  | — |  |  | — |  |  | 8 |  |  | (25) |
Fair value of plan assets at end of year |  | $ | 55 |  |  | $ | 31 |  |  | $ | 211 |  |  | $ | 201 |
Funded status |  |  |  |  |  |  |  |
Fair value of plan assets |  | $ | 55 |  |  | $ | 31 |  |  | $ | 211 |  |  | $ | 201 |
Benefit obligations |  | (55) |  |  | (29) |  |  | (251) |  |  | (236) |
Funded status |  | $ | — |  |  | $ | 2 |  |  | $ | (40) |  |  | $ | (35) |
Amounts recognized in the statement of financial position consist of: |  |  |  |  |  |  |  |
Noncurrent assets |  | $ | — |  |  | $ | 2 |  |  | $ | 13 |  |  | $ | 13 |
Current liabilities |  | — |  |  | — |  |  | (2) |  |  | (2) |
Noncurrent liabilities |  | — |  |  | — |  |  | (51) |  |  | (46) |
Net amount recognized |  | $ | — |  |  | $ | 2 |  |  | $ | (40) |  |  | $ | (35) |
Amounts recognized in Accumulated other comprehensive loss, before tax at December 31, consist of: |  |  |  |  |  |  |  |
Prior service cost |  | — |  |  | — |  |  | (1) |  |  | (1) |
Net actuarial loss |  | (14) |  |  | (14) |  |  | (64) |  |  | (59) |
Net amount recognized |  | $ | (14) |  |  | $ | (14) |  |  | $ | (65) |  |  | $ | (60) |
Summary of International Pension Plans with Accumulated Benefit Obligations and with Projected Benefit Obligations in Excess of Plan Assets | The aggregate accumulated benefit obligation for the U.S. pension plans was $55 million and $28 million as of December 31, 2023 and 2022, respectively. The aggregate accumulated benefit obligation for the international pension plans was $241 million and $227 million as of December 31, 2023 and 2022, respectively.
|  |  |  | International
In millions |  |  |  |  |  | 2023 |  | 2022
Information for pension plans with accumulated benefit obligations in excess of Plan assets: |  |  |  |  |  |  |  |
Projected benefit obligation |  |  |  |  |  | $ | (185) |  |  | $ | (175) |
Accumulated benefit obligation |  |  |  |  |  | (178) |  |  | (169) |
Fair value of plan assets |  |  |  |  |  | 133 |  |  | 129 |
Information for pension plans with projected benefit obligations in excess of plan assets: |  |  |  |  |  |  |  |
Projected benefit obligation |  |  |  |  |  | $ | (194) |  |  | $ | (180) |
Accumulated benefit obligation |  |  |  |  |  | (185) |  |  | (172) |
Fair value of plan assets |  |  |  |  |  | 141 |  |  | 133 |
Summary of Components of Net Periodic Benefit Costs | Components of Net Periodic Benefit Costs
|  | U.S. |  | International
In millions |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Service cost |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 4 |
Interest cost |  | 2 |  |  | 1 |  |  | 1 |  |  | 11 |  |  | 6 |  |  | 4 |
Expected return on plan assets |  | (2) |  |  | (1) |  |  | (1) |  |  | (10) |  |  | (12) |  |  | (13) |
Amortization of net loss |  | — |  |  | 1 |  |  | 1 |  |  | 3 |  |  | 2 |  |  | 4 |
Settlement and curtailment (gains) losses recognized |  | (1) |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | 1 |
Net periodic benefit (income) cost |  | $ | (1) |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 7 |  |  | $ | (2) |  |  | $ | — |
Summary of Weighted Average Assumptions Used to Develop Actuarial Present Value of Projected Benefit Obligation | The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed.
|  | U.S. |  | International
|  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Discount rate |  | 5.25 | % |  | 5.58 | % |  | 2.87 | % |  | 4.38 | % |  | 4.77 | % |  | 1.97 | %
Expected return on plan assets |  | 3.80 | % |  | 3.80 | % |  | 5.00 | % |  | 5.09 | % |  | 4.25 | % |  | 4.27 | %
Rate of compensation increase |  | 3.00 | % |  | 3.00 | % |  | 3.00 | % |  | 2.88 | % |  | 2.78 | % |  | 2.70 | %
Summary of Pension Plan Assets by Asset Category | Plan assets by asset category at December 31, 2023 and 2022 are as follows:
|  | U.S. |  | International
In millions |  | 2023 |  | 2022 |  | 2023 |  | 2022
Pension Plan Assets |  |  |  |  |  |  |  |
Equity security funds |  | $ | 3 |  |  | $ | 4 |  |  | $ | 56 |  |  | $ | 44 |
Debt security funds |  | 35 |  |  | 25 |  |  | 129 |  |  | 131 |
Insurance contracts |  | — |  |  | — |  |  | 12 |  |  | 11 |
Cash and cash equivalents and other |  | 17 |  |  | 2 |  |  | 14 |  |  | 15 |
Fair value of plan assets |  | $ | 55 |  |  | $ | 31 |  |  | $ | 211 |  |  | $ | 201 |
Summary of Pension Plan Assets Measured at Fair Value | The following tables summarize our pension plan assets measured at fair value on a recurring basis by fair value hierarchy level (See Note 17):
|  | December 31, 2023
In millions |  | NAV |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
US: |  |  |  |  |  |  |  |  |  |
Equity |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |
Debt Securities |  | — |  |  | 5 |  |  | 30 |  |  | — |  |  | 35 |
Cash and cash equivalents |  | — |  |  | 17 |  |  | — |  |  | — |  |  | 17 |
International: |  |  |  |  |  |  |  |  |  |
Equity |  | 6 |  |  | 14 |  |  | 36 |  |  | — |  |  | 56 |
Debt Securities |  | — |  |  | 3 |  |  | 126 |  |  | — |  |  | 129 |
Insurance Contracts |  | — |  |  | — |  |  | 4 |  |  | 8 |  |  | 12 |
Cash and cash equivalents and other |  | — |  |  | 6 |  |  | 8 |  |  | — |  |  | 14 |
Total |  | $ | 6 |  |  | $ | 48 |  |  | $ | 204 |  |  | $ | 8 |  |  | $ | 266 |
|  | December 31, 2022
In millions |  | NAV |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
US: |  |  |  |  |  |  |  |  |  |
Equity |  | $ | — |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | 4 |
Debt Securities |  | — |  |  | 5 |  |  | 20 |  |  | — |  |  | 25 |
Cash and cash equivalents |  | — |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
International: |  |  |  |  |  |  |  |  |  |
Equity |  | 5 |  |  | 13 |  |  | 26 |  |  | — |  |  | 44 |
Debt Securities |  | — |  |  | 4 |  |  | 127 |  |  | — |  |  | 131 |
Insurance Contracts |  | — |  |  | — |  |  | 3 |  |  | 8 |  |  | 11 |
Cash and cash equivalents and other |  | — |  |  | 4 |  |  | 11 |  |  | — |  |  | 15 |
Total |  | $ | 5 |  |  | $ | 32 |  |  | $ | 187 |  |  | $ | 8 |  |  | $ | 232 |
Summary of Benefit Payments Expected to be Paid to Plan Participants | Benefit payments expected to be paid to plan participants are as follows:
In millions |  | U.S. |  | International
Year ended December 31, |  |  |  |
2024 |  | $ | 4 |  |  | $ | 15 |
2025 |  | $ | 4 |  |  | $ | 15 |
2026 |  | $ | 4 |  |  | $ | 15 |
2027 |  | $ | 4 |  |  | $ | 16 |
2028 |  | $ | 4 |  |  | $ | 17 |
2029 through 2033 |  | $ | 21 |  |  | $ | 91 |

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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 reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (b) -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 one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-2 + Details
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