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RETIREMENT SAVINGS PLANS (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Contributions to Multiemployer Pension and Health and Welfare Benefit Plans | The following table summarizes the Company’s contributions to multiemployer pension and health and welfare benefit plans (in millions).
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Pension benefits | $ | 115 |  |  | $ | 128 |  |  | $ | 112 |
Health and welfare benefits | 248 |  |  | 153 |  |  | 182 |
Total contributions | $ | 363 |  |  | $ | 281 |  |  | $ | 294 |
Schedule of Assumptions Determined | The table below describes how the assumptions are determined.
Assumption |  | Description
Discount rate |  | Based on a bond portfolio approach that includes high-quality debt instruments with maturities matching the Company’s expected benefit payments from the plans.
Long-term rate of return on plan assets |  | Based on the weighted-average expected rate of return and capital market forecasts for each asset class employed and also considers the Company’s historical compounded return on plan assets for 10 and 15-year periods.
Increase in compensation levels |  | Based on past experience and the near-term outlook.
Mortality |  | Various mortality tables adjusted and projected using mortality improvement rates.
Schedule of Plan Assets and Obligations of the Pension Plans Based Upon a Valuation and Weighted Average Assumptions Used to Determine Benefit Obligations | The following tables present information about plan assets and obligations of the pension plans based upon a valuation as of December 31, 2024 and 2023, respectively (in millions).
|  | December 31, 2024 |  | December 31, 2023
Accumulated benefit obligation |  | $ | 683 |  |  |  |  | $ | 753 |  |  |
Change in projected benefit obligation: |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 753 |  |  |  |  | $ | 762 |  |  |
Service cost |  | 2 |  |  |  |  | 3 |  |  |
Interest cost |  | 33 |  |  |  |  | 35 |  |  |
Benefits paid |  | (45) |  |  |  |  | (40) |  |  |
Actuarial gains |  | (48) |  |  |  |  | — |  |  |
Settlement charges |  | (2) |  |  |  |  | (11) |  |  |
Effects of foreign currency exchange rate changes and other |  | (10) |  |  |  |  | 4 |  |  |
Projected benefit obligation at end of year |  | 683 |  |  |  |  | 753 |  |  |
Plan assets: |  |  |  |  |  |  |  |
Fair value at beginning of year |  | 540 |  |  |  |  | 533 |  |  |
Actual return on plan assets |  | (46) |  |  |  |  | 9 |  |  |
Company contributions |  | 32 |  |  |  |  | 33 |  |  |
Benefits paid |  | (45) |  |  |  |  | (40) |  |  |
Settlement charges |  | (3) |  |  |  |  | (11) |  |  |
Effects of foreign currency exchange rate changes and other |  | (7) |  |  |  |  | 16 |  |  |
Fair value at end of year |  | 471 |  |  |  |  | 540 |  |  |
Under funded status |  | $ | (212) |  |  |  |  | $ | (213) |  |  |
Amounts recognized as assets and liabilities on the consolidated balance sheets: |  |  |  |  |  |  |  |
Other noncurrent assets |  | $ | 65 |  |  |  |  | $ | 82 |  |  |
Accrued liabilities |  | (29) |  |  |  |  | (31) |  |  |
Other noncurrent liabilities |  | (248) |  |  |  |  | (264) |  |  |
Total |  | $ | (212) |  |  |  |  | $ | (213) |  |  |
Amounts recognized in accumulated other comprehensive loss consist of: |  |  |  |  |  |  |  |
Net loss |  | $ | 104 |  |  |  |  | $ | 79 |  |  |
The weighted average assumptions used to determine benefit obligations of the pension plans were as follows.
| December 31, 2024 |  | December 31, 2023
Discount rate | 5.20 | % |  |  |  | 4.62 | % |  |
Rate of compensation increases | 3.16 | % |  |  |  | 3.18 | % |  |
Schedule of Weighted Average Pension Plans Asset Allocations by Asset Category | The following table presents the weighted average pension plans asset allocations by asset category (in millions).
|  | December 31, 2024
Investment Type |  | Target |  | Actual
Debt securities |  | 4 | % |  | 4 | %
Equity securities |  | 10 | % |  | 10 | %
Fixed income securities |  | 73 | % |  | 65 | %
Multi-asset credit fund |  | 5 | % |  | 11 | %
Real assets |  | 4 | % |  | 2 | %
Hedge funds |  | 2 | % |  | 7 | %
Cash |  | 2 | % |  | 1 | %
Total |  | 100 | % |  | 100 | %
Schedule of Allocation of Plan Assets |
|  | December 31, 2024
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Debt securities |  | $ | 19 |  |  | $ | 19 |  |  | $ | — |  |  | $ | — |
Equity securities |  | 55 |  |  | 25 |  |  | 30 |  |  | — |
Fixed income securities |  | 444 |  |  | 22 |  |  | 356 |  |  | 66 |
Multi-asset credit fund |  | 77 |  |  | — |  |  | 77 |  |  | — |
Cash |  | 6 |  |  | 6 |  |  | — |  |  | — |
Total plan assets measured at fair value |  | $ | 601 |  |  | $ | 72 |  |  | $ | 463 |  |  | $ | 66 |
Assets held at net asset value practical expedient |  |  |  |  |  |  |  |
Real assets |  | $ | 16 |  |  |  |  |  |  |
Hedge funds |  | 44 |  |  |  |  |  |  |
Total assets held at net asset value practical expedient |  | $ | 60 |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |
Derivatives |  | (190) |  |  |  |  |  |  |
Total plan assets |  | $ | 471 |  |  |  |  |  |  |
|  | December 31, 2023
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Equity securities |  | $ | 64 |  |  | $ | 36 |  |  | $ | 28 |  |  | $ | — |
Fixed income securities |  | 541 |  |  | 12 |  |  | 453 |  |  | 76 |
Multi-asset credit fund |  | 24 |  |  | — |  |  | 24 |  |  | — |
Cash |  | 9 |  |  | 9 |  |  | — |  |  | — |
Total plan assets measured at fair value |  | $ | 638 |  |  | $ | 57 |  |  | $ | 505 |  |  | $ | 76 |
Assets held at net asset value practical expedient |  |  |  |  |  |  |  |
Real assets |  | $ | 18 |  |  |  |  |  |  |
Hedge funds |  | 22 |  |  |  |  |  |  |
Total assets held at net asset value practical expedient |  | $ | 40 |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |
Derivatives |  | (138) |  |  |  |  |  |  |
Total plan assets |  | $ | 540 |  |  |  |  |  |  |
Schedule of Changes in the Fair Value of the Level 3 Pension Assets | The table below sets forth a summary of changes in the fair value of the Level 3 pension assets for the year ended December 31, 2024 (in millions).
| Fixed Income Funds
Fair value at beginning of year | $ | 76 |
Unrealized losses | (5) |
Purchases, issuances, sales and settlements, net | (5) |
Balance at end of year | $ | 66 |
The table below sets forth a summary of changes in the fair value of the Level 3 pension assets for the year ended December 31, 2023 (in millions).
| Fixed Income Funds
Fair value at beginning of year | $ | 72 |
Unrealized gains | 9 |
Transfers out | (5) |
Balance at end of year | $ | 76 |
Schedule of Estimated Future Benefit Payments | The following table presents the estimated future benefit payments expected to be paid out for the defined benefits plans over the next ten years (in millions).
|  | Pension Plans |  |
2025 |  | $ | 51 |  |  |
2026 |  | 45 |  |  |
2027 |  | 45 |  |  |
2028 |  | 47 |  |  |
2029 |  | 46 |  |  |
Thereafter |  | 228 |  |  |

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