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RETIREMENT SAVINGS PLANS (Tables)
 12 Months Ended
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,
202420232022
Pension benefits$115 $128 $112 
Health and welfare benefits248 153 182 
Total contributions$363 $281 $294 
Schedule of Assumptions Determined The table below describes how the assumptions are determined.
AssumptionDescription
Discount rateBased 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 levelsBased 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, 2024December 31, 2023
Accumulated benefit obligation$683 $753 
Change in projected benefit obligation:
Projected benefit obligation at beginning of year $753 $762 
Service cost2 3 
Interest cost33 35 
Benefits paid(45)(40)
Actuarial gains(48)— 
Settlement charges(2)(11)
Effects of foreign currency exchange rate changes and other(10)4 
Projected benefit obligation at end of year683 753 
Plan assets:
Fair value at beginning of year540 533 
Actual return on plan assets(46)9 
Company contributions32 33 
Benefits paid(45)(40)
Settlement charges(3)(11)
Effects of foreign currency exchange rate changes and other(7)16 
Fair value at end of year471 540 
Under funded status$(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, 2024December 31, 2023
Discount rate5.20 %4.62 %
Rate of compensation increases3.16 %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 TypeTargetActual
Debt securities4 %4 %
Equity securities10 %10 %
Fixed income securities73 %65 %
Multi-asset credit fund5 %11 %
Real assets4 %2 %
Hedge funds2 %7 %
Cash2 %1 %
Total100 %100 %
Schedule of Allocation of Plan Assets
December 31, 2024
TotalLevel 1Level 2Level 3
Debt securities$19 $19 $— $— 
Equity securities55 25 30 — 
Fixed income securities444 22 356 66 
Multi-asset credit fund77 — 77 — 
Cash6 6 — — 
Total plan assets measured at fair value$601 $72 $463 $66 
Assets held at net asset value practical expedient
Real assets$16 
Hedge funds44 
Total assets held at net asset value practical expedient$60 
Liabilities:
Derivatives(190)
Total plan assets$471 
December 31, 2023
TotalLevel 1Level 2Level 3
Equity securities$64 $36 $28 $— 
Fixed income securities541 12 453 76 
Multi-asset credit fund24 — 24 — 
Cash9 9 — — 
Total plan assets measured at fair value$638 $57 $505 $76 
Assets held at net asset value practical expedient
Real assets$18 
Hedge funds22 
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 gains9 
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 
202645 
202745 
202847 
202946 
Thereafter228