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EMPLOYEE RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of Changes in Accumulated Postemployment Benefit Obligations

The following table shows the change in the accumulated postretirement benefit obligation ("APBO") for the years ended December 31, 2023 and 2022:

(in millions)						2023						2022
APBO at beginning of period						$	241					$	330
Service cost						14						19
Interest cost						12						9
Benefits paid						(9)						(11)
Actuarial (gain) loss						11						(106)
APBO at end of period						$	269					$	241

Schedule of Amounts Recognized in Balance Sheet

The following table reconciles the funded status of the plans to the accrued postretirement benefit cost recognized in Other noncurrent liabilities on the Company’s Consolidated Balance Sheet as of December 31, 2023 and 2022.

(in millions)						2023						2022
Funded status						$	(269)					$	(241)
Unrecognized net actuarial gain						(151)						(173)
Unrecognized prior service cost						2						3
Accumulated other comprehensive income						149						170
Consolidated Balance Sheet liability						$	(269)					$	(241)

Schedule of Net Benefit Costs

The consolidated periodic postretirement benefit cost for the years ended December 31, 2023, 2022, and 2021, included the following:

(in millions)						2023						2022						2021
Service cost						$	14					$	19					$	25
Interest cost						12						9						10
Amortization of net gain						(10)						(2)						—
Net periodic postretirement benefit cost						$	16					$	26					$	35

Schedule of Assumptions Used

The following actuarial assumptions were used to account for the Company’s postretirement benefit plans at December 31, 2023, 2022, and 2021:

						2023						2022						2021
Weighted-average discount rate						5.20		%				5.60		%				2.90		%
Assumed healthcare cost trend rate (a)						6.25		%				6.50		%				6.25		%

(a)The assumed healthcare cost trend rate is expected to be 6.25% for 2024, then decline gradually to 4.75% by 2030 and remain level thereafter.

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- Definition

Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

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-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

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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
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Tabular disclosure of the change in the accumulated postemployment benefit obligation 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.

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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

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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.

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-Paragraph 1
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