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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Plan Assets and Benefit Obligations of Defined Benefit Pension Plans
The plan assets and benefit obligations of the defined benefit pension plans are measured at December 31 of each year.
 U.S. PlansNon-U.S. Plans
(DOLLARS IN MILLIONS)202420232022202420232022
Components of net periodic benefit cost
Service cost for benefits earned(1)
$— $— $1 $23 $21 $34 
Interest cost on projected benefit obligation(2)
23 25 15 36 36 17 
Expected return on plan assets(2)
(23)(31)(21)(50)(47)(42)
Net amortization of deferrals(2)
4 2 8 7 (1)11 
Settlements and curtailments(2)
130 — — (1)(8)— 
Net periodic benefit (income) cost134 (4)3 15 1 20 
Defined contribution and other retirement plans31 30 33 46 51 29 
Total expense$165 $26 $36 $61 $52 $49 
Changes in plan assets and benefit obligations recognized in OCI
Net actuarial loss (gain)$(2)$27 $(59)$70 
Recognized actuarial (loss) gain(135)(1)(6)9 
Recognized prior service credit— — — 1 
Currency translation adjustment— — — 9 
Total loss (gain) recognized in OCI (before tax effects)$(137)$26 $(65)$89 
 _______________________ 
(1)Included as a component of Operating profit (loss).
(2)Included as a component of Other expense (income), net.
Amounts Expected to be Recognized in Net Periodic Cost
 Postretirement Benefits
(DOLLARS IN MILLIONS)202420232022
Components of net periodic benefit cost
Service cost for benefits earned$— $— $1 
Interest cost on projected benefit obligation3 3 1 
Net amortization and deferrals(2)(6)(5)
Total cost (income)$1 $(3)$(3)
Changes in plan assets and benefit obligations recognized in OCI
Net actuarial loss$4 $3 
Recognized actuarial loss(1)— 
Recognized prior service credit2 5 
Total recognized in OCI (before tax effects)$5 $8 
Weighted-Average Actuarial Assumption Used to Determine Expense
The weighted-average actuarial assumptions used to determine expense at December 31 of each year are:
U.S. PlansNon-U.S. Plans
202420232022202420232022
Discount rate4.47 %5.42 %2.86 %3.60 %3.98 %1.43 %
Expected return on plan assets4.93 %6.00 %3.80 %4.95 %4.92 %3.52 %
Rate of compensation increase3.75 %3.75 %3.25 %3.06 %3.01 %2.72 %
Changes in Postretirement Benefit Obligation and Plan Assets
Changes in the postretirement benefit obligation and plan assets, as applicable, are detailed in the following table:
 U.S. PlansNon-U.S. PlansPostretirement Benefits
(DOLLARS IN MILLIONS)202420232024202320242023
Benefit obligation at beginning of year$524 $500 $1,056 $930 $52 $50 
Service cost for benefits earned— — 23 21 — — 
Interest cost on projected benefit obligation23 25 36 36 3 3 
Actuarial (gain) loss (14)38 (75)77 4 3 
Adjustments for expense/tax contained in service cost— — (3)(2)— — 
Plan participants’ contributions— — 4 4 — — 
Benefits paid(40)(39)(35)(33)(4)(3)
Curtailments/settlements(439)(1)(13)(21)— — 
Translation adjustments— — (51)45 — — 
Transferred to Liabilities held for sale— — (89)— — — 
Other1 1 (1)(1)1 (1)
Benefit obligation at end of year$55 $524 $852 $1,056 $56 $52 
Fair value of plan assets at beginning of year$505 $498 $1,000 $920 
Actual return on plan assets13 41 30 50 
Employer contributions6 5 23 31 
Plan participants’ contributions— — 4 4 
Benefits paid(40)(39)(35)(33)
Settlements(439)— (13)(21)
Translation adjustments— — (51)44 
Transferred to Assets held for sale— — (39)— 
Other(1)
(36)— 1 5 
Fair value of plan assets at end of year$9 $505 $920 $1,000 
Funded status at end of year$(46)$(19)$68 $(56)
Amounts Recognized in Balance Sheet
The plan assets and benefit obligations of the defined benefit pension plans recognized in the balance sheet are detailed in the following table:
U.S. PlansNon-U.S. Plans
(DOLLARS IN MILLIONS)2024202320242023
Other assets$1 $30 $143 $109 
Other current liabilities(5)(5)(3)(4)
Retirement liabilities(42)(44)(72)(161)
Net amount recognized$(46)$(19)$68 $(56)
Amounts Recognized in Accumulated Other Comprehensive Income
The amounts recognized in AOCI are detailed in the following table:
U.S. PlansNon-U.S. PlansPostretirement Benefits
(DOLLARS IN MILLIONS)202420232024202320242023
Net actuarial (gain) loss$18 $155 $134 $198 $4 $— 
Prior service cost (credit)— — (1)(2)(2)(4)
Total AOCI (before tax effects)$18 $155 $133 $196 $2 $(4)
Accumulated Benefit Obligation
 U.S. PlansNon-U.S. Plans
(DOLLARS IN MILLIONS)2024202320242023
Accumulated Benefit Obligation — end of year$54 $520 $800 $988 
Information for Pension Plans with an Accumulated Benefit Obligation (“ABO”) in excess of Plan Assets:
Accumulated benefit obligation$45 $47 $83 $165 
Fair value of plan assets— — 32 36 
Information for Pension Plans with a Projected Benefit Obligation (“PBO”) in excess of Plan Assets:
Projected benefit obligation$45 $47 $99 $185 
Fair value of plan assets— — 35 41 
Weighted-average assumptions used to determine obligations at December 31
Discount rate5.52 %4.47 %4.06 %3.59 %
Rate of compensation increaseN/A3.75 %3.18 %2.83 %
Estimated Future Benefit Payments
(DOLLARS IN MILLIONS)U.S. PlansNon-U.S. PlansPostretirement
Benefits
Estimated Future Benefit Payments
2025$6 $34 $4 
20266 34 4 
20276 35 4 
20285 39 4 
20295 38 4 
2030 - 203422 215 20 
Contributions
Required Company Contributions in the Following Year (2025)$5 $16 $— 
Percentage of Assets Invested
The percentage of assets in the Company’s pension plans, by type, is as follows:
 U.S. PlansNon-U.S. Plans
 2024202320242023
Cash and cash equivalents— %1 %1 %3 %
Equities19 %13 %17 %16 %
Fixed income81 %86 %41 %42 %
Property— %— %8 %8 %
Alternative and other investments— %— %33 %31 %
Fair Value Hierarchy of Plan Assets
The following tables present the Company’s plan assets for the U.S. and non-U.S. plans using the fair value hierarchy as of December 31, 2024 and 2023. The plans’ assets were accounted for at fair value and are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and their placement within the fair value hierarchy levels. For more information on a description of the fair value hierarchy, see Note 16.
U.S. Plans for the Year Ended
 December 31, 2024
(DOLLARS IN MILLIONS)Level 1Level 2Level 3Total
Assets measured at net asset value(1)
9 
Total$— $— $— $9 
U.S. Plans for the Year Ended
 December 31, 2023
(DOLLARS IN MILLIONS)Level 1Level 2Level 3Total
Cash Equivalents$— $6 $— $6 
Fixed Income Securities
Government & Government Agency Bonds— 5 — 5 
Corporate Bonds— 82 — 82 
Municipal Bonds— 5 — 5 
Assets measured at net asset value(1)
406 
Total$— $98 $— $504 
Receivables$1 
Total$505 
_______________________ 
(1)Investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheets. The total amount measured at net asset value includes approximately $2 million in pooled equity funds and $7 million in fixed income mutual funds for the year ended December 31, 2024, and approximately $65 million in pooled equity funds and $341 million in fixed income mutual funds for the year ended December 31, 2023.
Non-U.S. Plans for the Year Ended
 December 31, 2024
(DOLLARS IN MILLIONS)Level 1Level 2Level 3Total
Cash$11 $— $— $11 
Equity Securities
U.S. Large Cap101 — — 101 
U.S. Mid Cap8 — — 8 
Non-U.S. Large Cap43 — — 43 
Non-U.S. Mid Cap3 — — 3 
Non-U.S. Small Cap1 — — 1 
Emerging Markets9 — — 9 
Fixed Income Securities
U.S. Corporate Bonds42 — — 42 
Non-U.S. Treasuries/Government Bonds165 — — 165 
Non-U.S. Corporate Bonds50 66 — 116 
Non-U.S. Asset-Backed Securities— 60 — 60 
Non-U.S. Other Fixed Income— 10 — 10 
Alternative Types of Investments
Insurance Contracts— — 270 270 
Absolute Return Funds1 — — 1 
Property
Non-U.S. Property7 — 73 80 
Total$441 $136 $343 $920 
Non-U.S. Plans for the Year Ended
 December 31, 2023
(DOLLARS IN MILLIONS)Level 1Level 2Level 3Total
Cash$27 $— $— $27 
Equity Securities
U.S. Large Cap90 — — 90 
U.S. Mid Cap8 — — 8 
U.S. Small Cap1 — — 1 
Non-U.S. Large Cap50 — — 50 
Non-U.S. Mid Cap5 — — 5 
Non-U.S. Small Cap1 — — 1 
Emerging Markets8 — — 8 
Fixed Income Securities
U.S. Corporate Bonds29 — — 29 
Non-U.S. Treasuries/Government Bonds194 — — 194 
Non-U.S. Corporate Bonds50 88 — 138 
Non-U.S. Asset-Backed Securities— 56 — 56 
Non-U.S. Other Fixed Income2 — — 2 
Alternative Types of Investments
Insurance Contracts— 247 — 247 
Derivative Financial Instruments— 28 — 28 
Absolute Return Funds3 2 — 5 
Private Equity Funds— 27 — 27 
Property
Non-U.S. Property7 — 77 84 
Total$475 $448 $77 $1,000 
Reconciliation of Level 3 Non-U.S. Plan Assets Held
The following table presents a reconciliation of Level 3 non-U.S. plan assets held during the year ended December 31, 2024:
 Non-U.S. Plans
(DOLLARS IN MILLIONS)PropertyInsurance ContractsTotal
Ending balance as of December 31, 2023$77 $— $77 
Actual return on plan assets(4)— (4)
Transfers in/out of Level 3(1)
— 270270 
Ending balance as of December 31, 2024$73 $270 $343 
Weighted Average Assumptions Used to Determine Postretirement Benefit Expense and Obligation
The following weighted average assumptions were used to determine the postretirement benefit expense and obligation for the years ended December 31:
 ExpenseLiability
 2024202320242023
Discount rate5.10 %5.40 %5.70 %5.10 %
Current medical cost trend rate7.25 %6.50 %7.00 %7.25 %
Ultimate medical cost trend rate4.75 %4.75 %4.75 %4.75 %
Medical cost trend rate decreases to ultimate rate in year2034203020342034