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EMPLOYEE RETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Pre-Tax Expense Related to Retirement Plans | Pre-tax expense included in income before income taxes related to our retirement plans was as follows, in millions:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Defined-contribution plans | $ | 60 |  |  | $ | 68 |  |  | $ | 39 |
Defined-benefit pension plans | 9 |  |  | 9 |  |  | 12 |
| $ | 69 |  |  | $ | 78 |  |  | $ | 51 |
Schedule of Changes in the Projected Benefit Obligation and Fair Value of the Plan Assets, and the Funded Status of the Company's Defined-Benefit Pension Plans | Changes in the projected benefit obligation and fair value of plan assets, and the funded status of our defined-benefit pension plans were as follows, in millions:
| At Year Ended December 31,
| 2024 |  | 2023
| Qualified |  | Non-Qualified |  | Qualified |  | Non-Qualified
Changes in projected benefit obligation: |  |  |  |  |  |  |
Projected benefit obligation at January 1 | $ | 136 |  |  | $ | 108 |  |  | $ | 115 |  |  | $ | 112 |
Service cost | 2 |  |  | — |  |  | 2 |  |  | — |
Interest cost | 4 |  |  | 5 |  |  | 4 |  |  | 6 |
Actuarial (gain) loss, net | (4) |  |  | (1) |  |  | 15 |  |  | 2 |
Foreign currency exchange | (8) |  |  | — |  |  | 4 |  |  | — |
Benefit payments | (4) |  |  | (12) |  |  | (4) |  |  | (12) |
Projected benefit obligation at December 31 | $ | 125 |  |  | $ | 101 |  |  | $ | 136 |  |  | $ | 108 |
Changes in fair value of plan assets: |  |  |  |  |  |  |
Fair value of plan assets at January 1 | $ | 90 |  |  | $ | — |  |  | $ | 78 |  |  | $ | — |
Actual return on plan assets | 8 |  |  | — |  |  | 9 |  |  | — |
Foreign currency exchange | (5) |  |  | — |  |  | 3 |  |  | — |
Company contributions | 4 |  |  | 12 |  |  | 4 |  |  | 12 |
Benefit payments | (4) |  |  | (12) |  |  | (4) |  |  | (12) |
Fair value of plan assets at December 31 | $ | 92 |  |  | $ | — |  |  | $ | 90 |  |  | $ | — |
Funded status at December 31 | $ | (33) |  |  | $ | (101) |  |  | $ | (46) |  |  | $ | (108) |
Schedule of Amounts in the Company's Consolidated Balance Sheets | Amounts in our consolidated balance sheets were as follows, in millions:
| At December 31,
| 2024 |  | 2023
| Qualified |  | Non-Qualified |  | Qualified |  | Non-Qualified
Other assets | $ | 1 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |
Accrued liabilities | — |  |  | (11) |  |  | — |  |  | (12) |
Other liabilities | (35) |  |  | (89) |  |  | (48) |  |  | (97) |
Total net liability | $ | (33) |  |  | $ | (101) |  |  | $ | (46) |  |  | $ | (108) |
Schedule of Unrealized Loss Included in Accumulated Other Comprehensive Income Before Income Taxes | Unrealized loss included in accumulated other comprehensive income before income taxes was as follows, in millions:
| At December 31,
| 2024 |  | 2023
| Qualified |  | Non-Qualified |  | Qualified |  | Non-Qualified
Net loss | $ | 17 |  |  | $ | 24 |  |  | $ | 25 |  |  | $ | 26 |
Net prior service cost | 1 |  |  | — |  |  | 2 |  |  | — |
Total | $ | 19 |  |  | $ | 24 |  |  | $ | 27 |  |  | $ | 26 |
Schedule of Information for Defined-Benefit Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets | Information for defined-benefit pension plans with an accumulated benefit obligation in excess of plan assets was as follows, in millions:
| At December 31,
| 2024 |  | 2023
| Qualified |  | Non-Qualified |  | Qualified |  | Non-Qualified
Projected benefit obligation | $ | 123 |  |  | $ | 101 |  |  | $ | 133 |  |  | $ | 108 |
Accumulated benefit obligation | 123 |  |  | 101 |  |  | 133 |  |  | 108 |
Fair value of plan assets | 88 |  |  | — |  |  | 85 |  |  | — |
Schedule of Net Periodic Pension Cost for the Company's Defined-Benefit Pension Plans | Net periodic pension cost for our defined-benefit pension plans was as follows, in millions:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| Qualified |  | Non-Qualified |  | Qualified |  | Non-Qualified |  | Qualified |  | Non-Qualified
Service cost | $ | 2 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |
Interest cost | 4 |  |  | 5 |  |  | 4 |  |  | 6 |  |  | 2 |  |  | 3 |
Expected return on plan assets | (5) |  |  | — |  |  | (4) |  |  | — |  |  | (3) |  |  | — |
Recognized net loss | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  | 3 |  |  | 3 |
Recognized prior service cost | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |
Net periodic pension cost | $ | 2 |  |  | $ | 6 |  |  | $ | 3 |  |  | $ | 7 |  |  | $ | 6 |  |  | $ | 6 |
Schedule of the Company's Qualified Defined-Benefit Pension Plan Weighted Average Asset Allocation | Our qualified defined-benefit pension plan weighted average asset allocation, which is based upon fair value, was as follows:
| At December 31,
| 2024 |  | 2023
Equity securities | 32 | % |  | 28 | %
Debt securities | 31 | % |  | 29 | %
Other | 38 | % |  | 43 | %
Total | 100 | % |  | 100 | %
Schedule of Qualified Defined-Benefit Pension Plan Assets at Fair Value | The following tables set forth, by level within the fair value hierarchy, the qualified defined-benefit pension plan assets at fair value as of December 31, 2024 and 2023, in millions.
| At December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  |  |  | Total
Plan Assets |  |  |  |  |  |  |  |  |
Common and preferred stocks: |  |  |  |  |  |  |  |  |
United States | $ | 18 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 18 |
International | 11 |  |  | — |  |  | — |  |  |  |  | 11 |
Corporate, government and other debt securities: |  |  |  |  |  |  |  |  |
United States | — |  |  | 6 |  |  | — |  |  |  |  | 6 |
International | — |  |  | 22 |  |  | — |  |  |  |  | 22 |
Real estate: |  |  |  |  |  |  |  |  |
International | — |  |  | — |  |  | 11 |  |  |  |  | 11 |
Buy-in annuity: |  |  |  |  |  |  |  |  |
International | — |  |  | 2 |  |  | — |  |  |  |  | 2 |
Short-term and other investments: |  |  |  |  |  |  |  |  |
International | 3 |  |  | 18 |  |  | — |  |  |  |  | 21 |
Total plan assets | $ | 33 |  |  | $ | 48 |  |  | $ | 11 |  |  |  |  | $ | 92 |
M. EMPLOYEE RETIREMENT PLANS (Continued)
| At December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  |  |  | Total
Plan Assets |  |  |  |  |  |  |  |  |
Common and preferred stocks: |  |  |  |  |  |  |  |  |
United States | $ | 17 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 17 |
International | 8 |  |  | — |  |  | — |  |  |  |  | 8 |
Corporate, government and other debt securities: |  |  |  |  |  |  |  |  |
United States | — |  |  | 5 |  |  | — |  |  |  |  | 5 |
International | — |  |  | 21 |  |  | — |  |  |  |  | 21 |
Real estate: |  |  |  |  |  |  |  |  |
United States | 3 |  |  | — |  |  | — |  |  |  |  | 3 |
International | 2 |  |  | — |  |  | 12 |  |  |  |  | 14 |
Buy-in annuity: |  |  |  |  |  |  |  |  |
International | — |  |  | 3 |  |  | — |  |  |  |  | 3 |
Short-term and other investments: |  |  |  |  |  |  |  |  |
International | 2 |  |  | 17 |  |  | — |  |  |  |  | 19 |
Total plan assets | $ | 32 |  |  | $ | 46 |  |  | $ | 12 |  |  |  |  | $ | 90 |
Schedule of Changes in the Fair Value of the Qualified Defined-Benefit Pension Plan Level 3 Assets | Changes in the fair value of the qualified defined-benefit pension plan Level 3 assets were as follows, in millions:
| Year Ended December 31,
| 2024 |  | 2023
Fair value, January 1 | $ | 12 |  |  | $ | 12 |
Currency translation | (1) |  |  | — |
Fair value, December 31 | $ | 11 |  |  | $ | 12 |
Schedule of Weighted-Average Major Assumptions Used in Accounting for the Company's Defined-Benefit Pension Plans | Weighted average major assumptions used in accounting for our defined-benefit pension plans were as follows:
| At December 31,
| 2024 |  | 2023 |  | 2022
Discount rate for obligations | 4.30 | % |  | 4.00 | % |  | 4.50 | %
Expected return on plan assets | 4.80 | % |  | 5.50 | % |  | 4.50 | %
Rate of compensation increase | — | % |  | — | % |  | — | %
Discount rate for net periodic pension cost | 4.00 | % |  | 4.50 | % |  | 1.80 | %
Schedule of Benefits Expected to Be Paid Relating to the Company's Defined-Benefit Pension Plans | At December 31, 2024, the benefits expected to be paid in each of the next five years, and in aggregate for the five years thereafter, relating to our defined-benefit pension plans, were as follows, in millions:
| Qualified Plans |  | Non-Qualified Plans
2025 | $ | 7 |  |  | $ | 11 |
2026 | 5 |  |  | 11 |
2027 | 5 |  |  | 11 |
2028 | 5 |  |  | 10 |
2029 | 5 |  |  | 10 |
2030 - 2034 | 31 |  |  | 42 |

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