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EMPLOYEE RETIREMENT PLANS (Tables)
12 Months Ended
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,
 202420232022
Defined-contribution plans$60 $68 $39 
Defined-benefit pension plans12 
$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,
 20242023
 QualifiedNon-QualifiedQualifiedNon-Qualified
Changes in projected benefit obligation:    
Projected benefit obligation at January 1$136 $108 $115 $112 
Service cost— — 
Interest cost
Actuarial (gain) loss, net(4)(1)15 
Foreign currency exchange(8)— — 
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— — 
Foreign currency exchange(5)— — 
Company contributions12 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,
 20242023
 QualifiedNon-QualifiedQualifiedNon-Qualified
Other assets$$— $$— 
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,
 20242023
 QualifiedNon-QualifiedQualifiedNon-Qualified
Net loss$17 $24 $25 $26 
Net prior service cost— — 
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,
20242023
QualifiedNon-QualifiedQualifiedNon-Qualified
Projected benefit obligation$123 $101 $133 $108 
Accumulated benefit obligation123 101 133 108 
Fair value of plan assets88 — 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,
 202420232022
 QualifiedNon-QualifiedQualifiedNon-QualifiedQualifiedNon-Qualified
Service cost$$— $$— $$— 
Interest cost
Expected return on plan assets(5)— (4)— (3)— 
Recognized net loss— 
Recognized prior service cost— — — — — 
Net periodic pension cost$$$$$$
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,
 20242023
Equity securities32 %28 %
Debt securities31 %29 %
Other38 %43 %
Total100 %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 1Level 2Level 3Total
Plan Assets
Common and preferred stocks:
United States$18 $— $— $18 
International11 — — 11 
Corporate, government and other debt securities:
United States— — 
International— 22 — 22 
Real estate:
International— — 11 11 
Buy-in annuity:
International— — 
Short-term and other investments:
International18 — 21 
Total plan assets
$33 $48 $11 $92 
M. EMPLOYEE RETIREMENT PLANS (Continued)
 At December 31, 2023
 Level 1Level 2Level 3Total
Plan Assets
Common and preferred stocks:
United States$17 $— $— $17 
International— — 
Corporate, government and other debt securities:
United States— — 
International— 21 — 21 
Real estate:
United States— — 
International— 12 14 
Buy-in annuity:
International— — 
Short-term and other investments:
International17 — 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,
 20242023
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,
202420232022
Discount rate for obligations4.30 %4.00 %4.50 %
Expected return on plan assets4.80 %5.50 %4.50 %
Rate of compensation increase— %— %— %
Discount rate for net periodic pension cost4.00 %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$$11 
202611 
202711 
202810 
202910 
2030 - 203431 42