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PENSION (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Information for Pension Plans with Projected Benefit Obligations in Excess of Plan Assets |
| December 31,
| 2023 |  | 2022
Projected benefit obligation ("PBO") funded status |  |  |
Fair value of plan assets | $ | 1,650 |  |  | 1,617 |
Benefit obligations | (1,588) |  |  | (1,262) |
Funded status of plans | $ | 62 |  |  | $ | 355 |
| December 31,
| 2023 |  | 2022
Change in benefit obligation |  |  |
Beginning balance | $ | 1,262 |  |  | $ | — |
Acquisition | — |  |  | 2,041 |
Service cost | 4 |  |  | 7 |
Interest cost | 62 |  |  | 32 |
Plan participants' contributions | 1 |  |  | 1 |
Actuarial loss (gain) | 284 |  |  | (531) |
Benefits paid | (89) |  |  | (92) |
Settlements | (4) |  |  | (13) |
Currency impact | 68 |  |  | (183) |
Ending balance | $ | 1,588 |  |  | $ | 1,262 |
Change in plan assets |  |  |
Beginning balance | $ | 1,617 |  |  | $ | — |
Acquisition | — |  |  | 2,615 |
Employer contributions | 4 |  |  | 34 |
Plan participants' contributions | 1 |  |  | 1 |
Benefits paid | (89) |  |  | (92) |
Actual return on assets | 40 |  |  | (687) |
Settlements | (4) |  |  | (13) |
Currency impact | 81 |  |  | (241) |
Ending balance | $ | 1,650 |  |  | $ | 1,617 |
Information for pension plans with projected benefit obligations in excess of plan assets:
| December 31,
| 2023 |  | 2022
PBO | $ | 69 |  |  | $ | 60 |
Accumulated benefit obligation | 58 |  |  | 49 |
Fair value of plan assets | 20 |  |  | 23 |
Summary of Supplemental Consolidated Balance Sheets Information Related to Pension | Supplemental consolidated balance sheets information related to pension is as follows:
| December 31,
| 2023 |  | 2022
Pension and post-retirement assets | $ | 111 |  |  | $ | 392 |
Other accrued liabilities | (1) |  |  | (1) |
Other noncurrent liabilities | (48) |  |  | (36) |
Net amount recognized | $ | 62 |  |  | $ | 355 |
Information for Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | Information for pension plans with accumulated benefit obligations in excess of plan assets:
| December 31,
| 2023 |  | 2022
PBO | $ | 64 |  |  | $ | 54 |
Accumulated benefit obligation | 53 |  |  | 44 |
Fair value of plan assets | 15 |  |  | 18 |
Components of Net Periodic Pension Benefit | The components of the net periodic pension benefit for the defined benefit pension plans are as follows:
| December 31,
| 2023 |  | 2022
Service cost | $ | 4 |  |  | $ | 7 |
Interest cost | 62 |  |  | 32 |
Expected return on plan assets | (79) |  |  | (74) |
Amortization of net loss | 4 |  |  | — |
Cost of Settlement | 1 |  |  | — |
Net periodic pension benefit | $ | (8) |  |  | $ | (35) |
Major Assumptions Used to Determine Benefit Obligation | Major assumptions used in determining the benefit obligation and net periodic benefit cost for pension plans are presented in the following table as weighted averages:
| Year Ended December 31,
| 2023 |  | 2022
| Benefit Obligation |  | Net Periodic Benefit Cost |  | Benefit Obligation |  | Net Periodic Benefit Cost
Discount rates: |  |  |  |  |  |  |
PBO | 4.0 | % |  | 4.9 | % |  | 4.9 | % |  | 1.9 | %
Interest cost | — | % |  | 5.0 | % |  | — | % |  | 1.7 | %
Service cost | — | % |  | 4.6 | % |  | — | % |  | 2.2 | %
Salary scale | 3.1 | % |  | 3.0 | % |  | 3.0 | % |  | 2.9 | %
Expected return on plan assets | — | % |  | 4.9 | % |  | — | % |  | 3.1 | %
Summary of Allocation of Pension Plan Assets | The allocation of the pension plan assets are presented in the following table as weighted averages:
| Year Ended December 31,
| 2023 |  | 2022
| Target Asset Allocation Percentage |  | Percentage of Plan Assets |  | Target Asset Allocation Percentage |  | Percentage of Plan Assets
Equity securities | 3.8 | % |  | 3.7 | % |  | 3.8 | % |  | 3.8 | %
Debt securities | 4.4 | % |  | 4.5 | % |  | 82.2 | % |  | 76.1 | %
Real estate | 0.6 | % |  | 0.6 | % |  | 0.6 | % |  | 0.8 | %
Other 1 | 91.2 | % |  | 91.2 | % |  | 13.4 | % |  | 19.3 | %
Total | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | %
(1)Other includes insurance contracts.
Summary of Fair Value of Pension Plan Assets by Asset Category | The fair values of the pension plan assets by asset category are as follows:
Asset Category | Quoted Prices in Active Markets for Identical Assets Level 1 |  | Significant Observable Inputs Level 2 |  | Significant Unobservable Inputs Level 3 |  | Not Subject to Leveling 1 |  | Total
Equities: |  |  |  |  |  |  |  |  |
Global equity funds | $ | — |  |  | $ | 79 |  |  | $ | — |  |  | $ | — |  |  | $ | 79 |
Insurance contracts | — |  |  | — |  |  | 1,383 |  |  | — |  |  | 1,383 |
Fixed income securities: |  |  |  |  |  |  |  |  |
Governments | — |  |  | 93 |  |  | — |  |  | — |  |  | 93 |
Corporate bonds | — |  |  | 4 |  |  | — |  |  | — |  |  | 4 |
Global fixed income at net asset value | — |  |  | 63 |  |  | — |  |  | — |  |  | 63 |
Real Estate | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
Other 2 | — |  |  | — |  |  | — |  |  | 8 |  |  | 8 |
Cash & cash equivalents 3 | 19 |  |  | — |  |  | — |  |  | — |  |  | 19 |
Subtotal | $ | 19 |  |  | $ | 240 |  |  | $ | 1,383 |  |  | $ | 8 |  |  | $ | 1,650 |
Other assets & liabilities 4 |  |  |  |  |  |  |  |  | — |
Total at December 31, 2023 |  |  |  |  |  |  |  |  | $ | 1,650 |
Asset Category | Quoted Prices in Active Markets for Identical Assets Level 1 |  | Significant Observable Inputs Level 2 |  | Significant Unobservable Inputs Level 3 |  | Not Subject to Leveling 1 |  | Total
Equities: |  |  |  |  |  |  |  |  |
Global equity funds | $ | — |  |  | $ | 326 |  |  | $ | — |  |  | $ | 12 |  |  | $ | 338 |
Fixed income securities: |  |  |  |  |  |  |  |  |
Governments | — |  |  | 762 |  |  | — |  |  | — |  |  | 762 |
Corporate bonds | — |  |  | 415 |  |  | — |  |  | — |  |  | 415 |
Global fixed income at net asset value | — |  |  | 50 |  |  | — |  |  | — |  |  | 50 |
Real estate 5 | — |  |  | 11 |  |  | — |  |  | — |  |  | 11 |
Other 2 | — |  |  | 1 |  |  | — |  |  | 4 |  |  | 5 |
Cash & cash equivalents 3 | 16 |  |  | 20 |  |  | — |  |  | — |  |  | 36 |
Subtotal | $ | 16 |  |  | $ | 1,585 |  |  | $ | — |  |  | $ | 16 |  |  | $ | 1,617 |
Other assets & liabilities 4 |  |  |  |  |  |  |  |  | — |
Total at December 31, 2022 |  |  |  |  |  |  |  |  | $ | 1,617 |
(1)In accordance with ASU 2015-07, Fair Value Measurement (Topic 820), certain investments that are measured at fair value using 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 this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension assets. (2)Represents various contracts and global risk balanced commingled funds consisting mainly of equity, bonds, and some commodities. (3)Represents short-term commercial paper, bonds, and other cash or cash-like investments. (4)Represents trust receivables and payables that are not leveled. (5)Represents investments in real estate, including commingled funds and directly held properties.
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | The table below presents a reconciliation of the fair value of the Company’s pension assets that use significant unobservable inputs (Level 3):
| Year Ended December 31,
| 2023
Balance at the beginning of the year | $ | — |
Purchase of insurance contracts | 1,422 |
Return on assets | (27) |
Payments from insurance policy | (12) |
Balance at the end of the year | $ | 1,383 |

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