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PENSION (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Information for Pension Plans with Projected Benefit Obligations in Excess of Plan Assets
December 31,
20232022
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,
20232022
Change in benefit obligation
Beginning balance$1,262 $— 
Acquisition — 2,041 
Service cost4 7 
Interest cost62 32 
Plan participants' contributions1 1 
Actuarial loss (gain)284 (531)
Benefits paid(89)(92)
Settlements(4)(13)
Currency impact68 (183)
Ending balance$1,588 $1,262 
Change in plan assets
Beginning balance$1,617 $— 
Acquisition— 2,615 
Employer contributions4 34 
Plan participants' contributions1 1 
Benefits paid(89)(92)
Actual return on assets40 (687)
Settlements(4)(13)
Currency impact81 (241)
Ending balance$1,650 $1,617 
Information for pension plans with projected benefit obligations in excess of plan assets:
December 31,
20232022
PBO$69 $60 
Accumulated benefit obligation58 49 
Fair value of plan assets20 23 
Summary of Supplemental Consolidated Balance Sheets Information Related to Pension
Supplemental consolidated balance sheets information related to pension is as follows:
December 31,
20232022
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,
20232022
PBO$64 $54 
Accumulated benefit obligation53 44 
Fair value of plan assets15 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,
20232022
Service cost$4 $7 
Interest cost62 32 
Expected return on plan assets(79)(74)
Amortization of net loss 4 — 
Cost of Settlement 1 — 
Net periodic pension benefit$(8)$(35)
Major Assumptions Used to Determine Benefit Obligation
Major assumptions used in determining the benefit obligation and net periodic benefit cost for pension plans are presented in the following table as weighted averages:
Year Ended December 31,
20232022
Benefit Obligation Net Periodic
Benefit Cost 		Benefit ObligationNet Periodic
Benefit Cost
Discount rates:
PBO4.0 %4.9 %4.9 %1.9 %
Interest cost— %5.0 %— %1.7 %
Service cost— %4.6 %— %2.2 %
Salary scale3.1 %3.0 %3.0 %2.9 %
Expected return on plan assets— %4.9 %— %3.1 %
Summary of Allocation of Pension Plan Assets
The allocation of the pension plan assets are presented in the following table as weighted averages:
Year Ended December 31,
20232022
Target Asset Allocation Percentage Percentage of Plan Assets Target Asset Allocation PercentagePercentage of Plan Assets
Equity securities3.8 %3.7 %3.8 %3.8 %
Debt securities4.4 %4.5 %82.2 %76.1 %
Real estate0.6 %0.6 %0.6 %0.8 %
Other 1
91.2 %91.2 %13.4 %19.3 %
Total100.0 %100.0 %100.0 %100.0 %
(1)Other includes insurance contracts.
Summary of Fair Value of Pension Plan Assets by Asset Category
The fair values of the pension plan assets by asset category are as follows:
Asset CategoryQuoted Prices in
Active Markets for
Identical Assets
Level 1		Significant
Observable
Inputs
Level 2		Significant
Unobservable
Inputs
Level 3
Not
Subject to
Leveling 1
Total
Equities:
Global equity funds$— $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$1,650 
Asset CategoryQuoted Prices in
Active Markets for
Identical Assets
Level 1		Significant
Observable
Inputs
Level 2		Significant
Unobservable
Inputs
Level 3
Not
Subject to
Leveling 1
Total
Equities:
Global equity funds$— $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