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Retirement Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Schedule of Expected Benefits Payments |
PENSION BENEFITS EXPECTED PAYMENTS (dollars in millions) |  | U.S. |  |  | Non-U.S. |
2025 |  | $ | 17 |  |  | $ | 15 |
2026 |  |  | 19 |  |  |  | 12 |
2027 |  |  | 17 |  |  |  | 14 |
2028 |  |  | 19 |  |  |  | 14 |
2029 |  |  | 18 |  |  |  | 14 |
Years 2030-2034 |  |  | 84 |  |  |  | 85 |
Pension Plans, Defined Benefit |
Schedule of Changes in Benefit Obligations and Plan Assets | CHANGES IN BENEFIT OBLIGATIONS AND PLAN ASSETS FOR THE YEARS ENDED DECEMBER 31
|  | U.S. |  |  | Non-U.S. |
(Dollars in millions) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Benefit obligation at beginning of year |  | $ | 226 |  |  | $ | 227 |  |  | $ | 208 |  |  | $ | 192 |
Service cost |  |  | — |  |  |  | — |  |  |  | 10 |  |  |  | 9 |
Interest cost |  |  | 11 |  |  |  | 12 |  |  |  | 12 |  |  |  | 10 |
Actuarial (gain) loss due to: |  |  |  |  |  |  |  |  |  |  |  |
Change in discount rate |  |  | (7 | ) |  |  | 5 |  |  |  | (1 | ) |  |  | (22 | )
Experience |  |  | (1 | ) |  |  | 2 |  |  |  | 6 |  |  |  | (1 | )
Other assumption changes |  |  | (8 | ) |  |  | 2 |  |  |  | 3 |  |  |  | 24 |
Benefits paid |  |  | (4 | ) |  |  | (4 | ) |  |  | (7 | ) |  |  | (10 | )
Plan settlements/curtailments |  |  | (12 | ) |  |  | (17 | ) |  |  | (9 | ) |  |  | (2 | )
Plan amendments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |
Other |  |  | — |  |  |  | — |  |  |  | 0 |  |  |  | 0 |
Translation difference |  |  | — |  |  |  | — |  |  |  | (17 | ) |  |  | 7 |
Benefit obligation at end of year |  | $ | 205 |  |  | $ | 226 |  |  | $ | 205 |  |  | $ | 208 |
Fair value of plan assets at beginning of year |  | $ | 204 |  |  | $ | 201 |  |  | $ | 70 |  |  | $ | 63 |
Actual return on plan assets |  |  | 3 |  |  |  | 24 |  |  |  | (4 | ) |  |  | 3 |
Company contributions |  |  | 2 |  |  |  | 0 |  |  |  | 27 |  |  |  | 11 |
Benefits paid |  |  | (4 | ) |  |  | (4 | ) |  |  | (7 | ) |  |  | (10 | )
Plan settlements |  |  | (12 | ) |  |  | (17 | ) |  |  | (20 | ) |  |  | (0 | )
Translation difference |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | 3 |
Fair value of plan assets at end of year |  | $ | 194 |  |  | $ | 204 |  |  | $ | 64 |  |  | $ | 70 |
Pension liability recognized in the balance sheet |  | $ | 11 |  |  | $ | 21 |  |  | $ | 142 |  |  | $ | 138 |
Schedule of Components of Net Periodic Benefit Cost | COMPONENTS OF NET PERIODIC BENEFIT COST ASSOCIATED WITH THE DEFINED BENEFIT RETIREMENT PLANS FOR THE YEARS ENDED DECEMBER 31
|  | U.S. |
(Dollars in millions) |  | 2024 |  |  | 2023 |  |  | 2022 |
Service cost |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 11 |  |  |  | 12 |  |  |  | 12 |
Expected return on plan assets |  |  | (12 | ) |  |  | (10 | ) |  |  | (14 | )
Amortization of actuarial loss |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Settlement loss |  |  | 1 |  |  |  | 1 |  |  |  | 6 |
Net periodic benefit cost |  | $ | (0 | ) |  | $ | 3 |  |  | $ | 4 |
|  | Non-U.S. |
(Dollars in millions) |  | 2024 |  |  | 2023 |  |  | 2022 |
Service cost |  | $ | 10 |  |  | $ | 9 |  |  | $ | 9 |
Interest cost |  |  | 12 |  |  |  | 10 |  |  |  | 6 |
Expected return on plan assets |  |  | (3 | ) |  |  | (3 | ) |  |  | (2 | )
Amortization of prior service costs |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Amortization of actuarial loss |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Settlement/curtailment (gain) loss |  |  | 14 |  |  |  | 0 |  |  |  | (8 | )
Net periodic benefit cost |  | $ | 34 |  |  | $ | 18 |  |  | $ | 7 |
Schedule of Components of Accumulated Other Comprehensive Income Before Tax | COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS BEFORE TAX AS OF DECEMBER 31
|  | U.S. |  |  | Non-U.S. |
(Dollars in millions) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net actuarial loss |  | $ | 7 |  |  | $ | 15 |  |  | $ | 29 |  |  | $ | 19 |
Prior service cost |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | 4 |
Total accumulated other comprehensive loss recognized in the balance sheet |  | $ | 7 |  |  | $ | 15 |  |  | $ | 33 |  |  | $ | 24 |
Schedule of Changes in Accumulated Other Comprehensive Income Before Tax | CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS BEFORE TAX FOR THE YEARS ENDED DECEMBER 31
|  | U.S. |  |  | Non-U.S. |
(Dollars in millions) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Total retirement benefit recognized in accumulated other comprehensive loss at beginning of year |  | $ | 15 |  |  | $ | 22 |  |  | $ | 24 |  |  | $ | 22 |
Net actuarial loss (gain) |  |  | (7 | ) |  |  | (6 | ) |  |  | 16 |  |  |  | 2 |
Amortization or curtailment recognition of prior service credit (cost) |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | (1 | )
Amortization or settlement recognition of net gain (loss) |  |  | (1 | ) |  |  | (1 | ) |  |  | (4 | ) |  |  | (1 | )
Translation difference |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | 2 |
Total retirement benefit recognized in accumulated other comprehensive loss at end of year |  | $ | 7 |  |  | $ | 15 |  |  | $ | 33 |  |  | $ | 24 |
Schedule of Accumulated Benefit Obligations Exceeding Fair Value of Plan Assets | PENSION PLANS FOR WHICH ABO EXCEEDS THE FAIR VALUE OF PLAN ASSETS AS OF DECEMBER 31
|  | U.S. |  |  | Non-U.S. |
(Dollars in millions) |  | 2024 |  | 2023 |  |  | 2024 |  | 2023 |
Projected Benefit Obligation (PBO) |  | $ | 205 |  | $ | 226 |  |  | $ | 148 |  | $ | 145 |
Accumulated Benefit Obligation (ABO) |  |  | 205 |  |  | 226 |  |  |  | 110 |  |  | 116 |
Fair value of plan assets |  |  | 194 |  |  | 204 |  |  |  | 2 |  |  | 2 |
Schedule of Assumptions Used | ASSUMPTIONS USED TO DETERMINE THE BENEFIT OBLIGATIONS AS OF DECEMBER 31
|  | U.S. |  |  | Non-U.S. 1)
(% Weighted average / % Weighted average range) |  | 2024 |  |  | 2023 |  |  | 2024 |  | 2023
Discount rate |  |  | 5.60 |  |  |  | 5.13 |  |  | 1.25-11.00 |  | 1.00-10.25
Rate of increases in compensation level |  | n/a |  |  | n/a |  |  | 2.25-5.00 |  | 2.25-5.00
1) The % weighted average ranges in the tables above represent significant non-U.S. plans only. ASSUMPTIONS USED TO DETERMINE THE NET PERIODIC BENEFIT COST FOR THE YEARS ENDED DECEMBER 31
|  | U.S. |
(% Weighted average) |  | 2024 |  |  | 2023 |  |  | 2022 |
Discount rate |  |  | 5.13 |  |  |  | 5.41 |  |  |  | 2.77 |
Rate of increases in compensation level |  | n/a |  |  | n/a |  |  | n/a |
Expected long-term rate of return on assets |  |  | 6.21 |  |  |  | 5.05 |  |  |  | 5.05 |
|  | Non-U.S. 1)
(% Weighted average range) |  | 2024 |  | 2023 |  | 2022
Discount rate |  | 1.00-10.25 |  | 0.75-9.75 |  | 0.25-8.00
Rate of increases in compensation level |  | 2.25-5.00 |  | 2.10-5.00 |  | 1.80-5.00
Expected long-term rate of return on assets |  | 4.00-4.95 |  | 4.20-4.80 |  | 1.70-2.20
1) The % weighted average ranges in the tables above represent significant non-U.S. plans only.
Schedule of Fair Value of Total Plan Assets | FAIR VALUE OF TOTAL PLAN ASSETS FOR THE YEARS ENDED DECEMBER 31
|  | U.S. |  |  | U.S. |  |  | Non-U.S. |
ASSETS CATEGORY (% Weighted average) |  | Target allocation |  |  | 2024 |  | 2023 |  |  | 2024 |  | 2023 |
Equity securities % |  |  | 32 |  |  |  | 30 |  |  | 31 |  |  |  | 0 |  |  | 0 |
Debt instruments % |  |  | 68 |  |  |  | 69 |  |  | 68 |  |  |  | 63 |  |  | 64 |
Other assets % |  |  | — |  |  |  | 1 |  |  | 1 |  |  |  | 37 |  |  | 36 |
Total % |  |  | 100 |  |  |  | 100 |  |  | 100 |  |  |  | 100 |  |  | 100 |
Schedule of Fair Value of Company's Plan Assets | The following table summarizes the fair value of the Company’s U.S. and non-U.S. defined benefit pension plan assets:
|  | Fair value measurement at December 31, |
(Dollars in millions) |  | 2024 |  |  | 2023 |
Assets |  |  |  |  |  |
Non-U.S. Bonds |  |  |  |  |  |
Government |  | $ | 21 |  |  | $ | 24 |
Corporate |  |  | 20 |  |  |  | 21 |
Insurance Contracts |  |  | 15 |  |  |  | 17 |
Other Investments |  |  | 6 |  |  |  | 10 |
Assets at fair value Level 2 |  |  | 62 |  |  |  | 71 |
Investments measured at net asset value (NAV): |  |  |  |  |  |
Common collective trusts |  |  | 195 |  |  |  | 203 |
Total |  |  | 258 |  |  | $ | 274 |

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