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RETIREMENT BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of Expense for Defined Contribution and Defined Benefit Pension Plans and Other Post Employment Defined Benefit Plans | The following table summarizes the expenses for the Company’s defined contribution and defined benefit pension plans and the other postemployment benefit plans:
| Year Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Defined contribution expense | $ | 45 |  |  | $ | 59 |  |  | $ | 58 |
Defined benefit pension (income) expense | 26 |  |  | (10) |  |  | (19) |
Other postemployment benefit income | — |  |  | (1) |  |  | (1) |
Total | $ | 71 |  |  | $ | 48 |  |  | $ | 38 |
Schedule of Reconciliation of Plans' Benefit Obligations, Plan Assets, Funded Status and Recognition | The following provides a roll forward of the plans’ benefit obligations, plan assets, funded status and recognition in the Consolidated Balance Sheets:
| Pension benefits |  | Other postemployment benefits
| Year Ended December 31, |
| 2023 |  | 2022 |  | Year Ended December 31,
(in millions) | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  | 2023 |  | 2022
Change in projected benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation, January 1 | $ | 136 |  |  | $ | 1,322 |  |  | $ | 183 |  |  | $ | 2,227 |  |  | $ | 37 |  |  | $ | 54 |
Service cost | — |  |  | 11 |  |  | — |  |  | 20 |  |  | — |  |  | — |
Interest cost | 7 |  |  | 42 |  |  | 4 |  |  | 37 |  |  | 2 |  |  | 1 |
Plan amendments | — |  |  | — |  |  | — |  |  | (11) |  |  | — |  |  | — |
Settlement and curtailment | — |  |  | 3 |  |  | (6) |  |  | (3) |  |  | — |  |  | — |
Actuarial loss (gain) | 2 |  |  | 25 |  |  | (33) |  |  | (685) |  |  | — |  |  | (13) |
Currency translation | — |  |  | 57 |  |  | — |  |  | (200) |  |  | — |  |  | — |
Acquisition | — |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | — |
PHINIA spin-off | — |  |  | (938) |  |  | — |  |  | — |  |  | (1) |  |  | — |
Benefits paid | (14) |  |  | (44) |  |  | (12) |  |  | (71) |  |  | (5) |  |  | (5) |
Projected benefit obligation, December 31 1 | $ | 131 |  |  | $ | 478 |  |  | $ | 136 |  |  | $ | 1,322 |  |  | $ | 33 |  |  | $ | 37 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets, January 1 | $ | 129 |  |  | $ | 1,156 |  |  | $ | 177 |  |  | $ | 2,049 |  |  |  |  |
Actual return on plan assets | 7 |  |  | 50 |  |  | (33) |  |  | (655) |  |  |  |  |
Employer contribution | 1 |  |  | 20 |  |  | 2 |  |  | 20 |  |  |  |  |
Plan participants’ contribution | — |  |  | 1 |  |  | — |  |  | — |  |  |  |  |
Settlements | — |  |  | (3) |  |  | (5) |  |  | (4) |  |  |  |  |
Currency translation | — |  |  | 53 |  |  | — |  |  | (189) |  |  |  |  |
Acquisition | — |  |  | — |  |  | — |  |  | 6 |  |  |  |  |
PHINIA spin-off | — |  |  | (841) |  |  | — |  |  | — |  |  |  |  |
Benefits paid | (14) |  |  | (44) |  |  | (12) |  |  | (71) |  |  |  |  |
Fair value of plan assets, December 31 | $ | 123 |  |  | $ | 392 |  |  | $ | 129 |  |  | $ | 1,156 |  |  |  |  |
Funded status | $ | (8) |  |  | $ | (86) |  |  | $ | (7) |  |  | $ | (166) |  |  | $ | (33) |  |  | $ | (37) |
Amounts in the Consolidated Balance Sheets consist of: |  |  |  |  |  |  |  |  |  |  |
Non-current assets | $ | — |  |  | $ | 30 |  |  | $ | — |  |  | $ | 26 |  |  | $ | — |  |  | $ | — |
Current liabilities | (1) |  |  | (5) |  |  | (1) |  |  | (6) |  |  | (5) |  |  | (6) |
Non-current liabilities | (7) |  |  | (111) |  |  | (6) |  |  | (186) |  |  | (28) |  |  | (31) |
Net amount | $ | (8) |  |  | $ | (86) |  |  | $ | (7) |  |  | $ | (166) |  |  | $ | (33) |  |  | $ | (37) |
Amounts in accumulated other comprehensive loss consist of: |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss | $ | 77 |  |  | $ | 112 |  |  | $ | 80 |  |  | $ | 104 |  |  | $ | (3) |  |  | $ | (3) |
Net prior service (credit) cost | (2) |  |  | 1 |  |  | (3) |  |  | (9) |  |  | (8) |  |  | (11) |
Net amount | $ | 75 |  |  | $ | 113 |  |  | $ | 77 |  |  | $ | 95 |  |  | $ | (11) |  |  | $ | (14) |
Total accumulated benefit obligation for all plans | $ | 131 |  |  | $ | 450 |  |  | $ | 136 |  |  | $ | 1,279 |  |  |  |  |
_____________________________ 1 The decrease in the projected benefit obligation was primarily due to discontinued operations and actuarial losses during the period. The main driver of these losses was the decrease of 0.70% in the weighted average discount rate for Non-U.S. plans.
Schedule of Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets | The funded status of pension plans with accumulated benefit obligations in excess of plan assets is as follows:
| December 31,
(in millions) | 2023 |  | 2022
Accumulated benefit obligation | $ | (338) |  |  | $ | (1,185) |
Plan assets | 235 |  |  | 1,022 |
Deficiency | $ | (103) |  |  | $ | (163) |
Pension deficiency by country: |  |  |
United States | $ | (8) |  |  | $ | (6) |
United Kingdom | — |  |  | (38) |
Germany | (39) |  |  | (34) |
Other | (56) |  |  | (85) |
Total pension deficiency | $ | (103) |  |  | $ | (163) |
Schedule of Funded Status of Pension Plans With Accumulated Benefit Obligations in Excess of Plan Assets | The funded status of pension plans with projected benefit obligations in excess of plan assets is as follows:
| December 31,
(in millions) | 2023 |  | 2022
Projected benefit obligation | $ | (360) |  |  | $ | (1,223) |
Plan assets | 237 |  |  | 1,026 |
Deficiency | $ | (123) |  |  | $ | (197) |
Pension deficiency by country: |  |  |
United States | $ | (8) |  |  | $ | (6) |
United Kingdom | — |  |  | (38) |
Germany | (40) |  |  | (35) |
Other | (75) |  |  | (118) |
Total pension deficiency | $ | (123) |  |  | $ | (197) |
Schedule of Weighted Average Asset Allocations of Funded Pensions Plans and Target Allocations | The weighted average asset allocations of the Company’s funded pension plans and target allocations by asset category are as follows:
| December 31, |  | Target Allocation
| 2023 |  | 2022 |
U.S. Plans: |  |  |  |  |
Alternative credit, real estate, cash and other | 15 | % |  | 18 | % |  | 10% - 20%
Fixed income securities | 71 | % |  | 69 | % |  | 66% - 76%
Equity securities | 14 | % |  | 13 | % |  | 10% - 20%
| 100 | % |  | 100 | % |  |
Non-U.S. Plans: |  |  |  |  |
Insurance contract, real estate, cash and other | 36 | % |  | 42 | % |  | 32% - 42%
Fixed income securities | 54 | % |  | 46 | % |  | 49% - 59%
Equity securities | 10 | % |  | 12 | % |  | 4% - 14%
| 100 | % |  | 100 | % |  |
Schedule of Components of Net Periodic Benefit Cost | See the table below for a breakout of net periodic benefit cost between U.S. and non-U.S. pension plans:
| Pension benefits |  | Other postemployment benefits
| Year Ended December 31, |
| 2023 |  | 2022 |  | 2021 |  | Year Ended December 31,
(in millions) | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  | 2023 |  | 2022 |  | 2021
Service cost | $ | — |  |  | $ | 11 |  |  | $ | — |  |  | $ | 20 |  |  | $ | — |  |  | $ | 25 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 7 |  |  | 42 |  |  | 4 |  |  | 37 |  |  | 3 |  |  | 30 |  |  | 2 |  |  | 1 |  |  | 1 |
Expected return on plan assets | (6) |  |  | (37) |  |  | (8) |  |  | (75) |  |  | (10) |  |  | (83) |  |  | — |  |  | — |  |  | — |
Settlements, curtailments and other | — |  |  | 4 |  |  | 3 |  |  | — |  |  | 2 |  |  | (2) |  |  | — |  |  | — |  |  | — |
Amortization of unrecognized prior service (credit) cost | (1) |  |  | — |  |  | (1) |  |  | — |  |  | (1) |  |  | — |  |  | (2) |  |  | (2) |  |  | (3) |
Amortization of unrecognized loss | 3 |  |  | 3 |  |  | 3 |  |  | 7 |  |  | 4 |  |  | 13 |  |  | — |  |  | — |  |  | 1 |
Net periodic cost (income) | $ | 3 |  |  | $ | 23 |  |  | $ | 1 |  |  | $ | (11) |  |  | $ | (2) |  |  | $ | (17) |  |  | $ | — |  |  | $ | (1) |  |  | $ | (1) |
Schedule of Defined Benefit Plan Weighted Average Assumptions Used in Calculating Benefit Obligations | The Company’s weighted average assumptions used to determine the benefit obligations for its defined benefit pension and other postemployment benefit plans were as follows:
| December 31,
(percent) | 2023 |  | 2022
U.S. pension plans: |  |  |
Discount rate | 5.14 |  |  | 5.46 |
Rate of compensation increase | N/A |  | N/A
U.S. other postemployment benefit plans: |  |  |
Discount rate | 5.10 |  |  | 5.41 |
Rate of compensation increase | N/A |  | N/A
Non-U.S. pension plans: |  |  |
Discount rate 1 | 4.23 |  |  | 4.94 |
Rate of compensation increase | 3.32 |  |  | 3.76 |
________________ 1 Includes 4.61% and 4.94% for the U.K. pension plans for December 31, 2023 and 2022, respectively. The Company’s weighted average assumptions used to determine the net periodic benefit cost/(income) for its defined benefit pension and other postemployment benefit plans were as follows:
| Year Ended December 31,
(percent) | 2023 |  | 2022 |  | 2021
U.S. pension plans: |  |  |  |  |
Discount rate | 5.47 |  |  | 2.73 |  |  | 2.31 |
Effective interest rate on benefit obligation | 5.34 |  |  | 2.18 |  |  | 1.62 |
Expected long-term rate of return on assets | 5.00 |  |  | 4.75 |  |  | 5.75 |
Average rate of increase in compensation | N/A |  | N/A |  | N/A
U.S. other postemployment plans: |  |  |  |  |
Discount rate | 5.41 |  |  | 2.46 |  |  | 1.93 |
Effective interest rate on benefit obligation | 5.29 |  |  | 1.84 |  |  | 1.21 |
Expected long-term rate of return on assets | N/A |  | N/A |  | N/A
Average rate of increase in compensation | N/A |  | N/A |  | N/A
Non-U.S. pension plans: |  |  |  |  |
Discount rate 1 | 4.85 |  |  | 1.97 |  |  | 1.44 |
Effective interest rate on benefit obligation | 4.88 |  |  | 1.83 |  |  | 1.24 |
Expected long-term rate of return on assets 2 | 4.90 |  |  | 4.10 |  |  | 4.10 |
Average rate of increase in compensation | 3.58 |  |  | 3.21 |  |  | 3.23 |
________________ 1 Includes 4.94%, 1.91% and 1.39% for the U.K. pension plans for December 31, 2023, 2022 and 2021, respectively. 2 Includes 5.30%, 4.12% and 4.00% for the U.K. pension plans for December 31, 2023, 2022 and 2021, respectively.
Schedule of Defined Benefit Plan Estimated Future Benefit Payments | The estimated future benefit payments for the pension and other postemployment benefits are as follows:
|  | Pension benefits |  | Other postemployment benefits
(in millions) |  |  |  |  |
Year |  | U.S. |  | Non-U.S. |
2024 |  | $ | 15 |  |  | $ | 24 |  |  | $ | 5 |
2025 |  | 13 |  |  | 28 |  |  | 5 |
2026 |  | 12 |  |  | 27 |  |  | 4 |
2027 |  | 12 |  |  | 27 |  |  | 4 |
2028 |  | 11 |  |  | 29 |  |  | 3 |
2029-2033 |  | 48 |  |  | 164 |  |  | 12 |

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