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RETIREMENT BENEFIT PLANS | 6 Months Ended
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Jun. 30, 2025
Retirement Benefits [Abstract] |
RETIREMENT BENEFIT PLANS | RETIREMENT BENEFIT PLANS The Company has defined benefit pension plans and other postemployment benefit plans covering eligible salaried and hourly employees and their dependents. The Company expects to contribute a total of approximately $20 million into its defined benefit pension plans during 2025, of which $12 million has been contributed through the six months ended June 30, 2025. The other postemployment benefit plans, which provide medical and life insurance benefits, are funded on a pay-as-you-go basis. The components of net periodic benefit expense recorded in the Condensed Consolidated Statements of Operations are as follows:
|  | Pension benefits |  | Other postemployment benefits
(in millions) |  | 2025 |  | 2024 |
Three Months Ended June 30, |  | US |  | Non-US |  | US |  | Non-US |  | 2025 |  | 2024
Service cost |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |
Interest cost |  | 2 |  |  | 4 |  |  | 2 |  |  | 5 |  |  | 1 |  |  | 1 |
Expected return on plan assets |  | (2) |  |  | (4) |  |  | (2) |  |  | (4) |  |  | — |  |  | — |
Amortization of unrecognized prior service credit |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | (1) |
Amortization of unrecognized loss |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |
Net periodic benefit cost |  | $ | 1 |  |  | $ | 6 |  |  | $ | 1 |  |  | $ | 6 |  |  | $ | — |  |  | $ | — |
|  | Pension benefits |  | Other postemployment benefits
(in millions) |  | 2025 |  | 2024 |
Six Months Ended June 30, |  | US |  | Non-US |  | US |  | Non-US |  | 2025 |  | 2024
Service cost |  | $ | — |  |  | $ | 8 |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |  |  | $ | — |
Interest cost |  | 3 |  |  | 9 |  |  | 3 |  |  | 10 |  |  | 1 |  |  | 1 |
Expected return on plan assets |  | (3) |  |  | (8) |  |  | (3) |  |  | (8) |  |  | — |  |  | — |
Amortization of unrecognized prior service credit |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | (1) |
Amortization of unrecognized loss |  | 2 |  |  | 2 |  |  | 2 |  |  | 2 |  |  | — |  |  | — |
Net periodic benefit expense (income) |  | $ | 2 |  |  | $ | 11 |  |  | $ | 2 |  |  | $ | 11 |  |  | $ | — |  |  | $ | — |
The components of net periodic benefit expense other than the service cost component are included in Other postretirement expense in the Condensed Consolidated Statements of Operations. In December 2024, the Company entered into a second buy-in contract with an insurance company related to its U.K. pension plan (the first buy-in contract was entered into in 2019). Pursuant to this agreement, the Company liquidated approximately $50 million of pension plan assets to invest in an insurance annuity. At December 31, 2024, the U.K. pension plan had plan assets of $118 million, of which 83% were held by the insurance company and invested in insurance annuities. The remaining plan assets of 17% were held in cash and transferred to the insurance company in 2025. The projected benefit obligation of the U.K. pension plan at December 31, 2024 was $98 million under U.S. GAAP. The U.K. pension plan was overfunded by $20 million and $18 million as of December 31, 2024, and 2023, respectively, under U.S. GAAP.

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