v3.25.4

RETIREMENT BENEFIT PLANS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
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) | 2025 |  | 2024 |  | 2023
Defined contribution expense | $ | 44 |  |  | $ | 46 |  |  | $ | 45 |
Defined benefit pension expense | 26 |  |  | 26 |  |  | 26 |
Total | $ | 70 |  |  | $ | 72 |  |  | $ | 71 |
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, |
| 2025 |  | 2024 |  | Year Ended December 31,
(in millions) | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  | 2025 |  | 2024
Change in projected benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation, January 1 | $ | 121 |  |  | $ | 451 |  |  | $ | 131 |  |  | $ | 478 |  |  | $ | 29 |  |  | $ | 33 |
Service cost | — |  |  | 15 |  |  | — |  |  | 13 |  |  | — |  |  | — |
Interest cost | 6 |  |  | 19 |  |  | 6 |  |  | 19 |  |  | 1 |  |  | 1 |
Plan amendments | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |
Settlement and curtailment | — |  |  | (11) |  |  | — |  |  | (6) |  |  | (1) |  |  | — |
Actuarial loss (gain) | 14 |  |  | (38) |  |  | (3) |  |  | — |  |  | 2 |  |  | (1) |
Currency translation | — |  |  | 52 |  |  | — |  |  | (32) |  |  | — |  |  | — |
Benefits paid | (12) |  |  | (21) |  |  | (13) |  |  | (20) |  |  | (4) |  |  | (4) |
Projected benefit obligation, December 31 1 | $ | 129 |  |  | $ | 467 |  |  | $ | 121 |  |  | $ | 451 |  |  | $ | 27 |  |  | $ | 29 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets, January 1 | $ | 126 |  |  | $ | 380 |  |  | $ | 123 |  |  | $ | 392 |  |  |  |  |
Actual return on plan assets | 10 |  |  | 13 |  |  | — |  |  | 14 |  |  |  |  |
Employer contribution | 1 |  |  | 22 |  |  | 16 |  |  | 23 |  |  |  |  |
Plan participants’ contribution | — |  |  | — |  |  | — |  |  | 1 |  |  |  |  |
Settlements | — |  |  | (4) |  |  | — |  |  | (9) |  |  |  |  |
Currency translation | — |  |  | 43 |  |  | — |  |  | (21) |  |  |  |  |
Other | — |  |  | (1) |  |  | — |  |  | — |  |  |  |  |
Benefits paid | (12) |  |  | (21) |  |  | (13) |  |  | (20) |  |  |  |  |
Fair value of plan assets, December 31 | $ | 125 |  |  | $ | 432 |  |  | $ | 126 |  |  | $ | 380 |  |  |  |  |
Funded status | $ | (4) |  |  | $ | (35) |  |  | $ | 5 |  |  | $ | (71) |  |  | $ | (27) |  |  | $ | (29) |
Amounts in the Consolidated Balance Sheets consist of: |  |  |  |  |  |  |  |  |  |  |
Non-current assets | $ | — |  |  | $ | 76 |  |  | $ | 8 |  |  | $ | 44 |  |  | $ | — |  |  | $ | — |
Current liabilities | (3) |  |  | (7) |  |  | (1) |  |  | (5) |  |  | (4) |  |  | (4) |
Non-current liabilities | (1) |  |  | (104) |  |  | (2) |  |  | (110) |  |  | (23) |  |  | (25) |
Net amount | $ | (4) |  |  | $ | (35) |  |  | $ | 5 |  |  | $ | (71) |  |  | $ | (27) |  |  | $ | (29) |
Amounts in accumulated other comprehensive loss consist of: |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss | $ | 86 |  |  | $ | 72 |  |  | $ | 78 |  |  | $ | 103 |  |  | $ | (2) |  |  | $ | (4) |
Net prior service cost (credit) | — |  |  | 1 |  |  | (1) |  |  | 1 |  |  | (6) |  |  | (7) |
Net amount | $ | 86 |  |  | $ | 73 |  |  | $ | 77 |  |  | $ | 104 |  |  | $ | (8) |  |  | $ | (11) |
Total accumulated benefit obligation for all plans | $ | 129 |  |  | $ | 432 |  |  | $ | 121 |  |  | $ | 423 |  |  |  |  |
_____________________________ 1 The increase in the projected benefit obligation was primarily due to the impact of foreign currency exchange and net periodic pension cost, offset by actuarial gains and benefits paid during the period. The main driver of the actuarial gains was an increase in the weighted average discount rate for the 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) | 2025 |  | 2024
Accumulated benefit obligation | $ | (284) |  |  | $ | (180) |
Plan assets | 196 |  |  | 85 |
Deficiency | $ | (88) |  |  | $ | (95) |
Pension deficiency by country: |  |  |
United States | $ | (4) |  |  | $ | (2) |
Germany | (17) |  |  | (32) |
Other | (67) |  |  | (61) |
Total pension deficiency | $ | (88) |  |  | $ | (95) |
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) | 2025 |  | 2024
Projected benefit obligation | $ | (322) |  |  | $ | (214) |
Plan assets | 210 |  |  | 97 |
Deficiency | $ | (112) |  |  | $ | (117) |
Pension deficiency by country: |  |  |
United States | $ | (4) |  |  | $ | (2) |
United Kingdom | — |  |  | — |
Germany | (17) |  |  | (32) |
Other | (91) |  |  | (83) |
Total pension deficiency | $ | (112) |  |  | $ | (117) |
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
| 2025 |  | 2024 |
U.S. Plans: |  |  |  |  |
Alternative credit, real estate, cash and other | 35 | % |  | 26 | % |  | 30% - 40%
Fixed income securities | 61 | % |  | 61 | % |  | 57% - 67%
Equity securities | 4 | % |  | 13 | % |  | —% - 9%
| 100 | % |  | 100 | % |  |
Non-U.S. Plans: |  |  |  |  |
Insurance contract, real estate, cash and other | 46 | % |  | 44 | % |  | 41% - 51%
Fixed income securities | 33 | % |  | 37 | % |  | 29% - 39%
Equity securities | 21 | % |  | 19 | % |  | 16% - 26%
| 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, |
| 2025 |  | 2024 |  | 2023 |  | Year Ended December 31,
(in millions) | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  | 2025 |  | 2024 |  | 2023
Service cost | $ | — |  |  | $ | 15 |  |  | $ | — |  |  | $ | 13 |  |  | $ | — |  |  | $ | 11 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 6 |  |  | 19 |  |  | 6 |  |  | 19 |  |  | 7 |  |  | 42 |  |  | 1 |  |  | 1 |  |  | 2 |
Expected return on plan assets | (6) |  |  | (16) |  |  | (6) |  |  | (15) |  |  | (6) |  |  | (37) |  |  | — |  |  | — |  |  | — |
Settlements, curtailments and other | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |
Amortization of unrecognized prior service credit | (1) |  |  | — |  |  | (1) |  |  | — |  |  | (1) |  |  | — |  |  | (1) |  |  | (1) |  |  | (2) |
Amortization of unrecognized loss | 4 |  |  | 5 |  |  | 4 |  |  | 5 |  |  | 3 |  |  | 3 |  |  | — |  |  | — |  |  | — |
Net periodic cost | $ | 3 |  |  | $ | 23 |  |  | $ | 3 |  |  | $ | 23 |  |  | $ | 3 |  |  | $ | 23 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
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) | 2025 |  | 2024
U.S. pension plans: |  |  |
Discount rate | 4.14 |  |  | 5.54 |
Rate of compensation increase | N/A |  | N/A
U.S. other postemployment benefit plans: |  |  |
Discount rate | 4.87 |  |  | 5.39 |
Rate of compensation increase | N/A |  | N/A
Non-U.S. pension plans: |  |  |
Discount rate 1 | 4.64 |  |  | 4.26 |
Rate of compensation increase | 3.26 |  |  | 3.43 |
________________ 1 Includes 5.46% and 5.57% for the U.K. pension plans for December 31, 2025 and 2024, 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) | 2025 |  | 2024 |  | 2023
U.S. pension plans: |  |  |  |  |
Discount rate | 5.54 |  |  | 5.14 |  |  | 5.47 |
Effective interest rate on benefit obligation | 5.24 |  |  | 5.08 |  |  | 5.34 |
Expected long-term rate of return on assets | 4.75 |  |  | 5.00 |  |  | 5.00 |
Average rate of increase in compensation | N/A |  | N/A |  | N/A
U.S. other postemployment plans: |  |  |  |  |
Discount rate | 5.39 |  |  | 5.10 |  |  | 5.41 |
Effective interest rate on benefit obligation | 5.11 |  |  | 5.06 |  |  | 5.29 |
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 | 4.26 |  |  | 4.23 |  |  | 4.85 |
Effective interest rate on benefit obligation | 4.13 |  |  | 4.24 |  |  | 4.88 |
Expected long-term rate of return on assets 2 | 4.33 |  |  | 4.10 |  |  | 4.90 |
Average rate of increase in compensation | 3.43 |  |  | 3.32 |  |  | 3.58 |
________________ 1 Includes 5.57%, 4.61% and 4.94% for the U.K. pension plans for December 31, 2025, 2024 and 2023, respectively. 2 Includes 4.75%, 4.00% and 5.30% for the U.K. pension plans for December 31, 2025, 2024 and 2023, 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. |
2026 |  | $ | 127 |  |  | $ | 29 |  |  | $ | 4 |
2027 |  | 1 |  |  | 29 |  |  | 4 |
2028 |  | — |  |  | 29 |  |  | 3 |
2029 |  | — |  |  | 30 |  |  | 3 |
2030 |  | — |  |  | 31 |  |  | 3 |
2031-2035 |  | — |  |  | 167 |  |  | 9 |

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefit obligations including accumulated benefit obligation and projected benefit obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (e) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAccumulatedAndProjectedBenefitObligationsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefit obligation and plan assets of defined benefit plan with accumulated benefit obligation in excess of plan assets. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480482/715-20-55-17 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-3 + Details
Name: | us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (j) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefit obligation and plan assets for defined benefit pension plan with projected benefit obligation in excess of plan assets. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480482/715-20-55-17 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-3 + Details
Name: | us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the costs related to the various types of retirement plans including defined benefit pension plan cost, defined contribution plan cost, other postretirement benefit plan cost, and net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfCostsOfRetirementPlansTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (q) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration