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RETIREMENT AND DEFERRED COMPENSATION PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of Changes in Benefit Obligation, Fair Value of Plan Assets and Funded Status of Pension and Postretirement Benefit Plans | The following tables set forth the benefit obligation, fair value of plan assets and funded status as of December 31, 2023, 2022, and 2021, and the underlying weighted average actuarial assumptions used for the U.K. Pension Plan and U.S. postretirement benefit plan. The Company uses a measurement date of December 31 for its pension and postretirement benefit plans.
|  | 2023 |  | 2022 |  | 2021
|  | Pension Benefits |  | Postretirement Benefits |  | Pension Benefits |  | Postretirement Benefits |  | Pension Benefits |  | Postretirement Benefits
|  | (In millions)
Change in Projected Benefit Obligation |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 108 |  |  | $ | 15 |  |  | $ | 211 |  |  | $ | 20 |  |  | $ | 233 |  |  | $ | 20 |
Service cost |  | 1 |  |  | 1 |  |  | 2 |  |  | 1 |  |  | 3 |  |  | 1 |
Interest cost |  | 5 |  |  | 1 |  |  | 3 |  |  | — |  |  | 3 |  |  | — |
Foreign currency exchange rates |  | 6 |  |  | — |  |  | (21) |  |  | — |  |  | (2) |  |  | — |
Actuarial losses (gains) |  | 3 |  |  | — |  |  | (79) |  |  | (5) |  |  | (5) |  |  | 1 |
Plan settlements |  | — |  |  | — |  |  | — |  |  | — |  |  | (17) |  |  | — |
Benefits paid |  | (5) |  |  | (3) |  |  | (8) |  |  | (3) |  |  | (4) |  |  | (4) |
Retiree contributions |  | — |  |  | 1 |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Projected benefit obligation at end of year |  | 118 |  |  | 15 |  |  | 108 |  |  | 15 |  |  | 211 |  |  | 20 |
Change in Plan Assets |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | 137 |  |  | — |  |  | 254 |  |  | — |  |  | 262 |  |  | — |
Actual return (loss) on plan assets |  | 8 |  |  | — |  |  | (87) |  |  | — |  |  | 11 |  |  | — |
Foreign currency exchange rates |  | 8 |  |  | — |  |  | (26) |  |  | — |  |  | (3) |  |  | — |
Employer contributions |  | 2 |  |  | 1 |  |  | 4 |  |  | 2 |  |  | 5 |  |  | 2 |
Plan settlements |  | — |  |  | — |  |  | — |  |  | — |  |  | (17) |  |  | — |
Benefits paid |  | (5) |  |  | (3) |  |  | (8) |  |  | (4) |  |  | (4) |  |  | (4) |
Retiree contributions |  | — |  |  | 2 |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Fair value of plan assets at end of year |  | 150 |  |  | — |  |  | 137 |  |  | — |  |  | 254 |  |  | — |
Funded status at end of year |  | $ | 32 |  |  | $ | (15) |  |  | $ | 29 |  |  | $ | (15) |  |  | $ | 43 |  |  | $ | (20) |
Amounts recognized in Consolidated Balance Sheet |  |  |  |  |  |  |  |  |  |  |  |
Current liability |  | $ | — |  |  | $ | (2) |  |  | $ | — |  |  | $ | (2) |  |  | $ | — |  |  | $ | (2) |
Non-current asset (liability) |  | 32 |  |  | (13) |  |  | 29 |  |  | (13) |  |  | 43 |  |  | (18) |
|  | $ | 32 |  |  | $ | (15) |  |  | $ | 29 |  |  | $ | (15) |  |  | $ | 43 |  |  | $ | (20) |
Pre-tax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |
Accumulated gain (loss) |  | $ | (12) |  |  | $ | 16 |  |  | $ | (10) |  |  | $ | 18 |  |  | $ | 1 |  |  | $ | 14 |
Weighted Average Assumptions used as of December 31 |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 4.80 | % |  | 5.00 | % |  | 5.00 | % |  | 5.29 | % |  | 1.80 | % |  | 2.57 | %
Salary increases |  | 4.60 | % |  | N/A |  | 4.70 | % |  | N/A |  | 4.90 | % |  | N/A
Expected return on assets |  | 4.80 | % |  | N/A |  | 4.70 | % |  | N/A |  | 1.90 | % |  | N/A
Healthcare cost trend |  |  |  |  |  |  |  |  |  |  |  |
Initial |  | N/A |  | 6.25 | % |  | N/A |  | 6.50 | % |  | N/A |  | 6.25 | %
Ultimate in 2030 |  | N/A |  | 5.25 | % |  | N/A |  | 5.25 | % |  | N/A |  | 5.00 | %
Schedule of Allocations for Plan Asset Holding and Target Allocation for Company's Plan Asset | A breakout of allocations for the Company's plan asset holdings are summarized below:
|  | Percentage of Plan Assets at Year-End
|  | 2023 |  | 2022
Asset Category |  |  |  |
Global equities |  | — | % |  | 6 | %
Multi-asset credit |  | 59 | % |  | 40 | %
Nominal bonds |  | 6 | % |  | 24 | %
Inflation-linked bonds |  | 33 | % |  | 28 | %
Cash |  | 2 | % |  | 2 | %
Total |  | 100 | % |  | 100 | %
Schedule of Fair Values of Plan Assets for Each Major Asset Category Based on Nature and Significant Concentration of Risks in Plan Assets | The following tables present the fair values of plan assets for each major asset category based on the nature and significant concentration of risks in plan assets at December 31, 2023 and 2022:
|  | December 31,
|  | 2023 |  | 2022
|  | (In millions)
Asset Category |  |  |  |
Global equities |  | $ | — |  |  | $ | 9 |
Multi-asset credit |  | 88 |  |  | 55 |
Nominal bonds |  | 9 |  |  | 32 |
Inflation-linked bonds |  | 50 |  |  | 39 |
Cash |  | 3 |  |  | 2 |
Total |  | $ | 150 |  |  | $ | 137 |
Schedule of Components of Net Periodic Cost and Underlying Weighted Average Actuarial Assumptions Used for Pension and Postretirement Benefit Plans | The following tables set forth the components of the net periodic cost and the underlying weighted average actuarial assumptions used for the pension and postretirement benefit plans as of December 31, 2023, 2022, and 2021:
|  | 2023 |  | 2022 |  | 2021
|  | Pension Benefits |  | Postretirement Benefits |  | Pension Benefits |  | Postretirement Benefits |  | Pension Benefits |  | Postretirement Benefits
|  | (In millions)
Components of Net Periodic Benefit Cost |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 3 |  |  | $ | 1 |
Interest cost |  | 5 |  |  | 1 |  |  | 3 |  |  | — |  |  | 3 |  |  | — |
Expected return on assets |  | (7) |  |  | — |  |  | (4) |  |  | — |  |  | (4) |  |  | — |
Amortization of loss |  | — |  |  | (2) |  |  | — |  |  | (1) |  |  | — |  |  | (1) |
Settlement loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost |  | $ | (1) |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost for the Years Ended December 31 |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 5.00 | % |  | 5.29 | % |  | 1.80 | % |  | 2.57 | % |  | 1.40 | % |  | 2.06 | %
Salary increases |  | 4.70 | % |  | N/A |  | 4.90 | % |  | N/A |  | 4.50 | % |  | N/A
Expected return on assets |  | 4.70 | % |  | N/A |  | 1.90 | % |  | N/A |  | 1.50 | % |  | N/A
Healthcare cost trend |  |  |  |  |  |  |  |  |  |  |  |
Initial |  | N/A |  | 6.50 | % |  | N/A |  | 6.25 | % |  | N/A |  | 6.00 | %
Ultimate in 2030 |  | N/A |  | 5.25 | % |  | N/A |  | 5.00 | % |  | N/A |  | 5.00 | %
Schedule of Expected Future Benefit Payment | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
|  | Pension Benefits |  | Postretirement Benefits
|  | (In millions)
2024 |  | $ | 5 |  |  | $ | 2 |
2025 |  | 5 |  |  | 2 |
2026 |  | 5 |  |  | 1 |
2027 |  | 6 |  |  | 1 |
2028 |  | 6 |  |  | 1 |
Years 2029-2033 |  | 34 |  |  | 6 |

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