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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Components of Net Periodic Benefit Cost | Components of net pension expense for defined benefit pension plans were as follows:
(In millions) |  | 2024 |  | 2023 |  | 2022
Company-administered plans: |  |  |  |  |  |
Service cost |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |
Interest cost |  | 86 |  |  | 90 |  |  | 63 |
Expected return on plan assets |  | (76) |  |  | (77) |  |  | (74) |
Amortization of net actuarial loss and prior service cost |  | 31 |  |  | 27 |  |  | 21 |
Net pension expense |  | $ | 42 |  |  | $ | 41 |  |  | $ | 11 |
Company-administered plans: |  |  |  |  |  |
U.S. |  | $ | 29 |  |  | $ | 31 |  |  | $ | 13 |
Non-U.S. |  | 13 |  |  | 10 |  |  | (2) |
Net pension expense |  | $ | 42 |  |  | $ | 41 |  |  | $ | 11 |
Schedule of Weighted-Average Actuarial Assumptions | The following table sets forth the weighted-average actuarial assumptions used in determining our annual net pension expense:
|  | U.S. Plans |  | Non-U.S. Plans
|  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Discount rate |  | 5.15% |  | 5.50% |  | 2.95% |  | 4.25% |  | 5.05% |  | 2.14%
Expected long-term rate of return on plan assets |  | 5.40% |  | 5.40% |  | 3.60% |  | 3.97% |  | 3.80% |  | 2.79%
Gain and loss amortization period (years) |  | 20 |  | 20 |  | 21 |  | 24 |  | 24 |  | 25
The following table sets forth the weighted-average actuarial assumptions used in determining funded status:
|  | U.S. Plans December 31, |  | Non-U.S. Plans December 31,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Discount rate |  | 5.65% |  | 5.15% |  | 5.22% |  | 4.25%
Schedule of Benefit Obligations, Assets and Funded Status | The following table sets forth the benefit obligations, assets and funded status associated with our pension plans:
(In millions) |  | 2024 |  | 2023 |  |
Change in benefit obligations: |  |  |  |  |  |
Benefit obligations at January 1 |  | $ | 1,858 |  |  | $ | 1,705 |  |
Service cost |  | 1 |  |  | 1 |  |
Interest cost |  | 86 |  |  | 90 |  |
Actuarial loss (gain) |  | (127) |  |  | 155 |  |
Pension curtailment and settlement |  | — |  |  | — |  |
Benefits paid |  | (180) |  |  | (111) |  |
Foreign currency exchange rate changes |  | (10) |  |  | 18 |  |
Benefit obligations at December 31 |  | 1,628 |  |  | 1,858 |  |
Change in plan assets: |  |  |  |  |  |
Fair value of plan assets at January 1 |  | 1,642 |  |  | 1,600 |  |
Actual return on plan assets |  | (28) |  |  | 114 |  |
Employer contribution |  | 56 |  |  | 21 |  |
Benefits paid |  | (180) |  |  | (111) |  |
Foreign currency exchange rate changes |  | (9) |  |  | 18 |  |
Fair value of plan assets at December 31 |  | 1,481 |  |  | 1,642 |  |
Funded status |  | $ | (147) |  |  | $ | (216) |  |
Funded percent |  | 91% |  | 88% |  |
Schedule of Amounts Recognized in the Consolidated Balance Sheets | The funded status of our pension plans was presented in the Consolidated Balance Sheets as follows:
|  | December 31,
(In millions) |  | 2024 |  | 2023
Noncurrent asset |  | $ | 2 |  |  | $ | 7 |
Current liability |  | (4) |  |  | (4) |
Noncurrent liability |  | (145) |  |  | (219) |
Net amount recognized |  | $ | (147) |  |  | $ | (216) |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss | Amounts recognized in Accumulated other comprehensive loss (pre-tax) consisted of:
|  | December 31,
(In millions) |  | 2024 |  | 2023
Prior service cost |  | $ | 26 |  |  | $ | 26 |
Net actuarial loss |  | 777 |  |  | 830 |
Net amount recognized |  | $ | 803 |  |  | $ | 856 |
Schedule of Pension Obligations Greater than Fair Value of Related Plan Assets | As of December 31, 2024 and 2023, our total accumulated benefit obligations, as well as our pension plan obligations (projected benefit obligations (PBO) and accumulated benefit obligations (ABO)) in excess of the fair value of the related plan assets, for our U.S. and foreign plans were as follows:
|  | U.S. Plans December 31, |  | Non-U.S. Plans December 31, |  | Total December 31,
(In millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Total accumulated benefit obligations |  | $ | 1,284 |  |  | $ | 1,444 |  |  | $ | 341 |  |  | $ | 411 |  |  | $ | 1,625 |  |  | $ | 1,855 |
Plans with pension obligations in excess of plan assets: |  |  |  |  |  |  |  |  |  |  |  |
PBO |  | 1,284 |  |  | 1,444 |  |  | 285 |  |  | 352 |  |  | 1,569 |  |  | 1,796 |
ABO |  | 1,284 |  |  | 1,444 |  |  | 283 |  |  | 349 |  |  | 1,567 |  |  | 1,793 |
Fair value of plan assets |  | 1,154 |  |  | 1,241 |  |  | — |  |  | — |  |  | 1,154 |  |  | 1,241 |
Schedule of Fair Value of Each Major Category of Pension Plan Assets and the Level of Inputs used to Measure Fair Value | The following table presents the fair value of each major category of pension plan assets and the level of inputs used to measure fair value:
(In millions) |  | December 31, 2024
Asset Category |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Commingled funds: |  |  |  |  |  |  |  |
Equity funds |  | $ | 166 |  |  | $ | — |  |  | $ | 166 |  |  | $ | — |
Fixed income funds |  | 57 |  |  | — |  |  | 57 |  |  | — |
Fixed income securities |  | 879 |  |  | — |  |  | 879 |  |  | — |
Alternative investments: |  |  |  |  |  |  |  |
Private equity fund |  | 34 |  |  | — |  |  | — |  |  | 34 |
Hedge fund |  | 58 |  |  | — |  |  | — |  |  | 58 |
Bulk annuity contract |  | 263 |  |  | — |  |  | — |  |  | 263 |
Cash and cash equivalents |  | 24 |  |  | — |  |  | 24 |  |  | — |
Total |  | $ | 1,481 |  |  | $ | — |  |  | $ | 1,126 |  |  | $ | 355 |
(In millions) |  | December 31, 2023
Asset Category |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Commingled funds: |  |  |  |  |  |  |  |
Equity funds |  | $ | 155 |  |  | $ | — |  |  | $ | 155 |  |  | $ | — |
Fixed income funds |  | 70 |  |  | — |  |  | 65 |  |  | 5 |
Fixed income securities |  | 969 |  |  | — |  |  | 969 |  |  | — |
Alternative investments: |  |  |  |  |  |  |  |
Private equity fund |  | 38 |  |  | — |  |  | — |  |  | 38 |
Hedge fund |  | 67 |  |  | — |  |  | — |  |  | 67 |
Bulk annuity contract |  | 327 |  |  | — |  |  | — |  |  | 327 |
Cash and cash equivalents |  | 16 |  |  | — |  |  | 16 |  |  | — |
Total |  | $ | 1,642 |  |  | $ | — |  |  | $ | 1,205 |  |  | $ | 437 |
Schedule of Changes in Fair Value of the Pension Plans Level 3 Assets | The following table presents a summary of changes in the fair value of the pension plans’ Level 3 assets:
(In millions) |  | 2024 |  | 2023
Beginning balance at January 1 |  | $ | 437 |  |  | $ | 115 |
Return on plan assets: |  |  |  |
Relating to assets still held at the reporting date |  | (47) |  |  | (3) |
Purchases, sales, settlements and expenses |  | (35) |  |  | 325 |
Ending balance at December 31 |  | $ | 355 |  |  | $ | 437 |
Schedule of Pension Benefits Expected to be Paid | The following table details pension benefits expected to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter:
|  | (In millions)
2025 |  | $ | 139 |
2026 |  | 137 |
2027 |  | 134 |
2028 |  | 129 |
2029 |  | 127 |
2030-2034 |  | 598 |

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