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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

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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