XML 43 R21.htm IDEA: XBRL DOCUMENT
v3.25.0.1

RETIREMENT PLANS AND OTHER BENEFITS | 12 Months Ended
--- | ---
Dec. 31, 2024
Retirement Benefits [Abstract] |
RETIREMENT PLANS AND OTHER BENEFITS | RETIREMENT PLANS AND OTHER BENEFITS U.S. Pension Plan The Company maintains a nonqualified Supplemental Executive Retirement Plan (“U.S. SERP”). The U.S. SERP provides retirement benefits to certain former U.S. employees of the Company. Generally, the U.S. SERP provides a benefit based on average total compensation earned over a participant’s final five years of employment and years of service reduced by benefits earned under any Company retirement program, excluding salary deferrals and matching contributions. In addition, benefits are reduced by Social Security Primary Insurance Amounts attributable to Company contributions. The U.S. SERP is unfunded and participation in the U.S. SERP has been frozen. There is also a defined contribution plan for certain senior executives of the Company. Non-U.S. Plans The Company maintains defined benefit plans in France, Germany, India, Switzerland and the U.K. for some of its subsidiaries. Participation in the U.K. plan has been frozen. The U.K. plan is a funded plan and the Company funds this plan in accordance with funding regulations in the U.K. and a negotiated agreement between the Company and the plan’s trustee. The Switzerland plan is a funded plan and the Company funds this plan in accordance with funding regulations. Participation in the German plans is frozen; however, eligible participants are credited with post-freeze service for purposes of determining vesting and the amount of benefits. The plans in France, Germany, and India are unfunded plans. In Italy and Mexico, there are mandatory termination indemnity plans providing a benefit that is payable upon termination of employment in substantially all cases of termination. The Company records this obligation based on mandated requirements. The measure of current obligation is not dependent on the employees’ future service and therefore is measured at current value. Other Post-employment Benefits The Company has several non-pension post-retirement benefit programs. The Company provides post-employment health and life insurance benefits to certain former salaried and hourly employees. The health care programs are contributory, with participants’ contributions adjusted annually, and the life insurance plan is noncontributory. Savings Plans The Company sponsors various tax deferred savings plans into which eligible employees may elect to contribute a portion of their compensation. The Company may, but is not obligated to, contribute to certain of these plans. Charges recognized for these savings plans were $23 million, $22 million and $20 million for the years ended December 31, 2024, 2023 and 2022, respectively. For the years ended December 31, 2024, 2023 and 2022, Company matching contributions to tax deferred savings plans were invested at the direction of plan participants. Information regarding the Company’s plans, including U.S. SERP, was as follows (in millions, except percent values):
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits |  | Other Benefits
| 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Accumulated benefit obligation at end of year | $ | 30 |  |  | $ | 32 |  |  | $ | 90 |  |  | $ | 104 |  |  |  |  |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 32 |  |  | $ | 33 |  |  | $ | 106 |  |  | $ | 96 |  |  | $ | 1 |  |  | $ | 1 |
Service cost | — |  |  | — |  |  | 2 |  |  | 1 |  |  | — |  |  | — |
Interest cost | 2 |  |  | 2 |  |  | 4 |  |  | 5 |  |  | — |  |  | — |
Settlements | — |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  | — |
Actuarial loss (gain)(1) | (1) |  |  | — |  |  | (9) |  |  | 4 |  |  | — |  |  | — |
Benefits paid | (3) |  |  | (3) |  |  | (7) |  |  | (6) |  |  | — |  |  | — |
Foreign exchange effect | — |  |  | — |  |  | (2) |  |  | 6 |  |  | — |  |  | — |
Benefit obligation at end of year | 30 |  |  | 32 |  |  | 92 |  |  | 106 |  |  | 1 |  |  | 1 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | — |  |  | — |  |  | 91 |  |  | 81 |  |  | — |  |  | — |
Actual return on plan assets | — |  |  | — |  |  | (7) |  |  | 3 |  |  | — |  |  | — |
Settlements | — |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  | — |
Employer contribution | 3 |  |  | 3 |  |  | 8 |  |  | 7 |  |  | — |  |  | — |
Benefits paid | (3) |  |  | (3) |  |  | (6) |  |  | (5) |  |  | — |  |  | — |
Foreign exchange effect | — |  |  | — |  |  | (2) |  |  | 5 |  |  | — |  |  | — |
Fair value of plan assets at end of year | — |  |  | — |  |  | 82 |  |  | 91 |  |  | — |  |  | — |
Funded status | $ | (30) |  |  | $ | (32) |  |  | $ | (10) |  |  | $ | (15) |  |  | $ | (1) |  |  | $ | (1) |
Amounts recognized in the statement of financial position are included in: |  |  |  |  |  |  |  |  |  |  |
Other assets | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other current liabilities | 2 |  |  | 2 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |
Other non-current liabilities | 28 |  |  | 30 |  |  | 11 |  |  | 14 |  |  | 1 |  |  | 1 |
Total liabilities | $ | 30 |  |  | $ | 32 |  |  | $ | 12 |  |  | $ | 15 |  |  | $ | 1 |  |  | $ | 1 |
Amounts recognized in accumulated other comprehensive loss consist of: |  |  |  |  |  |  |  |  |  |  |
Actuarial net (gain) loss | $ | (5) |  |  | $ | (4) |  |  | $ | 53 |  |  | $ | 55 |  |  | $ | (1) |  |  | $ | (1) |
Prior service cost | — |  |  | — |  |  | 3 |  |  | 3 |  |  | — |  |  | — |
Total amounts recognized in accumulated other comprehensive loss | $ | (5) |  |  | $ | (4) |  |  | $ | 56 |  |  | $ | 58 |  |  | $ | (1) |  |  | $ | (1) |
(1) Actuarial gain related to U.S. and non-U.S. pension benefits for the years ended December 31, 2024 was due primarily to higher discount rates when compared to the rate used in the prior year.
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits |  | Other Benefits
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Weighted-average assumptions as of December 31: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate(1) | 5.73 | % |  | 5.34 | % |  | 5.43 | % |  | 5.20 | % |  | 4.35 | % |  | 4.68 | % |  | 5.66 | % |  | 5.38 | % |  | 5.33 | %
Expected return on plan assets | N/A |  | N/A |  | N/A |  | 4.68 | % |  | 3.93 | % |  | 3.94 | % |  | N/A |  | N/A |  | N/A
Rate of compensation increase(1) | N/A |  | N/A |  | N/A |  | 0.37 | % |  | 0.31 | % |  | 0.26 | % |  | N/A |  | N/A |  | N/A
(1) The weighted average assumptions as of December 31 are used to calculate the funded status at the end of the current year and the net periodic cost for the subsequent year.
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits |  | Other Benefits
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Components of net periodic cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 2 |  |  | 2 |  |  | 1 |  |  | 4 |  |  | 5 |  |  | 3 |  |  | — |  |  | — |  |  | — |
Expected return on plan assets | — |  |  | — |  |  | — |  |  | (4) |  |  | (3) |  |  | (5) |  |  | — |  |  | — |  |  | — |
Amortization of actuarial loss | — |  |  | — |  |  | — |  |  | 3 |  |  | 2 |  |  | 1 |  |  | — |  |  | — |  |  | — |
Other | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic cost | $ | 2 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 4 |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Components of Net periodic cost other than the Service cost component are included in Other income (expense) - net in the Consolidated Statement of Income (Loss). The Service cost component is included in the same line item or items as other compensation costs arising from services rendered by pertinent employees during the period.
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits |  | Other Benefits
| 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss): |  |  |  |  |  |  |  |  |  |  |
Net (gain) loss | $ | (1) |  |  | $ | — |  |  | $ | 1 |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |
Amortization of actuarial gain (loss) | — |  |  | — |  |  | (2) |  |  | (2) |  |  | — |  |  | — |
Foreign exchange effect | — |  |  | — |  |  | (1) |  |  | 3 |  |  | — |  |  | — |
Total recognized in other comprehensive income (loss) | $ | (1) |  |  | $ | — |  |  | $ | (2) |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |
For the Company’s plans, including the U.S. SERP, that have accumulated benefit obligations in excess of plan assets, the projected benefit obligation, accumulated benefit obligation and fair value of plan assets were (in millions):
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits
| 2024 |  | 2023 |  | 2024 |  | 2023
Projected benefit obligation | $ | 30 |  |  | $ | 32 |  |  | $ | 92 |  |  | $ | 106 |
Accumulated benefit obligation | $ | 30 |  |  | $ | 32 |  |  | $ | 90 |  |  | $ | 104 |
Fair value of plan assets | $ | — |  |  | $ | — |  |  | $ | 82 |  |  | $ | 91 |
Determination of plan obligations and associated expenses requires the use of actuarial valuations based on certain economic assumptions, which includes discount rates and expected rates of return on plan assets. The discount rate enables the Company to estimate the present value of expected future cash flows on the measurement date. The rate used reflects a rate of return on high-quality fixed income investments that matches the duration of expected benefit payments at the December 31 measurement date. The methodology used to determine the rate of return on non-U.S. pension plan assets was based on average rate of earnings on funds invested and to be invested. Based on historical returns and future expectations, the Company believes the investment return assumptions are reasonable. The expected rate of return of plan assets represents an estimate of long-term returns on the investment portfolio. This assumption is reviewed by the trustees and varies with each of the plans. The overall investment strategy for non-U.S. defined benefit plans is to achieve a mix of investments to support long-term growth and minimize volatility while maximizing rates of return by diversification of asset types, fund strategies and fund managers. Fixed income investments include investments in European government securities and European corporate bonds and constitute approximately 97% and 90% of the portfolio at December 31, 2024 and 2023, respectively. Equity investments, multi-asset investment funds and real estate investments that invest in a diversified range of property principally in the retail, office and industrial/warehouse sectors constitute approximately 3% and 10% of the portfolio at December 31, 2024 and 2023, respectively. Investments of the plans primarily include investments in companies from diversified industries with 100% invested internationally. The target investment allocations to support the Company’s investment strategy for 2025 are approximately 89% to 90% fixed income securities and approximately 10% to 11% equity securities, multi-asset investment funds and real estate investments. Fair value of cash in the table below is based on price quotations in an active market and therefore categorized under Level 1 of the ASC 820 hierarchy. Fair value of investment funds is priced on the market value of underlying investments in the portfolio and therefore categorized as Level 2 of the ASC 820 hierarchy. Fair value of group annuity insurance contracts is based on techniques that require inputs that are both significant to the fair value measurement and unobservable and therefore categorized as Level 3 of the ASC 820 hierarchy. Specifically, group annuity insurance contracts are valued at original buy in price adjusted for changes in discount rates and other actuarial assumptions. See Note A – “Basis of Presentation,” for an explanation of the ASC 820 hierarchy. The fair value of the Company’s plan assets at December 31, 2024 are as follows (in millions):
|  |  | Non-U.S. Pension Plans
|  |  |  |  |  |  |  |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Cash, including money market funds |  |  |  |  |  |  |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |
Non-U.S. corporate bond funds |  |  |  |  |  |  |  |  | 2 |  |  | — |  |  | 2 |  |  | — |
Non-U.S. governmental fixed income funds |  |  |  |  |  |  |  |  | 38 |  |  | — |  |  | 38 |  |  | — |
Group annuity insurance contracts |  |  |  |  |  |  |  |  | 18 |  |  | — |  |  | — |  |  | 18 |
Real estate |  |  |  |  |  |  |  |  | 3 |  |  | — |  |  | 3 |  |  | — |
Other securities |  |  |  |  |  |  |  |  | 19 |  |  | — |  |  | 19 |  |  | — |
Total investments measured at fair value |  |  |  |  |  |  |  |  | $ | 82 |  |  | $ | 2 |  |  | $ | 62 |  |  | $ | 18 |
The fair value of the Company’s plan assets at December 31, 2023 are as follows (in millions):
|  |  | Non-U.S. Pension Plans
|  |  |  |  |  |  |  |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Cash, including money market funds |  |  |  |  |  |  |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
U.S. equities |  |  |  |  |  |  |  |  | 4 |  |  | — |  |  | 4 |  |  | — |
Non-U.S. equities |  |  |  |  |  |  |  |  | 2 |  |  | — |  |  | 2 |  |  | — |
Non-U.S. corporate bond funds |  |  |  |  |  |  |  |  | 2 |  |  | — |  |  | 2 |  |  | — |
Non-U.S. governmental fixed income funds |  |  |  |  |  |  |  |  | 36 |  |  | — |  |  | 36 |  |  | — |
Group annuity insurance contracts |  |  |  |  |  |  |  |  | 21 |  |  | — |  |  | — |  |  | 21 |
Real estate |  |  |  |  |  |  |  |  | 3 |  |  | — |  |  | 3 |  |  | — |
Other securities |  |  |  |  |  |  |  |  | 22 |  |  | — |  |  | 22 |  |  | — |
Total investments measured at fair value |  |  |  |  |  |  |  |  | $ | 91 |  |  | $ | 1 |  |  | $ | 69 |  |  | $ | 21 |
Changes in fair value measurements of Level 3 investments during the years ended December 31, 2024 and 2023 are as follows (in millions):
|  | December 31, 2024 |  | December 31, 2023
Balance at beginning of year |  | $ | 21 |  |  | $ | 21 |
Actuarial gain (loss) |  | (1) |  |  | — |
Interest Income |  | 1 |  |  | 1 |
Transfers into (out of) Level 3 |  | (2) |  |  | (2) |
Foreign exchange effect |  | (1) |  |  | 1 |
Balance at end of year |  | $ | 18 |  |  | $ | 21 |
The Company plans to contribute approximately $3 million to its U.S. defined benefit pension plan and post-retirement plans and approximately $1 million to its non-U.S. defined benefit pension plans in 2025. During the year ended December 31, 2024, the Company contributed $3 million to its U.S. defined benefit pension plan and post-retirement plans and $8 million to its non-U.S. defined benefit pension plans. The Company’s estimated future benefit payments under its plans are as follows (in millions):
Year Ending December 31, |  | U.S. Pension Benefits |  | Non-U.S. Pension Benefits |  | Other Benefits
2025 |  | $ | 3 |  |  | $ | 6 |  |  | $ | — |
2026 |  | 3 |  |  | 6 |  |  | — |
2027 |  | 2 |  |  | 6 |  |  | — |
2028 |  | 2 |  |  | 7 |  |  | — |
2029 |  | 2 |  |  | 7 |  |  | — |
2029-2033 |  | 12 |  |  | 29 |  |  | — |
For the other benefits, for measurement purposes, a 10.50% rate of increase in the per capita cost of covered health care benefits was assumed for 2024, which remains at 10.50% in 2025 and then trends down 0.75% per year until it reaches 4.50% for 2033 and thereafter. A one-percentage-point change in assumed health care cost trend rates would not have a material effect on total service and interest cost components or post-retirement benefit obligation.

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 The entire disclosure for retirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 70 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480794/715-70-50-1 Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(03) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (q) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/715/tableOfContent Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iii) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (o) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (p) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480266/715-60-50-3 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration