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BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of Reconciliations of Changes in the Defined Benefit Obligations, Fair Value of Assets and Statement of Funded Status | Reconciliation of changes in the defined benefit obligations, fair value of assets and statement of funded status were as follows:
|  | Year Ended December 31,
(in millions) |  | 2023 |  | 2022
Change in Benefit Obligation |  |  |  |
Benefit obligation at beginning of year |  | $ | 440 |  |  | $ | 619 |
Service cost |  | 10 |  |  | 12 |
Interest cost |  | 14 |  |  | 5 |
Participant contributions |  | 4 |  |  | 4 |
Actuarial losses (gains) |  | 38 |  |  | (149) |
Effect of exchange rate changes |  | 26 |  |  | (35) |
Plan curtailments and settlements |  | — |  |  | (1) |
Benefits paid |  | (21) |  |  | (15) |
Benefit obligation at end of year |  | $ | 511 |  |  | $ | 440 |
Change in Plan Assets |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 182 |  |  | $ | 212 |
Actual return on assets |  | 10 |  |  | (28) |
Plan settlements |  | — |  |  | (1) |
Effect of exchange rate changes |  | 17 |  |  | (5) |
Employer contributions |  | 15 |  |  | 15 |
Participant contributions |  | 4 |  |  | 4 |
Benefits paid |  | (21) |  |  | (15) |
Fair value of plan assets at end of year |  | $ | 207 |  |  | $ | 182 |
Funded status at end of year |  | $ | (304) |  |  | $ | (258) |
Schedule of Amounts Recognized in the Accompanying Consolidated Balance Sheets, Net of Tax Effects | The amounts recognized in the accompanying Consolidated Balance Sheets, net of tax effects, were as follows:
|  | Location In The |  | Year Ended December 31,
(in millions) |  | Consolidated Balance Sheets |  | 2023 |  | 2022
Other noncurrent assets, net |  | Other noncurrent assets |  | $ | 5 |  |  | $ | 9 |
Deferred tax asset |  | Other noncurrent assets |  | 11 |  |  | 6 |
Total assets |  |  |  | $ | 16 |  |  | $ | 15 |
Current liabilities |  | Accrued liabilities |  | $ | (11) |  |  | $ | (10) |
Other noncurrent liabilities |  | Other noncurrent liabilities |  | (298) |  |  | (257) |
Deferred tax liability |  | Deferred income taxes |  | (2) |  |  | (5) |
Total liabilities |  |  |  | $ | (311) |  |  | $ | (272) |
Accumulated other comprehensive income |  | Accumulated other comprehensive loss |  | 36 |  |  | 7 |
Net amount recognized |  |  |  | $ | (259) |  |  | $ | (250) |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income | Amounts recognized in AOCI were as follows:
|  | Year Ended December 31,
(in millions) |  | 2023 |  | 2022
Net actuarial loss |  | $ | 48 |  |  | $ | 12 |
Net prior service cost |  | (3) |  |  | (4) |
Before tax AOCI |  | $ | 45 |  |  | $ | 8 |
Less: Deferred taxes |  | 9 |  |  | 1 |
Net of tax AOCI |  | $ | 36 |  |  | $ | 7 |
Schedule of Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets | Information for pension plans with a projected or accumulated benefit obligation in excess of plan assets were as follows:
|  | Year Ended December 31,
(in millions) |  | 2023 |  | 2022
Projected benefit obligation |  | $ | 323 |  |  | $ | 283 |
Accumulated benefit obligation |  | 310 |  |  | 272 |
Fair value of plan assets |  | 15 |  |  | 15 |
Schedule of Components of Net Periodic Benefit Cost | Components of net periodic benefit cost were as follows:
|  | Year Ended December 31, |  | Location in the Consolidated Statements of Operations
(in millions) |  | 2023 |  | 2022 |  | 2021 |
Service cost |  | $ | 4 |  |  | $ | 5 |  |  | $ | 7 |  |  | Cost of products sold
Service cost |  | 6 |  |  | 7 |  |  | 10 |  |  | Selling, general and administrative expenses
Interest cost |  | 14 |  |  | 5 |  |  | 3 |  |  | Other expense (income), net
Expected return on plan assets |  | (6) |  |  | (4) |  |  | (4) |  |  | Other expense (income), net
Amortization of prior service credit |  | (1) |  |  | (1) |  |  | (1) |  |  | Other expense (income), net
Amortization of net actuarial loss |  | — |  |  | 8 |  |  | 12 |  |  | Other expense (income), net
Acquisitions/Divestitures |  | — |  |  | — |  |  | 1 |  |  | Other expense (income), net
Curtailment and settlement gains |  | — |  |  | (1) |  |  | (1) |  |  | Other expense (income), net
Net periodic benefit cost |  | $ | 17 |  |  | $ | 19 |  |  | $ | 27 |  |  |
Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI | Other changes in plan assets and benefit obligations recognized in AOCI were as follows:
|  | Year Ended December 31,
(in millions) |  | 2023 |  | 2022 |  | 2021
Net actuarial losses (gains) |  | $ | 37 |  |  | $ | (125) |  |  | $ | (36) |
Amortization |  | 1 |  |  | (7) |  |  | (11) |
Total recognized in AOCI |  | $ | 38 |  |  | $ | (132) |  |  | $ | (47) |
Total recognized in net periodic benefit cost and AOCI |  | $ | 55 |  |  | $ | (113) |  |  | $ | (20) |
Schedule of Weighted Average Assumptions Used to Determine Benefit Obligations, Principally in Foreign Locations | The weighted average assumptions used to determine benefit obligations for the Company’s plans, principally in foreign locations were as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Interest crediting rate |  | 2.3 | % |  | 2.5 | % |  | 1.3 | %
Discount rate |  | 2.6 | % |  | 3.2 | % |  | 1.1 | %
Rate of compensation increase |  | 2.5 | % |  | 2.6 | % |  | 2.6 | %
Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost | The weighted average assumptions used to determine net periodic benefit cost for the Company’s plans, principally in foreign locations were as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Interest crediting rate |  | 2.5 | % |  | 1.3 | % |  | 1.3 | %
Discount rate |  | 3.2 | % |  | 1.1 | % |  | 0.6 | %
Expected return on plan assets |  | 3.2 | % |  | 2.2 | % |  | 2.2 | %
Rate of compensation increase |  | 2.6 | % |  | 2.6 | % |  | 2.4 | %
Measurement date |  | 12/31/2023 |  | 12/31/2022 |  | 12/31/2021
Schedule of Fair Value Measurements of Plan Assets | The fair value of the Company’s pension plan assets at December 31, 2023 and 2022 are presented in the table below by asset category. Approximately 84% of the total plan assets are categorized as Level 1, as the values assigned to these pension assets are based on quoted prices available in active markets. For the other category levels, a description of the valuation is provided in Note 1, Significant Accounting Policies, under the “Fair Value Measurement” heading.
|  | December 31, 2023
(in millions) |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets Category |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 7 |  |  | $ | 7 |  |  | $ | — |  |  | $ | — |
Equity securities: |  |  |  |  |  |  |  |
International |  | 63 |  |  | 63 |  |  | — |  |  | — |
Fixed income securities: |  |  |  |  |  |  |  |
Fixed rate bonds (a) |  | 84 |  |  | 84 |  |  | — |  |  | — |
Other types of investments: |  |  |  |  |  |  |  |
Mutual funds (b) |  | 19 |  |  | 19 |  |  | — |  |  | — |
Insurance contracts |  | 26 |  |  | — |  |  | — |  |  | 26 |
Hedge funds |  | 7 |  |  | — |  |  | — |  |  | 7 |
Real estate |  | 1 |  |  | — |  |  | — |  |  | 1 |
Total |  | $ | 207 |  |  | $ | 173 |  |  | $ | — |  |  | $ | 34 |
|  | December 31, 2022
(in millions) |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets Category |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 15 |  |  | $ | 15 |  |  | $ | — |  |  | $ | — |
Equity securities: |  |  |  |  |  |  |  |
International |  | 49 |  |  | 49 |  |  | — |  |  | — |
Fixed income securities: |  |  |  |  |  |  |  |
Fixed rate bonds (a) |  | 67 |  |  | 67 |  |  | — |  |  | — |
Other types of investments: |  |  |  |  |  |  |  |
Mutual funds (b) |  | 17 |  |  | 17 |  |  | — |  |  | — |
Insurance contracts |  | 24 |  |  | — |  |  | — |  |  | 24 |
Hedge funds |  | 9 |  |  | — |  |  | — |  |  | 9 |
Real estate |  | 1 |  |  | — |  |  | — |  |  | 1 |
Total |  | $ | 182 |  |  | $ | 148 |  |  | $ | — |  |  | $ | 34 |
(a) This category includes fixed income securities invested primarily in Swiss bonds, foreign bonds denominated in Swiss francs, foreign currency bonds, mortgage notes and pledged letters. (b) This category includes mutual funds balanced between moderate-income generation and moderate capital appreciation with investment allocations of approximately 50% equities and 50% fixed income investments.
Schedule of Reconciliation for the Plans Assets Categorized as Level 3 | A reconciliation from December 31, 2021 to December 31, 2023 for the plan assets categorized as Level 3 were as follows:
(in millions) |  | Insurance Contracts |  | Hedge Funds |  | Real Estate |  | Total
Balance at December 31, 2021 |  | $ | 34 |  |  | $ | 11 |  |  | $ | 1 |  |  | $ | 46 |
Actual return on plan assets: |  |  |  |  |  |  |  |
Relating to assets still held at the reporting date |  | (5) |  |  | (1) |  |  | — |  |  | (6) |
Purchases, sales and settlements, net |  | (2) |  |  | (1) |  |  | — |  |  | (3) |
Effect of exchange rate changes |  | (3) |  |  | — |  |  | — |  |  | (3) |
Balance at December 31, 2022 |  | $ | 24 |  |  | $ | 9 |  |  | $ | 1 |  |  | $ | 34 |
Actual return on plan assets: |  |  |  |  |  |  |  |
Relating to assets still held at the reporting date |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |
Purchases, sales and settlements, net |  | (1) |  |  | (3) |  |  | — |  |  | (4) |
Effect of exchange rate changes |  | 1 |  |  | 1 |  |  | — |  |  | 2 |
Balance at December 31, 2023 |  | $ | 26 |  |  | $ | 7 |  |  | $ | 1 |  |  | $ | 34 |
Schedule of Estimated Future Benefit Payments | Estimated Future Benefit Payments Total benefits expected to be paid from the plans in the future are as follows:
(in millions) |  | Pension Benefits
2024 |  | $ | 26 |
2025 |  | 27 |
2026 |  | 26 |
2027 |  | 27 |
2028 |  | 24 |
2029-2033 |  | 124 |

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