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PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of amounts recognized in accumulated other comprehensive loss | The amounts included in Accumulated other comprehensive loss as of December 31, 2023 and 2022 were as follows:
|  | Pension Benefit Plans |  | U.S. Postretirement Benefit Plan
| U.S. Plan |  | Non-U.S. Plans |
(in millions) |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Unrecognized actuarial (losses) gains |  | $ | (31) |  |  | $ | (35) |  |  | $ | (22) |  |  | $ | (21) |  |  | $ | 3 |  |  | $ | 3 |
Unrecognized prior service credits |  | $ | — |  |  | $ | — |  |  | $ | 23 |  |  | $ | 23 |  |  | $ | 3 |  |  | $ | 6 |
Components of net periodic benefit cost | The table below provides the components of net periodic (benefit) cost for the Company’s defined benefit pension plans and postretirement benefit plan in 2023, 2022 and 2021:
|  | Pension Benefit Plans |  | U.S. Postretirement Benefit Plan
| U.S. Plan |  | Non-U.S. Plans |
(in millions) |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Service cost |  | $ | 2 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 3 |  |  | $ | 4 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  | 9 |  |  | 5 |  |  | 4 |  |  | 5 |  |  | 4 |  |  | 4 |  |  | 1 |  |  | 1 |  |  | 1 |
Expected return on plan assets |  | (9) |  |  | (10) |  |  | (11) |  |  | (4) |  |  | (4) |  |  | (5) |  |  | — |  |  | — |  |  | — |
Amortization of net loss |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 2 |  |  | — |  |  | — |  |  | — |
Amortization of prior service credit |  | — |  |  | — |  |  | — |  |  | (1) |  |  | (1) |  |  | (1) |  |  | (2) |  |  | (2) |  |  | (3) |
Settlement loss recognized |  | — |  |  | 1 |  |  | — |  |  | 2 |  |  | 8 |  |  | 8 |  |  | — |  |  | — |  |  | — |
Net periodic (benefit) cost |  | $ | 3 |  |  | $ | (3) |  |  | $ | (6) |  |  | $ | 5 |  |  | $ | 12 |  |  | $ | 11 |  |  | $ | (1) |  |  | $ | (1) |  |  | $ | (2) |
Components of the change in projected benefit obligations, change in plan assets and funded status | The table below presents components of the change in projected benefit obligation, change in plan assets and funded status for 2023 and 2022:
|  | Pension Benefit Plans |  | U.S. Postretirement Benefit Plan
| U.S. Plan |  | Non-U.S. Plans |
(in millions) |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Change in Projected Benefit Obligation |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation, beginning of year |  | $ | 172 |  |  | $ | 220 |  |  | $ | 113 |  |  | $ | 228 |  |  | $ | 27 |  |  | $ | 35 |
Service cost |  | 2 |  |  | 1 |  |  | 3 |  |  | 4 |  |  | — |  |  | — |
Interest cost |  | 9 |  |  | 5 |  |  | 5 |  |  | 4 |  |  | 1 |  |  | 1 |
Settlements |  | — |  |  | (7) |  |  | (6) |  |  | (50) |  |  | — |  |  | — |
Benefits paid |  | (16) |  |  | (11) |  |  | (4) |  |  | (4) |  |  | (3) |  |  | (4) |
Actuarial loss (gain) |  | 3 |  |  | (36) |  |  | 8 |  |  | (54) |  |  | — |  |  | (5) |
Currency translation adjustments |  | — |  |  | — |  |  | 4 |  |  | (15) |  |  | — |  |  | — |
Projected benefit obligation, end of year |  | 170 |  |  | 172 |  |  | 123 |  |  | 113 |  |  | 25 |  |  | 27 |
Change in Plan Assets |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of year |  | 162 |  |  | 224 |  |  | 93 |  |  | 175 |  |  | — |  |  | — |
Actual return on plan assets |  | 16 |  |  | (44) |  |  | 9 |  |  | (41) |  |  | — |  |  | — |
Company contributions |  | — |  |  | — |  |  | 4 |  |  | 25 |  |  | 3 |  |  | 4 |
Settlements |  | — |  |  | (7) |  |  | (6) |  |  | (50) |  |  | — |  |  | — |
Benefits paid |  | (16) |  |  | (11) |  |  | (4) |  |  | (4) |  |  | (3) |  |  | (4) |
Currency translation adjustments |  | — |  |  | — |  |  | 4 |  |  | (12) |  |  | — |  |  | — |
Fair value of plan assets, end of year |  | 162 |  |  | 162 |  |  | 100 |  |  | 93 |  |  | — |  |  | — |
Funded status, end of year |  | $ | (8) |  |  | $ | (10) |  |  | $ | (23) |  |  | $ | (20) |  |  | $ | (25) |  |  | $ | (27) |
Recognized as: |  |  |  |  |  |  |  |  |  |  |  |
Other non-current assets |  | $ | — |  |  | $ | — |  |  | $ | 20 |  |  | $ | 22 |  |  | $ | — |  |  | $ | — |
Accrued and other current liabilities |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 4 |
Other non-current liabilities |  | $ | 8 |  |  | $ | 10 |  |  | $ | 41 |  |  | $ | 38 |  |  | $ | 22 |  |  | $ | 23 |
Schedule of underfunded plans | Information for the underfunded pension benefit plans is as follows:
|  | U.S. Plan |  | Non-U.S. Plans
(in millions) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Projected benefit obligation |  | $ | 170 |  |  | $ | 172 |  |  | $ | 50 |  |  | $ | 48 |
Accumulated benefit obligation |  | 170 |  |  | 172 |  |  | 42 |  |  | 40 |
Fair value of plan assets |  | 162 |  |  | 162 |  |  | 7 |  |  | 7 |
Future benefit payments for the pension benefit plans | Future benefit payments over the next 10 years for the pension benefit plans and the postretirement benefit plan, which reflect expected future service, as appropriate, are expected to be paid as follows:
(in millions) |  | Pension Benefit Plans |  | U.S. Postretirement Benefit Plan
| U.S. Plan |  | Non-U.S. Plans |
2024 |  | $ | 14 |  |  | $ | 7 |  |  | $ | 3 |
2025 |  | 19 |  |  | 6 |  |  | 3 |
2026 |  | 17 |  |  | 6 |  |  | 3 |
2027 |  | 17 |  |  | 7 |  |  | 3 |
2028 |  | 16 |  |  | 7 |  |  | 2 |
2029 - 2033 |  | 68 |  |  | 38 |  |  | 10 |
Weighted-average assumptions used to determine net periodic benefit costs and benefit obligations | The weighted-average assumptions used to determine net periodic benefit costs and benefit obligations for 2023, 2022 and 2021 were as follows:
|  | Pension Benefit Plans |  | U.S. Postretirement Benefit Plan
|  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
For Determining Net Periodic (Benefit) Cost |  |  |  |  |  |  |  |  |  |  |  |
U.S. Plans: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 5.41 | % |  | 2.69 | % |  | 2.25 | % |  | 5.39 | % |  | 2.57 | % |  | 2.09 | %
Expected rate of return on plan assets |  | 6.00 | % |  | 4.50 | % |  | 5.00 | % |  | — |  |  | — |  |  | — |
Rate of compensation increase |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest crediting rate |  | 4.75 | % |  | 4.75 | % |  | 4.75 | % |  |  |  |  |  |
Non-U.S. Plans: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 6.67 | % |  | 4.60 | % |  | 1.37 | % |  |  |  |  |  |
Expected rate of return on plan assets |  | 6.80 | % |  | 5.23 | % |  | 2.74 | % |  |  |  |  |  |
Rate of compensation increase |  | 3.71 | % |  | 3.53 | % |  | 2.60 | % |  |  |  |  |  |
Interest crediting rate |  | — |  |  | — |  |  | — |  |  |  |  |  |  |
|  | Pension Benefit Plans |  | U.S. Postretirement Benefit Plan
|  | 2023 |  | 2022 |  | 2023 |  | 2022
For Determining Benefit Obligation |  |  |  |  |  |  |  |
U.S. Plans: |  |  |  |  |  |  |  |
Discount rate |  | 5.11 | % |  | 5.41 | % |  | 5.08 | % |  | 5.39 | %
Rate of compensation increase |  | — |  |  | — |  |  | — |  |  | — |
Interest crediting rate |  | 4.75 | % |  | 4.75 | % |  |  |  |
Non-U.S. Plans: |  |  |  |  |  |  |  |
Discount rate |  | 6.59 | % |  | 6.67 | % |  |  |  |
Rate of compensation increase |  | 3.71 | % |  | 3.71 | % |  |  |  |
Interest crediting rate |  | — |  |  | — |  |  |  |  |
Actual asset allocations | The following presents the actual asset allocation as of December 31, 2023 and 2022:
|  | 2023 |  | 2022
U.S. Plan |  |  |  |
Cash and cash equivalents |  | 1 | % |  | 1 | %
Equity securities |  | 39 | % |  | 40 | %
Fixed income securities |  | 60 | % |  | 59 | %
Non-U.S. Plans |  |  |  |
Cash and cash equivalents |  | 11 | % |  | 6 | %
Equity securities |  | 24 | % |  | 23 | %
Fixed income securities |  | 47 | % |  | 45 | %
Other |  | 18 | % |  | 26 | %
Fair value of pension and postretirement benefit plan assets assumed in connection with the Acquisition | The table below presents total plan assets by investment category as of December 31, 2023 and 2022 and the classification of each investment category within the fair value hierarchy with respect to the inputs used to measure fair value. There were no transfers between Level 1 and Level 2 during 2023 and 2022.
|  | Pension Benefit Plans - U.S. Plans
|  | December 31, 2023 |  | December 31, 2022
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |
Commingled funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. broad market |  | — |  |  | 34 |  |  | — |  |  | 34 |  |  | — |  |  | 34 |  |  | — |  |  | 34 |
Emerging markets |  | — |  |  | 6 |  |  | — |  |  | 6 |  |  | — |  |  | 7 |  |  | — |  |  | 7 |
Worldwide developed markets |  | — |  |  | 13 |  |  | — |  |  | 13 |  |  | — |  |  | 14 |  |  | — |  |  | 14 |
Other assets |  | — |  |  | 10 |  |  | — |  |  | 10 |  |  | — |  |  | 10 |  |  | — |  |  | 10 |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | — |  |  | 98 |  |  | — |  |  | 98 |  |  | — |  |  | 95 |  |  | — |  |  | 95 |
|  | $ | 1 |  |  | $ | 161 |  |  | $ | — |  |  | $ | 162 |  |  | $ | 2 |  |  | $ | 160 |  |  | $ | — |  |  | $ | 162 |
|  | Pension Benefit Plans - Non-U.S. Plans
|  | December 31, 2023 |  | December 31, 2022
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents |  | $ | — |  |  | $ | 11 |  |  | $ | — |  |  | $ | 11 |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | 6 |
Commingled funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Emerging markets |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Worldwide developed markets |  | — |  |  | 23 |  |  | — |  |  | 23 |  |  | — |  |  | 21 |  |  | — |  |  | 21 |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Government bond funds |  | 1 |  |  | 44 |  |  | — |  |  | 45 |  |  | 1 |  |  | 39 |  |  | — |  |  | 40 |
Other assets |  | — |  |  | 5 |  |  | 13 |  |  | 18 |  |  | — |  |  | 12 |  |  | 12 |  |  | 24 |
|  | $ | 1 |  |  | $ | 85 |  |  | $ | 13 |  |  | $ | 99 |  |  | $ | 1 |  |  | $ | 81 |  |  | $ | 12 |  |  | $ | 94 |

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