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PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

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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