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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Changes in Projected Benefit Obligations | Reconciliation of the beginning and ending balances of the benefit obligations for the Company’s pension plans are as follows:
|  |  |  | International Pension Benefits |  |
In millions |  |  |  |  |  | 2024 |  | 2023 |  |  |  |
Change in benefit obligation |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation as of January 1 |  |  |  |  |  | $ | 192 |  |  | $ | 178 |  |  |  |  |
Net service cost |  |  |  |  |  | 1 |  |  | 2 |  |  |  |  |
Interest cost |  |  |  |  |  | 5 |  |  | 6 |  |  |  |  |
Actuarial (gain) loss |  |  |  |  |  | (10) |  |  | 15 |  |  |  |  |
Benefits paid |  |  |  |  |  | (11) |  |  | (14) |  |  |  |  |
Plan participant contributions |  |  |  |  |  | (3) |  |  | — |  |  |  |  |
Currency translation adjustments |  |  |  |  |  | (12) |  |  | 5 |  |  |  |  |
Benefit obligation as of December 31 |  |  |  |  |  | $ | 162 |  |  | $ | 192 |  |  |  |  |
Accumulated benefit obligation as of December 31 |  |  |  |  |  | $ | 161 |  |  | $ | 191 |  |  |  |  |
Reconciliation of the beginning and ending balances of the benefit obligation for the Company’s postemployment plan was:
|  | Postemployment Benefits
In millions |  | 2024 |  | 2023
Change in benefit obligation |  |  |  |
Benefit obligation as of January 1 |  | $ | 65 |  |  | $ | 93 |
Service cost |  | 36 |  |  | 15 |
Interest cost |  | 2 |  |  | 2 |
Amendments |  | — |  |  | — |
Benefits paid |  | (55) |  |  | (54) |
Foreign currency exchange |  | — |  |  | — |
Actuarial (gain) loss |  | 7 |  |  | 9 |
Benefit obligation as of December 31 |  | $ | 55 |  |  | $ | 65 |
Schedule of Changes in Fair Value of Plan Assets | A reconciliation of the beginning and ending balances of the fair value of the plan assets of the Company’s pension plans are as follows:
|  |  |  | International Pension Benefits |  |
In millions |  |  |  |  |  | 2024 |  | 2023 |  |  |  |
Change in plan assets |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets as of January 1 |  |  |  |  |  | $ | 56 |  |  | $ | 51 |  |  |  |  |
Actual return on plan assets |  |  |  |  |  | 9 |  |  | 10 |  |  |  |  |
Company contributions |  |  |  |  |  | 12 |  |  | 13 |  |  |  |  |
Benefits paid |  |  |  |  |  | (11) |  |  | (14) |  |  |  |  |
Settlement |  |  |  |  |  | (3) |  |  | — |  |  |  |  |
Currency translation adjustments |  |  |  |  |  | (5) |  |  | (4) |  |  |  |  |
Plan participant contributions |  |  |  |  |  | — |  |  | — |  |  |  |  |
Fair value of plan assets as of December 31 |  |  |  |  |  | $ | 58 |  |  | $ | 56 |  |  |  |  |
Schedule of Net Benefit Costs and Amounts Recognized in Balance Sheet | The following table presents the funded status and the reconciliation of the funded status to amounts recognized in the Consolidated Balance Sheets and in Accumulated other comprehensive loss as of December 31:
|  |  |  | International Pension Benefits |  |
In millions |  |  |  |  |  | 2024 |  | 2023 |  |  |  |
Funded Status |  |  |  |  |  | $ | (104) |  |  | $ | (136) |  |  |  |  |
Amounts recognized in the Consolidated Balance Sheets |  |  |  |  |  |  |  |  |  |  |  |
Noncurrent assets |  |  |  |  |  | $ | 47 |  |  | $ | 43 |  |  |  |  |
Current liabilities |  |  |  |  |  | (11) |  |  | (12) |  |  |  |  |
Noncurrent liabilities |  |  |  |  |  | (140) |  |  | (167) |  |  |  |  |
Net amounts recognized |  |  |  |  |  | $ | (104) |  |  | $ | (136) |  |  |  |  |
Amounts recognized in accumulated other comprehensive loss |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost |  |  |  |  |  | — |  |  | — |  |  |  |  |
Total |  |  |  |  |  | $ | — |  |  | $ | — |  |  |  |  |
The following table presents the funded status and the reconciliation of the unfunded status to amounts recognized in the Consolidated Balance Sheets and in Accumulated other comprehensive loss at December 31:
|  | Postemployment Benefits
In millions |  | 2024 |  | 2023
Benefit obligation |  | $ | 55 |  |  | $ | 65 |
Amounts recognized in the Consolidated Balance Sheets |  |  |  |
Current liabilities |  | $ | 14 |  |  | $ | 22 |
Noncurrent liabilities |  | 41 |  |  | 43 |
Net amounts recognized |  | $ | 55 |  |  | $ | 65 |
Amounts recognized in Accumulated other comprehensive loss |  |  |  |
Net actuarial (gain) loss |  | $ | 7 |  |  | $ | 9 |
Amortization of gain (loss) |  | — |  |  | 1 |
Amortization of prior service cost |  | 1 |  |  | 1 |
Total |  | $ | 8 |  |  | $ | 11 |
Schedule of Net Benefit Costs | The net periodic benefit (income) cost of the pension plans for the years ended December 31 was as follows:
In millions |  |  | International Pension Benefits |  |
|  |  |  |  |  | 2024 |  | 2023 |  | 2022 |  |  |  |  |  |
Net service cost |  |  |  |  |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 2 |  |  |  |  |  |  |
Interest cost |  |  |  |  |  |  | 5 |  |  | 6 |  |  | 2 |  |  |  |  |  |  |
Expected return on plan assets |  |  |  |  |  |  | (2) |  |  | (2) |  |  | (1) |  |  |  |  |  |  |
Amortization of prior service cost |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |
Actuarial (gain) loss |  |  |  |  |  |  | (12) |  |  | 7 |  |  | (41) |  |  |  |  |  |  |
Net periodic benefit (income) cost |  |  |  |  |  |  | $ | (8) |  |  | $ | 13 |  |  | $ | (38) |  |  |  |  |  |  |
The net periodic benefit cost of the postemployment plan for the years ended December 31 was:
In millions | Postemployment Benefits
2024 |  | 2023 |  | 2022
Service cost | $ | 36 |  |  | 15 |  |  | 58 |
Interest cost | 2 |  |  | 2 |  |  | 1 |
Amortization of: |  |  |  |  |
Prior service benefit | (1) |  |  | (1) |  |  | (1) |
Actuarial gain | — |  |  | (1) |  |  | — |
Net periodic benefit cost | $ | 37 |  |  | $ | 15 |  |  | $ | 58 |
Schedule of Defined Benefit Plan, Assumptions | The weighted average rates and assumptions used to determine benefit obligations as of December 31 were as follows:
|  |  |  | International Pension Benefits |  |
|  |  |  |  |  | 2024 |  | 2023 |  |  |  |
Discount rate |  |  |  |  |  | 3.2 | % |  | 3.0 | % |  |  |  |
Rate of compensation increase |  |  |  |  |  | 2.5 | % |  | 2.4 | % |  |  |  |
The weighted average rates and assumptions used to determine net periodic benefit (income) cost for the years ended December 31 were as follows:
|  |  |  | International Pension Benefits |  |
|  |  |  |  |  |  |  | 2024 |  | 2023 |  | 2022 |  |  |  |  |  |
Discount rate - Service Cost |  |  |  |  |  |  |  | 2.0 | % |  | 1.8 | % |  | 0.8 | % |  |  |  |  |  |
Discount rate - Interest Cost |  |  |  |  |  |  |  | 3.0 | % |  | 3.4 | % |  | 0.7 | % |  |  |  |  |  |
Expected return on plan assets |  |  |  |  |  |  |  | 5.0 | % |  | 5.0 | % |  | 2.1 | % |  |  |  |  |  |
Rate of compensation increase |  |  |  |  |  |  |  | 2.5 | % |  | 1.0 | % |  | 0.9 | % |  |  |  |  |  |
The weighted average assumptions utilized in accounting for postemployment benefit obligations as of December 31 and for postemployment benefit costs for the years ended December 31 were:
|  | Postemployment Benefit Obligations |  | Postemployment Benefit Costs
|  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2022
Discount rate for severance plan |  | 3.9 | % |  | 4.1 | % |  | 4.1 | % |  | 5.1 | % |  | 2.3 | %
Salary increase rate |  | 3.5 | % |  | 3.4 | % |  | 3.4 | % |  | 3.1 | % |  | 2.6 | %
Involuntary turnover rate |  | 3.8 | % |  | 3.8 | % |  | 3.8 | % |  | 3.8 | % |  | 3.8 | %
Schedule of Allocation of Plan Assets | The weighted average asset allocations as of December 31, 2024 and 2023 by asset category are as follows:
|  |  |  | International Pension Fund
|  |  |  |  |  | Actual Allocation of Plan Assets as of December 31 |  | Target Asset Allocation
|  |  |  |  |  |  | 2024 |  | 2023 |
Equity and other investments(1) |  |  |  |  |  |  |  | 66 | % |  | 66 | % |  | 62.5%
Debt securities(2) |  |  |  |  |  |  |  | 33 | % |  | 33 | % |  | 37.2%
Other |  |  |  |  |  |  |  | 1 | % |  | 1 | % |  | 0.3%
Total |  |  |  |  |  |  |  | 100 | % |  | 100 | % |  |
(1) Includes equity securities and equities held in comingled trusts. (2) Includes debt securities and debt held in comingled trusts. The fair value of plan assets as of December 31, 2024 and 2023 by asset category is as follows:
|  |  |  | International
In millions | Notes |  |  |  |  |  |  | Fair Value as of December 31, 2024 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Not Subject to Leveling
Assets |  |  |  |  |  |  |  |  |  |  |  |
Equity securities and other investments: |  |  |  |  |  |  |  |  |  |  |  |
Common and commingled trusts - Equities | 1 |  |  |  |  |  |  |  | $ | 39 |  | $ | — |  | $ | — |  | $ | — |  | $ | 39 |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |
Common and commingled trusts - Bonds | 1 |  |  |  |  |  |  |  | 19 |  | — |  | — |  | — |  | 19 |
Total |  |  |  |  |  |  |  | $ | 58 |  | $ | — |  | $ | — |  | $ | — |  | $ | 58 |
|  |  |  | International
In millions | Notes |  |  |  |  |  |  | Fair Value as of December 31, 2023 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Not Subject to Leveling
Assets |  |  |  |  |  |  |  |  |  |  |  |
Equity securities and other investments: |  |  |  |  |  |  |  |  |  |  |  |
Common and commingled trusts - Equities | 1 |  |  |  |  |  |  |  | $ | 37 |  | $ | — |  | $ | — |  | $ | — |  | $ | 37 |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |
Common and commingled trusts - Bonds | 1 |  |  |  |  |  |  |  | 19 |  | — |  | — |  | — |  | 19 |
Total |  |  |  |  |  |  |  | $ | 56 |  | $ | — |  | $ | — |  | $ | — |  | $ | 56 |
Notes: 1.Common/collective trusts and registered investment companies (RICs) such as mutual funds are valued using a Net Asset Value (NAV) provided by the manager of each fund. The NAV is based on the underlying net assets owned by the fund, divided by the number of shares or units outstanding. The fair value of the underlying securities within the fund, which are generally traded on an active market, are valued at the closing price reported on the active market on which those individual securities are traded. For investments not traded on an active market, or for which a quoted price is not publicly available, a variety of unobservable valuation methodologies, including discounted cash flow, market multiple and cost valuation approaches, are employed by the fund manager or independent third party to value investments.
Schedule of Expected Benefit Payments | The Company expects to make the following benefit payments reflecting past and future service from its pension and postemployment plans:
In millions |  |  |  | International Pension Benefits |  |  |  |  |  | Postemployment Benefits
Year |  |  |  |  |  |  |  |  |  |
2025 |  |  |  | $ | 13 |  |  |  |  |  |  | $ | 13 |
2026 |  |  |  | $ | 13 |  |  |  |  |  |  | $ | 7 |
2027 |  |  |  | $ | 13 |  |  |  |  |  |  | $ | 7 |
2028 |  |  |  | $ | 13 |  |  |  |  |  |  | $ | 7 |
2029 |  |  |  | $ | 13 |  |  |  |  |  |  | $ | 7 |
2030-2034 |  |  |  | $ | 52 |  |  |  |  |  |  | $ | 31 |

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- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (a) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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