RESTRUCTURING CHARGES (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Program Charges

A summary of restructuring program charges (income) is as follows:

(In millions except for per share data)	2023		2022		2021
Workforce reductions	$	19	$	(13)	$	21
Plant closing and other	38		47		57
Total before income taxes	57		33		78
Income tax benefit	11		4		18
Total after income taxes	$	46	$	29	$	60
Per ordinary share - diluted	$	0.11	$	0.07	$	0.15

Restructuring program charges (income) related to the following segments:

(In millions)	2023		2022		2021		2020
Electrical Americas	$	5	$	17	$	14	$	18
Electrical Global	26		14		18		55
Aerospace	5		8		8		34
Vehicle	6		(15)		21		102
eMobility	7		1		1		1
Corporate	8		8		16		4
Total	$	57	$	33	$	78	$	214

Schedule of Liabilities Related to Restructuring

A summary of liabilities related to workforce reductions, plant closing, and other associated costs is as follows:

(In millions)	Workforce reductions		Plant closing and other		Total
Balance at January 1, 2020	$	—	$	—	$	—
Liability recognized	172		42		214
Payments, utilization and translation	(33)		(39)		(72)
Balance at December 31, 2020	$	139	$	3	$	142
Liability recognized	21		57		78
Payments, utilization and translation	(64)		(52)		(116)
Balance at December 31, 2021	$	96	$	8	$	104
Liability recognized, net1	(13)		47		33
Payments, utilization and translation	(45)		(51)		(96)
Balance at December 31, 2022	$	38	$	4	$	41
Liability recognized, net	19		38		57
Payments, utilization and translation	(21)		(36)		(57)
Balance at December 31, 2023	$	35	$	6	$	41

1 The restructuring program liability was adjusted by $30 million in 2022 related to true-ups for completed workforce reductions and the decision not to close a facility in the Vehicle segment that was previously included in the program.