GOVERNMENT GRANTS

12 Months Ended

Dec. 31, 2024

Government Assistance [Abstract]

GOVERNMENT GRANTS

GOVERNMENT GRANTS

The Company recognizes the benefit of government grants when they are probable of being received and the specified conditions associated with the grants have been satisfied. Grants for capital investments are generally recognized as deferred income on the Consolidated Balance Sheet, then amortized to income over the life of the related assets. Grants for other expenses are recognized as reductions of the related expense over the period incurred.

In 2024, the Company entered into an agreement to receive government grants from a non-Irish government entity. The grants will be recognized over the term of the agreement beginning in 2024 through 2033. The terms of the agreement and the commitments made by the Company and the government entity have been omitted because they are legally prohibited from being disclosed. Under the agreement, for the year ended December 31, 2024, the Company reduced Selling and administrative expense by $1 million on the Consolidated Statement of Income. As of December 31, 2024, the Company recognized unamortized deferred income of $9 million within Other current liabilities on the Consolidated Balance Sheet.

For the years ended December 31, 2023 and 2022, government grants did not have a material impact on the consolidated financial statements.