RETIREMENT AND DEFERRED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Changes in Benefit Obligation, Fair Value of Plan Assets and Funded Status of Pension and Postretirement Benefit Plans

The following tables set forth the benefit obligation, fair value of plan assets and funded status as of December 31, 2023, 2022, and 2021, and the underlying weighted average actuarial assumptions used for the U.K. Pension Plan and U.S. postretirement benefit plan. The Company uses a measurement date of December 31 for its pension and postretirement benefit plans.


	2023						2022						2021
	Pension Benefits			Postretirement Benefits			Pension Benefits			Postretirement Benefits			Pension Benefits			Postretirement Benefits

	(In millions)
Change in Projected Benefit Obligation
Projected benefit obligation at beginning of year	$	108		$	15		$	211		$	20		$	233		$	20
Service cost	1			1			2			1			3			1
Interest cost	5			1			3			—			3			—
Foreign currency exchange rates	6			—			(21)			—			(2)			—
Actuarial losses (gains)	3			—			(79)			(5)			(5)			1
Plan settlements	—			—			—			—			(17)			—
Benefits paid	(5)			(3)			(8)			(3)			(4)			(4)
Retiree contributions	—			1			—			2			—			2
Projected benefit obligation at end of year	118			15			108			15			211			20
Change in Plan Assets
Fair value of plan assets at beginning of year	137			—			254			—			262			—
Actual return (loss) on plan assets	8			—			(87)			—			11			—
Foreign currency exchange rates	8			—			(26)			—			(3)			—
Employer contributions	2			1			4			2			5			2
Plan settlements	—			—			—			—			(17)			—
Benefits paid	(5)			(3)			(8)			(4)			(4)			(4)
Retiree contributions	—			2			—			2			—			2
Fair value of plan assets at end of year	150			—			137			—			254			—
Funded status at end of year	$	32		$	(15)		$	29		$	(15)		$	43		$	(20)
Amounts recognized in Consolidated Balance Sheet
Current liability	$	—		$	(2)		$	—		$	(2)		$	—		$	(2)
Non-current asset (liability)	32			(13)			29			(13)			43			(18)
	$	32		$	(15)		$	29		$	(15)		$	43		$	(20)
Pre-tax Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
Accumulated gain (loss)	$	(12)		$	16		$	(10)		$	18		$	1		$	14

Weighted Average Assumptions used as of December 31
Discount rate	4.80		%	5.00		%	5.00		%	5.29		%	1.80		%	2.57		%
Salary increases	4.60		%	N/A			4.70		%	N/A			4.90		%	N/A
Expected return on assets	4.80		%	N/A			4.70		%	N/A			1.90		%	N/A
Healthcare cost trend
Initial	N/A			6.25		%	N/A			6.50		%	N/A			6.25		%
Ultimate in 2030	N/A			5.25		%	N/A			5.25		%	N/A			5.00		%

Schedule of Allocations for Plan Asset Holding and Target Allocation for Company's Plan Asset

A breakout of allocations for the Company's plan asset holdings are summarized below:


	Percentage of Plan Assets at Year-End
	2023		2022
Asset Category
Global equities	—	%	6	%
Multi-asset credit	59	%	40	%
Nominal bonds	6	%	24	%
Inflation-linked bonds	33	%	28	%
Cash	2	%	2	%
Total	100	%	100	%

Schedule of Fair Values of Plan Assets for Each Major Asset Category Based on Nature and Significant Concentration of Risks in Plan Assets

The following tables present the fair values of plan assets for each major asset category based on the nature and significant concentration of risks in plan assets at December 31, 2023 and 2022:


	December 31,
	2023		2022

	(In millions)
Asset Category
Global equities	$	—	$	9
Multi-asset credit	88		55
Nominal bonds	9		32
Inflation-linked bonds	50		39
Cash	3		2
Total	$	150	$	137

Schedule of Components of Net Periodic Cost and Underlying Weighted Average Actuarial Assumptions Used for Pension and Postretirement Benefit Plans

The following tables set forth the components of the net periodic cost and the underlying weighted average actuarial assumptions used for the pension and postretirement benefit plans as of December 31, 2023, 2022, and 2021:


	2023						2022						2021
	Pension Benefits			Postretirement Benefits			Pension Benefits			Postretirement Benefits			Pension Benefits			Postretirement Benefits

	(In millions)
Components of Net Periodic Benefit Cost
Service cost	$	1		$	1		$	2		$	1		$	3		$	1
Interest cost	5			1			3			—			3			—
Expected return on assets	(7)			—			(4)			—			(4)			—
Amortization of loss	—			(2)			—			(1)			—			(1)
Settlement loss	—			—			—			—			—			—
Net periodic benefit cost	$	(1)		$	—		$	1		$	—		$	2		$	—
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost for the Years Ended December 31
Discount rate	5.00		%	5.29		%	1.80		%	2.57		%	1.40		%	2.06		%
Salary increases	4.70		%	N/A			4.90		%	N/A			4.50		%	N/A
Expected return on assets	4.70		%	N/A			1.90		%	N/A			1.50		%	N/A
Healthcare cost trend
Initial	N/A			6.50		%	N/A			6.25		%	N/A			6.00		%
Ultimate in 2030	N/A			5.25		%	N/A			5.00		%	N/A			5.00		%

Schedule of Expected Future Benefit Payment

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:


	Pension Benefits		Postretirement Benefits

	(In millions)
2024	$	5	$	2
2025	5		2
2026	5		1
2027	6		1
2028	6		1
Years 2029-2033	34		6