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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2023

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		2023		2022
Change in benefit obligation
Benefit obligation as of January 1		$	178	$	249
Net service cost		2		2
Interest cost		6		2

Actuarial (gain) loss		15		(43)
Benefits paid		(14)		(13)
Settlements		—		—
Plan participant contributions		—		—
Currency translation adjustments		5		(19)
Benefit obligation as of December 31		$	192	$	178
Accumulated benefit obligation as of December 31		$	191	$	175

Reconciliation of the beginning and ending balances of the benefit obligation for the Company’s postemployment plan was:


	Postemployment Benefits
In millions	2023		2022
Change in benefit obligation
Benefit obligation as of January 1	$	93	$	64

Service cost(1)	15		58
Interest cost	2		1

Benefits paid	(54)		(18)
Foreign currency exchange	—		(3)
Actuarial (gain) loss	9		(9)
Benefit obligation as of December 31	$	65	$	93

(1) During the year ended December 31, 2022, the Company recorded approximately $50 million in employee severance charges related to actions taken in the second half of the year.

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		2023		2022
Change in plan assets
Fair value of plan assets as of January 1		$	51	$	64
Actual return on plan assets		10		(3)
Company contributions		13		12
Benefits paid		(14)		(13)
Settlement		—		—
Currency translation adjustments		(4)		(9)
Plan participant contributions		—		—
Fair value of plan assets as of December 31		$	56	$	51

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		2023		2022
Funded Status		$	(136)	$	(127)
Amounts recognized in the Consolidated Balance Sheets
Noncurrent assets		$	43	$	40
Current liabilities		(12)		(11)
Noncurrent liabilities		(167)		(156)
Net amounts recognized		$	(136)	$	(127)
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	2023		2022
Benefit obligation	$	65	$	93
Amounts recognized in the Consolidated Balance Sheets
Current liabilities	$	22	$	57
Noncurrent liabilities	43		36
Net amounts recognized	$	65	$	93
Amounts recognized in Accumulated other comprehensive loss
Net actuarial (gain) loss	$	9	$	(9)
Amortization of gain (loss)	1		—
Amortization of prior service cost	1		1
Total	$	11	$	(8)

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
		2023		2022		2021
Net service cost		$	2	$	2	$	2
Interest cost		6		2		1
Expected return on plan assets		(2)		(1)		(1)
Amortization of prior service cost		—		—		—


Actuarial (gain) loss		7		(41)		(7)
Net periodic benefit (income) cost		$	13	$	(38)	$	(5)

The net periodic benefit cost of the postemployment plan for the years ended December 31 was:


In millions	Postemployment Benefits
	2023		2022		2021
Service cost	$	15	$	58	$	15
Interest cost	2		1		1
Amortization of:
Prior service benefit	(1)		(1)		(1)
Actuarial gain	(1)		—		(1)
Net periodic benefit cost	$	15	$	58	$	14

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
		2023		2022
Discount rate		3.0	%	3.4	%
Rate of compensation increase		2.4	%	1.0	%

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
		2023	2022		2021
Discount rate - Service Cost		1.8%	0.8	%	0.6	%
Discount rate - Interest Cost		3.4%	0.7	%	0.3	%
Expected return on plan assets		5.0%	2.1	%	2.0	%
Rate of compensation increase		1.0%	0.9	%	0.7	%

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
	2023		2022		2023		2022		2021
Discount rate for severance plan	4.1	%	5.1	%	5.1	%	2.3	%	1.4	%

Salary increase rate	3.4	%	3.1	%	3.1	%	2.6	%	2.0	%
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, 2023 and 2022 by asset category are as follows:


	International Pension Fund
		Actual Allocation of Plan Assets as of December 31					Target Asset Allocation
			2023			2022
Equity and other investments(1)				66	%		62	%	62.5%
Debt securities(2)				34	%		37	%	37.2%

Other				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, 2023 and 2022 by asset category is as follows:


		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


		International
In millions	Notes		Fair Value as of December 31, 2022		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:

Common and commingled trusts - Equities	1		32		—		—		—		32
Fixed income securities:


Common and commingled trusts - Bonds	1		19		—		—		—		19











Total			$	51	$	—	$	—	$	—	$	51

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
2024	$	15	$	21
2025	$	14	$	8
2026	$	14	$	8
2027	$	14	$	7
2028	$	14	$	7
2029-2033	$	60	$	31