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BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Reconciliations of Changes in the Defined Benefit Obligations, Fair Value of Assets and Statement of Funded Status
Reconciliation of changes in the defined benefit obligations, fair value of assets and statement of funded status were as follows:
   
Year Ended December 31,
(in millions)20242023
Change in Benefit Obligation  
Benefit obligation at beginning of year$511 $440 
Service cost11 10 
Interest cost12 14 
Participant contributions5 4 
Actuarial (gains) losses(4)38 
Effect of exchange rate changes(36)26 
Benefits paid(21)(21)
Benefit obligation at end of year$478 $511 
Change in Plan Assets  
Fair value of plan assets at beginning of year$207 $182 
Actual return on assets16 10 
Effect of exchange rate changes(15)17 
Employer contributions16 15 
Participant contributions5 4 
Benefits paid(21)(21)
Fair value of plan assets at end of year$208 $207 
Funded status at end of year$(270)$(304)
Schedule of Amounts Recognized in the Accompanying Consolidated Balance Sheets, Net of Tax Effects
The amounts recognized in the accompanying Consolidated Balance Sheets, net of tax effects, were as follows:
Location In TheYear Ended December 31,
(in millions)Consolidated Balance Sheets20242023
Other noncurrent assetsOther noncurrent assets$4 $5 
Deferred tax assetOther noncurrent assets8 11 
Total assets$12 $16 
Current liabilitiesAccrued liabilities$(10)$(11)
Other noncurrent liabilitiesOther noncurrent liabilities(264)(298)
Deferred tax liabilityDeferred income taxes(4)(2)
Total liabilities$(278)$(311)
Accumulated other comprehensive incomeAccumulated other comprehensive loss23 36 
Net amount recognized$(243)$(259)
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income
Amounts recognized in AOCI were as follows:
   
 Year Ended December 31,
(in millions)20242023
Net actuarial loss$30 $48 
Net prior service cost(3)(3)
Before tax AOCI$27 $45 
Less: Deferred taxes4 9 
Net of tax AOCI$23 $36 
Schedule of Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets
Information for pension plans with a projected or accumulated benefit obligation in excess of plan assets was as follows:
Year Ended December 31,
(in millions)20242023
Projected benefit obligation$274 $323 
Accumulated benefit obligation263 310 
Fair value of plan assets— 15 
Schedule of Components of Net Periodic Benefit Cost
Components of net periodic benefit cost were as follows:
 Year Ended December 31,
Location in the Consolidated Statements of Operations
(in millions)202420232022
Service cost$4 $4 $5 Cost of products sold
Service cost7 6 7 Selling, general and administrative expenses
Interest cost12 14 5 Other (income) expense, net
Expected return on plan assets(5)(6)(4)Other (income) expense, net
Amortization of prior service credit(1)(1)(1)Other (income) expense, net
Amortization of net actuarial loss2 — 8 Other (income) expense, net
Curtailment and settlement gains— — (1)Other (income) expense, net
Net periodic benefit cost$19 $17 $19 
Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI
Other changes in plan assets and benefit obligations recognized in AOCI were as follows:
 Year Ended December 31,
(in millions)202420232022
Net actuarial (gains) losses$(17)$37 $(125)
Amortization(1)1 (7)
Total recognized in AOCI$(18)$38 $(132)
Total recognized in net periodic benefit cost and AOCI
$1 $55 $(113)
Schedule of Weighted Average Assumptions Used to Determine Benefit Obligations, Principally in Foreign Locations
The weighted average assumptions used to determine benefit obligations for the Company’s plans, principally in foreign locations were as follows:
Year Ended December 31,
202420232022
Interest crediting rate2.0 %2.3 %2.5 %
Discount rate2.5 %2.6 %3.2 %
Rate of compensation increase2.4 %2.5 %2.6 %
Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost
The weighted average assumptions used to determine net periodic benefit cost for the Company’s plans, principally in foreign locations were as follows:
Year Ended December 31,
202420232022
Interest crediting rate2.3 %2.5 %1.3 %
Discount rate2.6 %3.2 %1.1 %
Expected return on plan assets2.9 %3.2 %2.2 %
Rate of compensation increase2.5 %2.6 %2.6 %
Measurement date12/31/202412/31/202312/31/2022
Schedule of Fair Value Measurements of Plan Assets
The fair values of the Company’s pension plan assets at December 31, 2024 and 2023 are presented in the table below by asset category. Approximately 83% of the total plan assets are categorized as Level 1, as the values assigned to these pension assets are based on quoted prices available in active markets. For the other category levels, a description of the valuation is provided in Note 1, Significant Accounting Policies, under the “Fair Value Measurement” heading.
 December 31, 2024
(in millions)TotalLevel 1Level 2Level 3
Assets Category    
Cash and cash equivalents$6 $6 $— $— 
Equity securities:    
International67 67 — — 
Fixed income securities:    
Fixed rate bonds (a)
79 79 — — 
Other types of investments:    
Mutual funds (b)
21 21 — — 
Insurance contracts24 — — 24 
Hedge funds10 — — 10 
Real estate1 — — 1 
Total$208 $173 $— $35 
 December 31, 2023
(in millions)TotalLevel 1Level 2Level 3
Assets Category    
Cash and cash equivalents$7 $7 $— $— 
Equity securities:    
International63 63 — — 
Fixed income securities:    
Fixed rate bonds (a)
84 84 — — 
Other types of investments:    
Mutual funds (b)
19 19 — — 
Insurance contracts26 — — 26 
Hedge funds7 — — 7 
Real estate1 — — 1 
Total$207 $173 $— $34 
(a) This category includes fixed income securities invested primarily in Swiss bonds, foreign bonds denominated in Swiss francs, foreign currency bonds, mortgage notes and pledged letters.
(b) This category includes mutual funds balanced between moderate income generation and moderate capital appreciation with investment allocations of approximately 50% equities and 50% fixed income investments.
Schedule of Reconciliation for the Plans Assets Categorized as Level 3
A reconciliation from December 31, 2022 to December 31, 2024 for the plan assets categorized as Level 3 was as follows:
(in millions)
Insurance
Contracts
Hedge
Funds
Real
Estate
Total
Balance at December 31, 2022$24 $9 $1 $34 
Actual return on plan assets:    
Relating to assets still held at the reporting date2 — — 2 
Purchases, sales and settlements, net(1)(3)— (4)
Effect of exchange rate changes1 1 — 2 
Balance at December 31, 2023$26 $7 $1 $34 
Actual return on plan assets:
Relating to assets still held at the reporting date$1 $1 $— $2 
Purchases, sales and settlements, net(1)3 — 2 
Effect of exchange rate changes(2)(1)— (3)
Balance at December 31, 2024$24 $10 $1 $35 
Schedule of Estimated Future Benefit Payments
Estimated Future Benefit Payments

Total benefits expected to be paid from the plans in the future are as follows:
(in millions)
Pension
Benefits
2025$25 
202625 
202726 
202823 
202923 
2030-2034131