EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Benefit Cost

Components of net pension expense for defined benefit pension plans were as follows:

	Years ended December 31,
(In millions)	2023		2022		2021
Company-administered plans:
Service cost	$	1	$	1	$	1
Interest cost	90		63		58
Expected return on plan assets	(77)		(74)		(86)
Amortization of net actuarial loss and prior service cost	27		21		28
Net pension expense	$	41	$	11	$	1
Company-administered plans:
U.S.	$	31	$	13	$	9
Non-U.S.	10		(2)		(8)
Net pension expense	$	41	$	11	$	1

Schedule of Weighted-Average Actuarial Assumptions

The following table sets forth the weighted-average actuarial assumptions used in determining our annual net pension expense:

	U.S. Plans Years ended December 31,			Non-U.S. Plans Years ended December 31,
	2023	2022	2021	2023	2022	2021
Discount rate	5.50%	2.95%	2.60%	5.05%	2.14%	1.53%
Expected long-term rate of return on plan assets	5.40%	3.60%	3.90%	3.80%	2.79%	3.89%
Gain and loss amortization period (years)	20	21	21	24	25	24

The following table sets forth the weighted-average actuarial assumptions used in determining funded status:

	U.S. Plans December 31,		Non-U.S. Plans December 31,
	2023	2022	2023	2022
Discount rate	5.15%	5.50%	4.25%	5.05%

Schedule of Benefit Obligations, Assets and Funded Status

The following table sets forth the benefit obligations, assets and funded status associated with our pension plans:

(In millions)	2023		2022
Change in benefit obligations:
Benefit obligations at January 1	$	1,705	$	2,344
Service cost	1		1
Interest cost	90		63
Actuarial loss (gain)	155		(547)
Pension curtailment and settlement	—		1
Benefits paid	(111)		(111)
Foreign currency exchange rate changes	18		(46)
Benefit obligations at December 31	1,858		1,705
Change in plan assets:
Fair value of plan assets at January 1	1,600		2,294
Actual return on plan assets	114		(549)
Employer contribution	21		23
Benefits paid	(111)		(111)
Foreign currency exchange rate changes	18		(57)
Fair value of plan assets at December 31	1,642		1,600
Funded status	$	(216)	$	(105)
Funded percent	88%		94%

Schedule of Amounts Recognized in the Consolidated Balance Sheets

The funded status of our pension plans was presented in the Consolidated Balance Sheets as follows:

	December 31,
(In millions)	2023		2022
Noncurrent asset	$	7	$	65
Current liability	(4)		(4)
Noncurrent liability	(219)		(166)
Net amount recognized	$	(216)	$	(105)

Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss

Amounts recognized in Accumulated other comprehensive loss (pre-tax) consisted of:

	December 31,
(In millions)	2023		2022
Prior service cost	$	26	$	3
Net actuarial loss	830		759
Net amount recognized	$	856	$	762

Schedule of Pension Obligations Greater than Fair Value of Related Plan Assets

As of December 31, 2023 and 2022, our total accumulated benefit obligations, as well as our pension plan obligations (projected benefit obligations (PBO) and accumulated benefit obligations (ABO)) in excess of the fair value of the related plan assets, for our U.S. and foreign plans were as follows:

	U.S. Plans December 31,				Non-U.S. Plans December 31,				Total December 31,
(In millions)	2023		2022		2023		2022		2023		2022
Total accumulated benefit obligations	$	1,444	$	1,387	$	411	$	316	$	1,855	$	1,703
Plans with pension obligations in excess of plan assets:
PBO	1,444		1,387		352		11		1,796		1,398
ABO	1,444		1,387		349		9		1,793		1,396
Fair value of plan assets	1,241		1,229		—		—		1,241		1,229

Schedule of Fair Value of Each Major Category of Pension Plan Assets and the Level of Inputs used to Measure Fair Value

The following table presents the fair value of each major category of pension plan assets and the level of inputs used to measure fair value as of December 31, 2023 and 2022:

(In millions)	Fair Value Measurements at December 31, 2023
Asset Category	Total		Level 1		Level 2			Level 3
Commingled funds:
Equity funds	$	155	$	—	$	155		$	—
Fixed income funds	70		—		65			5
Fixed income securities	969		—		969		0	—
Alternative investments:
Private equity fund	38		—		—			38
Hedge fund	67		—		—			67
Bulk annuity contract	327		—		—			327
Cash and cash equivalents	16		—		16			—
Total	$	1,642	$	—	$	1,205		$	437

 

(In millions)	Fair Value Measurements at December 31, 2022
Asset Category	Total		Level 1		Level 2		Level 3
Commingled funds:
Equity funds	$	173	$	—	$	173	$	—
Fixed income funds	395		—		390		5
Fixed income securities	917		—		917		—
Alternative investments:
Private equity fund	47		—		—		47
Hedge fund	63		—		—		63
Cash and cash equivalents	5		—		5		—
Total	$	1,600	$	—	$	1,485	$	115

Schedule of Changes in Fair Value of the Pension Plans Level 3 Assets

The following table presents a summary of changes in the fair value of the pension plans’ Level 3 assets for 2023 and 2022: 

(In millions)	2023		2022
Beginning balance at January 1	$	115	$	122
Return on plan assets:
Relating to assets still held at the reporting date	(3)		(9)
Purchases, sales, settlements and expenses	325		2
Ending balance at December 31	$	437	$	115

Schedule of Pension Benefits Expected to be Paid

The following table details pension benefits expected to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter:

	(In millions)
2024	$	206
2025	154
2026	141
2027	136
2028	130
2029-2033	600