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RETIREMENT BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Expense for Defined Contribution and Defined Benefit Pension Plans and Other Post Employment Defined Benefit Plans
The following table summarizes the expenses for the Company’s defined contribution and defined benefit pension plans and the other postemployment benefit plans:
Year Ended December 31,
(in millions)202320222021
Defined contribution expense$45 $59 $58 
Defined benefit pension (income) expense26 (10)(19)
Other postemployment benefit income— (1)(1)
Total$71 $48 $38 
Schedule of Reconciliation of Plans' Benefit Obligations, Plan Assets, Funded Status and Recognition
The following provides a roll forward of the plans’ benefit obligations, plan assets, funded status and recognition in the Consolidated Balance Sheets:
 Pension benefitsOther postemployment benefits
Year Ended December 31,
 20232022Year Ended December 31,
(in millions)U.S.Non-U.S.U.S.Non-U.S.20232022
Change in projected benefit obligation:      
Projected benefit obligation, January 1$136 $1,322 $183 $2,227 $37 $54 
Service cost— 11 — 20 — — 
Interest cost7 42 4 37 2 1 
Plan amendments— — — (11)— — 
Settlement and curtailment— 3 (6)(3)— — 
Actuarial loss (gain)2 25 (33)(685)— (13)
Currency translation— 57 — (200)— — 
Acquisition— — — 8 — — 
PHINIA spin-off— (938)— — (1)— 
Benefits paid(14)(44)(12)(71)(5)(5)
Projected benefit obligation, December 311
$131 $478 $136 $1,322 $33 $37 
Change in plan assets:      
Fair value of plan assets, January 1$129 $1,156 $177 $2,049   
Actual return on plan assets7 50 (33)(655)  
Employer contribution1 20 2 20   
Plan participants’ contribution— 1 — —   
Settlements— (3)(5)(4)
Currency translation— 53 — (189)  
Acquisition— — — 6 
PHINIA spin-off— (841)— — 
Benefits paid(14)(44)(12)(71)  
Fair value of plan assets, December 31$123 $392 $129 $1,156 
Funded status$(8)$(86)$(7)$(166)$(33)$(37)
Amounts in the Consolidated Balance Sheets consist of:      
Non-current assets$— $30 $— $26 $— $— 
Current liabilities(1)(5)(1)(6)(5)(6)
Non-current liabilities(7)(111)(6)(186)(28)(31)
Net amount$(8)$(86)$(7)$(166)$(33)$(37)
Amounts in accumulated other comprehensive loss consist of:      
Net actuarial loss$77 $112 $80 $104 $(3)$(3)
Net prior service (credit) cost(2)1 (3)(9)(8)(11)
Net amount$75 $113 $77 $95 $(11)$(14)
Total accumulated benefit obligation for all plans$131 $450 $136 $1,279   
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1 The decrease in the projected benefit obligation was primarily due to discontinued operations and actuarial losses during the period. The main driver of these losses was the decrease of 0.70% in the weighted average discount rate for Non-U.S. plans.
Schedule of Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets
The funded status of pension plans with accumulated benefit obligations in excess of plan assets is as follows:
December 31,
(in millions)20232022
Accumulated benefit obligation$(338)$(1,185)
Plan assets235 1,022 
Deficiency$(103)$(163)
Pension deficiency by country:  
United States$(8)$(6)
United Kingdom— (38)
Germany(39)(34)
Other(56)(85)
Total pension deficiency$(103)$(163)
Schedule of Funded Status of Pension Plans With Accumulated Benefit Obligations in Excess of Plan Assets
The funded status of pension plans with projected benefit obligations in excess of plan assets is as follows:
December 31,
(in millions)20232022
Projected benefit obligation$(360)$(1,223)
Plan assets237 1,026 
Deficiency$(123)$(197)
Pension deficiency by country:
United States$(8)$(6)
United Kingdom— (38)
Germany(40)(35)
Other(75)(118)
Total pension deficiency$(123)$(197)
Schedule of Weighted Average Asset Allocations of Funded Pensions Plans and Target Allocations
The weighted average asset allocations of the Company’s funded pension plans and target allocations by asset category are as follows:
December 31,Target Allocation
 20232022
U.S. Plans:   
Alternative credit, real estate, cash and other15 %18 %
10% - 20%
Fixed income securities71 %69 %
66% - 76%
Equity securities14 %13 %
10% - 20%
 100 %100 % 
Non-U.S. Plans:   
Insurance contract, real estate, cash and other36 %42 %
32% - 42%
Fixed income securities54 %46 %
49% - 59%
Equity securities10 %12 %
4% - 14%
 100 %100 % 
Schedule of Components of Net Periodic Benefit Cost
See the table below for a breakout of net periodic benefit cost between U.S. and non-U.S. pension plans:
 Pension benefitsOther postemployment benefits
Year Ended December 31,
202320222021Year Ended December 31,
(in millions)U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.202320222021
Service cost$— $11 $— $20 $— $25 $— $— $— 
Interest cost7 42 4 37 3 30 2 1 1 
Expected return on plan assets(6)(37)(8)(75)(10)(83)— — — 
Settlements, curtailments and other— 4 3 — 2 (2)— — — 
Amortization of unrecognized prior service (credit) cost(1)— (1)— (1)— (2)(2)(3)
Amortization of unrecognized loss3 3 3 7 4 13 — — 1 
Net periodic cost (income) $3 $23 $1 $(11)$(2)$(17)$— $(1)$(1)
Schedule of Defined Benefit Plan Weighted Average Assumptions Used in Calculating Benefit Obligations
The Company’s weighted average assumptions used to determine the benefit obligations for its defined benefit pension and other postemployment benefit plans were as follows:
December 31,
(percent)20232022
U.S. pension plans:  
Discount rate5.14 5.46 
Rate of compensation increaseN/AN/A
U.S. other postemployment benefit plans:
Discount rate5.10 5.41 
Rate of compensation increaseN/AN/A
Non-U.S. pension plans:
Discount rate1
4.23 4.94 
Rate of compensation increase3.32 3.76 
________________
1 Includes 4.61% and 4.94% for the U.K. pension plans for December 31, 2023 and 2022, respectively.
The Company’s weighted average assumptions used to determine the net periodic benefit cost/(income) for its defined benefit pension and other postemployment benefit plans were as follows:
Year Ended December 31,
(percent)202320222021
U.S. pension plans:  
Discount rate5.47 2.73 2.31 
Effective interest rate on benefit obligation5.34 2.18 1.62 
Expected long-term rate of return on assets5.00 4.75 5.75 
Average rate of increase in compensationN/AN/AN/A
U.S. other postemployment plans:  
Discount rate5.41 2.46 1.93 
Effective interest rate on benefit obligation5.29 1.84 1.21 
Expected long-term rate of return on assetsN/AN/AN/A
Average rate of increase in compensationN/AN/AN/A
Non-U.S. pension plans:  
Discount rate1
4.85 1.97 1.44 
Effective interest rate on benefit obligation4.88 1.83 1.24 
Expected long-term rate of return on assets2
4.90 4.10 4.10 
Average rate of increase in compensation3.58 3.21 3.23 
________________
1 Includes 4.94%, 1.91% and 1.39% for the U.K. pension plans for December 31, 2023, 2022 and 2021, respectively.
2 Includes 5.30%, 4.12% and 4.00% for the U.K. pension plans for December 31, 2023, 2022 and 2021, respectively.
Schedule of Defined Benefit Plan Estimated Future Benefit Payments
The estimated future benefit payments for the pension and other postemployment benefits are as follows:
 Pension benefitsOther postemployment benefits
(in millions)  
YearU.S.Non-U.S.
2024$15 $24 $5 
202513 28 5 
202612 27 4 
202712 27 4 
202811 29 3 
2029-203348 164 12