FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

The following tables classify assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023:

			Basis of fair value measurements
	Balance at December 31, 2024		Quoted prices in active markets for identical items (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Valuation technique	Assets measured at NAV1
(in millions)
Assets:
Investment in equity securities	$	25	$	—	$	—	$	—	—	$	25
Foreign currency contracts	$	24	$	—	$	24	$	—	A	$	—
Net investment hedge contracts	$	84	$	—	$	84	$	—	A	$	—
Liabilities:
Current earn-out liabilities	$	4	$	—	$	—	$	4	C	$	—
Non-current earn-out liabilities	$	3	$	—	$	—	$	3	C	$	—
Foreign currency contracts	$	32	$	—	$	32	$	—	A	$	—

			Basis of fair value measurements
(in millions)	Balance at December 31, 2023		Quoted prices in active markets for identical items (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Valuation technique	Assets measured at NAV1
Assets:
Current earn-out receivables	$	5	$	—	$	—	$	5	C	$	—
Investment in equity securities	$	26	$	—	$	—	$	—	—	$	26
Foreign currency contracts	$	33	$	—	$	33	$	—	A	$	—
Net investment hedge contracts	$	14	$	—	$	14	$	—	A	$	—
Liabilities:
Current earn-out liabilities	$	2	$	—	$	—	$	2	C	$	—
Non-current earn-out liabilities	$	13	$	—	$	—	$	13	C	$	—
Foreign currency contracts	$	3	$	—	$	3	$	—	C	$	—
Net investment hedge contracts	$	2	$	—	$	2	$	—	A	$	—

_____________________________

1 Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. These amounts represent investments in commingled and managed funds that have underlying assets in fixed income securities, equity securities, and other assets and the fair values have been estimated using the net asset value of the Company's ownership interest in partners' capital. The Company’s redemption of its investments with the funds is governed by the partnership agreements and subject to approval from the general partners. With the exception of annual distributions in connection with the Company’s deemed tax liability, distributions from each fund will be received as the underlying investments of the funds are liquidated, the timing of which is unknown.

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables provide a reconciliation of the Company’s Level 3 earn-out assets and liabilities:

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(in millions)	Current earn-out receivables		Current earn-out liabilities		Non-current earn-out liabilities
Balance at January 1, 2023	$	9	$	21	$	10
Change in fair value of contingent consideration	5		5		3
Earnout settlements	(9)		(24)		—
Balance at December 31, 2023	$	5	$	2	$	13
Change in fair value of contingent consideration	3		4		(10)
Earn-out settlements	(8)		(2)		—
Balance at December 31, 2024	$	—	$	4	$	3

The following tables provide a reconciliation of the Company’s Level 3 defined benefit plans assets:

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(in millions)	Insurance contract		Real estate trust fund
Balance at January 1, 2023	$	69	$	46
Purchases, sales and settlements	—		(46)
Benefits paid	5		—
Unrealized (losses) gains on assets still held at the reporting date	(4)		—
Translation adjustment	4		—
Balance at December 31, 2023	$	74	$	—
Purchases, sales and settlements	31		—
Benefits paid	(5)		—
Translation adjustment	(2)		—
Balance at December 31, 2024	$	98	$	—

Schedule of Fair Value Defined Benefit Plan Assets Measured at Recurring and Non-Recurring Basis

The following tables provide a reconciliation of the Company’s defined benefit plans assets measured at fair value on a recurring basis:

			Basis of fair value measurements
(in millions)	Balance at December 31, 2024		Quoted prices in active markets for identical items (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Valuation technique	Assets measured at NAV2
U.S. Plans:
Fixed income securities	$	76	$	—	$	—	$	—	—	$	76
Equity securities	16		—		—		—		—	16
Alternative credit fund	15		—		—		—		—	15
Cash	19		19		—		—		A	—
	$	126	$	19	$	—	$	—		$	107
Non-U.S. Plans:
Fixed income securities	$	141	$	23	$	—	$	—	A	$	118
Equity securities	73		60		—		—		A	13
Cash	33		33		—		—		A	—
Insurance contract1	98		—		—		98		C	—
Real estate and other	35		5		13		—		A,C	17
	$	380	$	121	$	13	$	98		$	148

			Basis of fair value measurements
(in millions)	Balance at December 31, 2023		Quoted prices in active markets for identical items (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Valuation technique	Assets measured at NAV2
U.S. Plans:
Fixed income securities	$	87	$	—	$	—	$	—	—	$	87
Equity securities	18		—		—		—		—	18
Alternative credit fund	16		—		—		—		—	16
Cash	2		2		—		—		A	—
	$	123	$	2	$	—	$	—		$	121
Non-U.S. Plans:
Fixed income securities	$	213	$	167	$	—	$	—	A	$	46
Equity securities	40		27		—		—		A	13
Cash	5		5		—		—		A	—
Insurance contract1	74		—		—		74		C	—
Real estate and other	60		—		23		—		A,C	37
	$	392	$	199	$	23	$	74		$	96

_____________________________

1 A BorgWarner defined benefit plan in the United Kingdom owns an insurance contract that guarantees payment of specified pension liabilities. The Company measures the fair value of the insurance asset by projecting expected future cash flows from the contract and discounting them to present value based on current market rates, including an assessment for non-performance risk of the insurance company. The assumptions used to project expected future cash flows are based on actuarial estimates and are unobservable; therefore, the contract is categorized within Level 3 of the hierarchy.

2 Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. These amounts represent investments in commingled and managed funds that have underlying assets in fixed income securities, equity securities, and other assets.