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EMPLOYEE BENEFITS (Tables)

12 Months Ended

Dec. 31, 2023

The net periodic benefits costs were valued with a measurement date of January 1 for each year and consisted of the following components (in millions of dollars):


	For the Years Ended December 31,
	2023		2022		2021
SG&A
Service cost	$	2	$	4	$	5
Other (income) expense
Interest cost	5		4		3
Expected return on assets	(6)		(8)		(8)
Amortization of prior service credit	(10)		(10)		(9)

Amortization of unrecognized gains	(7)		(9)		(8)
Net periodic benefits	$	(16)	$	(19)	$	(17)

Schedule of Accumulated and Projected Benefit Obligations

Reconciliations of the beginning and ending balances of the postretirement benefit asset, which is calculated as of December 31 measurement date, the fair value of plan assets available for benefits and the funded status of the benefit asset follow (in millions of dollars):


	2023		2022
Benefit obligation at beginning of year	$	112	$	153
Service cost	2		4
Interest cost	5		4
Plan participants' contributions	3		3

Actuarial loss (gains)	2		(40)
Benefits paid	(10)		(12)


Benefit obligation at end of year	$	114	$	112

Plan assets available for benefits at beginning of year	$	162	$	207
Actual returns on plan assets	18		(36)

Plan participants' contributions	3		3

Benefits paid	(10)		(12)
Plan assets available for benefits at end of year	173		162

Noncurrent postretirement benefit asset	$	59	$	50

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

The amounts recognized in AOCE consisted of the following (in millions of dollars):


	As of December 31,
	2023		2022
Prior service credit	$	23	$	33

Unrecognized gains	79		77
Deferred tax liability	(25)		(28)
Net accumulated gains	$	77	$	82

Schedule of Assumptions Used

The following assumptions were used to determine net periodic benefit costs as of January 1:



	2023		2022		2021
Discount rate	4.92	%	2.57	%	2.17	%
Long-term rate of return on plan assets – net of tax	4.04	%	4.04	%	4.04	%
Initial healthcare cost trend rate
Pre age 65	7.50	%	6.50	%	5.81	%



Ultimate healthcare cost trend rate	4.50	%	4.50	%	4.50	%
Year ultimate healthcare cost trend rate reached	2033		2030		2026

The following assumptions were used to determine benefit obligations as of December 31:


	2023		2022		2021
Discount rate	4.73	%	4.92	%	2.57	%
Expected long-term rate of return on plan assets – net of tax	4.04	%	4.04	%	4.04	%
Initial healthcare cost trend rate
Pre age 65	7.20	%	7.50	%	6.50	%



Ultimate healthcare cost trend rate	4.50	%	4.50	%	4.50	%
Year ultimate healthcare cost trend rate reached	2033		2033		2030

Schedule of Allocation of Plan Assets

The plan assets available for benefits consisted of the following as of December 31 (in millions of dollars):


	2023		2022
Asset class:
Level 1 inputs:
Mutual funds:
Funds – municipal/provincial bonds	$	—	$	8
Funds – corporate bonds fund	10		3

Level 2 inputs:
Fixed income:
Corporate bonds	56		57
Government/municipal bonds	9		12
Equity funds	88		73
Plan assets	163		153
Trust assets	10		9
Plan assets available for benefits	$	173	$	162

Schedule of Expected Benefit Payments

The Company forecasts the following benefit payments related to postretirement (which include a projection for expected future team member service) for the next ten years (in millions of dollars):


Year	Estimated Gross Benefit Payments
2024	$	9
2025	10
2026	10
2027	9
2028	8
2029-2033	41
Total	$	87