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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Plan Assets and Benefit Obligations of Defined Benefit Pension Plans
The plan assets and benefit obligations of the defined benefit pension plans are measured at December 31 of each year.
 U.S. PlansNon-U.S. Plans
(DOLLARS IN MILLIONS)202320222021202320222021
Components of net periodic benefit cost
Service cost for benefits earned(1)
$— $1 $1 $21 $34 $41 
Interest cost on projected benefit obligation(2)
25 15 71 36 17 10 
Expected return on plan assets(2)
(31)(21)(106)(47)(42)(55)
Net amortization of deferrals(2)
2 8 29 (1)11 19 
Settlements and curtailments(2)
— — — (8)— (10)
Net periodic benefit (income) cost(4)3 (5)1 20 5 
Defined contribution and other retirement plans30 33 36 51 29 33 
Total expense$26 $36 $31 $52 $49 $38 
Changes in plan assets and benefit obligations recognized in OCI
Net actuarial loss (gain)$27 $— $70 $(143)
Recognized actuarial (loss) gain(1)(8)9 (12)
Recognized prior service credit— — 1 1 
Currency translation adjustment— — 9 (27)
Total loss (gain) recognized in OCI (before tax effects)$26 $(8)$89 $(181)
 _______________________ 
(1)Included as a component of Operating (loss) profit.
(2)Included as a component of Other expense (income), net.
Amounts Expected to be Recognized in Net Periodic Cost
 Postretirement Benefits
(DOLLARS IN MILLIONS)202320222021
Components of net periodic benefit cost
Service cost for benefits earned$— $1 $1 
Interest cost on projected benefit obligation3 1 7 
Net amortization and deferrals(6)(5)(20)
Total credit$(3)$(3)$(12)
Changes in plan assets and benefit obligations recognized in OCI
Net actuarial loss (gain)$3 $(16)
Recognized actuarial loss— (1)
Recognized prior service credit5 6 
Total recognized in OCI (before tax effects)$8 $(11)
Weighted-Average Actuarial Assumption Used to Determine Expense
The weighted-average actuarial assumptions used to determine expense at December 31 of each year are:
U.S. PlansNon-U.S. Plans
202320222021202320222021
Discount rate5.42 %2.86 %2.51 %3.98 %1.43 %0.85 %
Expected return on plan assets6.00 %3.80 %3.80 %4.92 %3.52 %4.21 %
Rate of compensation increase3.75 %3.25 %3.25 %3.01 %2.72 %2.56 %
Changes in Postretirement Benefit Obligation and Plan Assets
Changes in the postretirement benefit obligation and plan assets, as applicable, are detailed in the following table:
 U.S. PlansNon-U.S. PlansPostretirement Benefits
(DOLLARS IN MILLIONS)202320222023202220232022
Benefit obligation at beginning of year$500 $662 $930 $1,501 $50 $66 
Service cost for benefits earned— 1 21 34 — 1 
Interest cost on projected benefit obligation25 15 36 17 3 2 
Actuarial (gain) loss 38 (139)77 (468)3 (16)
Adjustments for expense/tax contained in service cost— — (2)(2)— — 
Plan participants’ contributions— — 4 4 — — 
Benefits paid(39)(38)(33)(32)(3)(2)
Curtailments/settlements(1)— (21)(21)— — 
Translation adjustments— — 45 (104)— — 
Other1 (1)(1)1 (1)(1)
Benefit obligation at end of year$524 $500 $1,056 $930 $52 $50 
Fair value of plan assets at beginning of year$498 $649 $920 $1,320 
Actual return on plan assets41 (118)50 (286)
Employer contributions5 5 31 31 
Participants’ contributions— — 4 4 
Benefits paid(39)(38)(33)(32)
Settlements— — (21)(21)
Translation adjustments— — 44 (96)
Other— — 5 — 
Fair value of plan assets at end of year$505 $498 $1,000 $920 
Funded status at end of year$(19)$(2)$(56)$(10)
Amounts Recognized in Balance Sheet
The amounts recognized in the balance sheet are detailed in the following table:
U.S. PlansNon-U.S. Plans
(DOLLARS IN MILLIONS)2023202220232022
Other assets$30 $51 $109 $129 
Other current liabilities(5)(6)(4)(1)
Retirement liabilities(44)(47)(161)(138)
Net amount recognized$(19)$(2)$(56)$(10)
Amounts Recognized in Accumulated Other Comprehensive Income
The amounts recognized in AOCI are detailed in the following table:
U.S. PlansNon-U.S. PlansPostretirement Benefits
(DOLLARS IN MILLIONS)202320222023202220232022
Net actuarial (gain) loss$155 $129 $198 $110 $— $(3)
Prior service cost (credit)— — (2)(3)(4)(9)
Total AOCI (before tax effects)$155 $129 $196 $107 $(4)$(12)
Accumulated Benefit Obligation
 U.S. PlansNon-U.S. Plans
(DOLLARS IN MILLIONS)2023202220232022
Accumulated Benefit Obligation — end of year$520 $495 $988 $870 
Information for Pension Plans with an Accumulated Benefit Obligation (“ABO”) in excess of Plan Assets:
Accumulated benefit obligation$47 $49 $165 $150 
Fair value of plan assets— — 36 41 
Information for Pension Plans with a Projected Benefit Obligation (“PBO”) in excess of Plan Assets:
Projected benefit obligation$47 $49 $185 $169 
Fair value of plan assets— — 41 45 
Weighted-average assumptions used to determine obligations at December 31
Discount rate4.47 %5.42 %3.59 %4.02 %
Rate of compensation increase3.75 %3.75 %2.83 %3.00 %
Estimated Future Benefit Payments
(DOLLARS IN MILLIONS)U.S. PlansNon-U.S. PlansPostretirement
Benefits
Estimated Future Benefit Payments
2024$99 $39 $4 
202538 36 4 
202638 41 4 
202737 40 4 
202836 45 4 
2029 - 2033166 239 18 
Contributions
Required Company Contributions in the Following Year (2024)$5 $20 $— 
Percentage of Assets Invested
The percentage of assets in the Company’s pension plans, by type, is as follows:
 U.S. PlansNon-U.S. Plans
 2023202220232022
Cash and cash equivalents1 %2 %3 %3 %
Equities13 %47 %16 %18 %
Fixed income86 %51 %42 %37 %
Property— %— %8 %9 %
Alternative and other investments— %— %31 %33 %
Fair Value Hierarchy of Plan Assets
The following tables present the Company’s plan assets for the U.S. and non-U.S. plans using the fair value hierarchy as of December 31, 2023 and 2022. The plans’ assets were accounted for at fair value and are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and their placement within the fair value hierarchy levels. For more information on a description of the fair value hierarchy, see Note 16.
U.S. Plans for the Year Ended
 December 31, 2023
(DOLLARS IN MILLIONS)Level 1Level 2Level 3Total
Cash Equivalents$— $6 $— $6 
Fixed Income Securities
Government & Government Agency Bonds— 5 — 5 
Corporate Bonds— 82 — 82 
Municipal Bonds— 5 — 5 
Assets measured at net asset value(1)
406 
Total$— $98 $— $504 
Receivables$1 
Total$505 
U.S. Plans for the Year Ended
 December 31, 2022
(DOLLARS IN MILLIONS)Level 1Level 2Level 3Total
Cash Equivalents$— $9 $— $9 
Fixed Income Securities
Government & Government Agency Bonds— 6 — 6 
Corporate Bonds— 73 — 73 
Municipal Bonds— 5 — 5 
Assets measured at net asset value(1)
404 
Total$— $93 $— $497 
Receivables$1 
Total$498 
_______________________ 
(1)Investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheets. The total amount measured at net asset value includes approximately $65 million and $234 million in pooled equity funds and $341 million and $170 million in fixed income mutual funds for the years ended December 31, 2023 and 2022, respectively.
Non-U.S. Plans for the Year Ended
 December 31, 2023
(DOLLARS IN MILLIONS)Level 1Level 2Level 3Total
Cash$27 $— $— $27 
Equity Securities
U.S. Large Cap90 — — 90 
U.S. Mid Cap8 — — 8 
U.S. Small Cap1 — — 1 
Non-U.S. Large Cap50 — — 50 
Non-U.S. Mid Cap5 — — 5 
Non-U.S. Small Cap1 — — 1 
Emerging Markets8 — — 8 
Fixed Income Securities
U.S. Corporate Bonds29 — — 29 
Non-U.S. Treasuries/Government Bonds194 — — 194 
Non-U.S. Corporate Bonds50 88 — 138 
Non-U.S. Asset-Backed Securities— 56 — 56 
Non-U.S. Other Fixed Income2 — — 2 
Alternative Types of Investments
Insurance Contracts— 247 — 247 
Derivative Financial Instruments— 28 — 28 
Absolute Return Funds3 2 — 5 
Private Equity Funds— 27 — 27 
Property
Non-U.S. Property7 — 77 84 
Total$475 $448 $77 $1,000 
Non-U.S. Plans for the Year Ended
 December 31, 2022
(DOLLARS IN MILLIONS)Level 1Level 2Level 3Total
Cash$14 $9 $— $23 
Equity Securities
U.S. Large Cap73 — — 73 
U.S. Mid Cap6 — — 6 
Non-U.S. Large Cap79 — — 79 
Non-U.S. Mid Cap4 — — 4 
Non-U.S. Small Cap1 — — 1 
Emerging Markets7 — — 7 
Fixed Income Securities
U.S. Corporate Bonds35 — — 35 
Non-U.S. Treasuries/Government Bonds144 — — 144 
Non-U.S. Corporate Bonds34 75 — 109 
Non-U.S. Asset-Backed Securities— 46 — 46 
Non-U.S. Other Fixed Income2 — — 2 
Alternative Types of Investments
Insurance Contracts— 177 — 177 
Derivative Financial Instruments— 56 — 56 
Absolute Return Funds4 2 — 6 
Other— 64 3 67 
Property
Non-U.S. Property4 — 81 85 
Total$407 $429 $84 $920 
Reconciliation of Level 3 Non-U.S. Plan Assets Held
The following table presents a reconciliation of Level 3 non-U.S. plan assets held during the year ended December 31, 2023:
 Non-U.S. Plans
(DOLLARS IN MILLIONS)PropertyHedge
Funds		Total
Ending balance as of December 31, 2022$81 $3 $84 
Actual return on plan assets(4)— (4)
Purchases, sales and settlements— (3)(3)
Ending balance as of December 31, 2023$77 $— $77 
Weighted Average Assumptions Used to Determine Postretirement Benefit Expense and Obligation
The following weighted average assumptions were used to determine the postretirement benefit expense and obligation for the years ended December 31:
 ExpenseLiability
 2023202220232022
Discount rate5.40 %2.90 %5.10 %5.40 %
Current medical cost trend rate6.50 %6.75 %7.25 %6.50 %
Ultimate medical cost trend rate4.75 %4.75 %4.75 %4.75 %
Medical cost trend rate decreases to ultimate rate in year2030203020342030