Employee Benefits

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Employee Benefits

EMPLOYEE BENEFITS

Pension and other defined contribution retirement plan expenses included the following components:

(DOLLARS IN MILLIONS)	U.S. Plans
	Three Months Ended March 31,
	2024		2023
Interest cost on projected benefit obligation(2)	$	6	$	7
Expected return on plan assets(2)	(6)		(8)
Net amortization and deferrals(2)	1		—
Net periodic benefit (income) cost	$	1	$	(1)

(DOLLARS IN MILLIONS)	Non-U.S. Plans
	Three Months Ended March 31,
	2024		2023
Service cost for benefits earned(1)	$	6	$	5
Interest cost on projected benefit obligation(2)	9		9
Expected return on plan assets(2)	(13)		(12)
Net amortization and deferrals(2)	2		—
Net periodic benefit (income) cost	$	4	$	2

_______________________

(1)Included as a component of Operating profit.

(2)Included as a component of Other expense, net.

The Company expects to contribute a total of $5 million to its U.S. pension plans and a total of $23 million to its non-U.S. pension plans during 2024. During the three months ended March 31, 2024, no contributions were made to the qualified U.S. pension plans, $6 million of contributions were made to the non-U.S. pension plans and $1 million of contributions were made with respect to the Company’s non-qualified U.S. pension plan.

(Income) expense recognized for post-retirement benefits other than pensions included the following components:

	Three Months Ended March 31,
(DOLLARS IN MILLIONS)	2024		2023
Interest cost on projected benefit obligation	$	1	$	1
Net amortization and deferrals	(1)		(1)
Total postretirement benefit (income) expense	$	—	$	—

The Company expects to contribute $4 million to its postretirement benefits other than pension plans during 2024. In the three months ended March 31, 2024, $1 million of benefit payments were made.