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BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Reconciliations of Changes in the Defined Benefit Obligations, Fair Value of Assets and Statement of Funded Status
Reconciliation of changes in the defined benefit obligations, fair value of assets and statement of funded status were as follows:
   
Year Ended December 31,
(in millions)20232022
Change in Benefit Obligation  
Benefit obligation at beginning of year$440 $619 
Service cost10 12 
Interest cost14 5 
Participant contributions4 4 
Actuarial losses (gains)
38 (149)
Effect of exchange rate changes26 (35)
Plan curtailments and settlements— (1)
Benefits paid(21)(15)
Benefit obligation at end of year$511 $440 
Change in Plan Assets  
Fair value of plan assets at beginning of year$182 $212 
Actual return on assets10 (28)
Plan settlements— (1)
Effect of exchange rate changes17 (5)
Employer contributions15 15 
Participant contributions4 4 
Benefits paid(21)(15)
Fair value of plan assets at end of year$207 $182 
Funded status at end of year$(304)$(258)
Schedule of Amounts Recognized in the Accompanying Consolidated Balance Sheets, Net of Tax Effects
The amounts recognized in the accompanying Consolidated Balance Sheets, net of tax effects, were as follows:
Location In TheYear Ended December 31,
(in millions)Consolidated Balance Sheets20232022
Other noncurrent assets, netOther noncurrent assets$5 $9 
Deferred tax assetOther noncurrent assets11 6 
Total assets$16 $15 
Current liabilitiesAccrued liabilities$(11)$(10)
Other noncurrent liabilitiesOther noncurrent liabilities(298)(257)
Deferred tax liabilityDeferred income taxes(2)(5)
Total liabilities$(311)$(272)
Accumulated other comprehensive incomeAccumulated other comprehensive loss36 7 
Net amount recognized$(259)$(250)
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income
Amounts recognized in AOCI were as follows:
   
 Year Ended December 31,
(in millions)20232022
Net actuarial loss$48 $12 
Net prior service cost(3)(4)
Before tax AOCI$45 $8 
Less: Deferred taxes9 1 
Net of tax AOCI$36 $7 
Schedule of Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets
Information for pension plans with a projected or accumulated benefit obligation in excess of plan assets were as follows:
Year Ended December 31,
(in millions)20232022
Projected benefit obligation$323 $283 
Accumulated benefit obligation310 272 
Fair value of plan assets15 15 
Schedule of Components of Net Periodic Benefit Cost
Components of net periodic benefit cost were as follows:
 Year Ended December 31,
Location in the Consolidated Statements of Operations
(in millions)202320222021
Service cost$4 $5 $7 Cost of products sold
Service cost6 7 10 Selling, general and administrative expenses
Interest cost14 5 3 Other expense (income), net
Expected return on plan assets(6)(4)(4)Other expense (income), net
Amortization of prior service credit(1)(1)(1)Other expense (income), net
Amortization of net actuarial loss— 8 12 Other expense (income), net
Acquisitions/Divestitures— — 1 Other expense (income), net
Curtailment and settlement gains— (1)(1)Other expense (income), net
Net periodic benefit cost$17 $19 $27 
Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI
Other changes in plan assets and benefit obligations recognized in AOCI were as follows:
 Year Ended December 31,
(in millions)202320222021
Net actuarial losses (gains)
$37 $(125)$(36)
Amortization1 (7)(11)
Total recognized in AOCI$38 $(132)$(47)
Total recognized in net periodic benefit cost and AOCI
$55 $(113)$(20)
Schedule of Weighted Average Assumptions Used to Determine Benefit Obligations, Principally in Foreign Locations
The weighted average assumptions used to determine benefit obligations for the Company’s plans, principally in foreign locations were as follows:
Year Ended December 31,
202320222021
Interest crediting rate2.3 %2.5 %1.3 %
Discount rate2.6 %3.2 %1.1 %
Rate of compensation increase2.5 %2.6 %2.6 %
Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost
The weighted average assumptions used to determine net periodic benefit cost for the Company’s plans, principally in foreign locations were as follows:
Year Ended December 31,
202320222021
Interest crediting rate2.5 %1.3 %1.3 %
Discount rate3.2 %1.1 %0.6 %
Expected return on plan assets3.2 %2.2 %2.2 %
Rate of compensation increase2.6 %2.6 %2.4 %
Measurement date12/31/202312/31/202212/31/2021
Schedule of Fair Value Measurements of Plan Assets
The fair value of the Company’s pension plan assets at December 31, 2023 and 2022 are presented in the table below by asset category. Approximately 84% of the total plan assets are categorized as Level 1, as the values assigned to these pension assets are based on quoted prices available in active markets. For the other category levels, a description of the valuation is provided in Note 1, Significant Accounting Policies, under the “Fair Value Measurement” heading.
 December 31, 2023
(in millions)TotalLevel 1Level 2Level 3
Assets Category    
Cash and cash equivalents$7 $7 $— $— 
Equity securities:    
International63 63 — — 
Fixed income securities:    
Fixed rate bonds (a)
84 84 — — 
Other types of investments:    
Mutual funds (b)
19 19 — — 
Insurance contracts26 — — 26 
Hedge funds7 — — 7 
Real estate1 — — 1 
Total$207 $173 $— $34 
 December 31, 2022
(in millions)TotalLevel 1Level 2Level 3
Assets Category    
Cash and cash equivalents$15 $15 $— $— 
Equity securities:    
International49 49 — — 
Fixed income securities:    
Fixed rate bonds (a)
67 67 — — 
Other types of investments:    
Mutual funds (b)
17 17 — — 
Insurance contracts24 — — 24 
Hedge funds9 — — 9 
Real estate1 — — 1 
Total$182 $148 $— $34 
(a) This category includes fixed income securities invested primarily in Swiss bonds, foreign bonds denominated in Swiss francs, foreign currency bonds, mortgage notes and pledged letters.
(b) This category includes mutual funds balanced between moderate-income generation and moderate capital appreciation with investment allocations of approximately 50% equities and 50% fixed income investments.
Schedule of Reconciliation for the Plans Assets Categorized as Level 3
A reconciliation from December 31, 2021 to December 31, 2023 for the plan assets categorized as Level 3 were as follows:
(in millions)
Insurance
Contracts
Hedge
Funds
Real
Estate
Total
Balance at December 31, 2021$34 $11 $1 $46 
Actual return on plan assets:    
Relating to assets still held at the reporting date(5)(1)— (6)
Purchases, sales and settlements, net(2)(1)— (3)
Effect of exchange rate changes(3)— — (3)
Balance at December 31, 2022$24 $9 $1 $34 
Actual return on plan assets:
Relating to assets still held at the reporting date$2 $— $— $2 
Purchases, sales and settlements, net(1)(3)— (4)
Effect of exchange rate changes1 1 — 2 
Balance at December 31, 2023$26 $7 $1 $34 
Schedule of Estimated Future Benefit Payments
Estimated Future Benefit Payments

Total benefits expected to be paid from the plans in the future are as follows:
(in millions)
Pension
Benefits
2024$26 
202527 
202626 
202727 
202824 
2029-2033124