RETIREMENT BENEFIT PLANS

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

RETIREMENT BENEFIT PLANS

RETIREMENT BENEFIT PLANS

The Company has a number of defined benefit pension plans and other postemployment benefit plans covering eligible salaried and hourly employees and their dependents. The estimated contributions to the Company’s defined benefit pension plans for 2024 range from $20 million to $30 million, of which

$4 million has been contributed through the three months ended March 31, 2024. The other postemployment benefit plans, which provide medical and life insurance benefits, are funded on a pay-as-you-go basis.

The components of net periodic benefit expense recorded in the Condensed Consolidated Statements of Operations are as follows:

	Pension benefits
(in millions)	2024				2023
Three Months Ended March 31,	US		Non-US		US		Non-US
Service cost	$	—	$	3	$	—	$	4
Interest cost	1		5		2		6
Expected return on plan assets	(1)		(4)		(2)		(5)
Amortization of unrecognized prior service credit	—		—		—		—
Amortization of unrecognized loss	1		1		1		—
Net periodic benefit cost	$	1	$	5	$	1	$	5

The components of net periodic benefit expense other than the service cost component are included in Other postretirement expense in the Condensed Consolidated Statements of Operations.