v3.25.3
RETIREMENT BENEFIT PLANS
 9 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
RETIREMENT BENEFIT PLANS RETIREMENT BENEFIT PLANS
The Company has defined benefit pension plans and other postemployment benefit plans covering eligible salaried and hourly employees and their dependents. The Company expects to contribute a total of approximately $25 million into its defined benefit pension plans during 2025, of which $17 million has been contributed through the nine months ended September 30, 2025. 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 benefitsOther postemployment benefits
(in millions)20252024
Three Months Ended September 30,USNon-USUSNon-US20252024
Service cost$— $3 $— $2 $— $— 
Interest cost1 5 2 5 — — 
Expected return on plan assets(1)(4)(1)(3)— — 
Amortization of unrecognized prior service credit(1)— (1)— — — 
Amortization of unrecognized loss1 2 — 2 — — 
Net periodic benefit cost$— $6 $— $6 $— $— 
Pension benefitsOther postemployment benefits
(in millions)20252024
Nine Months Ended September 30,USNon-USUSNon-US20252024
Service cost$— $11 $— $9 $— $— 
Interest cost4 14 5 15 1 1 
Expected return on plan assets(4)(12)(4)(11)— — 
Amortization of unrecognized prior service credit(1)— (1)— (1)(1)
Amortization of unrecognized loss3 4 2 4 — — 
Net periodic benefit expense (income)$2 $17 $2 $17 $— $— 

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.
In August 2025, the Company executed an amendment to the plan document of one of the Company’s U.S. defined benefit pension plans (“U.S. Pension Plan”) to terminate the plan effective October 31, 2025. The termination of the U.S. Pension Plan is expected to take up to eighteen months to complete. As part of the termination process, the Company expects to settle benefit obligations under the U.S. Pension Plan through a combination of lump sum payments to eligible plan participants and the purchase of a group annuity contract, under which future benefit obligations and administration will be transferred to a
third-party insurance company. Such settlements will be funded primarily from plan assets. At December 31, 2024, the fair value of the U.S. Pension Plan’s assets exceeded projected benefit obligation by $8 million under U.S. GAAP.

In December 2024, the Company entered into a second buy-in contract with an insurance company related to its U.K. pension plan (the first buy-in contract was entered into in 2019). Pursuant to this agreement, the Company liquidated approximately $50 million of pension plan assets to invest in an insurance annuity. At December 31, 2024, the U.K. pension plan had plan assets of $118 million, of which 83% were held by the insurance company and invested in insurance annuities. The remaining plan assets of 17% were held in cash and transferred to the insurance company in 2025. The projected benefit obligation of the U.K. pension plan at December 31, 2024 was $98 million under U.S. GAAP. The U.K. pension plan was overfunded by $20 million as of December 31, 2024, under U.S. GAAP.