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RETIREMENT BENEFIT PLANS
 6 Months Ended
Jun. 30, 2026
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 2026, of which $11 million has been contributed through the six months ended June 30, 2026. 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)20262025
Three Months Ended June 30,USNon-USUSNon-US20262025
Service cost$— $4 $— $5 $— $— 
Interest cost2 4 2 4 1 1 
Expected return on plan assets(2)(4)(2)(4)— — 
Amortization of unrecognized prior service credit— — — — (1)(1)
Amortization of unrecognized loss1 1 1 1 — — 
Net periodic cost$1 $5 $1 $6 $— $— 
Pension benefitsOther postemployment benefits
(in millions)20262025
Six Months Ended June 30,USNon-USUSNon-US20262025
Service cost$— $8 $— $8 $— $— 
Interest cost3 9 3 9 1 1 
Expected return on plan assets(3)(9)(3)(8)— — 
Amortization of unrecognized prior service credit— — — — (1)(1)
Amortization of unrecognized loss2 2 2 2 — — 
Net periodic cost$2 $10 $2 $11 $— $— 
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 be completed during the year ending December 31, 2026. 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. In July 2026, the Company paid $15 million of lump sum payments to eligible participants from plan assets. The Company expects to recognize an estimated non-cash settlement loss in the range of $70 million to $80 million during the year ending December 31, 2026 as a result of the termination of the U.S. Pension Plan. Ultimate settlement of the remaining benefit obligations is dependent upon market conditions at the time of settlement. At December 31, 2025, the projected benefit obligation of the U.S. Pension Plan exceeded the fair value of the plan’s assets by $4 million under U.S. GAAP.

In December 2024, the Company entered into a second buy-in contract (the first buy-in contract was entered into in 2019) with an insurance company related to its U.K. pension plan. Pursuant to this agreement, the Company liquidated approximately $50 million of pension plan assets to invest in an insurance annuity. At December 31, 2025, the U.K. pension plan had plan assets of $131 million, all held by the insurance company. The U.K. pension plan was overfunded by $27 million as of December 31, 2025, under U.S. GAAP.