AXALTA COATING SYSTEMS LTD., 10-Q filed on 5/1/2024
Quarterly Report
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Cover Page - shares
 3 Months Ended
Mar. 31, 2024
Apr. 24, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2024  
Document Transition Report false  
Entity File Number 001-36733  
Entity Registrant Name AXALTA COATING SYSTEMS LTD.  
Entity Incorporation, State or Country Code D0  
Entity Tax Identification Number 98-1073028  
Entity Address, Address Line One 1050 Constitution Avenue  
Entity Address, City or Town Philadelphia  
Entity Address, State or Province PA  
Entity Address, Postal Zip Code 19112  
City Area Code 855  
Local Phone Number 547-1461  
Title of 12(b) Security Common Shares, $1.00 par value  
Trading Symbol AXTA  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   220,645,516
Entity Central Index Key 0001616862  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Amendment Flag false  
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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]    
Net sales $ 1,294 $ 1,284
Cost of goods sold 865 902
Selling, general and administrative expenses 207 206
Other operating charges 61 7
Research and development expenses 18 19
Amortization of acquired intangibles 22 25
Income from operations 121 125
Interest expense, net 54 48
Other expense, net 8 1
Income before income taxes 59 76
Provision for income taxes 20 15
Net income 39 61
Less: Net loss attributable to noncontrolling interests (2) 0
Net income attributable to common shareholders $ 41 $ 61
Basic net income per share (in dollars per share) $ 0.18 $ 0.27
Diluted net income per share (in dollars per share) $ 0.18 $ 0.27
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Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Comprehensive Income [Abstract]    
Net income $ 39 $ 61
Other comprehensive (loss) income, before tax:    
Foreign currency translation adjustments (44) 45
Unrealized loss on derivatives 0 (2)
Unrealized gain on pension and other benefit plan obligations 1 0
Other comprehensive (loss) income, before tax (43) 43
Income tax provision related to items of other comprehensive (loss) income 1 0
Other comprehensive (loss) income, net of tax (44) 43
Comprehensive (loss) income (5) 104
Less: Comprehensive loss attributable to noncontrolling interests (2) (1)
Comprehensive (loss) income attributable to common shareholders $ (3) $ 105
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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 624 $ 700
Restricted cash 3 3
Accounts and notes receivable, net 1,242 1,260
Inventories 751 741
Prepaid expenses and other current assets 140 117
Total current assets 2,760 2,821
Property, plant and equipment, net 1,174 1,204
Goodwill 1,554 1,591
Identifiable intangibles, net 1,087 1,130
Other assets 514 526
Total assets 7,089 7,272
Current liabilities:    
Accounts payable 721 725
Current portion of borrowings 20 26
Other accrued liabilities 591 677
Total current liabilities 1,332 1,428
Long-term borrowings 3,407 3,478
Accrued pensions 241 252
Deferred income taxes 155 162
Other liabilities 179 179
Total liabilities 5,314 5,499
Commitments and contingent liabilities (Note 5)
Shareholders’ equity:    
Common shares, $1.00 par, 1,000.0 shares authorized, 254.2 and $253.7 shares issued at March 31, 2024 and December 31, 2023, respectively 254 254
Capital in excess of par 1,575 1,568
Retained earnings 1,327 1,286
Treasury shares, at cost, 33.6 shares at March 31, 2024 and December 31, 2023 (937) (937)
Accumulated other comprehensive loss (488) (444)
Total Axalta shareholders’ equity 1,731 1,727
Noncontrolling interests 44 46
Total shareholders’ equity 1,775 1,773
Total liabilities and shareholders’ equity $ 7,089 $ 7,272
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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
shares in Millions
Mar. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 1.00 $ 1.00
Common shares authorized (in shares) 1,000.0 1,000.0
Common shares issued (in shares) 254.2 253.7
Treasury shares, at cost (in shares) 33.6 33.6
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Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Capital In Excess Of Par
Retained Earnings
Treasury Shares, at cost
Accumulated Other Comprehensive Loss
Non controlling Interests
Beginning balance (in shares) at Dec. 31, 2022   220.6          
Beginning balance at Dec. 31, 2022 $ 1,500 $ 252 $ 1,537 $ 1,019 $ (887) $ (467) $ 46
Comprehensive income:              
Net income 61     61      
Net realized and unrealized gain (loss) on derivatives, net of tax (2)         (2)  
Foreign currency translation, net of tax 45         46 (1)
Comprehensive (loss) income 104     61   44 (1)
Recognition of stock-based compensation 6   6        
Shares issued under compensation plans (in shares)   0.9          
Shares issued under compensation plans 5 $ 1 4        
Ending balance (in shares) at Mar. 31, 2023   221.5          
Ending balance at Mar. 31, 2023 1,615 $ 253 1,547 1,080 (887) (423) 45
Beginning balance (in shares) at Dec. 31, 2023   220.1          
Beginning balance at Dec. 31, 2023 1,773 $ 254 1,568 1,286 (937) (444) 46
Comprehensive income:              
Net income 39     41     (2)
Long-term employee benefit plans, net of tax 1         1  
Foreign currency translation, net of tax (45)         (45)  
Comprehensive (loss) income (5)     41   (44) (2)
Recognition of stock-based compensation $ 6   6        
Shares issued under compensation plans (in shares) 0.1 0.5          
Shares issued under compensation plans $ 1   1        
Ending balance (in shares) at Mar. 31, 2024   220.6          
Ending balance at Mar. 31, 2024 $ 1,775 $ 254 $ 1,575 $ 1,327 $ (937) $ (488) $ 44
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Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]    
Long-term employee benefit plans, net of tax expense (benefit) $ 0  
Foreign currency translation, tax expense (benefit) $ 1 $ 0
Gain on derivatives, tax expense (benefit)   $ 0
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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities:    
Net income $ 39 $ 61
Adjustment to reconcile net income to cash provided by (used for) operating activities:    
Depreciation and amortization 68 70
Amortization of deferred financing costs and original issue discount 2 2
Debt extinguishment and refinancing-related costs 3 2
Deferred income taxes 6 2
Realized and unrealized foreign exchange losses, net 9 5
Stock-based compensation 6 6
Impairment charges 0 7
Interest income on swaps designated as net investment hedges (3) (6)
Other non-cash, net 2 3
Changes in operating assets and liabilities:    
Trade accounts and notes receivable 4 (92)
Inventories (20) 39
Prepaid expenses and other assets (40) (30)
Accounts payable 11 (22)
Other accrued liabilities (75) (96)
Other liabilities 22 (3)
Cash provided by (used for) operating activities 34 (52)
Investing activities:    
Purchase of property, plant and equipment (22) (42)
Interest proceeds on swaps designated as net investment hedges 3 6
Settlement proceeds on swaps designated as net investment hedges 0 29
Other investing activities, net 0 1
Cash used for investing activities (19) (6)
Financing activities:    
Proceeds from short-term borrowings 0 9
Proceeds from long-term borrowings 107 0
Payments on short-term borrowings (5) (14)
Payments on long-term borrowings (183) (76)
Financing-related costs (2) (6)
Net cash flows associated with stock-based awards 1 5
Deferred acquisition-related consideration 0 (7)
Other financing activities, net 0 1
Cash used for financing activities (82) (88)
Decrease in cash (67) (146)
Effect of exchange rate changes on cash (9) 6
Cash at beginning of period 703 655
Cash at end of period 627 515
Cash at end of period reconciliation:    
Cash and cash equivalents 624 512
Restricted cash 3 3
Cash at end of period $ 627 $ 515
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Basis of Presentation and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The interim condensed consolidated financial statements included herein are unaudited. In the opinion of management, these statements include all adjustments, consisting only of normal, recurring adjustments, necessary for a fair statement of the financial position and shareholders' equity of Axalta Coating Systems Ltd., a Bermuda exempted company limited by shares, and its consolidated subsidiaries ("Axalta," the "Company," "we," "our" and "us") at March 31, 2024, the results of operations, comprehensive (loss) income, changes in shareholders' equity and cash flows for the three months ended March 31, 2024 and 2023. All intercompany balances and transactions have been eliminated.
These interim unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP").
The interim unaudited condensed consolidated financial statements include the accounts of Axalta and its subsidiaries, and entities in which a controlling interest is maintained. Certain of our entities are accounted for on a one-month lag basis, the effect of which is not material.
In the current year, we changed the presentation in our condensed consolidated financial statements to whole millions from our historical presentation of tenths of millions and, as a result, any necessary rounding adjustments have been made to prior year disclosed amounts.
The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year ended December 31, 2024 or any future period(s).
Summary of Significant Accounting Policies Updates
Recently Adopted Accounting Guidance
In January 2023, we adopted Accounting Standards Update ("ASU") 2022-04, Liabilities – Supplier Finance Programs, which codifies disclosure requirements for supplier financing programs. This ASU does not affect the recognition, measurement or financial statement presentation of obligations covered by supplier finance programs. Upon adoption of this ASU, we incorporated the required disclosures in Note 14. In addition to the disclosures included in Note 14, ASU 2022-04 requires a rollforward of activity for each supplier financing program beginning with annual reporting for the year ended December 31, 2024, at which time we will incorporate the required rollforward disclosure.
Accounting Guidance and Disclosure Rules Issued But Not Yet Adopted
In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Segment Reporting (Topic 280), to expand the disclosures about a public entity's reportable segments and address requests from investors for additional, more detailed information about a reportable segment's expenses. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We are currently evaluating the impact of ASU 2023-07 on our financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid disclosures. The new standard is effective for fiscal years beginning after December 15, 2024. We are currently evaluating the impact of ASU 2023-09 on our financial statements.
In March 2024, the Securities and Exchange Commission ("SEC") adopted final rules under SEC Release No. 34-99678 and No. 33-11275 (the "Final Rules"), The Enhancement and Standardization of Climate-Related Disclosures for Investors, which will require registrants to provide certain climate-related information in their registration statements and annual reports. The Final Rules require, among other things, disclosures in the notes to the audited financial statements relating to the effects of severe weather events and other natural conditions, subject to certain thresholds, as well as amounts related to carbon offsets and renewable energy credits or certificates in certain circumstances. The financial statement disclosure requirements of the Final Rules are effective for fiscal years beginning in 2025. In April 2024, the SEC stayed the effectiveness of the Final Rules. We are currently evaluating the impact of the Final Rules.
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Revenue
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue REVENUE
Consideration for products in which control has transferred to our customers that is conditional on something other than the passage of time is recorded as a contract asset within prepaid expenses and other current assets on the condensed consolidated balance sheets. The contract asset balances at March 31, 2024 and December 31, 2023 were $36 million and $39 million, respectively.
We provide certain customers with incremental up-front consideration, subject to clawback provisions, including Business Incentive Plan assets ("BIPs"), which is capitalized as a component of other assets and amortized over the estimated life of the contractual arrangement as a reduction of net sales. We do not receive a distinct service or good in return for these BIPs, but rather receive volume commitments and/or sole supplier status from our customers over the life of the contractual arrangements, which approximates a five-year weighted average useful life. Substantially all of the termination clauses in these contractual arrangements include standard clawback provisions that are designed to enable us to collect monetary damages in the event of a customer's failure to meet its commitments under the relevant contract. BIPs are assessed for recoverability annually or more frequently when certain circumstances arise. At March 31, 2024 and December 31, 2023, the total carrying value of BIPs were $151 million and $149 million, respectively, and are presented within other assets in the condensed consolidated balance sheets. For the three months ended March 31, 2024 and 2023, $14 million and $16 million, respectively, was amortized and reflected as reductions of net sales in the condensed consolidated statements of operations.
See Note 17 for disaggregated net sales by end-market.
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Goodwill and Identifiable Intangible Assets
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Identifiable Intangible Assets GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS
Goodwill
The following table shows changes in the carrying amount of goodwill from December 31, 2023 to March 31, 2024 by reportable segment:
Performance
Coatings		Mobility
Coatings		Total
Balance at December 31, 2023$1,513 $78 $1,591 
Foreign currency translation(35)(2)(37)
Balance at March 31, 2024$1,478 $76 $1,554 
Identifiable Intangible Assets
The following tables summarize the gross carrying amounts and accumulated amortization of identifiable intangible assets by major class:
March 31, 2024Gross Carrying
Amount		Accumulated
Amortization		Net Book
Value		Weighted average
amortization periods (years)
Technology$161 $(91)$70 11.2
Trademarks—indefinite-lived258 — 258 Indefinite
Trademarks—definite-lived139 (62)77 14.5
Customer relationships1,176 (494)682 19.0
Total$1,734 $(647)$1,087 
December 31, 2023Gross Carrying
Amount		Accumulated
Amortization		Net Book
Value		Weighted average
amortization periods (years)
Technology$162 $(88)$74 11.2
Trademarks—indefinite-lived264 — 264 Indefinite
Trademarks—definite-lived142 (60)82 14.5
Customer relationships1,194 (484)710 19.0
Total$1,762 $(632)$1,130 
The estimated amortization expense related to the fair value of acquired intangible assets for the remainder of 2024 and each of the succeeding five years is:
Remainder of 2024$66 
202587 
202687 
202786 
202873 
202968 
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Restructuring
 3 Months Ended
Mar. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring RESTRUCTURING
During February 2024, we announced a global transformation initiative intended to simplify the Company’s organizational structure and enable us to be more proactive, responsive, and agile and to better serve our customers and to lower our cost base and improve financial performance and cash flow generation (the "2024 Transformation Initiative"). The 2024 Transformation Initiative actions, certain of which are subject to the satisfaction of local law requirements in various jurisdictions, commenced in the first quarter of 2024 and we expect them to be completed by 2026. The 2024 Transformation Initiative is expected to result in a net reduction to our workforce of approximately 600 employees globally and total pre-tax charges of $75-110 million in the aggregate, of which $65-90 million represents severance and other exit-related costs and $10-20 million represents non-cash accelerated depreciation charges. Future cash expenditures related to the 2024 Transformation Initiative are expected to be approximately $95-135 million, inclusive of $30-45 million for capital expenditures to, among other things, shift manufacturing capacity or capabilities. The 2024 Transformation Initiative resulted in pre-tax charges of $55 million for the three months ended March 31, 2024, which primarily relates to employee severance and other exit costs associated with a net reduction to our workforce globally.
In accordance with the applicable guidance for Accounting Standards Codification ("ASC") 712, Nonretirement Postemployment Benefits, we accounted for termination benefits and recognized liabilities when the loss was considered probable that employees were entitled to benefits and the amounts could be reasonably estimated.
During the three months ended March 31, 2024 and 2023, we incurred costs of $55 million and $0 million, respectively, for termination benefits, net of changes in estimates. The majority of our termination benefits are recorded within other operating charges in the condensed consolidated statements of operations. The remaining payments associated with these actions are expected to be substantially completed within 24 months.
The following table summarizes the activity related to the termination benefit reserves and expenses from December 31, 2023 to March 31, 2024:
2024 Activity
Balance at December 31, 2023$16 
Expenses, net of changes to estimates55 
Payments made(12)
Foreign currency translation(1)
Balance at March 31, 2024$58 
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Commitments and Contingencies
 3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies COMMITMENTS AND CONTINGENCIES
Guarantees
We guarantee certain of our customers’ obligations to third parties, whereby any default by our customers on their obligations could force us to make payments to the applicable creditors ("Customer Obligation Guarantees"). At March 31, 2024 and December 31, 2023, we had outstanding Customer Obligation Guarantees of $19 million and $10 million, respectively. Substantially all of our Customer Obligation Guarantees do not have specified expiration dates. We monitor the Customer Obligation Guarantees to evaluate whether we have a liability at the balance sheet date. We did not have any liabilities related to our outstanding Customer Obligation Guarantees recorded at either March 31, 2024 or December 31, 2023.
Operational Matter
In January 2021, we became aware of an operational matter affecting certain North America Mobility Coatings customer manufacturing sites. The matter involves the use and application of certain of our products in combination with and incorporated within third-party products. The matter occurred over a discrete period during the fourth quarter of 2020. We
concluded that losses from this matter were probable and that a majority of losses would be covered under our insurance policies, subject to deductible and policy limits as defined in our policies.
During each of the three months ended March 31, 2024 and 2023, expenses recorded relating to the operational matter were immaterial. At March 31, 2024 and December 31, 2023, we had $32 million and $36 million, respectively, recorded for estimated insurance receivables within accounts and notes receivable, net in the condensed consolidated balance sheets. Liabilities of $30 million and $31 million are recorded as other accrued liabilities in the condensed consolidated balance sheets at March 31, 2024 and December 31, 2023, respectively. The recorded probable losses remain an estimate, and actual costs arising from this matter could be materially lower or higher depending on the actual costs incurred to repair the impacted products as well as the availability of additional insurance coverage.
Other
We are subject to various pending lawsuits, legal proceedings and other claims in the ordinary course of business, including civil, regulatory and environmental matters. These matters may involve third-party indemnification obligations and/or insurance covering all or part of any potential damage incurred by us. All of these matters are subject to many uncertainties and, accordingly, we cannot determine the ultimate outcome of the proceedings and other claims at this time. The potential effects, if any, on our condensed consolidated financial statements will be recorded in the period in which these matters are probable and estimable. Except as set forth in the "Operational Matter" section above, we believe that any sum we may be required to pay in connection with proceedings or claims in excess of the amounts recorded would likely not have a material adverse effect upon our results of operations, financial condition or cash flows on a consolidated annual basis but could have a material adverse impact in a particular quarterly reporting period.
We are involved in environmental remediation and ongoing compliance activities at several sites. The timing and duration of remediation and ongoing compliance activities are determined on a site by site basis depending on local regulations. The liabilities recorded represent our estimable future remediation costs and other anticipated environmental liabilities. We have not recorded liabilities at sites where a liability is probable but a range of loss is not reasonably estimable. We believe that any sum we may be required to pay in connection with environmental remediation matters in excess of the amounts recorded would likely occur over a period of time and would likely not have a material adverse effect upon our results of operations, financial condition or cash flows on a consolidated annual basis but could have a material adverse impact in a particular quarterly reporting period.
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Long-term Employee Benefits
 3 Months Ended
Mar. 31, 2024
Retirement Benefits [Abstract]  
Long-term Employee Benefits LONG-TERM EMPLOYEE BENEFITS
Components of Net Periodic Benefit Cost
The following table sets forth the pre-tax components of net periodic benefit costs for our defined benefit plans for the three months ended March 31, 2024 and 2023:
Three Months Ended
March 31,
20242023
Components of net periodic benefit cost:
Net periodic benefit cost:
Service cost$1 $2 
Interest cost5 5 
Expected return on plan assets(3)(3)
Amortization of actuarial loss, net1 — 
Net periodic benefit cost$4 $4 
All non-service components of net periodic benefit cost are recorded in other expense, net within the accompanying condensed consolidated statements of operations.
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Stock-based Compensation
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation STOCK-BASED COMPENSATION
During each of the three months ended March 31, 2024 and 2023, we recognized $6 million in stock-based compensation expense, which was allocated between cost of goods sold and selling, general and administrative expenses in the condensed consolidated statements of operations. We recognized tax benefits on stock-based compensation of $1 million for each of the three months ended March 31, 2024 and 2023.
2024 Activity
A summary of stock option award activity as of and for the three months ended March 31, 2024 is presented below.
Stock OptionsAwards
(in millions)		Weighted
Average
Exercise
Price		Aggregate
Intrinsic
Value
 (in millions)		Weighted
Average
Remaining
Contractual
Life (years)
Outstanding at January 1, 20240.5 $28.33 
Granted— $— 
Exercised(0.1)$27.00 
Forfeited / Expired (1)
— $32.50 
Outstanding at March 31, 2024
0.4 $28.56 
Vested and expected to vest at March 31, 2024
0.4 $28.56 $2 3.64
Exercisable at March 31, 2024
0.4 $28.56 $2 3.64
(1)    Activity during the three months ended March 31, 2024 rounds to zero.
Cash received by the Company upon exercise of options for the three months ended March 31, 2024 was $3 million. No excess tax benefits or shortfall expenses were recorded related to these exercises.
At March 31, 2024, there was no unrecognized expense relating to unvested stock options.
Restricted Stock UnitsUnits
(in millions)		Weighted Average
Fair Value
Outstanding at January 1, 20241.3 $28.71 
Granted0.5 $32.48 
Vested(0.4)$29.06 
Forfeited(0.1)$29.45 
Outstanding at March 31, 20241.3 $30.06 
Tax benefits on the vesting of restricted stock units during the three months ended March 31, 2024 were immaterial.
At March 31, 2024, there was $26 million of unamortized expense relating to unvested restricted stock units that is expected to be amortized over a weighted average period of 1.7 years.
Performance Share UnitsUnits
(in millions)		Weighted Average
Fair Value
Outstanding at January 1, 20240.8 $33.20 
Granted0.3 $38.52 
Vested (1)
— $29.53 
Forfeited(0.2)$30.50 
Outstanding at March 31, 20240.9 $35.79 
(1)    Activity during the three months ended March 31, 2024 rounds to zero.
Our performance share units allow for participants to vest in zero to 200% of the targeted number of shares granted. At March 31, 2024, there was $24 million of unamortized expense relating to unvested performance share units that is expected to be amortized over a weighted average period of 2.4 years. The forfeitures include portions of performance share unit grants that were determined to not have vested during the period as a result of not meeting established financial performance thresholds.
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Other Expense, Net
 3 Months Ended
Mar. 31, 2024
Other Income and Expenses [Abstract]  
Other Expense ,Net OTHER EXPENSE, NET
Three Months Ended
March 31,
20242023
Foreign exchange losses, net$5 $2 
Debt extinguishment and refinancing-related costs (1)
3 2 
Other miscellaneous income, net — (3)
Total$8 $1 
(1)    Debt extinguishment and refinancing-related costs include third-party fees incurred and the loss on extinguishment associated with the write-off of unamortized deferred financing costs and original issue discounts in conjunction with the restructuring and refinancing of our long-term borrowings, as discussed further in Note 15.
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Income Taxes
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Our effective income tax rates for the three months ended March 31, 2024 and 2023 are as follows:
Three Months Ended
March 31,
20242023
Effective Tax Rate33.9 %20.2 %
The higher effective tax rate for the three months ended March 31, 2024 was primarily due to the tax impacts of the 2024 Transformation Initiative pre-tax charges, as well as the 2023 favorable impact of changes in unrecognized tax benefits, which did not repeat in 2024.
The effective tax rate for the three months ended March 31, 2024 differs from the U.S. Federal statutory rate due to various items that impacted the effective rate both favorably and unfavorably. We recorded unfavorable impacts for changes in the valuation allowance and for increases in unrecognized tax benefits. These adjustments were primarily offset by the favorable adjustments for earnings in jurisdictions where the statutory rate is lower than the U.S. Federal statutory rate.
The Organization for Economic Cooperation and Development’s (“OECD”) Pillar Two framework that imposes, among other items, a minimum tax rate of 15% has been implemented by several jurisdictions in which we operate, with effect from January 1, 2024. The effect of enacted Pillar Two taxes did not have a significant impact on our condensed consolidated financial statements. We will continue to monitor the implementation of Pillar Two by additional jurisdictions and will evaluate the potential impact on our consolidated financial statements.
We anticipate that it is reasonably possible our unrecognized tax benefits will decrease by $46 million, exclusive of interest and penalties, within the next 12 months mainly due to the expiration of statutes of limitations in various countries and the expected final assessment from the 2010-2013 German income tax audit which concluded in 2021.
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Net Income Per Common Share
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Net Income Per Common Share NET INCOME PER COMMON SHARE
Basic net income per common share excludes the dilutive impact of potentially dilutive securities and is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted net income per common share includes the effect of potential dilution from the hypothetical exercise of outstanding stock options and vesting of restricted stock units and performance share units. A reconciliation of our basic and diluted net income per common share is as follows:
Three Months Ended
March 31,
(In millions, except per share data)20242023
Net income to common shareholders$41 $61 
Basic weighted average shares outstanding220.3 221.2 
Diluted weighted average shares outstanding221.3 222.1 
Net income per common share (1):
Basic net income per share$0.18 $0.27 
Diluted net income per share$0.18 $0.27 
(1)    Basic earnings per share and diluted earnings per share are calculated based on full precision. Figures in the table may not recalculate due to rounding.
The number of anti-dilutive shares that have been excluded in the computation of diluted net income per share for the three months ended March 31, 2024 and 2023 were 0.1 million and 0.8 million, respectively.
v3.24.1.u1
Accounts and Notes Receivable, Net
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Accounts and Notes Receivable, Net ACCOUNTS AND NOTES RECEIVABLE, NET
Trade accounts receivable are stated at the amount we expect to collect. We maintain allowances for doubtful accounts for estimated losses by applying historical loss percentages, combined with reasonable and supportable forecasts of future losses, to respective aging categories. Management considers the following factors in developing its current estimate of expected credit losses: customer credit-worthiness; past transaction history with the customer; current economic industry trends; changes in market or regulatory matters; changes in geopolitical matters; and changes in customer payment terms, as well as other macroeconomic factors.
March 31, 2024December 31, 2023
Accounts receivable - trade, net (1)
$1,035 $1,043 
Notes receivable74 79 
Other (2)
133 138 
Total$1,242 $1,260 
(1)    Allowance for doubtful accounts was $24 million and $25 million at March 31, 2024 and December 31, 2023, respectively.
(2)    Includes $32 million and $36 million at March 31, 2024 and December 31, 2023, respectively, of insurance recoveries related to an operational matter discussed further in Note 5.
Bad debt expense of $1 million and $4 million was included within selling, general and administrative expenses for the three months ended March 31, 2024 and 2023, respectively, and benefits of $1 million related to sanctions imposed on Russia in response to the conflict with Ukraine was included in other operating charges for the three months ended March 31, 2023.
v3.24.1.u1
Inventories
 3 Months Ended
Mar. 31, 2024
Inventory Disclosure [Abstract]  
Inventories INVENTORIES
March 31, 2024December 31, 2023
Finished products$411 $405 
Semi-finished products128 126 
Raw materials184 182 
Stores and supplies28 28 
Total$751 $741 
Inventory reserves were $26 million and $27 million at March 31, 2024 and December 31, 2023, respectively.
v3.24.1.u1
Property, Plant and Equipment, Net
 3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, Net PROPERTY, PLANT AND EQUIPMENT, NET
March 31, 2024December 31, 2023
Property, plant and equipment$2,435 $2,454 
Accumulated depreciation(1,261)(1,250)
Property, plant and equipment, net$1,174 $1,204 
Depreciation expense amounted to $31 million and $29 million for the three months ended March 31, 2024 and 2023, respectively.
v3.24.1.u1
Supplier Finance Programs
 3 Months Ended
Mar. 31, 2024
Payables and Accruals [Abstract]  
Supplier Finance Programs SUPPLIER FINANCE PROGRAMS
We have a supplier financing program in China that is utilized to finance the purchases of goods and services from our suppliers through local banking institutions. The payment terms under the program vary, but the program has a weighted average maturity date that is approximately 90 days from each respective financing inception. These financing arrangements are included in the current portion of borrowings within the condensed consolidated balance sheets and at the time of issuance each transaction is treated as a non-cash financing activity within the condensed consolidated statements of cash flows. Upon settlement of the financing, the cash outflow is classified as a financing activity within the condensed consolidated statements of cash flows. Amounts outstanding under this program were $10 million at March 31, 2023, including $2 million related to purchases of property, plant and equipment. An immaterial amount was outstanding under this program at March 31, 2024. Cash outflows under this program were $4 million and $14 million for the three months ended March 31, 2024 and 2023, respectively.
We maintain a voluntary supply chain financing ("SCF") program with a global financial institution that allows a select group of suppliers to sell their receivables to the participating financial institution at the discretion of both parties on terms that are negotiated between the supplier and the financial institution. The supplier invoices that have been confirmed as valid under the program are paid by us to the financial institution according to the terms we have with the supplier. Amounts outstanding under the SCF program were $28 million at March 31, 2024 and December 31, 2023.
We also participate in a virtual card program with a global financial institution, in which we pay supplier invoices on the due date using a Virtual Card Account ("VCA") and subsequently pay the balance in full 25 days after the billing statement date of the VCA. The program allows for suppliers to receive accelerated payments for a fee at each supplier's discretion. Fees paid by our suppliers are negotiated directly with the financial institution without our involvement. Amounts outstanding under the VCA program were $6 million and $8 million at March 31, 2024 and December 31, 2023, respectively.
The payment terms we have with our suppliers who participate in the SCF and VCA programs are consistent with the typical terms we have with our suppliers who do not participate. These financing arrangements are included in accounts payable within the condensed consolidated balance sheets and the associated payments are included in operating activities within the condensed consolidated statements of cash flows.
v3.24.1.u1
Borrowings
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Borrowings BORROWINGS
Borrowings are summarized as follows:
March 31, 2024December 31, 2023
2029 Dollar Term Loans$1,711 $1,786 
2027 Dollar Senior Notes500 500 
2029 Dollar Senior Notes700 700 
2031 Dollar Senior Notes500 500 
Short-term and other borrowings56 62 
Unamortized original issue discount(15)(17)
Unamortized deferred financing costs(25)(27)
Total borrowings, net3,427 3,504 
Less:
Short-term borrowings3 7 
Current portion of long-term borrowings17 19 
Long-term debt$3,407 $3,478 
Our senior secured credit facilities (the "Senior Secured Credit Facilities") consist of a term loan due 2029 (the "2029 Dollar Term Loans") and a revolving credit facility (the "Revolving Credit Facility") that is governed by a credit agreement (as amended, the "Credit Agreement").
Revolving Credit Facility
At both March 31, 2024 and December 31, 2023, letters of credit issued under the Revolving Credit Facility totaled $22 million, which reduced the availability under the Revolving Credit Facility as of such dates. Availability under the Revolving Credit Facility was $528 million at both March 31, 2024 and December 31, 2023.
Significant Transactions
During the three months ended March 31, 2024, we prepaid $75 million of the outstanding principal amount of the 2029 Dollar Term Loans. As a result of these prepayments, we recorded a loss on extinguishment of debt of $1 million for the three months ended March 31, 2024, which comprised the proportionate write-off of unamortized deferred financing costs and original issue discounts.
During March 2024, we entered into the Fourteenth Amendment to the Credit Agreement to lower the interest rate spread applicable to the 2029 Dollar Term Loans, which continues to be based on the Secured Overnight Financing Rate ("SOFR"), from 2.50% to 2.00% and to make related changes to effect such repricing. The other material terms of the Credit Agreement, including the outstanding principal amount and maturity date of the 2029 Dollar Term Loans, remained unchanged. As a result of the repricing, we recorded a $2 million loss on financing-related costs during the three months ended March 31, 2024 related to the write-off of unamortized deferred financing costs and original issue discount and fees incurred to complete the repricing.
Future repayments
Below is a schedule of required future repayments of all borrowings outstanding at March 31, 2024.
Remainder of 2024$15 
202521 
202621 
2027521 
202822 
Thereafter2,867 
Total borrowings3,467 
Unamortized original issue discount(15)
Unamortized deferred financing costs(25)
Total borrowings, net$3,427 
v3.24.1.u1
Financial Instruments, Hedging Activities and Fair Value Measurements
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Financial Instruments, Hedging Activities and Fair Value Measurements FINANCIAL INSTRUMENTS, HEDGING ACTIVITIES AND FAIR VALUE MEASUREMENTS
Fair value of financial instruments
Equity securities with readily determinable fair values - Balances of equity securities are recorded within other assets, with any changes in fair value recorded within other expense, net. The fair values of equity securities are based upon quoted market prices, which are considered Level 1 inputs.
Long-term borrowings - The estimated fair values of these borrowings are based on recent trades, as reported by a third-party pricing service. Due to the infrequency of trades, these inputs are considered to be Level 2 inputs.
Derivative instruments - The Company’s interest rate swaps, cross-currency swaps and foreign currency forward contracts are valued using broker quotations, or market transactions in either the listed or over-the-counter markets. As such, these derivative instruments are included in the Level 2 hierarchy.
Fair value of contingent consideration
Contingent consideration is valued using a probability-weighted expected payment method that considers the timing of expected future cash flows and the probability of whether key elements of the contingent event are completed. The fair value of contingent consideration is valued at each balance sheet date, until amounts become payable, with adjustments recorded within other expense, net in the condensed consolidated statements of operations. Due to the significant unobservable inputs used in the valuations, these liabilities are categorized within Level 3 of the fair value hierarchy.
The table below presents the fair values of our financial instruments measured on a recurring basis by level within the fair value hierarchy at March 31, 2024 and December 31, 2023.
March 31, 2024December 31, 2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:
Prepaid expenses and other current assets:
Cross-currency swaps (1)
$— $11 $— $11 $— $8 $— $8 
Other assets:
Investments in equity securities
1 — — 1 1 — — 1 
Liabilities:
Other accrued liabilities:
Cross-currency swaps (1)
— — — — — 8 — 8 
Contingent consideration— — 9 9 — — 8 8 
Other liabilities:
Cross-currency swaps (1)
— 19 — 19 — 38 — 38 
Long-term borrowings:
2029 Dollar Term Loans— 1,715 — 1,715 — 1,794 — 1,794 
2027 Dollar Senior Notes— 483 — 483 — 487 — 487 
2029 Dollar Senior Notes— 626 — 626 — 633 — 633 
2031 Dollar Senior Notes— 520 — 520 — 527 — 527 
(1)    Net investment hedge

The table below presents a roll forward of activity for the Level 3 liabilities for the three months ended March 31, 2024.
Fair Value Using Significant Unobservable Inputs
(Level 3)
Beginning balance at December 31, 2023
$8 
Change in fair value1 
Foreign currency translation— 
Ending balance at March 31, 2024
$9 
Derivative Financial Instruments
We selectively use derivative instruments to reduce market risk associated with changes in foreign currency exchange rates and interest rates. The use of derivatives is intended for hedging purposes only, and we do not enter into derivative instruments for speculative purposes.
Derivative Instruments Qualifying and Designated as Net Investment and Cash Flow Hedges
Cross-Currency Swaps Designated as Net Investment Hedges
One fixed-for-fixed cross-currency swap with a notional amount of $150 million, previously executed in 2023, was set to mature on March 31, 2024. We extended the maturity on this cross-currency swap to September 30, 2025 and reset the terms. Under the terms of this reset cross-currency swap agreement, we notionally exchanged $150 million at an interest rate of 6.692% for €142 million at an interest rate of 4.899%. The cross-currency swap is designated as a net investment hedge. This cross-currency swap is marked to market at each reporting date and any unrealized gains or losses are included in unrealized currency translation adjustments, within accumulated other comprehensive loss ("AOCI").
Interest Rate Swaps Designated as Cash Flow Hedges
An interest rate swap with a notional amount of $150 million, which was previously executed in 2023 and set to expire on March 31, 2024, was terminated early on March 27, 2024. Concurrently, we entered into an interest rate swap with a notional amount of $150 million to hedge interest rate exposures associated with the 2029 Dollar Term Loans. Under the terms of the interest rate swap agreement, the Company is required to pay the counter-party a stream of fixed interest payments at a rate of 4.692% on $150 million of notional value, and in turn, receives variable interest payments based on 3-month SOFR from the counter-party subject to a floor of 0.5%. The interest rate swap is designated as a cash flow hedge and expires on September 30, 2025. This interest rate swap is marked to market at each reporting date and any unrealized gains or losses are included in AOCI and reclassified to interest expense in the same period or periods during which the hedged transactions affect earnings.
Gains and losses for hedge components excluded from the assessment of effectiveness are recognized over the life of the hedge on a systematic and rational basis.
The following table sets forth the locations and amounts recognized during the three months ended March 31, 2024 and 2023 for the Company's cash flow and net investment hedges.
Three Months Ended
March 31,
20242023
Derivatives in Cash Flow and Net Investment HedgesLocation of (Gain) Loss Recognized in Income on DerivativesNet Amount of Gain Recognized in OCI on DerivativesAmount of Gain Recognized in IncomeNet Amount of (Gain) Loss Recognized in OCI on DerivativesAmount of Gain Recognized in Income
Interest rate swapsInterest expense, net$— $— $(1)$(2)
Cross-currency swaps
Interest expense, net(33)(4)7 (4)
Derivative Instruments Not Designated as Cash Flow Hedges
We periodically enter into foreign currency forward and option contracts to reduce market risk and hedge our balance sheet exposures and cash flows for subsidiaries with exposures denominated in currencies different from the functional currency of the relevant subsidiary. These contracts have not been designated as hedges and all gains and losses are marked to market through other expense, net in the condensed consolidated statements of operations.
Fair value gains and losses of derivative contracts, as determined using Level 2 inputs, that have not been designated for hedge accounting treatment under ASC 815, Derivatives and hedging, are recorded in earnings as follows:
Derivatives Not Designated as Hedging
Instruments under ASC 815		Location of (Gain) Loss Recognized in Income on DerivativesThree Months Ended
March 31,
20242023
Foreign currency forward contractsOther expense, net$(4)$(3)
v3.24.1.u1
Segments
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segments SEGMENTS
The Company identifies an operating segment as a component: (i) that engages in business activities from which it may earn revenues and incur expenses; (ii) whose operating results are regularly reviewed by the Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance; and (iii) that has available discrete financial information.
We have two operating segments, which are also our reportable segments: Performance Coatings and Mobility Coatings. The CODM reviews financial information at the operating segment level to allocate resources and to assess the operating results and financial performance for each operating segment. Our CODM is identified as the Chief Executive Officer because he has final authority over performance assessment and resource allocation decisions. Our segments are based on the type and concentration of customers served, service requirements, methods of distribution and major product lines.
Through our Performance Coatings segment, we provide high-quality liquid and powder coatings solutions to both large regional and global original equipment manufacturers ("OEMs") and to a fragmented and local customer base. These customers comprise independent or multi-shop operator body shops as well as a wide variety of industrial manufacturers. We are one of only a few suppliers with the technology to provide precise color matching and highly durable coatings systems. The end-markets within this segment are refinish and industrial.
Through our Mobility Coatings segment, we provide coatings technologies for light vehicle and commercial vehicle OEMs. These global customers are faced with evolving megatrends in electrification, sustainability, personalization and autonomous driving that require a high level of technical expertise. The OEMs require efficient, environmentally responsible coatings systems that can be applied with a high degree of precision, consistency and speed. The end-markets within this segment are light vehicle and commercial vehicle.
Adjusted EBITDA is the primary measure used by our CODM to evaluate financial performance of the operating segments and allocate resources and is therefore our measure of segment profitability in accordance with GAAP under ASC 280, Segment Reporting. Asset information is not reviewed or included with our internal management reporting. Therefore, we have not disclosed asset information for each reportable segment. The following table presents relevant information of our reportable segments.
Three Months Ended
March 31,
20242023
Net sales (1):
Refinish$519 $498 
Industrial329 349 
Total Net sales Performance Coatings848 847 
Light Vehicle342 329 
Commercial Vehicle104 108 
Total Net sales Mobility Coatings446 437 
Total Net sales$1,294 $1,284 
(1)The Company has no intercompany sales between segments.
The following table reconciles our segment operating performance to income before income taxes for the periods presented:
Three Months Ended
March 31,
20242023
Segment Adjusted EBITDA (1):
Performance Coatings$196 $169 
Mobility Coatings63 44 
Total259 213 
Interest expense, net54 48 
Depreciation and amortization68 70 
Debt extinguishment and refinancing-related costs (a)
3 2 
Termination benefits and other employee-related costs (b)
55 — 
Acquisition and divestiture-related costs (c)
2 1 
Impairment charges (d)
— 7 
Foreign exchange remeasurement losses (e)
5 2 
Long-term employee benefit plan adjustments (f)
3 2 
Stock-based compensation (g)
6 6 
Environmental charge (h)
4 — 
Other adjustments (i)
— (1)
Income before income taxes$59 $76 
(1)The primary measure of segment operating performance is Adjusted EBITDA, which is defined as net income before interest, taxes, depreciation, amortization and select other items impacting operating results. These other items impacting operating results are items that management has concluded are (1) non-cash items included within net income, (2) items the Company does not believe are indicative of ongoing operating performance or (3) non-recurring, unusual or infrequent items that have not occurred within the last two years or we believe are not reasonably likely to recur within the next two years. Adjusted EBITDA is a key metric that is used by management to evaluate business performance in comparison to budgets, forecasts and prior year financial results, providing a measure that management believes reflects the Company's core operating performance, which represents Adjusted EBITDA adjusted for the select items referred to above.
(a)Represents expenses and associated changes to estimates related to the prepayment, restructuring, and refinancing of our indebtedness, which are not considered indicative of our ongoing operating performance.
(b)Represents expenses and associated changes to estimates related to employee termination benefits, consulting, legal and other employee-related costs associated with restructuring programs and other employee-related costs. These amounts are not considered indicative of our ongoing operating performance.
(c)Represents acquisition and divestiture-related expenses and integration activities associated with our business combinations, all of which are not considered indicative of our ongoing operating performance.
(d)Represents impairment charges, which are not considered indicative of our ongoing operating performance. The amount recorded during the three months ended March 31, 2023 relates to a loss recorded due to the then anticipated exit of a non-core business category in the Mobility Coatings segment.
(e)Represents foreign exchange losses resulting from the remeasurement of assets and liabilities denominated in foreign currencies, net of the impacts of our foreign currency instruments used to hedge our balance sheet exposures.
(f)Represents the non-cash, non-service cost components of long-term employee benefit costs.
(g)Represents non-cash impacts associated with stock-based compensation.
(h)Represents costs related to certain environmental remediation activities, which are not considered indicative of our ongoing operating performance.
(i)Represents costs for certain non-operational or non-cash gains, unrelated to our core business and which we do not consider indicative of our ongoing operating performance.
v3.24.1.u1
Accumulated Other Comprehensive Loss
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Loss ACCUMULATED OTHER COMPREHENSIVE LOSS
Unrealized
Currency
Translation
Adjustments		Pension
Adjustments		Unrealized
Gain (Loss) on
Derivatives		Accumulated
Other
Comprehensive
 (Loss) Income
Balance, December 31, 2023
$(374)$(70)$— $(444)
Current year deferrals to AOCI(41)— — (41)
Reclassifications from AOCI to Net income(4)1 — (3)
Net Change(45)1 — (44)
Balance, March 31, 2024
$(419)$(69)$— $(488)
The cumulative income tax expense related to the adjustments for foreign exchange at March 31, 2024 was immaterial. The cumulative income tax benefit related to the adjustments for pension benefits at March 31, 2024 was $29 million. The cumulative income tax expense related to the adjustments for the unrealized gain on derivatives at March 31, 2024 was immaterial. See Note 16 for classification within the condensed consolidated statements of operations of the gains and losses on derivatives reclassified from AOCI.
Unrealized
Currency
Translation
Adjustments		Pension
Adjustments		Unrealized
(Loss) Gain on
Derivatives		Accumulated
Other
Comprehensive
(Loss) Income
Balance, December 31, 2022
$(434)$(36)$3 $(467)
Current year deferrals to AOCI50 — 1 51 
Reclassifications from AOCI to Net income(4)— (3)(7)
Net Change46 — (2)44 
Balance, March 31, 2023
$(388)$(36)$1 $(423)
The cumulative income tax benefit related to the adjustments for foreign exchange at March 31, 2023 was $1 million. The cumulative income tax benefit related to the adjustments for pension benefits at March 31, 2023 was $14 million. The cumulative income tax expense related to the adjustments for the unrealized gain on derivatives at March 31, 2023 was immaterial. See Note 16 for classification within the condensed consolidated statements of operations of the gains and losses on derivatives reclassified from AOCI.
v3.24.1.u1
SUBSEQUENT EVENTS
 3 Months Ended
Mar. 31, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Share repurchase program
In April 2024, our Board of Directors authorized a common share repurchase program of $700 million replacing the previous program, which had $367 million in authorization remaining.
v3.24.1.u1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure    
Net income to common shareholders $ 41 $ 61
v3.24.1.u1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.1.u1
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Recently Adopted Accounting Guidance and Accounting Guidance and Disclosure Rules Issued But Not Yet Adopted
Recently Adopted Accounting Guidance
In January 2023, we adopted Accounting Standards Update ("ASU") 2022-04, Liabilities – Supplier Finance Programs, which codifies disclosure requirements for supplier financing programs. This ASU does not affect the recognition, measurement or financial statement presentation of obligations covered by supplier finance programs. Upon adoption of this ASU, we incorporated the required disclosures in Note 14. In addition to the disclosures included in Note 14, ASU 2022-04 requires a rollforward of activity for each supplier financing program beginning with annual reporting for the year ended December 31, 2024, at which time we will incorporate the required rollforward disclosure.
Accounting Guidance and Disclosure Rules Issued But Not Yet Adopted
In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Segment Reporting (Topic 280), to expand the disclosures about a public entity's reportable segments and address requests from investors for additional, more detailed information about a reportable segment's expenses. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We are currently evaluating the impact of ASU 2023-07 on our financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid disclosures. The new standard is effective for fiscal years beginning after December 15, 2024. We are currently evaluating the impact of ASU 2023-09 on our financial statements.
In March 2024, the Securities and Exchange Commission ("SEC") adopted final rules under SEC Release No. 34-99678 and No. 33-11275 (the "Final Rules"), The Enhancement and Standardization of Climate-Related Disclosures for Investors, which will require registrants to provide certain climate-related information in their registration statements and annual reports. The Final Rules require, among other things, disclosures in the notes to the audited financial statements relating to the effects of severe weather events and other natural conditions, subject to certain thresholds, as well as amounts related to carbon offsets and renewable energy credits or certificates in certain circumstances. The financial statement disclosure requirements of the Final Rules are effective for fiscal years beginning in 2025. In April 2024, the SEC stayed the effectiveness of the Final Rules. We are currently evaluating the impact of the Final Rules.
v3.24.1.u1
Goodwill and Identifiable Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The following table shows changes in the carrying amount of goodwill from December 31, 2023 to March 31, 2024 by reportable segment:
Performance
Coatings		Mobility
Coatings		Total
Balance at December 31, 2023$1,513 $78 $1,591 
Foreign currency translation(35)(2)(37)
Balance at March 31, 2024$1,478 $76 $1,554 
Schedule of Finite-lived and Indefinite-lived Intangible Assets by Major Class
The following tables summarize the gross carrying amounts and accumulated amortization of identifiable intangible assets by major class:
March 31, 2024Gross Carrying
Amount		Accumulated
Amortization		Net Book
Value		Weighted average
amortization periods (years)
Technology$161 $(91)$70 11.2
Trademarks—indefinite-lived258 — 258 Indefinite
Trademarks—definite-lived139 (62)77 14.5
Customer relationships1,176 (494)682 19.0
Total$1,734 $(647)$1,087 
December 31, 2023Gross Carrying
Amount		Accumulated
Amortization		Net Book
Value		Weighted average
amortization periods (years)
Technology$162 $(88)$74 11.2
Trademarks—indefinite-lived264 — 264 Indefinite
Trademarks—definite-lived142 (60)82 14.5
Customer relationships1,194 (484)710 19.0
Total$1,762 $(632)$1,130 
Schedule of Finite-lived Intangible Assets, Future Amortization Expense
The estimated amortization expense related to the fair value of acquired intangible assets for the remainder of 2024 and each of the succeeding five years is:
Remainder of 2024$66 
202587 
202687 
202786 
202873 
202968 
v3.24.1.u1
Restructuring (Tables)
 3 Months Ended
Mar. 31, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Related Costs
The following table summarizes the activity related to the termination benefit reserves and expenses from December 31, 2023 to March 31, 2024:
2024 Activity
Balance at December 31, 2023$16 
Expenses, net of changes to estimates55 
Payments made(12)
Foreign currency translation(1)
Balance at March 31, 2024$58 
v3.24.1.u1
Long-term Employee Benefits (Tables)
 3 Months Ended
Mar. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs
The following table sets forth the pre-tax components of net periodic benefit costs for our defined benefit plans for the three months ended March 31, 2024 and 2023:
Three Months Ended
March 31,
20242023
Components of net periodic benefit cost:
Net periodic benefit cost:
Service cost$1 $2 
Interest cost5 5 
Expected return on plan assets(3)(3)
Amortization of actuarial loss, net1 — 
Net periodic benefit cost$4 $4 
v3.24.1.u1
Stock-based Compensation (Tables)
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Options Roll Forward
A summary of stock option award activity as of and for the three months ended March 31, 2024 is presented below.
Stock OptionsAwards
(in millions)		Weighted
Average
Exercise
Price		Aggregate
Intrinsic
Value
 (in millions)		Weighted
Average
Remaining
Contractual
Life (years)
Outstanding at January 1, 20240.5 $28.33 
Granted— $— 
Exercised(0.1)$27.00 
Forfeited / Expired (1)
— $32.50 
Outstanding at March 31, 2024
0.4 $28.56 
Vested and expected to vest at March 31, 2024
0.4 $28.56 $2 3.64
Exercisable at March 31, 2024
0.4 $28.56 $2 3.64
(1)    Activity during the three months ended March 31, 2024 rounds to zero.
Schedule of Restricted Stock Units and Restricted Stock Awards Roll Forward
Restricted Stock UnitsUnits
(in millions)		Weighted Average
Fair Value
Outstanding at January 1, 20241.3 $28.71 
Granted0.5 $32.48 
Vested(0.4)$29.06 
Forfeited(0.1)$29.45 
Outstanding at March 31, 20241.3 $30.06 
Schedule of Performance Stock Roll Forward
Performance Share UnitsUnits
(in millions)		Weighted Average
Fair Value
Outstanding at January 1, 20240.8 $33.20 
Granted0.3 $38.52 
Vested (1)
— $29.53 
Forfeited(0.2)$30.50 
Outstanding at March 31, 20240.9 $35.79 
(1)    Activity during the three months ended March 31, 2024 rounds to zero.
v3.24.1.u1
Other Expense, Net (Tables)
 3 Months Ended
Mar. 31, 2024
Other Income and Expenses [Abstract]  
Schedule of Other Income, Net
Three Months Ended
March 31,
20242023
Foreign exchange losses, net$5 $2 
Debt extinguishment and refinancing-related costs (1)
3 2 
Other miscellaneous income, net — (3)
Total$8 $1 
(1)    Debt extinguishment and refinancing-related costs include third-party fees incurred and the loss on extinguishment associated with the write-off of unamortized deferred financing costs and original issue discounts in conjunction with the restructuring and refinancing of our long-term borrowings, as discussed further in Note 15.
v3.24.1.u1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
Our effective income tax rates for the three months ended March 31, 2024 and 2023 are as follows:
Three Months Ended
March 31,
20242023
Effective Tax Rate33.9 %20.2 %
v3.24.1.u1
Net Income Per Common Share (Tables)
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net Income Per Common Share A reconciliation of our basic and diluted net income per common share is as follows:
Three Months Ended
March 31,
(In millions, except per share data)20242023
Net income to common shareholders$41 $61 
Basic weighted average shares outstanding220.3 221.2 
Diluted weighted average shares outstanding221.3 222.1 
Net income per common share (1):
Basic net income per share$0.18 $0.27 
Diluted net income per share$0.18 $0.27 
(1)    Basic earnings per share and diluted earnings per share are calculated based on full precision. Figures in the table may not recalculate due to rounding.
v3.24.1.u1
Accounts and Notes Receivable, Net (Tables)
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable
March 31, 2024December 31, 2023
Accounts receivable - trade, net (1)
$1,035 $1,043 
Notes receivable74 79 
Other (2)
133 138 
Total$1,242 $1,260 
(1)    Allowance for doubtful accounts was $24 million and $25 million at March 31, 2024 and December 31, 2023, respectively.
(2)    Includes $32 million and $36 million at March 31, 2024 and December 31, 2023, respectively, of insurance recoveries related to an operational matter discussed further in Note 5.
v3.24.1.u1
Inventories (Tables)
 3 Months Ended
Mar. 31, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventory, Current
March 31, 2024December 31, 2023
Finished products$411 $405 
Semi-finished products128 126 
Raw materials184 182 
Stores and supplies28 28 
Total$751 $741 
v3.24.1.u1
Property, Plant and Equipment, Net (Tables)
 3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
March 31, 2024December 31, 2023
Property, plant and equipment$2,435 $2,454 
Accumulated depreciation(1,261)(1,250)
Property, plant and equipment, net$1,174 $1,204 
v3.24.1.u1
Borrowings (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
Borrowings are summarized as follows:
March 31, 2024December 31, 2023
2029 Dollar Term Loans$1,711 $1,786 
2027 Dollar Senior Notes500 500 
2029 Dollar Senior Notes700 700 
2031 Dollar Senior Notes500 500 
Short-term and other borrowings56 62 
Unamortized original issue discount(15)(17)
Unamortized deferred financing costs(25)(27)
Total borrowings, net3,427 3,504 
Less:
Short-term borrowings3 7 
Current portion of long-term borrowings17 19 
Long-term debt$3,407 $3,478 
Schedule of Maturities of Long-term Debt
Below is a schedule of required future repayments of all borrowings outstanding at March 31, 2024.
Remainder of 2024$15 
202521 
202621 
2027521 
202822 
Thereafter2,867 
Total borrowings3,467 
Unamortized original issue discount(15)
Unamortized deferred financing costs(25)
Total borrowings, net$3,427 
v3.24.1.u1
Financial Instruments, Hedging Activities and Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The table below presents the fair values of our financial instruments measured on a recurring basis by level within the fair value hierarchy at March 31, 2024 and December 31, 2023.
March 31, 2024December 31, 2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:
Prepaid expenses and other current assets:
Cross-currency swaps (1)
$— $11 $— $11 $— $8 $— $8 
Other assets:
Investments in equity securities
1 — — 1 1 — — 1 
Liabilities:
Other accrued liabilities:
Cross-currency swaps (1)
— — — — — 8 — 8 
Contingent consideration— — 9 9 — — 8 8 
Other liabilities:
Cross-currency swaps (1)
— 19 — 19 — 38 — 38 
Long-term borrowings:
2029 Dollar Term Loans— 1,715 — 1,715 — 1,794 — 1,794 
2027 Dollar Senior Notes— 483 — 483 — 487 — 487 
2029 Dollar Senior Notes— 626 — 626 — 633 — 633 
2031 Dollar Senior Notes— 520 — 520 — 527 — 527 
(1)    Net investment hedge
Schedule of Fair Value, Liability Activity
The table below presents a roll forward of activity for the Level 3 liabilities for the three months ended March 31, 2024.
Fair Value Using Significant Unobservable Inputs
(Level 3)
Beginning balance at December 31, 2023
$8 
Change in fair value1 
Foreign currency translation— 
Ending balance at March 31, 2024
$9 
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table sets forth the locations and amounts recognized during the three months ended March 31, 2024 and 2023 for the Company's cash flow and net investment hedges.
Three Months Ended
March 31,
20242023
Derivatives in Cash Flow and Net Investment HedgesLocation of (Gain) Loss Recognized in Income on DerivativesNet Amount of Gain Recognized in OCI on DerivativesAmount of Gain Recognized in IncomeNet Amount of (Gain) Loss Recognized in OCI on DerivativesAmount of Gain Recognized in Income
Interest rate swapsInterest expense, net$— $— $(1)$(2)
Cross-currency swaps
Interest expense, net(33)(4)7 (4)
Schedule of Derivatives Not Designated as Hedging Instruments
Fair value gains and losses of derivative contracts, as determined using Level 2 inputs, that have not been designated for hedge accounting treatment under ASC 815, Derivatives and hedging, are recorded in earnings as follows:
Derivatives Not Designated as Hedging
Instruments under ASC 815		Location of (Gain) Loss Recognized in Income on DerivativesThree Months Ended
March 31,
20242023
Foreign currency forward contractsOther expense, net$(4)$(3)
v3.24.1.u1
Segments (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Adjusted EBITDA is the primary measure used by our CODM to evaluate financial performance of the operating segments and allocate resources and is therefore our measure of segment profitability in accordance with GAAP under ASC 280, Segment Reporting. Asset information is not reviewed or included with our internal management reporting. Therefore, we have not disclosed asset information for each reportable segment. The following table presents relevant information of our reportable segments.
Three Months Ended
March 31,
20242023
Net sales (1):
Refinish$519 $498 
Industrial329 349 
Total Net sales Performance Coatings848 847 
Light Vehicle342 329 
Commercial Vehicle104 108 
Total Net sales Mobility Coatings446 437 
Total Net sales$1,294 $1,284 
(1)The Company has no intercompany sales between segments.
Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated
The following table reconciles our segment operating performance to income before income taxes for the periods presented:
Three Months Ended
March 31,
20242023
Segment Adjusted EBITDA (1):
Performance Coatings$196 $169 
Mobility Coatings63 44 
Total259 213 
Interest expense, net54 48 
Depreciation and amortization68 70 
Debt extinguishment and refinancing-related costs (a)
3 2 
Termination benefits and other employee-related costs (b)
55 — 
Acquisition and divestiture-related costs (c)
2 1 
Impairment charges (d)
— 7 
Foreign exchange remeasurement losses (e)
5 2 
Long-term employee benefit plan adjustments (f)
3 2 
Stock-based compensation (g)
6 6 
Environmental charge (h)
4 — 
Other adjustments (i)
— (1)
Income before income taxes$59 $76 
(1)The primary measure of segment operating performance is Adjusted EBITDA, which is defined as net income before interest, taxes, depreciation, amortization and select other items impacting operating results. These other items impacting operating results are items that management has concluded are (1) non-cash items included within net income, (2) items the Company does not believe are indicative of ongoing operating performance or (3) non-recurring, unusual or infrequent items that have not occurred within the last two years or we believe are not reasonably likely to recur within the next two years. Adjusted EBITDA is a key metric that is used by management to evaluate business performance in comparison to budgets, forecasts and prior year financial results, providing a measure that management believes reflects the Company's core operating performance, which represents Adjusted EBITDA adjusted for the select items referred to above.
(a)Represents expenses and associated changes to estimates related to the prepayment, restructuring, and refinancing of our indebtedness, which are not considered indicative of our ongoing operating performance.
(b)Represents expenses and associated changes to estimates related to employee termination benefits, consulting, legal and other employee-related costs associated with restructuring programs and other employee-related costs. These amounts are not considered indicative of our ongoing operating performance.
(c)Represents acquisition and divestiture-related expenses and integration activities associated with our business combinations, all of which are not considered indicative of our ongoing operating performance.
(d)Represents impairment charges, which are not considered indicative of our ongoing operating performance. The amount recorded during the three months ended March 31, 2023 relates to a loss recorded due to the then anticipated exit of a non-core business category in the Mobility Coatings segment.
(e)Represents foreign exchange losses resulting from the remeasurement of assets and liabilities denominated in foreign currencies, net of the impacts of our foreign currency instruments used to hedge our balance sheet exposures.
(f)Represents the non-cash, non-service cost components of long-term employee benefit costs.
(g)Represents non-cash impacts associated with stock-based compensation.
(h)Represents costs related to certain environmental remediation activities, which are not considered indicative of our ongoing operating performance.
(i)Represents costs for certain non-operational or non-cash gains, unrelated to our core business and which we do not consider indicative of our ongoing operating performance.
v3.24.1.u1
Accumulated Other Comprehensive Loss (Tables)
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
Unrealized
Currency
Translation
Adjustments		Pension
Adjustments		Unrealized
Gain (Loss) on
Derivatives		Accumulated
Other
Comprehensive
 (Loss) Income
Balance, December 31, 2023
$(374)$(70)$— $(444)
Current year deferrals to AOCI(41)— — (41)
Reclassifications from AOCI to Net income(4)1 — (3)
Net Change(45)1 — (44)
Balance, March 31, 2024
$(419)$(69)$— $(488)
Unrealized
Currency
Translation
Adjustments		Pension
Adjustments		Unrealized
(Loss) Gain on
Derivatives		Accumulated
Other
Comprehensive
(Loss) Income
Balance, December 31, 2022
$(434)$(36)$3 $(467)
Current year deferrals to AOCI50 — 1 51 
Reclassifications from AOCI to Net income(4)— (3)(7)
Net Change46 — (2)44 
Balance, March 31, 2023
$(388)$(36)$1 $(423)
v3.24.1.u1
Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]      
Contract with customer, asset $ 36   $ 39
Capitalized contract cost, net 151   $ 149
Capitalized contract cost, amortization $ 14 $ 16  
v3.24.1.u1
Goodwill and Identifiable Intangible Assets - Schedule of Goodwill (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
Goodwill [Roll Forward]  
Goodwill, beginning balance $ 1,591
Foreign currency translation (37)
Goodwill, ending balance 1,554
Performance Coatings  
Goodwill [Roll Forward]  
Goodwill, beginning balance 1,513
Foreign currency translation (35)
Goodwill, ending balance 1,478
Mobility Coatings  
Goodwill [Roll Forward]  
Goodwill, beginning balance 78
Foreign currency translation (2)
Goodwill, ending balance $ 76
v3.24.1.u1
Goodwill and Identifiable Intangible Assets - Gross Carrying Amounts and Accumulated Amortization of Identifiable Intangible Assets by Major Class (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]    
Gross Carrying Amount $ 1,734 $ 1,762
Accumulated Amortization (647) (632)
Net Book Value, definite-lived 1,087 1,130
Trademarks    
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]    
Net Book Value, indefinite-lived 258 264
Technology    
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]    
Gross Carrying Amount 161 162
Accumulated Amortization (91) (88)
Net Book Value, definite-lived $ 70 $ 74
Weighted average amortization periods (years) 11 years 2 months 12 days 11 years 2 months 12 days
Trademarks    
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]    
Gross Carrying Amount $ 139 $ 142
Accumulated Amortization (62) (60)
Net Book Value, definite-lived $ 77 $ 82
Weighted average amortization periods (years) 14 years 6 months 14 years 6 months
Customer relationships    
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]    
Gross Carrying Amount $ 1,176 $ 1,194
Accumulated Amortization (494) (484)
Net Book Value, definite-lived $ 682 $ 710
Weighted average amortization periods (years) 19 years 19 years
v3.24.1.u1
Goodwill and Identifiable Intangible Assets - Schedule of Expected Amortization Expense (Details)
$ in Millions
Mar. 31, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Remainder of 2024 $ 66.0
2025 87.0
2026 87.0
2027 86.0
2028 73.0
2029 $ 68.0
v3.24.1.u1
Restructuring - Additional Information (Details)
$ in Millions
 3 Months Ended 36 Months Ended
Mar. 31, 2024
USD ($)
employee
Mar. 31, 2023
USD ($)
Dec. 31, 2026
USD ($)
Restructuring Cost and Reserve [Line Items]      
Number of employees in workforce reduction | employee 600    
Payments for restructuring $ 12.0    
Restructuring charges $ 55.0 $ 0.0  
Payment term (in months) 24 months    
Minimum      
Restructuring Cost and Reserve [Line Items]      
Expected pretax restructuring charges $ 75.0    
Approximate employee severance and other cash costs 65.0    
Accelerated depreciation and site closure costs 10.0    
Minimum | Forecast      
Restructuring Cost and Reserve [Line Items]      
Payments for restructuring     $ 95.0
Minimum | Capital Expenditures | Forecast      
Restructuring Cost and Reserve [Line Items]      
Payments for restructuring     30.0
Maximum      
Restructuring Cost and Reserve [Line Items]      
Expected pretax restructuring charges 110.0    
Approximate employee severance and other cash costs 90.0    
Accelerated depreciation and site closure costs $ 20.0    
Maximum | Forecast      
Restructuring Cost and Reserve [Line Items]      
Payments for restructuring     135.0
Maximum | Capital Expenditures | Forecast      
Restructuring Cost and Reserve [Line Items]      
Payments for restructuring     $ 45.0
v3.24.1.u1
Restructuring - Restructuring Reserve (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Restructuring Reserve [Roll Forward]    
Beginning balance $ 16  
Expenses, net of changes to estimates 55 $ 0
Payments made (12)  
Foreign currency translation (1)  
Ending balance $ 58  
v3.24.1.u1
Commitments and Contingencies (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]    
Maximum exposure $ 19.0 $ 10.0
Current carrying value 0.0 0.0
Insurance receivable 32.0 36.0
Loss recorded as a liability $ 30.0 $ 31.0
v3.24.1.u1
Long-term Employee Benefits (Details) - Pension Plan - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Net periodic benefit cost    
Service cost $ 1 $ 2
Interest cost 5 5
Expected return on plan assets (3) (3)
Amortization of actuarial loss, net 1 0
Net periodic benefit cost $ 4 $ 4
v3.24.1.u1
Stock-based Compensation - Additional Information (Details) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense $ 6,000,000 $ 6,000,000
Stock based compensation tax benefit 1,000,000 $ 1,000,000
Proceeds from stock options exercised 3,000,000  
Unrecognized expense 0  
Restricted Stock Units (RSUs)    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Tax benefit realized on the vesting of restricted stock 0  
Compensation not yet recognized, share-based awards other than options $ 26,000,000  
Period for recognition of compensation not yet recognized 1 year 8 months 12 days  
Performance Shares    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Compensation not yet recognized, share-based awards other than options $ 24,000,000  
Period for recognition of compensation not yet recognized 2 years 4 months 24 days  
Performance Shares | Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Percent of vested shares granted 0.00%  
Performance Shares | Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Percent of vested shares granted 200.00%  
v3.24.1.u1
Stock-based Compensation - Schedule of Stock Option Activity (Details)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
$ / shares
shares
Awards (in millions)  
Beginning balance (in shares) | shares 0.5
Granted (in shares) | shares 0.0
Exercised (in shares) | shares (0.1)
Forfeited/Expired (in shares) | shares 0.0
Ending balance (in shares) | shares 0.4
Weighted Average Exercise Price  
Beginning balance (in dollars per share) | $ / shares $ 28.33
Granted (in dollars per share) | $ / shares 0
Exercised (in dollars per share) | $ / shares 27.00
Forfeited/Expired (in dollars per share) | $ / shares 32.50
Ending balance (in dollars per share) | $ / shares $ 28.56
Vested and Expected to Vest  
Vested and expected to vest, awards (in shares) | shares 0.4
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ / shares $ 28.56
Vested and expected to vest, aggregate intrinsic value | $ $ 2
Vested and expected to vest, weighted average remaining contractual life (in years) 3 years 7 months 20 days
Exercisable  
Exercisable, awards (in shares) | shares 0.4
Exercisable, weighted average exercise price (in dollars per share) | $ / shares $ 28.56
Exercisable, aggregate intrinsic value | $ $ 2
Exercisable, weighted average remaining contractual life (in years) 3 years 7 months 20 days
v3.24.1.u1
Stock-based Compensation - Schedule of Restricted Stock Units (Details) - Restricted Stock Units (RSUs)
shares in Millions
 3 Months Ended
Mar. 31, 2024
$ / shares
shares
Units (in millions)  
Beginning balance (in shares) | shares 1.3
Granted (in shares) | shares 0.5
Vested (in shares) | shares (0.4)
Forfeited (in shares) | shares (0.1)
Ending balance (in shares) | shares 1.3
Weighted Average Fair Value  
Beginning balance (in dollars per share) | $ / shares $ 28.71
Granted (in dollars per share) | $ / shares 32.48
Vested (in dollars per share) | $ / shares 29.06
Forfeited (in dollars per share) | $ / shares 29.45
Ending balance (in dollars per share) | $ / shares $ 30.06
v3.24.1.u1
Stock-based Compensation - Schedule of Performance Shares Award Outstanding Activity (Details) - Performance Shares
shares in Millions
 3 Months Ended
Mar. 31, 2024
$ / shares
shares
Units (in millions)  
Beginning balance (in shares) | shares 0.8
Granted (in shares) | shares 0.3
Vested (in shares) | shares 0.0
Forfeited (in shares) | shares (0.2)
Ending balance (in shares) | shares 0.9
Weighted Average Fair Value  
Beginning balance (in dollars per share) | $ / shares $ 33.20
Granted (in dollars per share) | $ / shares 38.52
Vested (in dollars per share) | $ / shares 29.53
Forfeited (in dollars per share) | $ / shares 30.50
Ending balance (in dollars per share) | $ / shares $ 35.79
v3.24.1.u1
Other Expense, Net (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Other Income and Expenses [Abstract]    
Foreign exchange losses, net $ 5 $ 2
Debt extinguishment and refinancing-related costs 3 2
Other miscellaneous income, net 0 (3)
Total $ 8 $ 1
v3.24.1.u1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Tax Disclosure [Abstract]    
Effective Tax Rate 33.90% 20.20%
Settlement with Taxing Authority    
Operating Loss Carryforwards [Line Items]    
Amount reasonable possible to settle of unrecognized tax benefits $ 46  
v3.24.1.u1
Net Income Per Common Share - Schedule of Basic and Diluted Net Income Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Earnings Per Share [Abstract]    
Net income to common shareholders $ 41 $ 61
Basic weighted average shares outstanding (in shares) 220.3 221.2
Diluted weighted average shares outstanding (in shares) 221.3 222.1
Net income per common share    
Basic net income per share (in dollars per share) $ 0.18 $ 0.27
Diluted net income per share (in dollars per share) $ 0.18 $ 0.27
v3.24.1.u1
Net Income Per Common Share - Additional Information (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Earnings Per Share [Abstract]    
Antidilutive securities excluded from computation of earnings per share (in shares) 0.1 0.8
v3.24.1.u1
Accounts and Notes Receivable, Net - Schedule of Accounts, Notes, Loans, and Financing Receivable (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Receivables [Abstract]    
Accounts receivable - trade, net $ 1,035 $ 1,043
Notes receivable 74 79
Other 133 138
Total 1,242 1,260
Allowance for doubtful accounts 24 25
Insurance receivable $ 32 $ 36
v3.24.1.u1
Accounts and Notes Receivable, Net - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]    
Bad debt expense net of recoveries $ 1 $ 4
Russia Conflict with Ukraine    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Bad debt expense net of recoveries   $ 1
v3.24.1.u1
Inventories - Schedule of Inventory (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Finished products $ 411 $ 405
Semi-finished products 128 126
Raw materials 184 182
Stores and supplies 28 28
Total Inventories $ 751 $ 741
v3.24.1.u1
Inventories - Additional Information (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Inventory reserves $ 26 $ 27
v3.24.1.u1
Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]    
Property, plant and equipment $ 2,435 $ 2,454
Accumulated depreciation (1,261) (1,250)
Property, plant and equipment, net $ 1,174 $ 1,204
v3.24.1.u1
Property, Plant and Equipment, Net - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Property, Plant and Equipment [Abstract]    
Depreciation expense $ 31 $ 29
v3.24.1.u1
Supplier Finance Programs (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Supplier Finance Program [Line Items]      
Short-term borrowings $ 3   $ 7
Cash outflows $ 5 $ 14  
Supplier Financing Arrangements      
Supplier Finance Program [Line Items]      
Debt term 90 days    
Short-term borrowings   10  
Cash outflows $ 4 14  
SCF Program      
Supplier Finance Program [Line Items]      
Supplier finance program, obligation 28   28
VCA Program      
Supplier Finance Program [Line Items]      
Supplier finance program, obligation $ 6   $ 8
Supplier financing program obligation, payment term 25 days    
Property, Plant, and Equipment Purchases | Supplier Financing Arrangements      
Supplier Finance Program [Line Items]      
Short-term borrowings   $ 2  
v3.24.1.u1
Borrowings - Schedule of Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Short-term and other borrowings $ 56 $ 62
Unamortized original issue discount (15) (17)
Unamortized deferred financing costs (25) (27)
Total borrowings, net 3,427 3,504
Short-term borrowings 3 7
Current portion of long-term borrowings 17 19
Long-term debt 3,407 3,478
2029 Dollar Term Loans    
Debt Instrument [Line Items]    
Term loan 1,711 1,786
2027 Dollar Senior Notes    
Debt Instrument [Line Items]    
Senior notes 500 500
2029 Dollar Senior Notes    
Debt Instrument [Line Items]    
Senior notes 700 700
2031 Dollar Senior Notes    
Debt Instrument [Line Items]    
Senior notes $ 500 $ 500
v3.24.1.u1
Borrowings - Additional Information (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Feb. 29, 2024
Mar. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
2029 Dollar Term Loans        
Debt Instrument [Line Items]        
Prepayment of debt     $ 75  
Loss on extinguishment of debt     1  
Loss on financing-related costs     2  
2029 Dollar Term Loans | Secured Overnight Financing Rate (SOFR)        
Debt Instrument [Line Items]        
Debt instrument, basis spread on variable rate 2.50% 2.00%    
Revolving Credit Facility        
Debt Instrument [Line Items]        
Letters of credit outstanding, amount   $ 22 22 $ 22
Line of credit facility, remaining borrowing capacity   $ 528 $ 528 $ 528
v3.24.1.u1
Borrowings - Schedule of Maturities of Long-term Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]    
Remainder of 2024 $ 15  
2025 21  
2026 21  
2027 521  
2028 22  
Thereafter 2,867  
Total borrowings 3,467  
Unamortized original issue discount (15) $ (17)
Unamortized deferred financing costs (25) (27)
Total borrowings, net $ 3,427 $ 3,504
v3.24.1.u1
Financial Instruments, Hedging Activities and Fair Value Measurements - Schedule of Fair Value of Financial Instruments (Details) - Fair Value, Recurring - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments in equity securities $ 1 $ 1
Fair value of contingent consideration 9 8
2029 Dollar Term Loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans payable 1,715 1,794
2027 Dollar Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notes payable 483 487
2029 Dollar Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notes payable 626 633
2031 Dollar Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notes payable 520 527
Cross-currency swaps | Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 11 8
Cross-currency swaps | Other Current Liabilities | Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability 0 8
Cross-currency swaps | Other Noncurrent Liabilities | Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability 19 38
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments in equity securities 1 1
Fair value of contingent consideration 0 0
Level 1 | 2029 Dollar Term Loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans payable 0 0
Level 1 | 2027 Dollar Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notes payable 0 0
Level 1 | 2029 Dollar Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notes payable 0 0
Level 1 | 2031 Dollar Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notes payable 0 0
Level 1 | Cross-currency swaps | Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 0 0
Level 1 | Cross-currency swaps | Other Current Liabilities | Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability 0 0
Level 1 | Cross-currency swaps | Other Noncurrent Liabilities | Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments in equity securities 0 0
Fair value of contingent consideration 0 0
Level 2 | 2029 Dollar Term Loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans payable 1,715 1,794
Level 2 | 2027 Dollar Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notes payable 483 487
Level 2 | 2029 Dollar Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notes payable 626 633
Level 2 | 2031 Dollar Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notes payable 520 527
Level 2 | Cross-currency swaps | Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 11 8
Level 2 | Cross-currency swaps | Other Current Liabilities | Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability 0 8
Level 2 | Cross-currency swaps | Other Noncurrent Liabilities | Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability 19 38
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments in equity securities 0 0
Fair value of contingent consideration 9 8
Level 3 | 2029 Dollar Term Loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans payable 0 0
Level 3 | 2027 Dollar Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notes payable 0 0
Level 3 | 2029 Dollar Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notes payable 0 0
Level 3 | 2031 Dollar Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notes payable 0 0
Level 3 | Cross-currency swaps | Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 0 0
Level 3 | Cross-currency swaps | Other Current Liabilities | Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability 0 0
Level 3 | Cross-currency swaps | Other Noncurrent Liabilities | Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability $ 0 $ 0
v3.24.1.u1
Financial Instruments, Hedging Activities and Fair Value Measurements - Schedule of Liability Activity (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Beginning balance $ 8
Change in fair value 1
Foreign currency translation 0
Ending balance $ 9
v3.24.1.u1
Financial Instruments, Hedging Activities and Fair Value Measurements - Additional Information (Details)
€ in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
Mar. 31, 2024
EUR (€)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative, notional amount terminated $ 150  
Cross-currency swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notional amount, extended during period 150  
Derivative, notional amount $ 150 € 142
Derivative interest rate of hedged item 6.692% 6.692%
Derivative, fixed interest rate 4.899% 4.899%
2029 Dollar Term Loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative, notional amount $ 150  
Interest Rate Swap 4.692%    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative, notional amount $ 150  
Derivative, fixed interest rate 4.692% 4.692%
Interest Rate Swap 0.5%    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative, notional amount $ 150  
Derivative, floor interest rate 0.50% 0.50%
v3.24.1.u1
Financial Instruments, Hedging Activities and Fair Value Measurements - Derivative Locations and Amounts Recognized (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Net Amount of Gain Recognized in OCI on Derivatives $ 0 $ 2
Interest rate swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Net Amount of Gain Recognized in OCI on Derivatives 0 (1)
Cross-currency swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Net Amount of Gain Recognized in OCI on Derivatives (33) 7
Interest expense, net | Interest rate swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Amount of Gain Recognized in Income 0 (2)
Interest expense, net | Cross-currency swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Amount of Gain Recognized in Income $ (4) $ (4)
v3.24.1.u1
Financial Instruments, Hedging Activities and Fair Value Measurements - Instruments Not Designated as Hedge (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Foreign currency forward contracts | Other expense, net    
Derivative [Line Items]    
Derivatives not designated as hedging $ (4) $ (3)
v3.24.1.u1
Segments - Additional Information (Details)
 3 Months Ended
Mar. 31, 2024
segment
Segment Reporting [Abstract]  
Number of operating segments 2
Number of reportable segments 2
v3.24.1.u1
Segments - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting Information [Line Items]    
Net sales $ 1,294 $ 1,284
Intercompany sales between segments 0 0
Performance Coatings    
Segment Reporting Information [Line Items]    
Net sales 848 847
Mobility Coatings    
Segment Reporting Information [Line Items]    
Net sales 446 437
Refinish | Performance Coatings    
Segment Reporting Information [Line Items]    
Net sales 519 498
Industrial | Performance Coatings    
Segment Reporting Information [Line Items]    
Net sales 329 349
Light Vehicle | Mobility Coatings    
Segment Reporting Information [Line Items]    
Net sales 342 329
Commercial Vehicle | Mobility Coatings    
Segment Reporting Information [Line Items]    
Net sales $ 104 $ 108
v3.24.1.u1
Segments - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Adjusted EBIT $ 259 $ 213
Interest expense, net 54 48
Depreciation and amortization 68 70
Debt extinguishment and refinancing-related costs 3 2
Termination benefits and other employee-related costs 55 0
Acquisition and divestiture-related costs 2 1
Impairment charges 0 7
Foreign exchange remeasurement losses 5 2
Long-term employee benefit plan adjustments 3 2
Stock-based compensation 6 6
Environmental charge 4 0
Other adjustments 0 (1)
Income before income taxes 59 76
Performance Coatings    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Adjusted EBIT 196 169
Mobility Coatings    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Adjusted EBIT $ 63 $ 44
v3.24.1.u1
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning balance $ 1,773 $ 1,500
Other comprehensive (loss) income, net of tax (44) 43
Ending balance 1,775 1,615
Accumulated Other Comprehensive Loss    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning balance (444) (467)
Current year deferrals to AOCI (41) 51
Reclassifications from AOCI to Net income (3) (7)
Other comprehensive (loss) income, net of tax (44) 44
Ending balance (488) (423)
Unrealized Currency Translation Adjustments    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning balance (374) (434)
Current year deferrals to AOCI (41) 50
Reclassifications from AOCI to Net income (4) (4)
Other comprehensive (loss) income, net of tax (45) 46
Ending balance (419) (388)
Pension Plan Adjustments    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning balance (70) (36)
Current year deferrals to AOCI 0 0
Reclassifications from AOCI to Net income 1 0
Other comprehensive (loss) income, net of tax 1 0
Ending balance (69) (36)
Unrealized Gain (Loss) on Derivatives    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning balance 0 3
Current year deferrals to AOCI 0 1
Reclassifications from AOCI to Net income 0 (3)
Other comprehensive (loss) income, net of tax 0 (2)
Ending balance $ 0 $ 1
v3.24.1.u1
Accumulated Other Comprehensive Loss - Additional Information (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Mar. 31, 2023
Equity [Abstract]    
Cumulative income tax benefit on foreign exchange adjustments $ 0 $ 1
Cumulative income tax benefit on pension and postretirement benefit plans 29 14
Cumulative income tax gain on derivatives $ 0 $ 0
v3.24.1.u1
SUBSEQUENT EVENTS (Details) - Subsequent Event
$ in Millions
Apr. 30, 2024
USD ($)
April 2024 Plan  
Subsequent Event [Line Items]  
Share repurchase program capacity $ 700.0
March 2017 Plan  
Subsequent Event [Line Items]  
Share repurchase program remaining authorized repurchase amount $ 367.0