Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 23, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		218,063,244
Entity Central Index Key	0001616862
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 1,320	$ 1,309	$ 3,965	$ 3,887
Cost of goods sold	858	886	2,614	2,692
Selling, general and administrative expenses	211	209	631	625
Other operating charges	15	13	78	22
Research and development expenses	19	18	55	56
Amortization of acquired intangibles	24	20	68	66
Income from operations	193	163	519	426
Interest expense, net	54	55	158	158
Other (income) expense, net	(3)	5	4	15
Income before income taxes	142	103	357	253
Provision for income taxes	40	30	103	58
Net income	102	73	254	195
Less: Net income attributable to noncontrolling interests	1	1	0	1
Net income attributable to common shareholders	$ 101	$ 72	$ 254	$ 194
Basic net income per share (in dollars per share)	$ 0.46	$ 0.33	$ 1.15	$ 0.88
Diluted net income per share (in dollars per share)	$ 0.46	$ 0.33	$ 1.15	$ 0.87

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 102	$ 73	$ 254	$ 195
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments	74	(67)	1	(21)
Unrealized loss on derivatives	(2)	(1)	(2)	(2)
Unrealized gain on pension and other benefit plan obligations	0	0	2	1
Other comprehensive income (loss), before tax	72	(68)	1	(22)
Income tax benefit related to items of other comprehensive income	(4)	0	(2)	0
Other comprehensive income (loss), net of tax	76	(68)	3	(22)
Comprehensive income	178	5	257	173
Less: Comprehensive income (loss) attributable to noncontrolling interests	2	0	1	(1)
Comprehensive income attributable to common shareholders	$ 176	$ 5	$ 256	$ 174

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 567	$ 700
Restricted cash	4	3
Accounts and notes receivable, net	1,298	1,260
Inventories	818	741
Prepaid expenses and other current assets	151	117
Total current assets	2,838	2,821
Property, plant and equipment, net	1,188	1,204
Goodwill	1,718	1,591
Identifiable intangibles, net	1,207	1,130
Other assets	549	526
Total assets	7,500	7,272
Current liabilities:
Accounts payable	708	725
Current portion of borrowings	20	26
Other accrued liabilities	694	677
Total current liabilities	1,422	1,428
Long-term borrowings	3,505	3,478
Accrued pensions	244	252
Deferred income taxes	163	162
Other liabilities	215	179
Total liabilities	5,549	5,499
Commitments and contingent liabilities (Note 6)
Shareholders’ equity:
Common shares, $1.00 par, 1,000.0 shares authorized, 254.4 and 253.7 shares issued at September 30, 2024 and December 31, 2023, respectively	254	254
Capital in excess of par	1,590	1,568
Retained earnings	1,540	1,286
Treasury shares, at cost, 36.4 and 33.6 shares at September 30, 2024 and December 31, 2023, respectively	(1,037)	(937)
Accumulated other comprehensive loss	(442)	(444)
Total Axalta shareholders’ equity	1,905	1,727
Noncontrolling interests	46	46
Total shareholders’ equity	1,951	1,773
Total liabilities and shareholders’ equity	$ 7,500	$ 7,272

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares shares in Millions	Sep. 30, 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)	254.4	253.7
Treasury shares, at cost (in shares)	36.4	33.6

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 (loss):
Net income	61			61
Net realized and unrealized loss (gain) on derivatives, net of tax	(2)					(2)
Foreign currency translation, net of tax benefit	45					46	(1)
Comprehensive 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, 2022		220.6
Beginning balance at Dec. 31, 2022	1,500	$ 252	1,537	1,019	(887)	(467)	46
Comprehensive income (loss):
Net income	195
Comprehensive income	173
Ending balance (in shares) at Sep. 30, 2023		220.1
Ending balance at Sep. 30, 2023	1,649	$ 254	1,561	1,213	(937)	(487)	45
Beginning balance (in shares) at Mar. 31, 2023		221.5
Beginning balance at Mar. 31, 2023	1,615	$ 253	1,547	1,080	(887)	(423)	45
Comprehensive income (loss):
Net income	61			61
Net realized and unrealized loss (gain) on derivatives, net of tax	0
Long-term employee benefit plans, net of tax benefit	1					1
Foreign currency translation, net of tax benefit	2					2
Comprehensive income	64			61		3	0
Recognition of stock-based compensation	8		8
Shares issued under compensation plans (in shares)		0.2
Shares issued under compensation plans	2	$ 0	2
Ending balance (in shares) at Jun. 30, 2023		221.7
Ending balance at Jun. 30, 2023	1,689	$ 253	1,557	1,141	(887)	(420)	45
Comprehensive income (loss):
Net income	73			72			1
Foreign currency translation, net of tax benefit	(68)					(67)	(1)
Comprehensive income	5			72		(67)	0
Recognition of stock-based compensation	5		5
Shares issued under compensation plans (in shares)		0.2
Shares issued under compensation plans	0	$ 1	(1)
Common stock purchases (in shares)		(1.8)
Common stock purchases	(50)				(50)
Ending balance (in shares) at Sep. 30, 2023		220.1
Ending balance at Sep. 30, 2023	1,649	$ 254	1,561	1,213	(937)	(487)	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 (loss):
Net income	39			41			(2)
Long-term employee benefit plans, net of tax benefit	1					1
Foreign currency translation, net of tax benefit	(45)					(45)
Comprehensive income	(5)			41		(44)	(2)
Recognition of stock-based compensation	6		6
Shares issued under compensation plans (in shares)		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
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 (loss):
Net income	254
Comprehensive income	$ 257
Shares issued under compensation plans (in shares)	0.2
Ending balance (in shares) at Sep. 30, 2024		218.0
Ending balance at Sep. 30, 2024	$ 1,951	$ 254	1,590	1,540	(1,037)	(442)	46
Beginning balance (in shares) at Mar. 31, 2024		220.6
Beginning balance at Mar. 31, 2024	1,775	$ 254	1,575	1,327	(937)	(488)	44
Comprehensive income (loss):
Net income	113			112			1
Long-term employee benefit plans, net of tax benefit	1					1
Foreign currency translation, net of tax benefit	(30)					(30)
Comprehensive income	84			112		(29)	1
Recognition of stock-based compensation	8		8
Shares issued under compensation plans (in shares)		0.1
Shares issued under compensation plans	1		1
Common stock purchases (in shares)		(1.4)
Common stock purchases	(50)				(50)
Ending balance (in shares) at Jun. 30, 2024		219.3
Ending balance at Jun. 30, 2024	1,818	$ 254	1,584	1,439	(987)	(517)	45
Comprehensive income (loss):
Net income	102			101			1
Net realized and unrealized loss (gain) on derivatives, net of tax	(2)					(2)
Foreign currency translation, net of tax benefit	78					77	1
Comprehensive income	178			101		75	2
Recognition of stock-based compensation	7		7
Shares issued under compensation plans (in shares)		0.1
Shares issued under compensation plans	(1)		(1)
Common stock purchases (in shares)		(1.4)
Common stock purchases	(50)				(50)
Dividends declared to noncontrolling interests	(1)						(1)
Ending balance (in shares) at Sep. 30, 2024		218.0
Ending balance at Sep. 30, 2024	$ 1,951	$ 254	$ 1,590	$ 1,540	$ (1,037)	$ (442)	$ 46

Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Long-term employee benefit plans, net of tax expense (benefit)		$ 0	$ 0		$ 0
Foreign currency translation, tax expense (benefit)	$ 4	$ 1	$ 1	$ 0	0	$ 0
Gain on derivatives, tax expense (benefit)	$ 0				$ 1	$ 0

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net income	$ 254	$ 195
Adjustment to reconcile net income to cash provided by operating activities:
Depreciation and amortization	207	207
Amortization of deferred financing costs and original issue discount	6	7
Debt extinguishment and refinancing-related costs	3	7
Deferred income taxes	10	(8)
Realized and unrealized foreign exchange losses, net	12	21
Stock-based compensation	21	19
Impairment charges	0	15
Interest income on swaps designated as net investment hedges	(10)	(9)
Other non-cash, net	5	25
Changes in operating assets and liabilities:
Trade accounts and notes receivable	(16)	(213)
Inventories	(54)	66
Prepaid expenses and other assets	(106)	(68)
Accounts payable	(18)	17
Other accrued liabilities	(2)	9
Other liabilities	30	(1)
Cash provided by operating activities	342	289
Investing activities:
Acquisitions, net of cash acquired	(290)	0
Purchase of property, plant and equipment	(78)	(105)
Interest proceeds on swaps designated as net investment hedges	10	9
Settlement proceeds on swaps designated as net investment hedges	0	29
Payments for loans to customers	(21)	(1)
Other investing activities, net	5	3
Cash used for investing activities	(374)	(65)
Financing activities:
Proceeds from short-term borrowings	0	9
Proceeds from long-term borrowings	292	197
Payments on short-term borrowings	(5)	(40)
Payments on long-term borrowings	(273)	(359)
Financing-related costs	(5)	(9)
Purchases of common stock	(100)	(50)
Net cash flows associated with stock-based awards	1	7
Deferred acquisition-related consideration	0	(8)
Other financing activities, net	0	1
Cash used for financing activities	(90)	(252)
Decrease in cash	(122)	(28)
Effect of exchange rate changes on cash	(10)	(19)
Cash at beginning of period	703	655
Cash at end of period	571	608
Cash at end of period reconciliation:
Cash and cash equivalents	567	606
Restricted cash	4	2
Cash at end of period	$ 571	$ 608

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 September 30, 2024, the results of operations, comprehensive income and changes in shareholders' equity for the three and nine months ended September 30, 2024 and 2023 and cash flows for the nine months then ended. 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 and nine months ended September 30, 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 15. In addition to the disclosures included in Note 15, 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. Adoption of this ASU will result in additional disclosure, but it will not impact our consolidated financial position, results of operations or cash flows. 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 were to be 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.

Revenue	9 Months Ended
Revenue	Sep. 30, 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 September 30, 2024 and December 31, 2023 were $39 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 September 30, 2024 and December 31, 2023, the total carrying value of BIPs were $171 million and $149 million, respectively, and are presented within other assets in the condensed consolidated balance sheets. For the three and nine months ended September 30, 2024 and 2023, $16 million, $44 million, $18 million and $49 million, respectively, was amortized and reflected as reductions of net sales in the condensed consolidated statements of operations. See Note 18 for disaggregated net sales by end-market.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Acquisitions

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions

ACQUISITIONS

The pro-forma impacts on our results of operations, including the pro-forma effect of events that are directly attributable to the following acquisition, were not significant.

Acquisition of The CoverFlexx Group

On July 2, 2024, we completed the acquisition of The CoverFlexx Group ("CoverFlexx") from Transtar Holding Company for an aggregate purchase price of $290 million. The acquisition of CoverFlexx, a leading aftermarket coatings business focused on economy customers in North America, strengthens Axalta's position in the refinish economy customer segment and supports its broader growth strategy. The results of the business have been reported within our Performance Coatings segment since the acquisition date. The CoverFlexx acquisition was recorded as a business combination under FASB Accounting Standards Codification ("ASC") 805, Business Combinations, with identifiable assets acquired and liabilities assumed recorded at their estimated fair values as of the acquisition date.

At September 30, 2024, we have not finalized the purchase accounting related to the CoverFlexx acquisition and these amounts represent preliminary values. The allocation of the purchase price may be modified up to one year from the closing date of the acquisition as more information is obtained about the fair value of assets acquired and liabilities assumed. The preliminary purchase price allocation is as follows:


	July 2, 2024
Cash	$	1
Accounts and notes receivable, net	17
Inventories	23
Prepaid expenses and other current assets, net	1
Property, plant and equipment, net	9
Identifiable intangible assets	144
Other assets	5
Accounts payable and other accrued liabilities	(6)
Other liabilities	(6)
Deferred income taxes	(7)
Net assets before goodwill from acquisition	181
Goodwill from acquisition	109
Net assets acquired	$	290

Goodwill was recognized as the excess of the purchase price over the net identifiable assets recognized. The goodwill is primarily attributed to the assembled workforce and the anticipated future economic benefits of the business and is allocated to our refinish reporting unit, which is part of our Performance Coatings operating segment. The goodwill recognized at September 30, 2024 that is expected to be deductible for income tax purposes is $95 million.

We incurred and expensed acquisition-related transaction costs for the CoverFlexx acquisition of $3 million, included within other operating charges on the condensed consolidated statements of operations for the three and nine months ended September 30, 2024.

The fair value associated with definite-lived intangible assets is $144 million, which comprises $123 million in customer relationships, $16 million in trademarks and $5 million in developed technology. The definite-lived intangible assets will be amortized over an average term of 18.4 years.

Goodwill and Identifiable Intangible Assets

9 Months Ended

Sep. 30, 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 September 30, 2024 by reportable segment:


	Performance Coatings		Mobility Coatings		Total
Balance at December 31, 2023	$	1,513	$	78	$	1,591
Goodwill from acquisitions	109		—		109

Foreign currency translation	18		—		18
Balance at September 30, 2024	$	1,640	$	78	$	1,718

Identifiable Intangible Assets

The following tables summarize the gross carrying amounts and accumulated amortization of identifiable intangible assets by major class:


September 30, 2024	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Weighted average amortization periods (years)
Technology	$	161	$	(92)	$	69	11.1
Trademarks—indefinite-lived	264		—		264		Indefinite
Trademarks—definite-lived	160		(69)		91		14.0
Customer relationships	1,312		(529)		783		19.1

Total	$	1,897	$	(690)	$	1,207


December 31, 2023	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Weighted average amortization periods (years)
Technology	$	162	$	(88)	$	74	11.2
Trademarks—indefinite-lived	264		—		264		Indefinite
Trademarks—definite-lived	142		(60)		82		14.5
Customer relationships	1,194		(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	$	25
2025	97
2026	97
2027	96
2028	82
2029	78

Restructuring

9 Months Ended

Sep. 30, 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 $68 million for the nine months ended September 30, 2024, which primarily relates to employee severance and other exit costs.

The majority of the termination benefits were accounted for in accordance with the applicable guidance for Accounting Standards Codification ("ASC") 712, Nonretirement Postemployment Benefits, whereby 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 and nine months ended September 30, 2024 and 2023, we incurred costs of $10 million, $65 million, $1 million and $2 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 September 30, 2024:


	2024 Activity
Balance at December 31, 2023	$	16
Expenses, net of changes to estimates	65
Payments made	(21)
Foreign currency translation	1
Balance at September 30, 2024	$	61

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 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 September 30, 2024 and December 31, 2023, we had outstanding Customer Obligation Guarantees of $22 million and $10 million, respectively, excluding certain outstanding Customer Obligation Guarantees secured by letters of credit under the Revolving Credit Facility discussed further in Note 16. Excluding Customer Obligation Guarantees secured by letters of credit under the Revolving Credit Facility, 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 September 30, 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 and nine months ended September 30, 2024 and 2023, expenses recorded relating to the operational matter were immaterial. At September 30, 2024 and December 31, 2023, we had $29 million and $36 million, respectively, recorded for estimated insurance receivables within accounts and notes receivable, net in the condensed consolidated balance sheets. Liabilities of $28 million and $31 million are recorded as other accrued liabilities in the condensed consolidated balance sheets at September 30, 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.

Long-term Employee Benefits

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2024 and 2023:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Components of net periodic benefit cost:
Net periodic benefit cost:
Service cost	$	1	$	1	$	5	$	4
Interest cost	6		5		15		15
Expected return on plan assets	(3)		(2)		(9)		(8)
Amortization of actuarial loss, net	—		—		2		—


Net periodic benefit cost	$	4	$	4	$	13	$	11

All non-service components of net periodic benefit cost are recorded in other (income) expense, net within the accompanying condensed consolidated statements of operations.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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+ Details

Stock-based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

STOCK-BASED COMPENSATION

During each of the three and nine months ended September 30, 2024 and 2023, we recognized $7 million, $21 million, $5 million, and $19 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, $2 million, $0 million and $2 million for the three and nine months ended September 30, 2024 and 2023.

2024 Activity

A summary of stock option award activity as of and for the nine months ended September 30, 2024 is presented below.


Stock Options	Awards (in millions)	Weighted Average Exercise Price		Aggregate Intrinsic Value (in millions)		Weighted Average Remaining Contractual Life (years)
Outstanding at January 1, 2024	0.5	$	28.33

Exercised	(0.2)	$	27.58
Forfeited / Expired (1)	—	$	32.50
Outstanding at September 30, 2024	0.3	$	28.69
Vested and expected to vest at September 30, 2024	0.3	$	28.69	$	2	2.63
Exercisable at September 30, 2024	0.3	$	28.69	$	2	2.63

(1) Activity during the nine months ended September 30, 2024 rounds to zero.

Cash received by the Company upon exercise of options for the nine months ended September 30, 2024 was $6 million. No excess tax benefits or shortfall expenses were recorded related to these exercises.

At September 30, 2024, there was no unrecognized expense relating to unvested stock options.


Restricted Stock Units	Units (in millions)	Weighted Average Fair Value
Outstanding at January 1, 2024	1.3	$	28.71
Granted	0.5	$	32.51
Vested	(0.7)	$	28.20
Forfeited	(0.1)	$	29.67
Outstanding at September 30, 2024	1.0	$	30.88

Tax expenses on the vesting of restricted stock units during the nine months ended September 30, 2024 were immaterial.

At September 30, 2024, there was $15 million of unamortized expense relating to unvested restricted stock units that is expected to be amortized over a weighted average period of 1.4 years.


Performance Share Units	Units (in millions)	Weighted Average Fair Value
Outstanding at January 1, 2024	0.8	$	33.20
Granted	0.4	$	38.52
Vested (1)	—	$	29.53
Forfeited	(0.3)	$	31.26
Outstanding at September 30, 2024	0.9	$	35.84

(1) Activity during the nine months ended September 30, 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 September 30, 2024, there was $19 million of unamortized expense relating to unvested performance share units that is expected to be amortized over a weighted average period of 1.9 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.

Other (Income) Expense, Net

9 Months Ended

Sep. 30, 2024

Other Income and Expenses [Abstract]

Other (Income) Expense, Net

OTHER (INCOME) EXPENSE, NET


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Foreign exchange losses, net	$	—	$	7	$	8	$	19

Debt extinguishment and refinancing-related costs (1)	—		4		3		7
Other miscellaneous income, net	(3)		(6)		(7)		(11)

Total	$	(3)	$	5	$	4	$	15

(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 refinancing of our long-term borrowings, as discussed further in Note 16.

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Our effective income tax rates for the nine months ended September 30, 2024 and 2023 are as follows:


	Nine Months Ended September 30,
	2024		2023
Effective Tax Rate	28.9	%	22.9	%

The higher effective tax rate for the nine months ended September 30, 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 nine months ended September 30, 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 $47 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.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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+ Details

Net Income Per Common Share

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
(In millions, except per share data)	2024		2023		2024		2023
Net income to common shareholders	$	101	$	72	$	254	$	194
Basic weighted average shares outstanding	218.9		221.0		219.8		221.3
Diluted weighted average shares outstanding	219.9		221.9		220.8		222.1
Net income per common share (1):
Basic net income per share	$	0.46	$	0.33	$	1.15	$	0.88
Diluted net income per share	$	0.46	$	0.33	$	1.15	$	0.87

(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 and nine months ended September 30, 2024 and 2023 were 0.2 million, 0.1 million, 0.5 million and 0.5 million, respectively.

Accounts and Notes Receivable, Net

9 Months Ended

Sep. 30, 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.


	September 30, 2024		December 31, 2023
Accounts receivable - trade, net (1)	$	1,068	$	1,043
Notes receivable	88		79
Other (2)	142		138
Total	$	1,298	$	1,260

(1) Allowance for doubtful accounts was $25 million and $25 million at September 30, 2024 and December 31, 2023, respectively.

(2) Includes $29 million and $36 million at September 30, 2024 and December 31, 2023, respectively, of insurance recoveries related to an operational matter discussed further in Note 6.

Bad debt expense of $2 million, $7 million, $2 million, and $7 million was included within selling, general and administrative expenses for the three and nine months ended September 30, 2024 and 2023, respectively, and benefits of $0 million, $1 million, $1 million, and $2 million related to sanctions imposed on Russia in response to the conflict with Ukraine was included in other operating charges for the three and nine months ended September 30, 2024 and 2023, respectively.

Inventories

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories

INVENTORIES


	September 30, 2024		December 31, 2023
Finished products	$	455	$	405
Semi-finished products	128		126
Raw materials	204		182
Stores and supplies	31		28
Total	$	818	$	741

Inventory reserves were $22 million and $27 million at September 30, 2024 and December 31, 2023, respectively.

Property, Plant and Equipment, Net

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

PROPERTY, PLANT AND EQUIPMENT, NET


	September 30, 2024		December 31, 2023
Property, plant and equipment	$	2,507	$	2,454
Accumulated depreciation	(1,319)		(1,250)
Property, plant and equipment, net	$	1,188	$	1,204

Depreciation expense amounted to $32 million, $94 million, $31 million and $90 million for the three and nine months ended September 30, 2024 and 2023, respectively.

Supplier Finance Programs	9 Months Ended
Supplier Finance Programs	Sep. 30, 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 $8 million at September 30, 2023, including an immaterial amount related to purchases of property, plant and equipment. There were no balances outstanding under this program at September 30, 2024. Cash outflows under this program were $4 million and $34 million for the nine months ended September 30, 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 $26 million and $28 million at September 30, 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 $5 million and $8 million at September 30, 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.

Borrowings

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Borrowings

BORROWINGS

Borrowings are summarized as follows:


	September 30, 2024		December 31, 2023

2029 Dollar Term Loans	$	1,702	$	1,786
Revolving Credit Facility	105		—

2027 Dollar Senior Notes	500		500
2029 Dollar Senior Notes	700		700
2031 Dollar Senior Notes	500		500
Short-term and other borrowings	55		62
Unamortized original issue discount	(13)		(17)
Unamortized deferred financing costs	(24)		(27)
Total borrowings, net	3,525		3,504
Less:
Short-term borrowings	3		7
Current portion of long-term borrowings	17		19
Long-term debt	$	3,505	$	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 due 2029 (the "Revolving Credit Facility") that is governed by a credit agreement (as amended, the "Credit Agreement").

Revolving Credit Facility

During June 2024, we borrowed $185 million against the Revolving Credit Facility. At both September 30, 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 $673 million and $528 million at September 30, 2024 and December 31, 2023, respectively. The outstanding borrowings on the Revolving Credit Facility bears interest at a rate based on the Secured Overnight Financing Rate ("SOFR") plus a margin of 1.50% and are due June 2029. The letters of credit issued under the Revolving Credit Facility include $14 million that secures Customer Obligation Guarantees at both September 30, 2024 and December 31, 2023.

Significant Transactions

During the nine months ended September 30, 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 nine months ended September 30, 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 (the "Fourteenth Amendment") to lower the interest rate spread applicable to the 2029 Dollar Term Loans, which continues to be based on 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 nine months ended September 30, 2024 related to the write-off of unamortized deferred financing costs and original issue discount and fees incurred to complete the repricing.

During June 2024, we entered into the Fifteenth Amendment to the Credit Agreement (the "Fifteenth Amendment"), to among other things, increase commitments available pursuant to the Revolving Credit Facility from $550 million to $800 million and extend the maturity of the Revolving Credit Facility from May 2026 to June 2029, provided that such date would be accelerated in certain circumstances as set forth in the Credit Agreement and the Fifteenth Amendment. As a result, we recorded $4 million of incremental deferred financing costs to other assets within the condensed consolidated balance sheets during the nine months ended September 30, 2024.

Future repayments

Below is a schedule of required future repayments of all borrowings outstanding at September 30, 2024.


Remainder of 2024	$	4
2025	21
2026	21
2027	521
2028	22
Thereafter	2,973
Total borrowings	3,562
Unamortized original issue discount	(13)
Unamortized deferred financing costs	(24)
Total borrowings, net	$	3,525

Financial Instruments, Hedging Activities and Fair Value Measurements

9 Months Ended

Sep. 30, 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 (income) 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 (income) 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 September 30, 2024 and December 31, 2023.


	September 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Prepaid expenses and other current assets:


Cross-currency swaps (1)	$	—	$	8	$	—	$	8	$	—	$	8	$	—	$	8

Other assets:



Investments in equity securities	1		—		—		1		1		—		—		1
Liabilities:
Other accrued liabilities:

Interest rate swaps (1)	—		1		—		1		—		—		—		—
Cross-currency swaps (1)	—		8		—		8		—		8		—		8

Contingent consideration	—		—		12		12		—		—		8		8
Other liabilities:


Cross-currency swaps (1)	—		35		—		35		—		38		—		38

Long-term borrowings:

2029 Dollar Term Loans	—		1,709		—		1,709		—		1,794		—		1,794
2027 Dollar Senior Notes	—		496		—		496		—		487		—		487
2029 Dollar Senior Notes	—		656		—		656		—		633		—		633
2031 Dollar Senior Notes	—		534		—		534		—		527		—		527

(1) Net investment hedge

The table below presents a roll forward of activity for the Level 3 liabilities for the nine months ended September 30, 2024.


	Fair Value Using Significant Unobservable Inputs (Level 3)
Beginning balance at December 31, 2023	$	8

Change in fair value	4

Foreign currency translation	—
Ending balance at September 30, 2024	$	12

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 and nine months ended September 30, 2024 and 2023 for the Company's cash flow and net investment hedges.


		Three Months Ended September 30,
		2024				2023
Derivatives in Cash Flow and Net Investment Hedges	Location of Loss (Gain) Recognized in Income on Derivatives	Net Amount of Loss Recognized in OCI on Derivatives		Amount of Gain Recognized in Income		Net Amount of Gain Recognized in OCI on Derivatives		Amount of Gain Recognized in Income

Interest rate swaps	Interest expense, net	$	3	$	—	$	—	$	—

Cross-currency swaps	Interest expense, net	34		(3)		(14)		(2)


		Nine Months Ended September 30,
		2024				2023
Derivatives in Cash Flow and Net Investment Hedges	Location of Loss (Gain) Recognized in Income on Derivatives	Net Amount of Loss (Gain) Recognized in OCI on Derivatives		Amount of Gain Recognized in Income		Net Amount of Gain Recognized in OCI on Derivatives		Amount of Gain Recognized in Income

Interest rate swaps	Interest expense, net	$	2	$	—	$	(2)	$	(3)

Cross-currency swaps	Interest expense, net	(14)		(11)		—		(8)

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 (income) 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 Loss (Gain) Recognized in Income on Derivatives	Three Months Ended September 30,				Nine Months Ended September 30,
		2024		2023		2024		2023

Foreign currency forward contracts	Other (income) expense, net	$	—	$	4	$	(4)	$	(3)

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Segments

9 Months Ended

Sep. 30, 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 and reporting units 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. These OEMs require efficient, environmentally responsible coatings systems that can be applied with a high degree of precision, consistency and speed. The end-markets and reporting units 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net sales (1):
Refinish	$	554	$	529	$	1,619	$	1,547
Industrial	323		327		993		1,012
Total Net sales Performance Coatings	877		856		2,612		2,559
Light Vehicle	340		342		1,036		1,001
Commercial Vehicle	103		111		317		327
Total Net sales Mobility Coatings	443		453		1,353		1,328
Total Net sales	$	1,320	$	1,309	$	3,965	$	3,887

(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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Segment Adjusted EBITDA (1):
Performance Coatings	$	221	$	200	$	640	$	550
Mobility Coatings	70		61		201		151
Total	291		261		841		701
Interest expense, net	54		55		158		158
Depreciation and amortization	71		71		207		207
Debt extinguishment and refinancing-related costs (a)	—		4		3		7
Termination benefits and other employee-related costs (b)	11		12		67		14
Acquisition and divestiture-related costs (c)	4		1		8		1
Site closure costs (d)	—		2		1		4
Impairment charges (e)	—		—		—		15
Foreign exchange remeasurement losses (f)	—		7		8		19
Long-term employee benefit plan adjustments (g)	3		3		8		7
Stock-based compensation (h)	7		5		21		19






Environmental charge (i)	—		—		4		—
Other adjustments (j)	(1)		(2)		(1)		(3)
Income before income taxes	$	142	$	103	$	357	$	253


(1)			The primary measure of segment operating performance is Segment 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. Segment 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 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 costs related to the closure of certain manufacturing sites, which we do not consider indicative of our ongoing operating performance.

(e)			Represents impairment charges, which are not considered indicative of our ongoing operating performance. The losses recorded during the nine months ended September 30, 2023 were primarily due to the decision to demolish assets at a previously closed manufacturing site during the three months ended June 30, 2023 and the then anticipated exit of a non-core business category in the Mobility Coatings segment during the three months ended March 31, 2023.

(f)			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.



(g)			Represents the non-cash, non-service cost components of long-term employee benefit costs.











(h)			Represents non-cash impacts associated with stock-based compensation.

(i)			Represents costs related to certain environmental remediation activities, which are not considered indicative of our ongoing operating performance.

(j)			Represents costs for certain non-operational or non-cash losses (gains), unrelated to our core business and which we do not consider indicative of our ongoing operating performance.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Accumulated Other Comprehensive Loss

ACCUMULATED OTHER COMPREHENSIVE LOSS


	Unrealized Currency Translation Adjustments		Pension Adjustments		Unrealized 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)
Current year deferrals to AOCI	(26)		—		—		(26)
Reclassifications from AOCI to Net income	(4)		1		—		(3)
Net Change	(30)		1		—		(29)
Balance, June 30, 2024	(449)		(68)		—		(517)
Current year deferrals to AOCI	80		—		(2)		78
Reclassifications from AOCI to Net income	(3)		—		—		(3)
Net Change	77		—		(2)		75
Balance, September 30, 2024	$	(372)	$	(68)	$	(2)	$	(442)

The cumulative income tax benefit related to the adjustments for foreign exchange at September 30, 2024 was $3 million. The cumulative income tax benefit related to the adjustments for pension benefits at September 30, 2024 was $29 million. The cumulative income tax expense related to the adjustments for the unrealized gain on derivatives at September 30, 2024 was immaterial. See Note 17 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 Gain (Loss) on Derivatives		Accumulated Other Comprehensive (Loss) Income
Balance, December 31, 2022	$	(434)	$	(36)	$	3	$	(467)
Current year deferrals to AOCI	50		—		1		51
Reclassifications from AOCI to Net income	(4)		—		(3)		(7)
Net Change	46		—		(2)		44
Balance, March 31, 2023	(388)		(36)		1		(423)
Current year deferrals to AOCI	4		1		1		6
Reclassifications from AOCI to Net income	(2)		—		(1)		(3)
Net Change	2		1		—		3
Balance, June 30, 2023	(386)		(35)		1		(420)
Current year deferrals to AOCI	(65)		—		—		(65)
Reclassifications from AOCI to Net income	(2)		—		—		(2)
Net Change	(67)		—		—		(67)
Balance, September 30, 2023	$	(453)	$	(35)	$	1	$	(487)

The cumulative income tax benefit related to the adjustments for foreign exchange at September 30, 2023 was $1 million. The cumulative income tax benefit related to the adjustments for pension benefits at September 30, 2023 was $14 million. The cumulative income tax expense related to the adjustments for the unrealized gain on derivatives at September 30, 2023 was immaterial. See Note 17 for classification within the condensed consolidated statements of operations of the gains and losses on derivatives reclassified from AOCI.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income to common shareholders	$ 101	$ 72	$ 254	$ 194

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 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

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 15. In addition to the disclosures included in Note 15, 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. Adoption of this ASU will result in additional disclosure, but it will not impact our consolidated financial position, results of operations or cash flows. 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 were to be 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.

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Assets Acquired and Liabilities Assumed

The preliminary purchase price allocation is as follows:


	July 2, 2024
Cash	$	1
Accounts and notes receivable, net	17
Inventories	23
Prepaid expenses and other current assets, net	1
Property, plant and equipment, net	9
Identifiable intangible assets	144
Other assets	5
Accounts payable and other accrued liabilities	(6)
Other liabilities	(6)
Deferred income taxes	(7)
Net assets before goodwill from acquisition	181
Goodwill from acquisition	109
Net assets acquired	$	290

Goodwill and Identifiable Intangible Assets (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024 by reportable segment:


	Performance Coatings		Mobility Coatings		Total
Balance at December 31, 2023	$	1,513	$	78	$	1,591
Goodwill from acquisitions	109		—		109

Foreign currency translation	18		—		18
Balance at September 30, 2024	$	1,640	$	78	$	1,718

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:


September 30, 2024	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Weighted average amortization periods (years)
Technology	$	161	$	(92)	$	69	11.1
Trademarks—indefinite-lived	264		—		264		Indefinite
Trademarks—definite-lived	160		(69)		91		14.0
Customer relationships	1,312		(529)		783		19.1

Total	$	1,897	$	(690)	$	1,207


December 31, 2023	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Weighted average amortization periods (years)
Technology	$	162	$	(88)	$	74	11.2
Trademarks—indefinite-lived	264		—		264		Indefinite
Trademarks—definite-lived	142		(60)		82		14.5
Customer relationships	1,194		(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	$	25
2025	97
2026	97
2027	96
2028	82
2029	78

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Restructuring (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024:


	2024 Activity
Balance at December 31, 2023	$	16
Expenses, net of changes to estimates	65
Payments made	(21)
Foreign currency translation	1
Balance at September 30, 2024	$	61

Long-term Employee Benefits (Tables)

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2024 and 2023:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Components of net periodic benefit cost:
Net periodic benefit cost:
Service cost	$	1	$	1	$	5	$	4
Interest cost	6		5		15		15
Expected return on plan assets	(3)		(2)		(9)		(8)
Amortization of actuarial loss, net	—		—		2		—


Net periodic benefit cost	$	4	$	4	$	13	$	11

Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Options Roll Forward

A summary of stock option award activity as of and for the nine months ended September 30, 2024 is presented below.


Stock Options	Awards (in millions)	Weighted Average Exercise Price		Aggregate Intrinsic Value (in millions)		Weighted Average Remaining Contractual Life (years)
Outstanding at January 1, 2024	0.5	$	28.33

Exercised	(0.2)	$	27.58
Forfeited / Expired (1)	—	$	32.50
Outstanding at September 30, 2024	0.3	$	28.69
Vested and expected to vest at September 30, 2024	0.3	$	28.69	$	2	2.63
Exercisable at September 30, 2024	0.3	$	28.69	$	2	2.63

(1) Activity during the nine months ended September 30, 2024 rounds to zero.

Schedule of Restricted Stock Units and Restricted Stock Awards Roll Forward


Restricted Stock Units	Units (in millions)	Weighted Average Fair Value
Outstanding at January 1, 2024	1.3	$	28.71
Granted	0.5	$	32.51
Vested	(0.7)	$	28.20
Forfeited	(0.1)	$	29.67
Outstanding at September 30, 2024	1.0	$	30.88

Schedule of Performance Stock Roll Forward


Performance Share Units	Units (in millions)	Weighted Average Fair Value
Outstanding at January 1, 2024	0.8	$	33.20
Granted	0.4	$	38.52
Vested (1)	—	$	29.53
Forfeited	(0.3)	$	31.26
Outstanding at September 30, 2024	0.9	$	35.84

(1) Activity during the nine months ended September 30, 2024 rounds to zero.

Other (Income) Expense, Net (Tables)

9 Months Ended

Sep. 30, 2024

Other Income and Expenses [Abstract]

Schedule of Other (Income) Expense, Net


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Foreign exchange losses, net	$	—	$	7	$	8	$	19

Debt extinguishment and refinancing-related costs (1)	—		4		3		7
Other miscellaneous income, net	(3)		(6)		(7)		(11)

Total	$	(3)	$	5	$	4	$	15

(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 refinancing of our long-term borrowings, as discussed further in Note 16.

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

Our effective income tax rates for the nine months ended September 30, 2024 and 2023 are as follows:


	Nine Months Ended September 30,
	2024		2023
Effective Tax Rate	28.9	%	22.9	%

Net Income Per Common Share (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
(In millions, except per share data)	2024		2023		2024		2023
Net income to common shareholders	$	101	$	72	$	254	$	194
Basic weighted average shares outstanding	218.9		221.0		219.8		221.3
Diluted weighted average shares outstanding	219.9		221.9		220.8		222.1
Net income per common share (1):
Basic net income per share	$	0.46	$	0.33	$	1.15	$	0.88
Diluted net income per share	$	0.46	$	0.33	$	1.15	$	0.87

(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.

Accounts and Notes Receivable, Net (Tables)

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable


	September 30, 2024		December 31, 2023
Accounts receivable - trade, net (1)	$	1,068	$	1,043
Notes receivable	88		79
Other (2)	142		138
Total	$	1,298	$	1,260

(1) Allowance for doubtful accounts was $25 million and $25 million at September 30, 2024 and December 31, 2023, respectively.

(2) Includes $29 million and $36 million at September 30, 2024 and December 31, 2023, respectively, of insurance recoveries related to an operational matter discussed further in Note 6.

Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory


	September 30, 2024		December 31, 2023
Finished products	$	455	$	405
Semi-finished products	128		126
Raw materials	204		182
Stores and supplies	31		28
Total	$	818	$	741

Property, Plant and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment


	September 30, 2024		December 31, 2023
Property, plant and equipment	$	2,507	$	2,454
Accumulated depreciation	(1,319)		(1,250)
Property, plant and equipment, net	$	1,188	$	1,204

Borrowings (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Borrowings are summarized as follows:


	September 30, 2024		December 31, 2023

2029 Dollar Term Loans	$	1,702	$	1,786
Revolving Credit Facility	105		—

2027 Dollar Senior Notes	500		500
2029 Dollar Senior Notes	700		700
2031 Dollar Senior Notes	500		500
Short-term and other borrowings	55		62
Unamortized original issue discount	(13)		(17)
Unamortized deferred financing costs	(24)		(27)
Total borrowings, net	3,525		3,504
Less:
Short-term borrowings	3		7
Current portion of long-term borrowings	17		19
Long-term debt	$	3,505	$	3,478

Schedule of Maturities of Long-term Debt

Below is a schedule of required future repayments of all borrowings outstanding at September 30, 2024.


Remainder of 2024	$	4
2025	21
2026	21
2027	521
2028	22
Thereafter	2,973
Total borrowings	3,562
Unamortized original issue discount	(13)
Unamortized deferred financing costs	(24)
Total borrowings, net	$	3,525

Financial Instruments, Hedging Activities and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024 and December 31, 2023.


	September 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Prepaid expenses and other current assets:


Cross-currency swaps (1)	$	—	$	8	$	—	$	8	$	—	$	8	$	—	$	8

Other assets:



Investments in equity securities	1		—		—		1		1		—		—		1
Liabilities:
Other accrued liabilities:

Interest rate swaps (1)	—		1		—		1		—		—		—		—
Cross-currency swaps (1)	—		8		—		8		—		8		—		8

Contingent consideration	—		—		12		12		—		—		8		8
Other liabilities:


Cross-currency swaps (1)	—		35		—		35		—		38		—		38

Long-term borrowings:

2029 Dollar Term Loans	—		1,709		—		1,709		—		1,794		—		1,794
2027 Dollar Senior Notes	—		496		—		496		—		487		—		487
2029 Dollar Senior Notes	—		656		—		656		—		633		—		633
2031 Dollar Senior Notes	—		534		—		534		—		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 nine months ended September 30, 2024.


	Fair Value Using Significant Unobservable Inputs (Level 3)
Beginning balance at December 31, 2023	$	8

Change in fair value	4

Foreign currency translation	—
Ending balance at September 30, 2024	$	12

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 and nine months ended September 30, 2024 and 2023 for the Company's cash flow and net investment hedges.


		Three Months Ended September 30,
		2024				2023
Derivatives in Cash Flow and Net Investment Hedges	Location of Loss (Gain) Recognized in Income on Derivatives	Net Amount of Loss Recognized in OCI on Derivatives		Amount of Gain Recognized in Income		Net Amount of Gain Recognized in OCI on Derivatives		Amount of Gain Recognized in Income

Interest rate swaps	Interest expense, net	$	3	$	—	$	—	$	—

Cross-currency swaps	Interest expense, net	34		(3)		(14)		(2)


		Nine Months Ended September 30,
		2024				2023
Derivatives in Cash Flow and Net Investment Hedges	Location of Loss (Gain) Recognized in Income on Derivatives	Net Amount of Loss (Gain) Recognized in OCI on Derivatives		Amount of Gain Recognized in Income		Net Amount of Gain Recognized in OCI on Derivatives		Amount of Gain Recognized in Income

Interest rate swaps	Interest expense, net	$	2	$	—	$	(2)	$	(3)

Cross-currency swaps	Interest expense, net	(14)		(11)		—		(8)

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 Loss (Gain) Recognized in Income on Derivatives	Three Months Ended September 30,				Nine Months Ended September 30,
		2024		2023		2024		2023

Foreign currency forward contracts	Other (income) expense, net	$	—	$	4	$	(4)	$	(3)

Segments (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents relevant information of our reportable segments.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net sales (1):
Refinish	$	554	$	529	$	1,619	$	1,547
Industrial	323		327		993		1,012
Total Net sales Performance Coatings	877		856		2,612		2,559
Light Vehicle	340		342		1,036		1,001
Commercial Vehicle	103		111		317		327
Total Net sales Mobility Coatings	443		453		1,353		1,328
Total Net sales	$	1,320	$	1,309	$	3,965	$	3,887

(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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Segment Adjusted EBITDA (1):
Performance Coatings	$	221	$	200	$	640	$	550
Mobility Coatings	70		61		201		151
Total	291		261		841		701
Interest expense, net	54		55		158		158
Depreciation and amortization	71		71		207		207
Debt extinguishment and refinancing-related costs (a)	—		4		3		7
Termination benefits and other employee-related costs (b)	11		12		67		14
Acquisition and divestiture-related costs (c)	4		1		8		1
Site closure costs (d)	—		2		1		4
Impairment charges (e)	—		—		—		15
Foreign exchange remeasurement losses (f)	—		7		8		19
Long-term employee benefit plan adjustments (g)	3		3		8		7
Stock-based compensation (h)	7		5		21		19






Environmental charge (i)	—		—		4		—
Other adjustments (j)	(1)		(2)		(1)		(3)
Income before income taxes	$	142	$	103	$	357	$	253


(1)			The primary measure of segment operating performance is Segment 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. Segment 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 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 costs related to the closure of certain manufacturing sites, which we do not consider indicative of our ongoing operating performance.

(e)			Represents impairment charges, which are not considered indicative of our ongoing operating performance. The losses recorded during the nine months ended September 30, 2023 were primarily due to the decision to demolish assets at a previously closed manufacturing site during the three months ended June 30, 2023 and the then anticipated exit of a non-core business category in the Mobility Coatings segment during the three months ended March 31, 2023.

(f)			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.



(g)			Represents the non-cash, non-service cost components of long-term employee benefit costs.











(h)			Represents non-cash impacts associated with stock-based compensation.

(i)			Represents costs related to certain environmental remediation activities, which are not considered indicative of our ongoing operating performance.

(j)			Represents costs for certain non-operational or non-cash losses (gains), unrelated to our core business and which we do not consider indicative of our ongoing operating performance.

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss


	Unrealized Currency Translation Adjustments		Pension Adjustments		Unrealized 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)
Current year deferrals to AOCI	(26)		—		—		(26)
Reclassifications from AOCI to Net income	(4)		1		—		(3)
Net Change	(30)		1		—		(29)
Balance, June 30, 2024	(449)		(68)		—		(517)
Current year deferrals to AOCI	80		—		(2)		78
Reclassifications from AOCI to Net income	(3)		—		—		(3)
Net Change	77		—		(2)		75
Balance, September 30, 2024	$	(372)	$	(68)	$	(2)	$	(442)


	Unrealized Currency Translation Adjustments		Pension Adjustments		Unrealized Gain (Loss) on Derivatives		Accumulated Other Comprehensive (Loss) Income
Balance, December 31, 2022	$	(434)	$	(36)	$	3	$	(467)
Current year deferrals to AOCI	50		—		1		51
Reclassifications from AOCI to Net income	(4)		—		(3)		(7)
Net Change	46		—		(2)		44
Balance, March 31, 2023	(388)		(36)		1		(423)
Current year deferrals to AOCI	4		1		1		6
Reclassifications from AOCI to Net income	(2)		—		(1)		(3)
Net Change	2		1		—		3
Balance, June 30, 2023	(386)		(35)		1		(420)
Current year deferrals to AOCI	(65)		—		—		(65)
Reclassifications from AOCI to Net income	(2)		—		—		(2)
Net Change	(67)		—		—		(67)
Balance, September 30, 2023	$	(453)	$	(35)	$	1	$	(487)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Revenue (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract with customer, asset	$ 39		$ 39		$ 39
Contractual arrangements, useful life (in years)	5 years		5 years
Capitalized contract cost, net	$ 171		$ 171		$ 149
Capitalized contract cost, amortization	$ 16	$ 18	$ 44	$ 49

Acquisitions - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended	9 Months Ended	12 Months Ended
	Jul. 02, 2024	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Customer relationships
Business Acquisition [Line Items]
Weighted average amortization periods (in years)			19 years 1 month 6 days	19 years
Trademarks
Business Acquisition [Line Items]
Weighted average amortization periods (in years)			14 years	14 years 6 months
CoverFlexx Group
Business Acquisition [Line Items]
Consideration transferred	$ 290
Goodwill income tax deduction		$ 95	$ 95
Acquisition cost expensed		3	3
Identifiable intangible assets	$ 144	144	$ 144
Weighted average amortization periods (in years)			18 years 4 months 24 days
CoverFlexx Group \| Customer relationships
Business Acquisition [Line Items]
Identifiable intangible assets		123	$ 123
CoverFlexx Group \| Trademarks
Business Acquisition [Line Items]
Identifiable intangible assets		16	16
CoverFlexx Group \| Developed Technology Rights
Business Acquisition [Line Items]
Identifiable intangible assets		$ 5	$ 5

Acquisitions - Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jul. 02, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill from acquisition	$ 1,718		$ 1,591
CoverFlexx Group
Business Acquisition [Line Items]
Cash		$ 1
Accounts and notes receivable, net		17
Inventories		23
Prepaid expenses and other current assets, net		1
Property, plant and equipment, net		9
Identifiable intangible assets	$ 144	144
Other assets		5
Accounts payable and other accrued liabilities		(6)
Other liabilities		(6)
Deferred income taxes		(7)
Net assets before goodwill from acquisition		181
Goodwill from acquisition		109
Net assets acquired		$ 290

Goodwill and Identifiable Intangible Assets - Schedule of Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,591
Goodwill from acquisitions	109
Foreign currency translation	18
Goodwill, ending balance	1,718
Performance Coatings
Goodwill [Roll Forward]
Goodwill, beginning balance	1,513
Goodwill from acquisitions	109
Foreign currency translation	18
Goodwill, ending balance	1,640
Mobility Coatings
Goodwill [Roll Forward]
Goodwill, beginning balance	78
Goodwill from acquisitions	0
Foreign currency translation	0
Goodwill, ending balance	$ 78

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Goodwill and Identifiable Intangible Assets - Schedule of Finite-lived and Indefinite-lived Intangible Assets by Major Class (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Gross Carrying Amount	$ 1,897	$ 1,762
Accumulated Amortization	(690)	(632)
Net Book Value, definite-lived	1,207	1,130
Trademarks
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Net Book Value, indefinite-lived	264	264
Technology
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Gross Carrying Amount	161	162
Accumulated Amortization	(92)	(88)
Net Book Value, definite-lived	$ 69	$ 74
Weighted average amortization periods (years)	11 years 1 month 6 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	$ 160	$ 142
Accumulated Amortization	(69)	(60)
Net Book Value, definite-lived	$ 91	$ 82
Weighted average amortization periods (years)	14 years	14 years 6 months
Customer relationships
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Gross Carrying Amount	$ 1,312	$ 1,194
Accumulated Amortization	(529)	(484)
Net Book Value, definite-lived	$ 783	$ 710
Weighted average amortization periods (years)	19 years 1 month 6 days	19 years

Goodwill and Identifiable Intangible Assets - Schedule of Finite-lived Intangible Assets, Future Amortization Expense (Details) $ in Millions	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 25
2025	97
2026	97
2027	96
2028	82
2029	$ 78

Restructuring - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended		36 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) employee	Sep. 30, 2023 USD ($)	Dec. 31, 2026 USD ($)
Restructuring Cost and Reserve [Line Items]
Number of employees in workforce reduction \| employee			600
Payments for restructuring			$ 21
Restructuring charges	$ 10	$ 1	$ 65	$ 2
Payment term (in months)			24 months
2024 Transformation Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 68
Minimum
Restructuring Cost and Reserve [Line Items]
Expected pretax restructuring charges	75		75
Approximate employee severance and other cash costs			65
Accelerated depreciation and site closure costs			10
Minimum \| Forecast
Restructuring Cost and Reserve [Line Items]
Payments for restructuring					$ 95
Minimum \| Capital Expenditures \| Forecast
Restructuring Cost and Reserve [Line Items]
Payments for restructuring					30
Maximum
Restructuring Cost and Reserve [Line Items]
Expected pretax restructuring charges	$ 110		110
Approximate employee severance and other cash costs			90
Accelerated depreciation and site closure costs			$ 20
Maximum \| Forecast
Restructuring Cost and Reserve [Line Items]
Payments for restructuring					135
Maximum \| Capital Expenditures \| Forecast
Restructuring Cost and Reserve [Line Items]
Payments for restructuring					$ 45

Restructuring - Schedule of Restructuring and Related Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Reserve [Roll Forward]
Beginning balance			$ 16
Expenses, net of changes to estimates	$ 10	$ 1	65	$ 2
Payments made			(21)
Foreign currency translation			1
Ending balance	$ 61		$ 61

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Maximum exposure	$ 22		$ 22		$ 10
Current carrying value	0		0		0
Operational matter	0	$ 0	0	$ 0
Insurance receivable	29		29		36
Loss recorded as a liability	$ 28		$ 28		$ 31

Long-term Employee Benefits - Schedule of Net Benefit Costs (Details) - Pension Plan - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net periodic benefit cost:
Service cost	$ 1	$ 1	$ 5	$ 4
Interest cost	6	5	15	15
Expected return on plan assets	(3)	(2)	(9)	(8)
Amortization of actuarial loss, net	0	0	2	0
Net periodic benefit cost	$ 4	$ 4	$ 13	$ 11

Stock-based Compensation - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 7,000,000	$ 5,000,000	$ 21,000,000	$ 19,000,000
Stock based compensation tax benefit	1,000,000	$ 0	2,000,000	$ 2,000,000
Proceeds from stock options exercised			6,000,000
Unrecognized expense	0		0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax expense realized on the vesting of restricted stock			0
Compensation not yet recognized, share-based awards other than options	15,000,000		$ 15,000,000
Period for recognition of compensation not yet recognized			1 year 4 months 24 days
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation not yet recognized, share-based awards other than options	$ 19,000,000		$ 19,000,000
Period for recognition of compensation not yet recognized			1 year 10 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%

Stock-based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2024
Awards (in millions)
Beginning balance (in shares)	0.5
Exercised (in shares)	(0.2)
Forfeited/Expired (in shares)	0.0
Ending balance (in shares)	0.3
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 28.33
Exercised (in dollars per share)	27.58
Forfeited/Expired (in dollars per share)	32.50
Ending balance (in dollars per share)	$ 28.69
Vested and Expected to Vest
Vested and expected to vest, awards (in shares)	0.3
Vested and expected to vest, weighted average exercise price (in dollars per share)	$ 28.69
Vested and expected to vest, aggregate intrinsic value	$ 2
Vested and expected to vest, weighted average remaining contractual life (in years)	2 years 7 months 17 days
Exercisable
Exercisable, awards (in shares)	0.3
Exercisable, weighted average exercise price (in dollars per share)	$ 28.69
Exercisable, aggregate intrinsic value	$ 2
Exercisable, weighted average remaining contractual life (in years)	2 years 7 months 17 days

Stock-based Compensation - Schedule of Restricted Stock Units (Details) - Restricted Stock Units (RSUs) shares in Millions	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Units (in millions)
Beginning balance (in shares) \| shares	1.3
Granted (in shares) \| shares	0.5
Vested (in shares) \| shares	(0.7)
Forfeited (in shares) \| shares	(0.1)
Ending balance (in shares) \| shares	1.0
Weighted Average Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 28.71
Granted (in dollars per share) \| $ / shares	32.51
Vested (in dollars per share) \| $ / shares	28.20
Forfeited (in dollars per share) \| $ / shares	29.67
Ending balance (in dollars per share) \| $ / shares	$ 30.88

Stock-based Compensation - Schedule of Performance Shares Award Outstanding Activity (Details) - Performance Shares shares in Millions	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Units (in millions)
Beginning balance (in shares) \| shares	0.8
Granted (in shares) \| shares	0.4
Vested (in shares) \| shares	0.0
Forfeited (in shares) \| shares	(0.3)
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	31.26
Ending balance (in dollars per share) \| $ / shares	$ 35.84

Other (Income) Expense, Net - Schedule of Other (Income) Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Income and Expenses [Abstract]
Foreign exchange losses, net	$ 0	$ 7	$ 8	$ 19
Debt extinguishment and refinancing-related costs	0	4	3	7
Other miscellaneous income, net	(3)	(6)	(7)	(11)
Total	$ (3)	$ 5	$ 4	$ 15

Income Taxes (Details) - USD ($) $ in Millions	9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective Tax Rate	28.90%	22.90%
Settlement with Taxing Authority
Operating Loss Carryforwards [Line Items]
Amount reasonable possible to settle of unrecognized tax benefits	$ 47

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income to common shareholders	$ 101	$ 72	$ 254	$ 194
Basic weighted average shares outstanding (in shares)	218.9	221.0	219.8	221.3
Diluted weighted average shares outstanding (in shares)	219.9	221.9	220.8	222.1
Net income per common share
Basic net income per share (in dollars per share)	$ 0.46	$ 0.33	$ 1.15	$ 0.88
Diluted net income per share (in dollars per share)	$ 0.46	$ 0.33	$ 1.15	$ 0.87

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.13-01(a)(4)(i))
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (SX 210.13-01(a)(5))
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.13-02(a)(4)(i))
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Paragraph 28
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Net Income Per Common Share - Additional Information (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	0.2	0.5	0.1	0.5

Accounts and Notes Receivable, Net - Schedule of Accounts, Notes, Loans, and Financing Receivable (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Accounts receivable - trade, net	$ 1,068	$ 1,043
Notes receivable	88	79
Other	142	138
Total	1,298	1,260
Allowance for doubtful accounts	25	25
Insurance receivable	$ 29	$ 36

Accounts and Notes Receivable, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Bad debt expense (benefit) net of recoveries	$ 2	$ 2	$ 7	$ 7
Russia Conflict with Ukraine
Financing Receivable, Allowance for Credit Loss [Line Items]
Bad debt expense (benefit) net of recoveries	$ 0	$ (1)	$ (1)	$ (2)

Inventories - Schedule of Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished products	$ 455	$ 405
Semi-finished products	128	126
Raw materials	204	182
Stores and supplies	31	28
Total	$ 818	$ 741

Inventories - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventory reserves	$ 22	$ 27

Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 2,507	$ 2,454
Accumulated depreciation	(1,319)	(1,250)
Property, plant and equipment, net	$ 1,188	$ 1,204

Property, Plant and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 32	$ 31	$ 94	$ 90

Supplier Finance Programs (Details) - USD ($) $ in Millions	9 Months Ended
Supplier Finance Programs (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Supplier Finance Program [Line Items]
Short-term borrowings	$ 3		$ 7
Cash outflows	$ 5	$ 40
Supplier Financing Arrangements
Supplier Finance Program [Line Items]
Debt term (in days)	90 days
Short-term borrowings	$ 0	8
Cash outflows	4	34
SCF Program
Supplier Finance Program [Line Items]
Supplier finance program, obligation	26		28
VCA Program
Supplier Finance Program [Line Items]
Supplier finance program, obligation	$ 5		$ 8
Supplier financing program obligation, payment term (in days)	25 days
Property, Plant and Equipment Purchases \| Supplier Financing Arrangements
Supplier Finance Program [Line Items]
Short-term borrowings		$ 0

Borrowings - Schedule of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Short-term and other borrowings	$ 55		$ 62
Unamortized original issue discount	(13)		(17)
Unamortized deferred financing costs	(24)		(27)
Total borrowings, net	3,525		3,504
Short-term borrowings	3		7
Current portion of long-term borrowings	17		19
Long-term debt	3,505		3,478
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving Credit Facility	105	$ 185	0
2029 Dollar Term Loans
Debt Instrument [Line Items]
Term loan	1,702		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

Borrowings - Additional Information (Details) - USD ($) $ in Millions		1 Months Ended	9 Months Ended
	Feb. 29, 2024	Mar. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	May 31, 2024	Dec. 31, 2023
2029 Dollar Term Loans
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.50%	2.00%
Prepayment of debt			$ 75
Loss on extinguishment of debt			1
Loss on financing-related costs			2
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility			105	$ 185		$ 0
Letters of credit outstanding, amount			22			22
Line of credit facility, remaining borrowing capacity			$ 673			528
Debt instrument, basis spread on variable rate			1.50%
Line of credit facility, maximum borrowing capacity				$ 800	$ 550
Incremental deferred financing costs			$ 4
Revolving Credit Facility \| Customer Obligation Guarantees
Debt Instrument [Line Items]
Letters of credit outstanding, amount			$ 14			$ 14

Borrowings - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Remainder of 2024	$ 4
2025	21
2026	21
2027	521
2028	22
Thereafter	2,973
Total borrowings	3,562
Unamortized original issue discount	(13)	$ (17)
Unamortized deferred financing costs	(24)	(27)
Total borrowings, net	$ 3,525	$ 3,504

Financial Instruments, Hedging Activities and Fair Value Measurements - Schedule of Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other current assets	Prepaid expenses and other current assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other accrued liabilities	Other accrued liabilities
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in equity securities	$ 1	$ 1
Contingent consideration	12	8
Fair Value, Recurring \| 2029 Dollar Term Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans payable	1,709	1,794
Fair Value, Recurring \| 2027 Dollar Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	496	487
Fair Value, Recurring \| 2029 Dollar Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	656	633
Fair Value, Recurring \| 2031 Dollar Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	534	527
Fair Value, Recurring \| Interest rate swaps \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	1	0
Fair Value, Recurring \| Cross-currency swaps \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	8	8
Fair Value, Recurring \| Cross-currency swaps \| Other accrued liabilities \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	8	8
Fair Value, Recurring \| Cross-currency swaps \| Other liabilities \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	35	38
Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in equity securities	1	1
Contingent consideration	0	0
Fair Value, Recurring \| Level 1 \| 2029 Dollar Term Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans payable	0	0
Fair Value, Recurring \| Level 1 \| 2027 Dollar Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	0	0
Fair Value, Recurring \| Level 1 \| 2029 Dollar Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	0	0
Fair Value, Recurring \| Level 1 \| 2031 Dollar Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	0	0
Fair Value, Recurring \| Level 1 \| Interest rate swaps \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0	0
Fair Value, Recurring \| 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
Fair Value, Recurring \| Level 1 \| Cross-currency swaps \| Other accrued liabilities \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0	0
Fair Value, Recurring \| Level 1 \| Cross-currency swaps \| Other liabilities \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0	0
Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in equity securities	0	0
Contingent consideration	0	0
Fair Value, Recurring \| Level 2 \| 2029 Dollar Term Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans payable	1,709	1,794
Fair Value, Recurring \| Level 2 \| 2027 Dollar Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	496	487
Fair Value, Recurring \| Level 2 \| 2029 Dollar Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	656	633
Fair Value, Recurring \| Level 2 \| 2031 Dollar Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	534	527
Fair Value, Recurring \| Level 2 \| Interest rate swaps \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	1	0
Fair Value, Recurring \| Level 2 \| Cross-currency swaps \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	8	8
Fair Value, Recurring \| Level 2 \| Cross-currency swaps \| Other accrued liabilities \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	8	8
Fair Value, Recurring \| Level 2 \| Cross-currency swaps \| Other liabilities \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	35	38
Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in equity securities	0	0
Contingent consideration	12	8
Fair Value, Recurring \| Level 3 \| 2029 Dollar Term Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans payable	0	0
Fair Value, Recurring \| Level 3 \| 2027 Dollar Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	0	0
Fair Value, Recurring \| Level 3 \| 2029 Dollar Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	0	0
Fair Value, Recurring \| Level 3 \| 2031 Dollar Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	0	0
Fair Value, Recurring \| Level 3 \| Interest rate swaps \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0	0
Fair Value, Recurring \| 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
Fair Value, Recurring \| Level 3 \| Cross-currency swaps \| Other accrued liabilities \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0	0
Fair Value, Recurring \| Level 3 \| Cross-currency swaps \| Other liabilities \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	$ 0	$ 0

Financial Instruments, Hedging Activities and Fair Value Measurements - Schedule of Liability Activity (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 8
Change in fair value	4
Foreign currency translation	0
Ending balance	$ 12

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%

Financial Instruments, Hedging Activities and Fair Value Measurements - Schedule of Derivative Locations and Amounts Recognized (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Amount of Loss (Gain) Recognized in OCI on Derivatives	$ 2	$ 1	$ 2	$ 2
Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Amount of Loss (Gain) Recognized in OCI on Derivatives	3	0	2	(2)
Cross-currency swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Amount of Loss (Gain) Recognized in OCI on Derivatives	34	(14)	(14)	0
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	0	0	(3)
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	$ (3)	$ (2)	$ (11)	$ (8)

Financial Instruments, Hedging Activities and Fair Value Measurements - Schedule of Instruments Not Designated as Hedge (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Foreign currency forward contracts \| Other (income) expense, net
Derivative [Line Items]
Derivatives not designated as hedging	$ 0	$ 4	$ (4)	$ (3)

Segments - Additional Information (Details)	9 Months Ended
Segments - Additional Information (Details)	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	2

Segments - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Net sales	$ 1,320	$ 1,309	$ 3,965	$ 3,887
Intercompany sales between segments	0	0	0	0
Performance Coatings
Segment Reporting Information [Line Items]
Net sales	877	856	2,612	2,559
Mobility Coatings
Segment Reporting Information [Line Items]
Net sales	443	453	1,353	1,328
Refinish \| Performance Coatings
Segment Reporting Information [Line Items]
Net sales	554	529	1,619	1,547
Industrial \| Performance Coatings
Segment Reporting Information [Line Items]
Net sales	323	327	993	1,012
Light Vehicle \| Mobility Coatings
Segment Reporting Information [Line Items]
Net sales	340	342	1,036	1,001
Commercial Vehicle \| Mobility Coatings
Segment Reporting Information [Line Items]
Net sales	$ 103	$ 111	$ 317	$ 327

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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+ Details

Segments - Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Adjusted EBITDA	$ 291	$ 261	$ 841	$ 701
Interest expense, net	54	55	158	158
Depreciation and amortization	71	71	207	207
Debt extinguishment and refinancing-related costs	0	4	3	7
Termination benefits and other employee-related costs	11	12	67	14
Acquisition and divestiture-related costs	4	1	8	1
Site closure costs	0	2	1	4
Impairment charges	0	0	0	15
Foreign exchange remeasurement losses	0	7	8	19
Long-term employee benefit plan adjustments	3	3	8	7
Stock-based compensation	7	5	21	19
Environmental charge	0	0	4	0
Other adjustments	(1)	(2)	(1)	(3)
Income before income taxes	142	103	357	253
Performance Coatings
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Adjusted EBITDA	221	200	640	550
Mobility Coatings
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Adjusted EBITDA	$ 70	$ 61	$ 201	$ 151

Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 1,818	$ 1,775	$ 1,773	$ 1,689	$ 1,615	$ 1,500	$ 1,773	$ 1,500
Other comprehensive income (loss), net of tax	76			(68)			3	(22)
Ending balance	1,951	1,818	1,775	1,649	1,689	1,615	1,951	1,649
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(517)	(488)	(444)	(420)	(423)	(467)	(444)	(467)
Current year deferrals to AOCI	78	(26)	(41)	(65)	6	51
Reclassifications from AOCI to Net income	(3)	(3)	(3)	(2)	(3)	(7)
Other comprehensive income (loss), net of tax	75	(29)	(44)	(67)	3	44
Ending balance	(442)	(517)	(488)	(487)	(420)	(423)	(442)	(487)
Unrealized Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(449)	(419)	(374)	(386)	(388)	(434)	(374)	(434)
Current year deferrals to AOCI	80	(26)	(41)	(65)	4	50
Reclassifications from AOCI to Net income	(3)	(4)	(4)	(2)	(2)	(4)
Other comprehensive income (loss), net of tax	77	(30)	(45)	(67)	2	46
Ending balance	(372)	(449)	(419)	(453)	(386)	(388)	(372)	(453)
Pension Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(68)	(69)	(70)	(35)	(36)	(36)	(70)	(36)
Current year deferrals to AOCI	0	0	0	0	1	0
Reclassifications from AOCI to Net income	0	1	1	0	0	0
Other comprehensive income (loss), net of tax	0	1	1	0	1	0
Ending balance	(68)	(68)	(69)	(35)	(35)	(36)	(68)	(35)
Unrealized Gain (Loss) on Derivatives
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	0	0	0	1	1	3	0	3
Current year deferrals to AOCI	(2)	0	0	0	1	1
Reclassifications from AOCI to Net income	0	0	0	0	(1)	(3)
Other comprehensive income (loss), net of tax	(2)	0	0	0	0	(2)
Ending balance	$ (2)	$ 0	$ 0	$ 1	$ 1	$ 1	$ (2)	$ 1

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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- Definition

Amount after tax of reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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-Section 55
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4I

Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

+ Details

Accumulated Other Comprehensive Loss - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Cumulative income tax benefit on foreign exchange adjustments	$ 3	$ 1
Cumulative income tax benefit on pension and postretirement benefit plans	29	14
Cumulative income tax expense on derivatives	$ 0	$ 0