Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Postemployment Benefits [Abstract]

Summary of Net Periodic Benefit Costs

The net periodic benefit costs for the defined benefit plans included the following components:

	Year Ended December 31,
	2023			2022
Service cost	$	2		$	1
Interest cost on projected benefit obligations		5			2
Expected return on plan assets		(1	)		—
Amortization of actuarial net loss		—			1
	$	6		$	4

Summary of Changes in Projected Benefit Obligations and Plan Assets, and Ending Balances of Defined Benefit Plans

The changes in projected benefit obligations and plan assets, as well as the ending balance sheet amounts for the Company’s defined benefit plans, were as follows:

	Year Ended December 31,
	2023			2022
Change in projected benefit obligations:
Projected benefit obligations, beginning of year	$	144		$	34
Liabilities assumed through Atotech Acquisition		—			122
Service cost		2			1
Interest cost		5			2
Actuarial loss (gain)		9			(17	)
Benefits paid		(7	)		(3	)
Currency translation adjustments		1			5
Projected benefit obligations, end of year	$	154		$	144
Change in plan assets:
Fair value of plan assets, beginning of year		31			12
Assets assumed through Atotech Acquisition		—			24
Company contributions		3			1
Gain (loss) on plan assets		2			(5	)
Benefits paid		(3	)		(1	)
Currency translation adjustments		1			—
Fair value of plan assets, end of year		34			31
Net underfunded status	$	(120	)	$	(113	)

Summary of Estimated Benefit Payments for Defined Benefit Plans for Next 10 Years

As of December 31, 2023, the estimated benefit payments for the Company’s defined benefit plans for the next 10 years were as follows:

	Estimated benefit payments
2024	$	6
2025		8
2026		10
2027		15
2028		9
2029-2033		53
	$	101

Schedule of Weighted Average Rates Used to Determine Net Periodic Benefit Costs

The weighted-average rates used to determine the net periodic benefit costs were as follows:

	December 31, 2023			December 31, 2022
Discount rate		3.3	%		3.7	%
Rate of increase in salary levels		3.1	%		3.1	%
Expected long-term rate of return on assets		2.7	%		2.6	%

Schedule of Defined Benefit Plan Assets

Plan assets were held in the following categories as a percentage of total plan assets:

	December 31, 2023					December 31, 2022
	Amount		Percentage			Amount		Percentage
Debt securities	$	18		54	%	$	20		65	%
Equity securities		9		24			7		22
Cash		3		10			—		—
Other		4		12			4		13
	$	34		100	%	$	31		100	%