Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Summary of PME Multi-Employer Plan

PME multi-employer plan	2023	2022	2021
NXP’s contributions to the plan	38	33	37
(including employees’ contributions)	8	6	5
Average number of NXP’s active employees participating in the plan	2,338	2,197	2,075
NXP’s contribution to the plan exceeded more than 5 percent of the total contribution (as of December 31 of the plan’s year end)	No	No	No

Summary of Changes in Pension Benefit Obligations and Defined-Benefit Pension Plan Assets

The table below provides a summary of the changes in the pension benefit obligations and defined benefit pension plan assets for 2023 and 2022, associated with the Company’s dedicated plans, and a reconciliation of the funded status of these plans to the amounts recognized in the Consolidated Balance Sheets.

	2023	2022
Projected benefit obligation
Projected benefit obligation at beginning of year	537	730
Service cost	12	15
Interest cost	18	8
Actuarial (gains) and losses	47	(146)
Curtailments and settlements	—	—
Benefits paid	(21)	(19)
Exchange rate differences	12	(51)
Projected benefit obligation at end of year	605	537
Plan assets
Fair value of plan assets at beginning of year	202	222
Actual return on plan assets	9	(5)
Employer contributions	20	22
Curtailments and settlements	—	—
Benefits paid	(20)	(19)
Exchange rate differences	2	(18)
Fair value of plan assets at end of year	213	202
Funded status	(392)	(335)
Classification of the funded status is as follows
–   Prepaid pension cost within non-current assets	8	14
–   Accrued pension cost within other non-current liabilities	(388)	(339)
–   Accrued pension cost within accrued liabilities	(12)	(10)
Total	(392)	(335)
Accumulated benefit obligation
Accumulated benefit obligation for all Company-dedicated benefit pension plans	576	509
Plans with assets less than accumulated benefit obligation (including unfunded plans)
–   Fair value of plan assets	87	84
–   Accumulated benefit obligations	459	407
Amounts recognized in accumulated other comprehensive income (before tax)
Total AOCI at beginning of year	17	175
–   Net actuarial loss (gain)	43	(145)
–   Exchange rate differences	—	(13)
Total AOCI at end of year	60	17

Summary of Weighted Average Assumptions Used to Calculate Projected Benefit Obligations and Net Periodic Pension Cost

The weighted average assumptions used to calculate the projected benefit obligations were as follows:

	2023		2022
Discount rate	3.2	%	3.3	%
Rate of compensation increase	2.2	%	2.2	%

The weighted average assumptions used to calculate the net periodic pension cost were as follows:

	2023		2022		2021
Discount rate	3.3	%	1.2	%	0.8	%
Expected returns on plan assets	2.9	%	2.6	%	2.6	%
Rate of compensation increase	2.2	%	1.9	%	1.6	%

Components of Net Periodic Pension Costs

The components of net periodic pension costs were as follows:

	2023	2022	2021
Service cost	12	15	18
Interest cost on the projected benefit obligation	18	8	6
Expected return on plan assets	(6)	(5)	(6)
Amortization of net (gain) loss	—	9	10
Curtailments & settlements	—	—	—
Net periodic cost	24	27	28

Summary of Actual Pension Plan Assets Allocation and Classification

The actual pension plan asset allocation at December 31, 2023 and 2022 is as follows:

	2023		2022
Asset category:
Equity securities	26	%	32	%
Debt securities	38	%	34	%
Insurance contracts	7	%	7	%
Other	29	%	27	%
	100	%	100	%

The following table summarizes the classification of these assets.

	2023			2022
	Level I	Level II	Level III	Level I	Level II	Level III
Equity securities	—	49	—	—	59	—
Debt securities	18	38	—	3	42	—
Insurance contracts	—	14	—	—	14	—
Other	4	27	25	—	27	22
	22	128	25	3	142	22

Summary of Estimated Future Pension Benefit Payments

The following benefit payments are expected to be made (including those for funded plans):

2024	24
2025	25
2026	28
2027	29
2028	31
Years 2029-2033	184