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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2023
Postemployment Benefits [Abstract]  
Change in Benefit Obligation, Plan Assets and Funded Status of Defined Benefit Pension Plans

The change in benefit obligation, plan assets and the funded status of the defined benefit pension plans in the United Kingdom using a measurement date of December 31, 2023 and 2022, are as follows (in millions):

 

 

Pension Benefits

 

At year end

 

2023

 

 

2022

 

Benefit obligation at beginning of year

 

$

4

 

 

$

8

 

Actuarial loss (gain)

 

 

 

 

 

(3

)

Plan settlements

 

 

(4

)

 

 

 

Foreign currency exchange rate changes

 

 

 

 

 

(1

)

Benefit obligation at end of year

 

$

 

 

$

4

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

6

 

 

$

9

 

Actual return

 

 

 

 

 

(2

)

Plan settlements

 

 

(5

)

 

 

 

Foreign currency exchange rate changes and other

 

 

(1

)

 

 

(1

)

Fair value of plan assets at end of year

 

$

 

 

$

6

 

 

 

 

 

 

 

 

Funded status

 

 

 

 

 

2

 

Accumulated benefit obligation at end of year

 

$

 

 

$

4

 

Assumption Rates Used for Benefit Obligations

The assumption rates used for benefit obligations are as follows:

 

 

December 31,

 

 

2023

 

2022

Discount rate:

 

N/A

 

4.1% - 5.10%

Assumption Rates Used for Net Periodic Benefit Costs

The assumption rates used for net periodic benefit costs are as follows:

 

 

December 31,

 

 

2023

 

2022

 

2021

Discount rate:

 

4.10% - 5.10%

 

1.20% - 1.80%

 

0.70% - 1.20%

Expected return on assets:

 

4.00% - 5.12%

 

1.10% - 2.22%

 

0.70% - 1.78%

Plan's Assets Carried at Fair Value

The following table sets forth by level, within the fair value hierarchy, the plan’s assets carried at fair value (in millions):

 

 

Fair Value Measurements

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

December 31, 2023:

 

 

 

 

 

 

 

 

 

 

 

 

Annuity contract

 

$

 

 

$

 

 

$

 

 

$

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

Total fair value measurements

 

$

 

 

$

 

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022:

 

 

 

 

 

 

 

 

 

 

 

 

Annuity contract

 

$

3

 

 

$

 

 

$

 

 

$

3

 

Other

 

 

3

 

 

 

 

 

 

3

 

 

 

 

Total fair value measurements

 

$

6

 

 

$

 

 

$

3

 

 

$

3