Retirement and Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Retirement and Employee Benefit Plans

11 – Employee Benefit Plans

We have defined contribution plans covering certain employees. Contribution expenses related to these plans totaled $18 million, $18 million and $16 million for the years ended December 31, 2023, 2022 and 2021, respectively.

We have defined benefit pension and other post-retirement benefit plans covering certain U.S. and international employees. Plan benefits are generally based on factors such as age, compensation levels and years of service. Net periodic benefit cost related to these plans totaled $3 million, $4 million, and $4 million for the years ended December 31, 2023, 2022 and 2021, respectively. The projected benefit obligations on a consolidated basis were $130 million and $121 million as of December 31, 2023 and December 31, 2022, respectively. The increase year over year is due primarily to actuarial losses as a result of decreased discount rates. The fair values of plan assets on a consolidated basis were $106 million and $97 million as of December 31, 2023 and December 31, 2022, respectively. The increase year over year is due primarily to investment gains. As of December 31, 2023, the net underfunded obligation consisted of $18 million of funded obligations recorded to “Other Non-current Assets” and $42 million of underfunded obligations substantially all recorded to “Other Non-current Liabilities” on our Consolidated Balance Sheets. As of December 31, 2022, the net underfunded obligation consisted of $15 million of funded obligations recorded to “Other Non-current Assets” and $39 million of underfunded obligations substantially all recorded to “Other Non-current Liabilities” on our Consolidated Balance Sheets. Additionally, the consolidated pre-tax amount in accumulated other comprehensive income (loss) as of December 31, 2023 and December 31, 2022, that has not yet been recognized as a component of net periodic benefit cost was a net gain of $15 million and net gain of $19 million, respectively. As mentioned above, decreased discount rates were the primary driver of the overall loss in 2023.

The weighted average assumption rates used for benefit obligations were as follows:

	Year Ended December 31,
	2023	2022
Discount rate:
United States Plans	4.75% - 5.00%	4.75% - 5.00%
International Plans	2.90% - 11.38%	2.84% - 13.62%
Rate of Compensation Increase:
United States Plans	—	—
International Plans	2.00% - 3.00%	2.00% - 7.22%

During each of the years ended December 31, 2023, 2022 and 2021, we made contributions and paid direct benefits of $5 million in connection with our defined benefit pension and other post-retirement benefit plans. In 2024, we expect to fund approximately $5 million related to those plans.