Defined Severance Benefits

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Defined Severance Benefits

Defined Severance Benefits

Changes in defined severance benefits obligation were as follows:

(in millions)	2024		2023
Beginning balance, January 1	$	396	$	304
Current service cost	166		141
Interest cost	16		14
Actuarial losses	52		22
Payments from plans	(79)		(84)
Cumulative effects of foreign currency translation	(60)		(1)
Ending balance, December 31	$	491	$	396
Current	$	96	$	82
Noncurrent	$	395	$	314

The accumulated benefit obligation for all defined severance benefits was $348 million and $288 million as of December 31, 2024 and 2023, respectively.

Net periodic cost consists of the following:

(in millions)	2024		2023		2022
Current service costs	$	166	$	141	$	143
Interest cost	16		14		9
Amortization of:
Prior service cost	2		3		3
Net actuarial loss	3		1		6
Net periodic benefit cost	$	187	$	159	$	161

The principal actuarial assumptions used to determine defined severance benefits obligation were as follows:

	December 31, 2024			December 31, 2023
Discount rates	3.50%	–	3.90%	4.30%	–	4.80%
Salary growth rates	5.00%	–	7.00%	5.00%	–	7.00%

The principal actuarial assumptions used to determine the net periodic cost were as follows:

	2024					2023					2022
Discount rates	4.30	%	–	4.80	%	5.10	%	–	5.30	%	2.70	%	–	3.00	%
Salary growth rates	5.00	%	–	7.00	%	5.00	%	–	8.00	%	5.00	%	–	5.24	%

Estimated future benefit payments as of December 31, 2024 was as follows:

(in millions)	Less than 1 year		Between 1-2 years		Between 2-5 years		Over 5 years		Total
Defined severance benefits	$	98	$	99	$	305	$	479	$	981

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