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Defined Severance Benefits (Tables)
12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Defined Benefits Liabilities
Changes in defined severance benefits obligation were as follows:
(in millions)
20242023
Beginning balance, January 1$396 $304 
Current service cost166 141 
Interest cost16 14 
Actuarial losses52 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 
Schedule of Components of Net Periodic Costs
Net periodic cost consists of the following:
(in millions)
202420232022
Current service costs$166 $141 $143 
Interest cost16 14 
Amortization of:
Prior service cost
Net actuarial loss
Net periodic benefit cost$187 $159 $161 
Schedule of Principal Actuarial Assumptions Used to Determine Defined Benefits Liabilities and Net Period Cost
The principal actuarial assumptions used to determine defined severance benefits obligation were as follows:
December 31, 2024December 31, 2023
Discount rates3.50%3.90%4.30%4.80%
Salary growth rates5.00%7.00%5.00%7.00%
The principal actuarial assumptions used to determine the net periodic cost were as follows:
202420232022
Discount rates4.30 %4.80 %5.10 %5.30 %2.70 %3.00 %
Salary growth rates5.00 %7.00 %5.00 %8.00 %5.00 %5.24 %
Schedule of Expected Maturity Analysis of Undiscounted Defined Severance Benefits
Estimated future benefit payments as of December 31, 2024 was as follows:
(in millions)
Less than 1 yearBetween 1-2 yearsBetween 2-5 yearsOver 5 yearsTotal
Defined severance benefits$98 $99 $305 $479 $981