Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Components of Retirement Plan Expense

The following table sets forth the components of retirement plan expense for the years ended December 31, 2024, 2023, and 2022 (in millions).


	Pension Benefits						Postretirement Benefits
	Year Ended December 31						Year Ended December 31
	2024		2023		2022		2024		2023		2022
Retirement plan expense
Defined benefit plans:
Service cost (benefits earned during the period)	$	46	$	41	$	48	$	—	$	—	$	1
Interest cost	79		76		48		5		6		3
Expected return on plan assets	(89)		(83)		(79)		—		—		—
Settlement charges	2		—		—		—		—		—

Curtailments	—		—		(2)		—		—		—
Amortization of actuarial loss	5		3		17		3		2		5
Amortization of prior service cost (credit)	(20)		(20)		(20)		—		—		—
Net periodic defined benefit plan expense	23		17		12		8		8		9
Defined contribution plans	76		73		67		—		—		—
Total retirement plan expense	$	99	$	90	$	79	$	8	$	8	$	9

Net actuarial loss (gain)	$	(38)	$	46	$	(88)	$	(5)	$	4	$	(29)
Prior service cost	26		19		20		—		—		—
Total pre-tax comprehensive loss (income)	$	(12)	$	65	$	(68)	$	(5)	$	4	$	(29)

Schedule of Changes in Defined Benefit Obligation and Fair Value of Defined Benefit Plan Assets

The following tables set forth changes in the defined benefit obligation and the fair value of defined benefit plan assets for the years ended December 31, 2024 and 2023 (in millions).


	Pension Benefits				Postretirement Benefits
	December 31 2024		December 31 2023		December 31 2024		December 31 2023
Change in benefit obligations:
Benefit obligation, beginning	$	1,765	$	1,587	$	113	$	118
Service cost	46		41		—		—
Interest cost	79		76		5		6
Actuarial loss (gain)	(111)		83		(3)		6
Employee contributions	4		3		—		—




Benefits paid	(62)		(53)		(14)		(17)
Plan amendments	6		—		—		—

Foreign currency effects and Other	(54)		28		1		—
Benefit obligation, ending	$	1,673	$	1,765	$	102	$	113
Change in plan assets
Fair value of plan assets, beginning	$	1,415	$	1,269	$	—	$	—
Actual return on plan assets	7		121		—		—
Employer contributions	26		54		14		17
Employee contributions	4		3		—		—



Benefits paid	(62)		(53)		(14)		(17)

Foreign currency effects and Other	(39)		21		—		—
Fair value of plan assets, ending	$	1,351	$	1,415	$	—	$	—

Funded status	$	(322)	$	(350)	$	(102)	$	(113)

Amounts recognized in the Consolidated Balance Sheets consist of:
Other assets (non-current)	$	68	$	63	$	—	$	—
Accrued expenses and other payables	(19)		(19)		(13)		(14)
Other long-term liabilities	(371)		(394)		(89)		(99)
Net amount recognized in the Consolidated Balance Sheets	$	(322)	$	(350)	$	(102)	$	(113)

Schedule of Principal Assumptions Used in Developing Net Periodic Benefit Cost

The following table sets forth the principal assumptions used in developing net periodic benefit cost:

Pension Benefits

Postretirement Benefits

December 31
2024

December 31
2023

December 31
2024

December 31
2023

Discount rate

4.5%

4.8%

4.9%

5.1%

Expected return on plan assets

6.0%

N/A

Rate of compensation increase

4.8%

4.3%

N/A

Interest crediting rate

4.0%

3.9%

N/A

The following table sets forth the principal assumptions used in developing the year-end actuarial present value of the projected benefit obligations:


	Pension Benefits				Postretirement Benefits
	December 31 2024		December 31 2023		December 31 2024	December 31 2023
Discount rate	5.0	%	4.5	%	5.5%	4.9%
Rate of compensation increase	4.8	%	4.8	%	N/A	N/A
Interest crediting rate	4.6	%	4.0	%	N/A	N/A

Schedule of Fair Value of Plan Assets

The following tables set forth, by level within the fair value hierarchy, the fair value of plan assets as of December 31, 2024 and 2023 (in millions).


	Fair Value Measurements at December 31, 2024
	Level 1		Level 2		Level 3		Total

Common stock	$	36	$	—	$	—	$	36
Mutual funds	154		—		—		154
Corporate bonds	—		517		—		517
U.S. Treasury instruments	161		—		—		161

U.S. government agency, state and local government bonds	—		4		—		4
Other	13		18		—		31
Total assets	$	364	$	539	$	—	$	903
Common collective trust funds at NAV
U.S. equity							30
International equity							67
Fixed income							298
Other							53
Total assets at fair value							$	1,351


	Fair Value Measurements at December 31, 2023
	Level 1		Level 2		Level 3		Total
Common stock	$	37	$	—	$	—	$	37
Mutual funds	147		—		—		147
Corporate bonds	—		473		—		473
U.S. Treasury instruments	262		—		—		262
U.S. government agency, state and local government bonds	—		8		—		8
Other	—		7		—		7
Total assets	$	446	$	488	$	—	$	934
Common collective trust funds at NAV
U.S. equity							15
International equity							60
Fixed income							330
Other							76
Total assets at fair value							$	1,415

Schedule of Actual Asset Allocation for Global Pension Plan Assets

The following table sets forth the actual asset allocation for the Company’s global pension plan assets as of the measurement date.


	December 31 2024(1)(2)	December 31 2023(2)
Equity securities	21%	19%
Debt securities	68%	77%
Other	11%	4%
Total	100%	100%

(1)The Company’s U.S. pension plans contain approximately 68% of the Company’s global pension plan assets. The actual asset allocation for the Company’s U.S. pension plans as of the measurement date consists of 23% equity securities, 74% debt securities, and 3% other. The target asset allocation for the Company’s U.S. pension plans is approximately the same as the actual asset allocation. The actual asset allocation for the Company’s foreign pension plans as of the measurement date consists of 18% equity securities, 56% debt securities, and 26% other. The target asset allocation for the Company’s foreign pension plans is approximately the same as the actual asset allocation.

(2)The Company’s pension plans did not directly hold any shares of Company common stock as of the December 31, 2024 and 2023 measurement dates.

Schedule of Contributions and Expected Future Benefit Payments

The following benefit payments, which reflect expected future service, are expected to be paid by the benefit plans (in millions):


	Pension Benefits		Postretirement Benefits
2025	$	76	$	13
2026	83		12
2027	89		11
2028	96		10
2029	102		10
2030-2034	590		39