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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of Net Periodic Benefit Cost
The components of net periodic (benefit) cost consisted of the following:
Year Ended December 31,
202220212020
Service cost (a)
$$$
Interest cost (b)
16 12 17 
Expected return on plan assets (b)
(37)(35)(31)
Amortization of unrecognized amounts (b)
Net periodic (benefit) cost$(11)$(8)$— 
__________ 
(a)For the years ended December 31, 2022, 2021, and 2020, $4 million was included in operating expenses, in each period, and $1 million, $2 million and $1 million was included in selling, general and administrative expenses, respectively.
(b)Included in selling, general and administrative expenses.
Schedule of Funded Status of Pension Plans We use a measurement date of December 31 for our pension plans. The funded status of the pension plans were as follows:
As of December 31,
Change in Benefit Obligation20222021
Benefit obligation at end of prior year$881 $926 
Service cost
Interest cost16 12 
Actuarial (gain) loss(247)(17)
Plan amendments(1)(3)
Currency translation adjustment
(51)(12)
Net benefits paid(28)(31)
Benefit obligation at end of current year$575 $881 
Change in Plan Assets
Fair value of assets at end of prior year$772 $722 
Actual return on plan assets(196)71 
Employer contributions12 16 
Currency translation adjustment
(46)(5)
Net benefits paid(28)(32)
Fair value of assets at end of current year$514 $772 
Schedule of Net Funded Status
As of December 31,
Funded Status20222021
Classification of net balance sheet assets (liabilities):
Non-current assets$36 $50 
Current liabilities(4)(5)
Non-current liabilities(93)(154)
Net funded status$(61)$(109)
Schedule of Assumptions Used to Determine Pension Obligations and Pension Costs The following assumptions were used to determine pension obligations and pension costs for the principal plans in which our employees participated:
For the Year Ended December 31,
U.S. Pension Benefit Plans202220212020
Discount rate:
Net periodic benefit cost2.67 %2.25 %3.10 %
Benefit obligation5.18 %2.67 %2.25 %
Long-term rate of return on plan assets6.25 %6.75 %7.00 %
Non-U.S. Pension Benefit Plans
Discount rate:
Net periodic benefit cost1.83 %1.40 %1.95 %
Benefit obligation4.79 %1.83 %1.40 %
Long-term rate of return on plan assets4.39 %3.71 %3.80 %
Schedule of Defined Benefit Pension Plans' Assets Fair Value
The following table presents the defined benefit pension plans’ assets measured at fair value:
As of December 31, 2022
Asset ClassLevel 1Level 2Level 3Total
Cash equivalents and short-term investments$18 $$— $24 
U.S. equities69 19 — 88 
Non-U.S. equities39 30 — 69 
Government bonds— — 
Corporate bonds126 48 — 174 
Other assets101 54 157 
Total assets$254 $206 $54 $514 
__________
For the year ended December 31, 2022, we purchased and classified $54 million of investments as Level 3.
As of December 31, 2021
Asset ClassLevel 1Level 2Level 3Total
Cash equivalents and short-term investments$14 $48 $— $62 
U.S. equities115 45 — 160 
Non-U.S. equities56 89 — 145 
Government bonds11 — 17 
Corporate bonds134 51 — 185 
Other assets152 46 203 
Total assets$330 $396 $46 $772 
__________
For the year ended December 31, 2021, we purchased and classified $46 million of investments as Level 3.