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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

The components of net periodic (benefit) cost consisted of the following:


	Year Ended December 31,
	2023		2022		2021
Service cost (a)	$	3	$	5	$	6
Interest cost (b)	27		16		12
Expected return on plan assets (b)	(30)		(37)		(35)
Amortization of unrecognized amounts (b)	5		5		9
Net periodic (benefit) cost	$	5	$	(11)	$	(8)

__________

(a)For the years ended December 31, 2023, 2022, and 2021, $3 million, $4 million, and $4 million was included in operating expenses, respectively. For the years ended December 31, 2022 and 2021, $1 million, and $2 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 Obligation	2023		2022
Benefit obligation at end of prior year	$	575	$	881
Service cost	3		5
Interest cost	27		16
Actuarial (gain) loss	30		(247)
Plan amendments	—		(1)
Currency translation adjustment	15		(51)
Net benefits paid	(30)		(28)
Benefit obligation at end of current year	$	620	$	575

Change in Plan Assets
Fair value of assets at end of prior year	$	514	$	772
Actual return on plan assets	35		(196)
Employer contributions	6		12
Currency translation adjustment	15		(46)
Net benefits paid	(30)		(28)
Fair value of assets at end of current year	$	540	$	514

Schedule of Net Funded Status


	As of December 31,
Funded Status	2023		2022
Classification of net balance sheet assets (liabilities):
Non-current assets	$	24	$	36
Current liabilities	(4)		(4)
Non-current liabilities	(100)		(93)
Net funded status	$	(80)	$	(61)

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 Plans		2023		2022		2021
Discount rate:
	Net periodic benefit cost	5.18	%	2.67	%	2.25	%
	Benefit obligation	4.96	%	5.18	%	2.67	%
Long-term rate of return on plan assets		6.25	%	6.25	%	6.75	%

Non-U.S. Pension Benefit Plans
Discount rate:
	Net periodic benefit cost	4.79	%	1.83	%	1.40	%
	Benefit obligation	4.40	%	4.79	%	1.83	%
Long-term rate of return on plan assets		5.59	%	4.39	%	3.71	%

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, 2023
Asset Class	Level 1		Level 2		Level 3		Total
Cash equivalents and short-term investments	$	12	$	12	$	—	$	24
U.S. equities	73		15		—		88
Non-U.S. equities	40		23		—		63

Government bonds	1		—		—		1
Corporate bonds	138		47		—		185
Other assets	—		118		61		179
Total assets	$	264	$	215	$	61	$	540

__________

For the year ended December 31, 2023, we purchased and classified $11 million of investments as Level 3.


	As of December 31, 2022
Asset Class	Level 1		Level 2		Level 3		Total
Cash equivalents and short-term investments	$	18	$	6	$	—	$	24
U.S. equities	69		19		—		88
Non-U.S. equities	39		30		—		69

Government bonds	—		2		—		2
Corporate bonds	126		48		—		174
Other assets	2		101		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.