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Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of the Benefit Obligation | A summary of the benefit obligation and the fair value of plan assets, as well as the funded status for the retirement and postretirement plans as of December 31, 2024 and 2023, is as follows (benefits paid in the table below include only those amounts contributed directly to or paid directly from plan assets):
(in millions) | Retirement Plans |  | Postretirement Plans
| 2024 |  | 2023 |  | 2024 |  | 2023
Net benefit obligation at beginning of year | $ | 1,425 |  |  | $ | 1,407 |  |  | $ | 20 |  |  | $ | 20 |
Service cost | 2 |  |  | 2 |  |  | — |  |  | — |
Interest cost | 69 |  |  | 74 |  |  | 1 |  |  | 1 |
Plan participants’ contributions | — |  |  | — |  |  | — |  |  | — |
Actuarial loss (gain) | (89) |  |  | 57 |  |  | (1) |  |  | 1 |
Gross benefits paid | (76) |  |  | (70) |  |  | (3) |  |  | (2) |
Foreign currency effect | (8) |  |  | 20 |  |  | — |  |  | — |
Other adjustments 1 | — |  |  | (65) |  |  | — |  |  | — |
Net benefit obligation at end of year | 1,323 |  |  | 1,425 |  |  | 17 |  |  | 20 |
Fair value of plan assets at beginning of year | 1,473 |  |  | 1,464 |  |  | 1 |  |  | 5 |
Actual return on plan assets | (9) |  |  | 115 |  |  | — |  |  | (1) |
Employer contributions | 11 |  |  | 10 |  |  | 2 |  |  | — |
Plan participants’ contributions | — |  |  | — |  |  | — |  |  | — |
Gross benefits paid | (75) |  |  | (70) |  |  | (2) |  |  | (3) |
Foreign currency effect | (5) |  |  | 19 |  |  | — |  |  | — |
Other adjustments 1 | — |  |  | (65) |  |  | — |  |  | — |
Fair value of plan assets at end of year | 1,395 |  |  | 1,473 |  |  | 1 |  |  | 1 |
Funded status | $ | 72 |  |  | $ | 48 |  |  | $ | (16) |  |  | $ | (19) |
Amounts recognized in consolidated balance sheets: |  |  |  |  |  |  |
Non-current assets | $ | 246 |  |  | $ | 238 |  |  | $ | — |  |  | $ | — |
Current liabilities | (10) |  |  | (10) |  |  | — |  |  | — |
Non-current liabilities | (164) |  |  | (180) |  |  | (16) |  |  | (19) |
| $ | 72 |  |  | $ | 48 |  |  | $ | (16) |  |  | $ | (19) |
Accumulated benefit obligation | $ | 1,317 |  |  | $ | 1,418 |  |  |  |  |
Plans with accumulated benefit obligation in excess of the fair value of plan assets: |  |  |  |  |  |  |
Projected benefit obligation | $ | 173 |  |  | $ | 190 |  |  |  |  |
Accumulated benefit obligation | $ | 168 |  |  | $ | 182 |  |  |  |  |
Fair value of plan assets | $ | — |  |  | $ | — |  |  |  |  |
Amounts recognized in accumulated other comprehensive loss, net of tax: |  |  |  |  |  |  |
Net actuarial loss (gain) | $ | 418 |  |  | $ | 410 |  |  | $ | (36) |  |  | $ | (37) |
Prior service credit | — |  |  | — |  |  | (10) |  |  | (11) |
Total recognized | $ | 418 |  |  | $ | 410 |  |  | $ | (46) |  |  | $ | (48) |
1Relates to the impact of lump sum benefit payments to terminated vested participants to settle existing pension obligations owed under the plan. The non-cash pretax settlement charge reflects the accelerated recognition of a portion of unamortized actuarial losses in the plan.
Schedule of Net Periodic Benefit Cost | A summary of net periodic benefit cost for our retirement and postretirement plans for the years ended December 31, is as follows:
(in millions) | Retirement Plans |  | Postretirement Plans
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Service cost | $ | 2 |  |  | $ | 2 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 69 |  |  | 74 |  |  | 48 |  |  | 1 |  |  | 1 |  |  | 1 |
Expected return on assets | (97) |  |  | (101) |  |  | (87) |  |  | — |  |  | — |  |  | — |
Amortization of: |  |  |  |  |  |  |  |  |  |  |
Actuarial loss (gain) | 8 |  |  | 6 |  |  | 15 |  |  | (2) |  |  | (2) |  |  | (2) |
Prior service credit | — |  |  | — |  |  | — |  |  | (2) |  |  | (2) |  |  | (2) |
Net periodic benefit cost | (18) |  |  | (19) |  |  | (21) |  |  | (3) |  |  | (3) |  |  | (3) |
Settlement charge 1 | — |  |  | 23 |  |  | 13 |  |  | — |  |  | — |  |  | — |
Total net periodic benefit cost | $ | (18) |  |  | $ | 4 |  |  | $ | (8) |  |  | $ | (3) |  |  | $ | (3) |  |  | $ | (3) |
1 Lump sum withdrawals exceeded the combined total anticipated annual service and interest cost of our U.S. retirement plan during the year ended December 31, 2023 and U.K. plan during for the year ended December 31, 2022, triggering the recognition of non-cash pre-tax settlement charges of $23 million and $13 million 2023 and 2022, respectively.
Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income, Net of Tax | Other changes in plan assets and benefit obligations recognized in other comprehensive income, net of tax for the years ended December 31, are as follows:
(in millions) | Retirement Plans |  | Postretirement Plans
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Net actuarial loss (gain) | $ | 14 |  |  | $ | 33 |  |  | $ | 67 |  |  | $ | (1) |  |  | $ | 1 |  |  | $ | (3) |
Recognized actuarial (gain) loss | (6) |  |  | (5) |  |  | (12) |  |  | 2 |  |  | 1 |  |  | 1 |
Prior service cost | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |  |  | 1 |
Settlement charge 1 | — |  |  | (18) |  |  | (10) |  |  | — |  |  | — |  |  | — |
Total recognized | $ | 8 |  |  | $ | 10 |  |  | $ | 45 |  |  | $ | 2 |  |  | $ | 3 |  |  | $ | (1) |
1 Lump sum withdrawals exceeded the combined total anticipated annual service and interest cost of our U.S. retirement plan during the year ended December 31, 2023 and U.K. plan during for the year ended December 31, 2022, triggering the recognition of non-cash pre-tax settlement charges of $23 million and $13 million 2023 and 2022, respectively.
Schedule of Assumptions | Assumptions
| Retirement Plans |  | Postretirement Plans
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Discount rate 1 | 5.74 | % |  | 5.27 | % |  | 5.63 | % |  | 5.57 | % |  | 5.18 | % |  | 5.52 | %
Net periodic cost: |  |  |  |  |  |  |  |  |  |  |
Discount rate - U.S. plan 1 | 5.27 | % |  | 5.63 | % |  | 3.05 | % |  | 5.18 | % |  | 5.52 | % |  | 2.72 | %
Discount rate - U.K. plan 1 | 4.50 | % |  | 4.76 | % |  | 1.87 | % |  |  |  |  |  |
Return on assets 2 | 6.00 | % |  | 6.00 | % |  | 4.00 | % |  |  |  |  |  |
1 Effective January 1, 2024, we changed our discount rate assumption on our U.S. retirement plans to 5.27% from 5.63% in 2023 and changed our discount rate assumption on our U.K. plan to 4.50% from 4.76% in 2023. 2 The expected return on assets assumption is calculated based on the plan’s asset allocation strategy and projected market returns over the long-term. Effective January 1, 2025, we changed our return on assets assumption to 6.25% from 6.00% for the U.S. plan in 2024 and to 5.40% from 5.50% for the U.K. plan in 2024.
Schedule of Information about the Expected Cash Flows for Retirement and Post-Retirement Plans | Information about the expected cash flows for our retirement and postretirement plans is as follows:
(in millions) | Retirement Plans 1 |  |  |  |  |  |  |  | Postretirement Plans 2
2025 | $ | 78 |  |  |  |  |  |  |  |  | 2 |
2026 | 80 |  |  |  |  |  |  |  |  | 2 |
2027 | 82 |  |  |  |  |  |  |  |  | 2 |
2028 | 84 |  |  |  |  |  |  |  |  | 2 |
2029 | 85 |  |  |  |  |  |  |  |  | 2 |
2030-2034 | 453 |  |  |  |  |  |  |  |  | 6 |
1 Reflects the total benefits expected to be paid from the plans or from our assets including both our share of the benefit cost and the participants’ share of the cost. 2 Reflects the total benefits expected to be paid from our assets.
Schedule of Fair Value of Defined Benefit Plan Assets | The fair value of our defined benefit plans assets as of December 31, 2024 and 2023, by asset class is as follows:
(in millions) | December 31, 2024
| Total |  | Level 1 |  | Level 2 |  | Level 3
Cash and short-term investments | $ | 2 |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |
Fixed income: |  |  |  |  |  |  |
Long duration strategy 1 | 905 |  |  | — |  |  | 905 |  |  | — |
Total | $ | 907 |  |  | $ | 2 |  |  | $ | 905 |  |  | $ | — |
Common collective trust funds measured at net asset value as a practical expedient: |  |  |  |  |  |  |
Collective investment funds 2 | 488 |  |  |  |  |  |  |
Total | $ | 1,395 |  |  |  |  |  |  |
(in millions) | December 31, 2023
| Total |  | Level 1 |  | Level 2 |  | Level 3
Cash and short-term investments | $ | 3 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |
Fixed income: |  |  |  |  |  |  |
Long duration strategy 1 | 991 |  |  | — |  |  | 991 |  |  | — |
Real Estate: |  |  |  |  |  |  |
U.K. 3 | 34 |  |  | — |  |  | — |  |  | 34 |
Total | $ | 1,028 |  |  | $ | 3 |  |  | $ | 991 |  |  | $ | 34 |
Common collective trust funds measured at net asset value as a practical expedient: |  |  |  |  |  |  |
Collective investment funds 2 | 445 |  |  |  |  |  |  |
Total | $ | 1,473 |  |  |  |  |  |  |
1 Includes securities that are mainly investment grade obligations of issuers in the U.S. 2 Includes the Standard & Poor’s MidCap 600 Composite Stock Index, Standard & Poor’s 500 Composite Stock Index, the Standard & Poor’s MidCap 400 Composite Stock Index, a short-term investment fund which is a common collective trust vehicle, and other various asset classes 3 Includes a fund which holds real estate properties in the U.K.
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | The following table details further information on our plan assets where we have used significant unobservable inputs:
(in millions) | Level 3
Balance as of December 31, 2023 | $ | 34 |
Distributions | (34) |
Balance as of December 31, 2024 | $ | — |

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