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Employee Benefits (Tables)

12 Months Ended

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)

1Lump 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)

1Lump 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		%

1Effective 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.

2The 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

1Reflects 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.

2Reflects 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

1Includes securities that are mainly investment grade obligations of issuers in the U.S.

2Includes 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

3Includes 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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