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Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Projected Benefit Obligations, Plan Assets and Funded Status | The projected benefit obligations, plan assets and funded status of our pension plans were:
| U.S. Plans |  | Non-U.S. Plans
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in millions)
Projected benefit obligation at January 1 | $ | 1,206 |  |  | $ | 1,193 |  |  | $ | 7,404 |  |  | $ | 6,878 |
Service cost | 3 |  |  | 3 |  |  | 59 |  |  | 54 |
Interest cost | 60 |  |  | 64 |  |  | 283 |  |  | 303 |
Benefits paid | (41) |  |  | (45) |  |  | (446) |  |  | (424) |
Settlements paid | (48) |  |  | (63) |  |  | (1) |  |  | — |
Actuarial losses/(gains) | 3 |  |  | 54 |  |  | (271) |  |  | 235 |
Divestitures | — |  |  | — |  |  | — |  |  | (6) |
Currency | — |  |  | — |  |  | (312) |  |  | 337 |
Other | — |  |  | — |  |  | 37 |  |  | 27 |
Projected benefit obligation at December 31 | 1,183 |  |  | 1,206 |  |  | 6,753 |  |  | 7,404 |
Fair value of plan assets at January 1 | 1,277 |  |  | 1,265 |  |  | 7,907 |  |  | 7,389 |
Actual return on plan assets | 8 |  |  | 114 |  |  | 42 |  |  | 423 |
Contributions | 4 |  |  | 6 |  |  | 109 |  |  | 162 |
Benefits paid | (41) |  |  | (45) |  |  | (446) |  |  | (424) |
Settlements paid | (48) |  |  | (63) |  |  | (1) |  |  | — |
Divestitures | — |  |  | — |  |  | — |  |  | (4) |
Currency | — |  |  | — |  |  | (324) |  |  | 362 |
Other | — |  |  | — |  |  | 10 |  |  | (1) |
Fair value of plan assets at December 31 | 1,200 |  |  | 1,277 |  |  | 7,297 |  |  | 7,907 |
Net pension assets at December 31 | $ | 17 |  |  | $ | 71 |  |  | $ | 544 |  |  | $ | 503 |
The changes in and the amount of the accrued benefit obligation of U.S. and non-U.S. plans were:
| As of December 31,
| 2024 |  | 2023
| (in millions)
Accrued benefit obligation at January 1 | $ | 205 |  |  | $ | 233 |
Service cost | 1 |  |  | 1 |
Interest cost | 10 |  |  | 12 |
Benefits paid | (17) |  |  | (16) |
Plan amendments | — |  |  | (22) |
Currency | (7) |  |  | 2 |
Actuarial gains | (9) |  |  | (5) |
Accrued benefit obligation at December 31 | 183 |  |  | 205 |
Fair value of plan assets at January 1 | 70 |  |  | — |
Employer Contributions | 14 |  |  | 76 |
Benefit Payments | (17) |  |  | (12) |
Actual Return on Assets | 7 |  |  | 6 |
Fair value of plan assets at December 31 | $ | 74 |  |  | $ | 70 |
Schedule of Net Pension Plan Asset (Liability) | The combined U.S. and non-U.S. pension plans resulted in a net pension asset of $561 million as of December 31, 2024 and a net pension asset of $574 million as of December 31, 2023. We recognized these amounts in our consolidated balance sheets as follows:
| As of December 31,
| 2024 |  | 2023
| (in millions)
Prepaid pension assets | $ | 987 |  |  | $ | 1,043 |
Other current liabilities | (35) |  |  | (32) |
Accrued pension costs | (391) |  |  | (437) |
| $ | 561 |  |  | $ | 574 |
Schedule of Underfunded Projected Benefit Obligations, Accumulated Benefit Obligations and Fair Value of Plan Assets | Certain of our U.S. and non-U.S. plans are underfunded with accumulated benefit obligations in excess of plan assets. For these plans, the projected benefit obligations, accumulated benefit obligations and the fair value of plan assets were:
| U.S. Plans |  | Non-U.S. Plans
| As of December 31, |  | As of December 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in millions)
Projected benefit obligation | $ | 24 |  |  | $ | 25 |  |  | $ | 557 |  |  | $ | 646 |
Accumulated benefit obligation | 24 |  |  | 25 |  |  | 514 |  |  | 594 |
Fair value of plan assets | 2 |  |  | 2 |  |  | 157 |  |  | 201 |
Schedule of Weighted-Average Assumptions | We used the following weighted-average assumptions to determine our benefit obligations under the pension plans:
| U.S. Plans |  | Non-U.S. Plans
| As of December 31, |  | As of December 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Discount rate | 5.18 | % |  | 5.22 | % |  | 4.45 | % |  | 4.03 | %
Rate of compensation increase | 4.00 | % |  | 4.00 | % |  | 3.10 | % |  | 3.22 | %
We used the following weighted-average assumptions to determine our net periodic pension cost:
| U.S. Plans |  | Non-U.S. Plans
| For the Years Ended December 31, |  | For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Discount rate | 5.22 | % |  | 5.55 | % |  | 3.01 | % |  | 4.03 | % |  | 4.51 | % |  | 1.74 | %
Expected rate of return on plan assets | 6.25 | % |  | 6.25 | % |  | 4.50 | % |  | 5.54 | % |  | 5.41 | % |  | 3.44 | %
Rate of compensation increase | 4.00 | % |  | 4.00 | % |  | 4.00 | % |  | 3.20 | % |  | 3.22 | % |  | 2.84 | %
We used the following weighted-average assumptions to determine our postretirement benefit obligations:
| U.S. Plans |  | Non-U.S. Plans
| As of December 31, |  | As of December 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Discount rate | 5.70 | % |  | 5.20 | % |  | 5.77 | % |  | 5.72 | %
Health care cost trend rate assumed for next year | 6.50 | % |  | 6.75 | % |  | 5.04 | % |  | 5.07 | %
Ultimate health care cost trend rate | 5.00 | % |  | 5.00 | % |  | 4.64 | % |  | 4.63 | %
Year that the rate reaches the ultimate trend rate | 2031 |  | 2031 |  | 2040 |  | 2040
We used the following weighted-average assumptions to determine our net periodic postretirement health care cost:
| U.S. Plans |  | Non-U.S. Plans
| For the Years Ended December 31, |  | For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Discount rate | 5.20% |  | 5.53% |  | 2.96% |  | 5.72% |  | 6.07% |  | 3.81%
Expected rate of return on plan assets | 7.25% |  | — |  | — |  | — |  | — |  | —
Health care cost trend rate | 6.50% |  | 7.00% |  | 5.50% |  | 5.04% |  | 5.98% |  | 5.72%
Schedule of Components of Net Periodic Pension Cost | Net periodic pension cost consisted of the following:
| U.S. Plans |  | Non-U.S. Plans
| For the Years Ended December 31, |  | For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
| (in millions)
Service cost | $ | 3 |  |  | $ | 3 |  |  | $ | 5 |  |  | $ | 59 |  |  | $ | 54 |  |  | $ | 88 |
Interest cost | 60 |  |  | 64 |  |  | 51 |  |  | 283 |  |  | 303 |  |  | 172 |
Expected return on plan assets | (89) |  |  | (99) |  |  | (79) |  |  | (428) |  |  | (403) |  |  | (353) |
Amortization: |  |  |  |  |  |  |  |  |  |  |
Net loss | — |  |  | — |  |  | 6 |  |  | 64 |  |  | 42 |  |  | 57 |
Prior service cost/(benefit) | 1 |  |  | 1 |  |  | 1 |  |  | — |  |  | (1) |  |  | (2) |
Curtailment expense/(credit) | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | 8 |
Settlement losses and other expenses | 14 |  |  | 17 |  |  | 14 |  |  | 1 |  |  | 1 |  |  | 2 |
Net periodic pension benefit | $ | (11) |  |  | $ | (14) |  |  | $ | (2) |  |  | $ | (22) |  |  | $ | (4) |  |  | $ | (28) |
Schedule of Fair Value of Pension Plan Assets | The fair value of pension plan assets was determined using the following fair value measurements:
|  | As of December 31, 2024
Asset Category |  | Total Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
|  | (in millions)
U.S. equity securities |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
Pooled funds - equity securities |  | 833 |  |  | 751 |  |  | 82 |  |  | — |
Total equity securities |  | 834 |  |  | 752 |  |  | 82 |  |  | — |
Government bonds |  | 1,854 |  |  | 70 |  |  | 1,784 |  |  | — |
Pooled funds - fixed-income securities |  | 945 |  |  | 825 |  |  | 120 |  |  | — |
Corporate bonds and fixed-income securities |  | 563 |  |  | 243 |  |  | 320 |  |  | — |
Buy-in annuity contracts and other |  | 2,082 |  |  | — |  |  | — |  |  | 2,082 |
Total fixed-income securities |  | 5,444 |  |  | 1,138 |  |  | 2,224 |  |  | 2,082 |
Real estate |  | 222 |  |  | 159 |  |  | — |  |  | 63 |
Private equity |  | 3 |  |  | — |  |  | — |  |  | 3 |
Cash and other |  | 87 |  |  | 77 |  |  | 9 |  |  | 1 |
Total assets in the fair value hierarchy |  | $ | 6,590 |  |  | $ | 2,126 |  |  | $ | 2,315 |  |  | $ | 2,149 |
Investments measured at net asset value |  | 1,811 |  |  |  |  |  |  |
Total investments at fair value |  | $ | 8,401 |  |  |  |  |  |  |
|  | As of December 31, 2023
Asset Category |  | Total Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
|  | (in millions)
U.S. equity securities |  | $ | 3 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |
Pooled funds - equity securities |  | 935 |  |  | 863 |  |  | 72 |  |  | — |
Total equity securities |  | 938 |  |  | 866 |  |  | 72 |  |  | — |
Government bonds |  | 2,485 |  |  | 59 |  |  | 2,426 |  |  | — |
Pooled funds - fixed-income securities |  | 839 |  |  | 718 |  |  | 121 |  |  | — |
Corporate bonds and fixed-income securities |  | 902 |  |  | 203 |  |  | 699 |  |  | — |
Buy-in annuity contracts and other |  | 1,464 |  |  | — |  |  | — |  |  | 1,464 |
Total fixed-income securities |  | 5,690 |  |  | 980 |  |  | 3,246 |  |  | 1,464 |
Real estate |  | 249 |  |  | 182 |  |  | — |  |  | 67 |
Private equity |  | 4 |  |  | — |  |  | — |  |  | 4 |
Cash and other |  | 122 |  |  | 103 |  |  | 18 |  |  | 1 |
Total assets in the fair value hierarchy |  | $ | 7,003 |  |  | $ | 2,131 |  |  | $ | 3,336 |  |  | $ | 1,536 |
Investments measured at net asset value |  | 2,084 |  |  |  |  |  |  |
Total investments at fair value |  | $ | 9,087 |  |  |  |  |  |  |
The percentage of fair value of pension plan assets was:
|  | U.S. Plans |  | Non-U.S. Plans
|  | As of December 31, |  | As of December 31,
Asset Category |  | 2024 |  | 2023 |  | 2024 |  | 2023
Equity securities |  | 4% |  | 15% |  | 14% |  | 16%
Fixed-income securities |  | 21% |  | 85% |  | 64% |  | 63%
Real estate |  | — |  | — |  | 4% |  | 4%
Buy-in annuity contracts |  | 75% |  | — |  | 17% |  | 16%
Cash |  | — |  | — |  | 1% |  | 1%
Total |  | 100% |  | 100% |  | 100% |  | 100%
Schedule of Changes in Level 3 Plan Assets | Changes in our Level 3 plan assets included:
Asset Category |  | January 1, 2024 Balance |  | Net Realized and Unrealized Gains/ (Losses) |  | Net Purchases, Issuances and Settlements |  | Net Transfers Into/(Out of) Level 3 |  | Currency Impact |  | December 31, 2024 Balance
|  | (in millions)
Buy-in annuity contracts and other |  | $ | 1,471 |  |  | $ | (62) |  |  | $ | 702 |  |  | $ | — |  |  | $ | (29) |  |  | $ | 2,082 |
Real estate |  | 62 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 63 |
Private equity and other |  | 3 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 4 |
Total Level 3 investments |  | $ | 1,536 |  |  | $ | (62) |  |  | $ | 702 |  |  | $ | — |  |  | $ | (27) |  |  | $ | 2,149 |
Asset Category |  | January 1, 2023 Balance |  | Net Realized and Unrealized Gains/ (Losses) |  | Net Purchases, Issuances and Settlements |  | Net Transfers Into/(Out of) Level 3 |  | Currency Impact |  | December 31, 2023 Balance
|  | (in millions)
Buy-in annuity contracts and other |  | $ | 1,540 |  |  | $ | 60 |  |  | $ | (227) |  |  | $ | — |  |  | $ | 98 |  |  | $ | 1,471 |
Real estate |  | 70 |  |  | (2) |  |  | — |  |  | — |  |  | (6) |  |  | 62 |
Private equity and other |  | 4 |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | 3 |
Total Level 3 investments |  | $ | 1,614 |  |  | $ | 58 |  |  | $ | (227) |  |  | $ | — |  |  | $ | 91 |  |  | $ | 1,536 |
Schedule of Estimated Future Benefit Payments | The estimated future benefit payments from our pension plans at December 31, 2024 were (in millions):
| 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030-2034
U.S. Plans | $945 |  | $17 |  | $18 |  | $18 |  | $19 |  | $103
Non-U.S. Plans | 414 |  | 414 |  | 420 |  | 422 |  | 429 |  | 2,204
Our estimated future benefit payments for our postretirement health care plans at December 31, 2024 were (in millions):
| 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030-2034
U.S. Plans | $10 |  | $9 |  | $9 |  | $8 |  | $8 |  | $34
Non-U.S. Plans | 4 |  | 4 |  | 4 |  | 5 |  | 5 |  | 24
Schedule of Changes in Accrued Benefit Obligation of Postemployment Plans | Our postemployment plans are not funded. The changes in and the amount of the accrued benefit obligation were:
| As of December 31,
| 2024 |  | 2023
| (in millions)
Accrued benefit obligation at January 1 | $ | 92 |  |  | $ | 47 |
Service cost | 9 |  |  | 4 |
Interest cost | 7 |  |  | 3 |
Benefits paid | (21) |  |  | (25) |
Actuarial losses | 6 |  |  | 63 |
Accrued benefit obligation at December 31 | $ | 93 |  |  | $ | 92 |

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of the change in the accumulated postemployment benefit obligation from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (a) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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