XML 66 R49.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Employee Benefit Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of funded status of defined benefit pension plans | The following table provides a reconciliation of benefit obligations, plan assets and the funded status of the Plans as of and for the years ended December 31:
|  | U.K. Plan |  | U.S. and Other Plans
(In millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Change in projected benefit obligations: |  |  |  |  |  |  |  |
Balance at beginning of year |  | $ | (445) |  |  | $ | (418) |  |  | $ | (164) |  |  | $ | (169) |
Interest cost |  | (21) |  |  | (21) |  |  | (8) |  |  | (8) |
Actuarial loss |  | (25) |  |  | (5) |  |  | (1) |  |  | (1) |
Benefits paid |  | 25 |  |  | 26 |  | 12 |  |  | 14 |
Foreign currency translation |  | 2 |  |  | (27) |  |  | — |  |  | — |
Settlement of terminated plans |  | 464 |  |  | — |  |  | 147 |  |  | — |
Balance at end of year |  | $ | — |  |  | $ | (445) |  |  | $ | (14) |  |  | $ | (164) |
Change in fair value of plan assets: |  |  |  |  |  |  |  |
Balance at beginning of year |  | $ | 589 |  |  | $ | 570 |  |  | $ | 124 |  |  | $ | 130 |
Actual return on plan assets |  | (44) |  |  | 8 |  |  | 7 |  |  | 8 |
Company contribution |  | — |  |  | — |  |  | 28 |  |  | — |
Benefits paid |  | (25) |  |  | (26) |  |  | (12) |  |  | (14) |
Foreign currency translation |  | (3) |  |  | 37 |  |  | — |  |  | — |
Settlement of terminated plans |  | (464) |  |  | — |  |  | (147) |  |  | — |
Balance at end of year |  | $ | 53 |  |  | $ | 589 |  |  | $ | — |  |  | $ | 124 |
Funded status of the plans (1) |  | $ | 53 |  |  | $ | 144 |  |  | $ | (14) |  |  | $ | (40) |
(1)The Company expects to receive an approximate $40 million refund (net of excise tax) of residual surplus in the first quarter of 2025 related the terminated U.K. defined benefit pension plan.
Schedule of weighted-average rate assumptions | The weighted-average rate assumptions used in the measurement of the Company’s projected benefit obligations and net periodic benefit expense as of and for the years ended December 31 were as follows:
|  | Projected Benefit Obligations |  | Net Periodic Benefit Expense
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Discount rate |  | 3.31 | % |  | 4.81 | % |  | 4.81 | % |  | 5.01 | %
Expected long-term return on plan assets |  | n/a |  | n/a |  | 4.10 | % |  | 4.74 | %
Schedule of allocation of plan assets | The following table sets forth assets carried and measured at fair value on a recurring basis for the Plans at December 31, 2023:
(In millions) | Level 1 |  | Level 2 |  | Level 3
Cash and cash equivalents (1) | $ | 27 |  |  | $ | — |  |  | $ | — |
Equity securities (2) | — |  |  | — |  |  | — |
Fixed income securities (3) | 312 |  |  | — |  |  | — |
Other investments (4) | 269 |  |  | 6 |  |  | — |
Total investments at fair value | $ | 608 |  |  | $ | 6 |  |  | $ | — |
(1)Cash and cash equivalents include highly liquid investments in money market funds. (2)Equity securities primarily consist of domestic, international and global equity pooled funds. (3)Fixed income securities primarily consist of debt securities issued by U.S. and foreign government agencies and debt obligations issued by a variety of private and public corporations. (4)Other investments primarily consist of index-linked government bonds, derivatives and other investments.
Schedule of components of net periodic benefit expense | The components of net periodic benefit cost (income) were as follows:
|  | Year Ended December 31,
(In millions) |  | 2024 |  | 2023 |  | 2022
Interest cost |  | $ | 29 |  |  | $ | 29 |  |  | $ | 17 |
Expected return on plan assets |  | (24) |  |  | (26) |  |  | (18) |
Net periodic benefit expense (income) |  | $ | 5 |  |  | $ | 3 |  |  | $ | (1) |

X
- Definition Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (a)(b)(c) -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration