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Defined Severance Benefits | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Defined Severance Benefits | Defined Severance Benefits Changes in defined severance benefits obligation were as follows:
(in millions) | 2023 |  | 2022
Beginning balance, January 1 | $ | 304 |  |  | $ | 283 |
Current service cost | 141 |  |  | 143 |
Interest cost | 14 |  |  | 9 |
Actuarial losses (gains) | 22 |  |  | (32) |
Payments from plans | (84) |  |  | (81) |
Cumulative effects of foreign currency translation | (1) |  |  | (18) |
Ending balance, December 31 | $ | 396 |  |  | $ | 304 |
Current | $ | 82 |  |  | $ | 78 |
Noncurrent | $ | 314 |  |  | $ | 226 |
The accumulated benefit obligation for all defined severance benefits was $288 million and $225 million as of December 31, 2023 and 2022, respectively. Net periodic cost consists of the following:
(in millions) | 2023 |  | 2022 |  | 2021
Current service costs | $ | 141 |  |  | $ | 143 |  |  | $ | 121 |
Interest cost | 14 |  |  | 9 |  |  | 3 |
Amortization of: |  |  |  |  |
Prior service cost | 3 |  |  | 3 |  |  | — |
Net actuarial loss | 1 |  |  | 6 |  |  | 4 |
Net periodic benefit cost | $ | 159 |  |  | $ | 161 |  |  | $ | 128 |
The principal actuarial assumptions used to determine defined severance benefits obligation were as follows:
| December 31, 2023 |  | December 31, 2022
Discount rates | 4.30% | – | 4.80% |  | 5.10% | – | 5.30%
Salary growth rates | 5.00% | – | 7.00% |  | 5.00% | – | 8.00%
The principal actuarial assumptions used to determine the net periodic cost were as follows:
| 2023 |  | 2022 |  | 2021
Discount rates | 5.10 | % | – | 5.30 | % |  | 2.70 | % | – | 3.00 | % |  | 1.73 | % | – | 2.57 | %
Salary growth rates | 5.00 | % | – | 8.00 | % |  | 5.00 | % | – | 5.24 | % |  | 1.48 | % | – | 5.00 | %
The expected maturity analysis of undiscounted defined severance benefits as of December 31, 2023 was as follows:
(in millions) | Less than 1 year |  | Between 1-2 years |  | Between 2-5 years |  | Over 5 years |  | Total
Defined severance benefits | $ | 87 |  |  | $ | 90 |  |  | $ | 275 |  |  | $ | 437 |  |  | $ | 889 |
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- Definition The entire disclosure for defined benefit plan. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 912 -SubTopic 715 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482236/912-715-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//715-20/tableOfContent + Details
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