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Employee Benefits | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits, Description [Abstract] |
Employee Benefits | Defined Contribution Plans We contribute to defined contribution plans, including 401(k) savings and supplemental retirement plans in the United States. Total expenses for our contributions to our U.S. plans were $115 million, $117 million and $112 million for the years ended December 31, 2024, 2023 and 2022, respectively. In addition, we maintain employee benefit plans that cover substantially all India-based employees. The employees’ provident fund, pension and family pension plans are statutorily defined contribution retirement benefit plans. Under the plans, employees contribute up to 12.0% of their eligible compensation, which is matched by an equal contribution by the Company. For these plans, we recognized a contribution expense of $151 million, $149 million and $143 million for the years ended December 31, 2024, 2023 and 2022, respectively. Outside of the United States and India, we incurred expenses of $104 million, $107 million and $99 million for the years ended December 31, 2024, 2023 and 2022, respectively, related to our contributions to defined contribution plans. Defined Benefit Pension Plans We sponsor defined benefit pension plans that are statutorily required and primarily cover employees in certain European countries. Our primary plan is in Switzerland, which provides pension benefits based on a participant’s contributions, the Company’s matching contributions and a minimum investment return guarantee. As of December 31, 2024 the net liability recognized on the balance sheet for our pension plans was $63 million and amounts recognized in prior years were immaterial. The losses recognized in other comprehensive income arose mainly due to change in discount rates used in the valuation of the defined benefit obligation of our Swiss pension plan. The net periodic pension costs recognized in the income statement for the years ended December 31, 2024, 2023 and 2022 were $21 million, $16 million, $13 million, respectively. Post-Employment Benefit Plan We maintain a gratuity plan in India that is a statutory post-employment benefit plan providing defined lump sum benefits. We make annual contributions to the employees’ gratuity fund established with a government-owned insurance corporation to fund a portion of the estimated obligation. As of December 31, 2024 and 2023, the amount accrued under the gratuity plan was $80 million and $130 million, which is net of fund assets of $231 million and $221 million, respectively. Expense recognized by us was $4 million, $56 million and $45 million for the years ended December 31, 2024, 2023 and 2022, respectively.

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