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Pension Postretirement Benefits Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Projected Benefit Obligation in Excess of Plan Assets
The following table provides a reconciliation of changes in the defined benefit pension obligations and fair value of plan assets for the years ended December 31, and a statement of funded status as of December 31:
U.S.Non U.S.
(in millions)2024202320242023
Change in projected benefit obligation
Projected benefit obligation at beginning of year$336 $341 $132 $124 
Service cost2 2 5 4 
Interest cost16 17 3 4 
Benefits paid(16)(27)(5)(3)
Actuarial (gain) loss(9)3 8 1 
Exchange rate (gain) loss— — (9)2 
Projected benefit obligation at end of year329 336 134 132 
Change in fair value of plan assets
Fair value of plan assets at beginning of year208 195 56 48 
Actual return on plan assets21 33 4 6 
Employer contributions19 7 2 3 
Benefits paid(16)(27)(5)(3)
Exchange rate (loss) gain— — (4)2 
Fair value of plan assets at end of year232 208 53 56 
Underfunded status of plans$(97)$(128)$(81)$(76)
Amounts recognized in Consolidated Balance Sheets
Non-current assets$— $— $7 $7 
Current liabilities— — (1)(1)
Non-current liabilities(97)(128)(87)(82)
Net liability at end of year$(97)$(128)$(81)$(76)
Amounts recognized in accumulated other comprehensive loss
Net actuarial loss(53)(74)(7)— 
Net amount recognized$(53)$(74)$(7)$— 
The table below outlines the projected benefit obligations and the accumulated benefit obligations in excess of plan assets at December 31:
U.S.Non U.S.
(In millions)2024202320242023
Projected benefit obligation$329 $336 $100 $94 
Accumulated benefit obligation313 316 77 76 
Fair value of plan assets232 208 11 11 
The following table sets forth the projected benefit obligation of postretirement benefits at December 31:
U.S.Canada
(in millions)2024202320242023
Change in projected benefit obligation
Projected benefit obligation at beginning of year$17 $16 $6 $5 
Interest cost1 1 — — 
Plan amendment(a)
(8)— — — 
Plan participant contributions1 1 — — 
Benefits paid(3)(1)— — 
Actuarial gain(1)— — — 
Exchange rate (gain) loss— — (1)1 
Projected postretirement benefit obligation at end of year$7 $17 $5 $6 
Change in fair value of plan assets
Fair value of plan assets at beginning of year— — — — 
Employer contributions2 — — — 
Plan participant contributions1 1 — — 
Benefits paid(3)(1)— — 
Fair value of plan assets at end of year— — — — 
Underfunded status of plans$(7)$(17)$(5)$(6)
Amounts recognized in Consolidated Balance Sheets
Current liabilities$(1)$(1)$— $— 
Non-current liabilities(6)(16)(5)(6)
Total liability at end of year$(7)$(17)$(5)$(6)
Amounts recognized in accumulated other comprehensive loss
Prior service credit$8 $— $— $— 
Net actuarial gain12 12 — — 
Net amount recognized$20 $12 $— $— 
__________
(a)During the fourth quarter of 2024, the Company adopted a negative plan amendment to reduce benefits to certain retired employees of its U.S. postretirement medical plan. The amendment resulted in a reduction of the postretirement benefit plan liability of $8 million and a corresponding increase in prior service credits recorded in accumulated other comprehensive loss on the Company’s Consolidated Balance Sheet. The prior service credits will be recognized as a component of net periodic benefit costs within other income (expense), net over the average expected remaining service period of the plan participants.
Schedule of Net Periodic Benefit Cost
Total benefits cost and amounts recognized in other comprehensive income for the years ended December 31 are as follows:
U.S.Non U.S.
(in millions)202420232022202420232022
Components of net periodic benefit cost
Service cost$2 $2 $3 $5 $4 $6 
Interest cost16 17 16 3 4 2 
Expected return on plan assets(13)(14)(14)(2)(2)(2)
Amortization of net actuarial loss3 3 9 — — 2 
Settlement losses— — 18 — — — 
Net periodic benefit cost$8 $8 $32 $6 $6 $8 
Amounts recorded in other comprehensive income
Balance at beginning of the year$74 $92 $167 $— $3 $41 
Net actuarial (gain) loss(18)(15)(48)6 (3)(36)
Amortization of net actuarial loss(3)(3)(27)— — (2)
Exchange rate loss— — — 1 — — 
Balance at end of the year$53 $74 $92 $7 $— $3 
Total benefits cost and amounts recognized in other comprehensive income for the years ended December 31 are as follows:
U.S.Canada
(in millions)202420232022202420232022
Component of net periodic benefit cost
Service cost$— $— $1 $— $— $— 
Interest cost1 1 1 — — — 
Amortization of net actuarial gain(1)(1)(1)— — — 
Net periodic cost$— $— $1 $— $— $— 
Amounts recorded in other comprehensive income
Balance at beginning of the year$(12)$(13)$(8)$— $(1)$3 
Net actuarial gain(1)— (6)— — (2)
Prior service credit(8)— — — — — 
Amortization of net actuarial gain1 1 1 — — — 
Exchange rate loss (gain)— — — — 1 (2)
Balance at end of the year$(20)$(12)$(13)$— $— $(1)
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, are expected to be paid as follows:
(in millions)U.S.Non U.S.Total
2025$51 $5 $56 
202631 5 36 
202730 6 36 
202829 6 35 
202929 6 35 
Years 2030 through 2034125 40 165 
The projected future benefit payments, which reflect expected future services are as follows:
(In millions)U.S.CanadaTotal
2025$1 $— $1 
20261 — 1 
2027— 1 1 
2028— 1 1 
20291 — 1 
Years 2030 through 20343 1 4 
Schedule of Weighted Average Assumptions
The weighted average assumptions used in the measurement of the benefit obligations at December 31 are as follows:
U.S.Non U.S.
2024202320242023
Discount rate5.7 %5.0 %
0.9 - 4.6%
1.3 - 4.7%
Rate of compensation increase
4.0% for 2024 and 2025
3.0% for 2026+
4.0% for 2024
3.0% for 2025+
1.6 - 4.0%
2.3 - 4.0%
The weighted average assumptions used in the measurement of the net periodic benefit costs for the years ended December 31 are as follows:
U.S.Non U.S.
202420232022202420232022
Discount rate5.0 %5.2 %3.0 %
1.3 - 4.7%
1.6- 5.2%
0.8 - 4.2%
Expected return on plan assets6.9 %7.8 %6.0 %
2.4 - 5.6%
1.6 - 5.6%
1.2- 4.8%
Rate of compensation increase
4.0% for 2024
3.0% for 2025+
4.25% for 2023
3.0% for 2024+
3.0 %
0.0- 4.0%
2.3 - 4.0%
2.3- 4.0%
The following assumptions were used to determine the benefit obligations under the plans at December 31:
U.S.Canada
2024202320242023
Discount rate5.6 %5.1 %4.7 %4.7 %
Health care cost trend rate (Pre-65 for U.S.)9.0 %7.9 %5.2 %— %
Ultimate trend rate reached in 2035 for U.S. / 2040 for Canada4.5 %4.5 %4.1 %4.1 %
The following assumptions were used to determine the net periodic benefit costs under the plans for the years ended December 31:
U.S.Canada
202420232022202420232022
Discount rate5.1 %5.2 %3.1 %4.7 %4.7 %5.2 %
Health care cost trend rate7.9 %6.7 %6.3 %4.9 %4.9 %4.6 %
Schedule of Projected Benefit Obligation in Excess of Plan Assets The table below outlines the projected benefit obligations and the accumulated benefit obligations in excess of plan assets at December 31:
U.S.Non U.S.
(In millions)2024202320242023
Projected benefit obligation$329 $336 $100 $94 
Accumulated benefit obligation313 316 77 76 
Fair value of plan assets232 208 11 11 
Schedule of Pension Assets Measured at Fair Value
The following tables present the Company’s fair value hierarchy (as defined in Note 1) for those pension assets measured at fair value at December 31:
2024
(In millions)Level 1Level 2Level 3Total Asset
Balance
U.S.
Cash and cash equivalents$1 $— $— $1 
Fixed income investments— 44 — 44 
Fixed income mutual funds26 — — 26 
Corporate equities6 — — 6 
Commingled equities— 48 — 48 
Equity mutual funds58 — — 58 
Real estate mutual funds10 — — 10 
Private real estate— — 5 5 
Total U.S. assets in the fair value hierarchy101 92 5 198 
Hedge funds(a)
34 
Total U.S. investments at fair value$232 
Non U.S.
Commingled funds— 30 — 30 
Other— — 23 23 
Total non U.S. assets— 30 23 53 
Total pension assets$285 
__________
(a)In accordance with ASC 820, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheets. The terms and conditions of the Company's hedge fund investments vary, however, the majority of the Company’s hedge fund investments may be redeemed quarterly with redemption notice periods between 45-90 days. The Company does not intend to sell or otherwise dispose of these investments at prices different than the net asset value per share.
2023
(In millions)Level 1Level 2Level 3Total Asset
Balance
U.S.
Cash and cash equivalents$2 $— $— $2 
Fixed income investments— 28 — 28 
Fixed income mutual funds21 — — 21 
Corporate equities— 22 — 22 
Commingled equities— 43 — 43 
Equity mutual funds43 — — 43 
Real estate mutual funds10 — — 10 
Private real estate— — 6 6 
Total U.S. assets in the fair value hierarchy76 93 6 175 
Hedge funds(a)
33 
Total U.S. investments at fair value$208 
Non U.S.
Cash and cash equivalents1 — — 1 
Commingled funds— 32 — 32 
Other— — 23 23 
Total non U.S. assets1 32 23 56 
Total pension assets$264 
__________
(a)Described in previous table.
Summary of Changes in Fair Value of Level 3 Pension Assets
The following table summarizes the changes in fair value of the Company’s Level 3 pension assets:
(In millions)
Balance at year ended December 31, 2022$27 
Purchases, sales and settlements, net1 
Unrealized gain1 
Balance at year ended December 31, 2023$29 
Purchases, sales and settlements, net(2)
Unrealized gain1 
Balance at year ended December 31, 2024$28 
Schedule of Actual Pension Plan Asset Allocations
Actual pension plan asset allocations are as follows:
U.S.Non U.S.
2024202320242023
Equity securities48 %52 %9 %37 %
Fixed-income securities30 %24 %49 %20 %
Alternatives21 %23 %— %— %
Other— %— %42 %41 %
Cash1 %1 %— %2 %
100 %100 %100 %100 %