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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Employee Benefit Plans [Abstract] |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | The table below summarizes the funded status of the defined benefit plans (in millions):
| December 31,
| 2024 |  | 2023
Change in projected benefit obligation: |  |  |
Projected benefit obligation - beginning of year | $ | 202 |  |  | $ | 133 |
Acquisitions and divestitures (1) | — |  |  | 58 |
Service cost | 5 |  |  | 4 |
Interest cost | 7 |  |  | 6 |
Participant contributions | 2 |  |  | 1 |
Actuarial (gain) / loss | 12 |  |  | 4 |
Benefits paid (2) | (11) |  |  | (5) |
Settlement | (2) |  |  | (3) |
Currency impact | (15) |  |  | 4 |
Projected benefit obligation - end of year | $ | 200 |  |  | $ | 202 |
Change in fair value of plan assets: |  |  |
Fair value - beginning of year | $ | 119 |  |  | $ | 61 |
Acquisitions and divestitures (1) | — |  |  | 56 |
Actual return on plan assets | 10 |  |  | — |
Employer contributions | 7 |  |  | 5 |
Participant contributions | 2 |  |  | 1 |
Benefits paid | (11) |  |  | (4) |
Settlement | (2) |  |  | (3) |
Currency impact | (9) |  |  | 3 |
Fair value - end of year | $ | 116 |  |  | $ | 119 |
Funded status at end of year (liability) | $ | (84) |  |  | $ | (83) |
Accumulated benefit obligation | $ | 194 |  |  | $ | 196 |
(1) 2023 activity relates to the Uni-Select acquisition. (2) Includes amounts paid from plan assets as well as amounts paid from Company assets.
Schedule of Amounts Recognized in Balance Sheet | The net amounts recognized for defined benefit plans on the Consolidated Balance Sheets were as follows (in millions):
| December 31,
| 2024 |  | 2023
Noncurrent assets | $ | 2 |  |  | $ | 4 |
Current liabilities | (4) |  |  | (4) |
Noncurrent liabilities | (82) |  |  | (83) |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets | The following table summarizes the accumulated benefit obligation and aggregate fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets (in millions):
| December 31,
| 2024 |  | 2023
Accumulated benefit obligation | $ | 184 |  |  | $ | 147 |
Aggregate fair value of plan assets | 105 |  |  | 67 |
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets | The following table summarizes the projected benefit obligation and aggregate fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets (in millions):
| December 31,
| 2024 |  | 2023
Projected benefit obligation | $ | 191 |  |  | $ | 153 |
Aggregate fair value of plan assets | 105 |  |  | 67 |
Defined Benefit Plan, Assumptions | The table below summarizes the weighted-average assumptions used to calculate the year-end benefit obligations:
| December 31,
| 2024 |  | 2023
Discount rate used to determine benefit obligation | 3.2 | % |  | 3.7 | %
Rate of future compensation increase | 2.5 | % |  | 2.6 | %
Schedule of Net Benefit Costs | The table below summarizes the components of net periodic benefit cost for the defined benefit plans (in millions):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Service cost | $ | 5 |  |  | $ | 4 |  |  | $ | 5 |
Interest cost | 7 |  |  | 6 |  |  | 2 |
Expected return on plan assets (1) | (5) |  |  | (3) |  |  | (2) |
Amortization of actuarial (gain) loss (2) | — |  |  | (2) |  |  | — |
Net periodic benefit cost | $ | 7 |  |  | $ | 5 |  |  | $ | 5 |
(1) We use the fair value of our plan assets to calculate the expected return on plan assets. (2) Actuarial gains and losses are amortized using a corridor approach for our pension plans. Gains and losses are amortized if, as of the beginning of the year, the cumulative net gain or loss exceeds 10 percent of the greater of the projected benefit obligation or the fair value of the plan assets. Gains and losses in excess of the corridor are amortized over the average remaining service period of active members expected to receive benefits under the plan or, in the case of closed plans, the expected future lifetime of the employees participating in the plan.
Defined Benefit Plan, Net Periodic Benefit Cost, Assumptions | The table below summarizes the weighted-average assumptions used to calculate the net periodic benefit cost in the table above:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Discount rate used to determine service cost | 3.7 | % |  | 3.4 | % |  | 1.0 | %
Discount rate used to determine interest cost | 3.7 | % |  | 3.4 | % |  | 1.2 | %
Rate of future compensation increase | 2.6 | % |  | 1.9 | % |  | 1.7 | %
Expected long-term return on plan assets (1) | 4.3 | % |  | 3.1 | % |  | 2.8 | %
(1) Our expected long-term return on plan assets is determined based on the asset allocation and estimate of future long-term returns by asset class.
Schedule of Allocation of Plan Assets | The table below summarizes the fair value of our defined benefit plan assets by asset category within the fair value hierarchy for the funded defined benefit pension plans (in millions):
| December 31,
| 2024 |  | 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Insurance contracts (1) | $ | — |  |  | $ | — |  |  | $ | 62 |  |  | $ | 62 |  |  | $ | — |  |  | $ | — |  |  | $ | 66 |  |  | $ | 66 |
Other (2) | 4 |  |  | — |  |  | — |  |  | 4 |  |  | 4 |  |  | — |  |  | — |  |  | 4 |
Assets measured by fair value hierarchy | $ | 4 |  |  | $ | — |  |  | $ | 62 |  |  | $ | 66 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 66 |  |  | $ | 70 |
Assets measured at net asset value (3) |  |  |  |  |  |  | 50 |  |  |  |  |  |  |  |  | 49 |
Total pension plan assets at fair value |  |  |  |  |  |  | $ | 116 |  |  |  |  |  |  |  |  | $ | 119 |
(1) Investments in insurance contracts represents the cash surrender value of the insurance policy. These amounts are determined by an actuary based on projections of future benefit payments, discount rates, and expected long-term rate of return on assets. (2) Represents balances in a refundable tax account held with the Canada Revenue Agency. (3) Consists of international bonds, equity, real estate and other investments.
Change In Fair Value Of Plan Assets Level 3 | The following table summarizes the changes in fair value measurements of Level 3 investments for the defined benefit plans (in millions):
| December 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2024 |  | 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of year | $ | 66 |  |  | $ | 40 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions and divestitures | — |  |  | 26 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Actual return on plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Relating to assets held at the reporting date | 1 |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases, sales and settlements | (3) |  |  | (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency impact | (2) |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at end of year | $ | 62 |  |  | $ | 66 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Expected Benefit Payments | The following table summarizes estimated future benefit payments as of December 31, 2024 (in millions):
Years Ending December 31, | Amount
2025 | $ | 8 |
2026 | 8 |
2027 | 9 |
2028 | 9 |
2029 | 10 |
2030 - 2034 | 54 |

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