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Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of funded status The changes in pension benefit obligations and plan assets during 2024 and 2023, as well as the funded status and the amounts recognized in our Consolidated Balance Sheets related to our pension plans at December 31, 2024 and 2023, were as follows:
U.S. PlansNon-U.S. Plans
2024202320242023
Benefit obligation
At January 1$305 $300 $200 $188 
Divestiture (i)
— — (14)— 
Service cost3 3 3 4 
Interest cost14 15 9 10 
Benefits paid(20)(18)(11)(13)
Actuarial (gain) loss(14)5 — 8 
Curtailment/settlement/amendments— — (1)(1)
Foreign currency translation— — (16)4 
Benefit obligation at December 31$288 $305 $170 $200 
Fair value of plan assets
At January 1$325 $317 $200 $189 
Divestiture (i)
— — (16)— 
Actual return on plan assets10 25 14 17 
Employer contributions— 1 4 6 
Benefits paid(20)(18)(11)(13)
Plan settlements— — (2)(1)
Foreign currency translation— — (15)2 
Fair value of plan assets at December 31$315 $325 $174 $200 
Funded status$27 $20 $4 $— 
______________________
(i)As of February 1, 2024. we completed the sale of our South Korea business.
The information presented below includes plans in the U.S., Brazil and Canada. The changes in the benefit obligations of the plans during 2024 and 2023, as well as the amounts recognized in our Consolidated Balance Sheets at December 31, 2024 and 2023, were as follows:
20242023
Accumulated postretirement benefit obligation
At January 1$64 $58 
Service cost— 1 
Interest cost4 4 
Amendments— 2 
Actuarial (gain) loss(7)1 
Benefits paid(3)(4)
Foreign currency translation (loss) gain(6)2 
At December 3152 64 
Fair value of plan assets— — 
Funded status$(52)$(64)
Schedule of amounts recognized in the consolidated balance sheets
Amounts recorded in the Consolidated Balance Sheets as of December 31, 2024 and 2023 were as follows:
U.S. PlansNon-U.S. Plans
2024202320242023
Non-current asset$35 $28 $46 $47 
Current liabilities(1)(1)(1)(2)
Non-current liabilities(7)(7)(41)(45)
Net asset (liability) recognized$27 $20 $4 $— 
Amounts recorded in the Consolidated Balance Sheets at December 31, 2024 and 2023 were as follows:
20242023
Current liabilities$(4)$(4)
Non-current liabilities(48)(60)
Net liability recognized$(52)$(64)
Schedule of amounts recognized in accumulated other comprehensive loss
Amounts recorded in AOCL, excluding tax effects that have not yet been recognized as components of net periodic benefit cost at December 31, 2024 and 2023, were as follows:
U.S. PlansNon-U.S. Plans
2024202320242023
Net actuarial loss$25 $32 $16 $24 
Prior service (credit) cost(2)(2)1 — 
Net amount recognized$23 $30 $17 $24 
Amounts recorded in AOCL, excluding tax effects that have not yet been recognized as components of net periodic benefit cost at December 31, 2024 and 2023, were as follows:
20242023
Net actuarial (gain) loss$(5)$4 
Prior service cost5 6 
Net amount recognized$— $10 
Schedule of plan obligations and assets for plans with an accumulated benefit obligation in excess of plan assets Information for pension plans with a projected benefit obligation in excess of plan assets and an accumulated benefit obligation in excess of plan assets is as follows:
U.S. PlansNon-U.S. Plans
2024202320242023
Projected benefit obligation$(8)$(8)$(46)$(51)
Accumulated benefit obligation(8)(8)(36)(40)
Fair value of plan assets— — 4 4 
Components of net periodic benefit cost
Components of net periodic benefit cost consist of the following for 2024, 2023 and 2022:
U.S. PlansNon-U.S. Plans
202420232022202420232022
Service cost$3 $3 $4 $3 $4 $3 
Interest cost14 15 9 9 10 9 
Expected return on plan assets(17)(17)(16)(9)(9)(7)
Amortization of actuarial loss— 1 — 1 1 1 
Amortization of prior service credit— (1)(1)— — — 
Net periodic benefit cost$— $1 $(4)$4 $6 $6 
Components of net periodic benefit cost consisted of the following for 2024, 2023 and 2022:
202420232022
Service cost$— $1 $1 
Interest cost4 4 3 
Amortization of actuarial (gain) loss— (1)— 
Amortization of prior service cost1 1 — 
Net periodic benefit cost$5 $5 $4 
Schedule of amounts recorded in other comprehensive income and net periodic benefit cost
Total pre-tax amounts recorded in other comprehensive income and net periodic benefit cost were as follows:
U.S. PlansNon-U.S. Plans
202420232022202420232022
Net actuarial (gain) loss $(7)$(3)$25 $(5)$— $(11)
Prior service cost— — — 1 — — 
Amortization of actuarial loss— (1)— (1)(1)(1)
Amortization of prior service credit— 1 1 — — — 
Foreign currency translation— — — (2)1 (2)
Total recorded in other comprehensive (income) loss(7)(3)26 (7)— (14)
Net periodic benefit cost— 1 (4)4 6 6 
Total recorded in other comprehensive (income) loss and net periodic benefit cost$(7)$(2)$22 $(3)$6 $(8)
Total pre-tax amounts recorded in other comprehensive income and net periodic benefit cost for 2024, 2023 and 2022 were as follows:
202420232022
Net actuarial loss (gain)$(7)$1 $(7)
Prior service cost— 2 — 
Amortization of prior service (cost)(1)(1)— 
Amortization of actuarial gain— 1 — 
Foreign currency translation (loss) gain(2)1 — 
Total recorded in other comprehensive loss (income)(10)4 (7)
Net periodic benefit cost5 5 4 
Total recorded in other comprehensive (income) loss and net periodic benefit cost$(5)$9 $(3)
Schedule of weighted average assumptions used to determine the company's obligations
The weighted average assumptions used to determine our obligations for the pension plans were as follows:
U.S. PlansNon-U.S. Plans
2024202320242023
Discount rate5.64 %5.00 %5.42 %5.24 %
Rate of compensation increase3.75 3.83 4.16 3.76 
Cash balance interest credit rate4.63 4.53 — — 
We used the following weighted average assumptions to determine our postretirement benefit obligations for 2024 and 2023:
20242023
Discount rate7.75 %7.37 %
Schedule of weighted average assumptions used to determine the company's net periodic benefit cost
The weighted average assumptions used to determine our net periodic benefit cost for the pension plans were as follows:
U.S. PlansNon-U.S. Plans
202420232022202420232022
Discount rate5.00 %5.19 %2.91 %5.32 %5.67 %3.66 %
Expected long-term return on plan assets5.50 5.50 4.10 4.97 5.05 3.50 
Rate of compensation increase3.83 3.92 4.18 3.73 3.83 3.77 
Cash balance interest crediting rate4.53 4.21 4.11 — — — 
The following weighted average assumptions were used to determine our net postretirement benefit cost:
202420232022
Discount rate7.37 %7.30 %4.22 %
Schedule of weighted average asset allocation
Our weighted average asset allocations as of December 31, 2024 and 2023 for U.S. and non-U.S. pension plan assets were as follows:
U.S. PlansNon-U.S. Plans
2024202320242023
Equity securities7 %12 %9 %8 %
Debt securities91 86 84 78 
Cash and other2 2 7 14 
Total100 %100 %100 %100 %
Schedule of fair values of the company's plan assets, by asset category and level
The fair values of our plan assets by asset category were as follows:
Fair Value Measurements at December 31, 2024
NAVLevel 1Level 2Total
20242023202420232024202320242023
U.S. Plans:
Equity index:
U.S. (i)
$— $— $— $— $14 $24 $14 $24 
International (ii)
— — — — 7 16 7 16 
Fixed income index:
Long bond (iii)
— — — — 125 133 125 133 
Government bond (iv)
— — — — 100 89 100 89 
Other fixed income (v)
63 57 — — — — 63 57 
Cash & Short-term Investments (vi)
— — — — 6 6 6 6 
Total U.S. Plans$63 $57 $— $— $252 $268 $315 $325 
Non-U.S. Plans:
Equity index:
U.S. (i)
$— $— $— $— $10 $10 $10 $10 
International (ii)
— — — — 5 6 5 6 
Fixed income index:
Government bond (vii)
— — — — 73 78 73 78 
Corporate bond (viii)
— — — — 74 79 74 79 
Other (ix)
— — — — 10 25 10 25 
Cash & Short-term Investments (vi)
— — 2 2 — — 2 2 
Total Non-U.S. Plans$— $— $2 $2 $172 $198 $174 $200 
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(i)This category consists of both passively and actively managed equity index funds that track the return of large capitalization U.S. equities.
(ii)This category consists of both passively and actively managed equity index funds that track an index of returns on international developed and emerging market equities.
(iii)This category consists of an actively managed fixed income index fund that invests in a diversified portfolio of fixed-income securities with maturities generally exceeding 10 years.
(iv)This category consists of both passively and actively managed fixed income index funds that invest in a diversified portfolio of fixed income government debt securities with varying maturities.
(v)This category consists of an actively managed common collective fund that invests in government bonds, collateralized mortgage obligations, investment grade private credit and real estate debt. This fund is priced monthly at the aggregated market value of the underlying investments and may be fully redeemed with 95 days notice.
(vi)This category represents cash, cash equivalents or highly liquid short-term investments.
(vii)This category consists of both passively and actively managed fixed income index funds that track the return of government bonds with varying maturities.
(viii)This category consists of actively managed fixed income index funds that track the return of investment grade corporate bonds with varying maturities.
(ix)This category mainly consists of investment products provided by insurance companies that offer returns that are subject to a minimum guarantee and mutual funds.
Schedule of assumptions made in measuring the company's postretirement benefit obligation We used the following assumptions as of December 31, 2024:
U.S. Canada Brazil
2024 increase in per capita cost8.40 %5.25 %8.42 %
Ultimate trend4.50 %4.05 %8.42 %
Year ultimate trend reached203420402024
Schedule of benefit payments, which reflect anticipated future service, as appropriate and are expected to be made
We expect to pay the following benefit payments to beneficiaries, which reflect anticipated future service, as appropriate:
U.S. PlansNon-U.S. Plans
2025$28 $10 
202628 11 
202728 12 
202825 12 
202924 12 
Thereafter113 69 
We expect to make the following benefit payments to beneficiaries under our postretirement benefit plans, which reflect anticipated future service, as appropriate:
2025$4 
20264 
20274 
20284 
20294 
Thereafter20