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Retirement Plans | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Retirement Plans | Retirement Plans DC Plans Domestic and international DC plans are available to eligible salaried and craft employees. Company contributions to DC plans are based on an employee's eligible compensation and participation rate. We recognized expense of $129 million with contributions to our DC plans in both 2022 and 2021, and $130 million in 2020. DB Plans We had no material DB plans as of December 31, 2022 or 2021. Certain DB plans are available to eligible international salaried employees. Contributions to DB plans are at least the minimum amounts required by applicable regulations. Benefit payments under these plans are generally based upon length of service and/or qualifying compensation. During 2022, we recognized a $42 million gain on pension settlement upon the completion of compensation and other items associated with our largest DB plan, which provided retirement benefits to certain employees in the Netherlands, which was terminated in December 2021. Upon termination, the remaining benefit obligations were transferred to a plan not sponsored by Fluor and we were substantially relieved of any further obligation. Our DB plan in the United Kingdom was terminated in December 2020, at which point the remaining benefit obligations were transferred to an insurer and we were relieved of any further obligation. The loss on settlement in both years consisted primarily of unrecognized actuarial losses included in AOCI and did not impact our cash position. Retirement benefits in these countries are now administered through DC plans. Net periodic pension expense during 2021 and 2020 for our DB Plans included the following components:
| Year Ended December 31,
(in millions) | 2021 |  | 2020
Service cost | $ | 17 |  |  | $ | 18 |
Interest cost | 7 |  |  | 10 |
Expected return on assets | (28) |  |  | (26) |
Amortization of prior service credit | (1) |  |  | (1) |
Recognized net actuarial loss | 6 |  |  | 6 |
Curtailments | — |  |  | — |
(Gain) loss on settlements | 198 |  |  | (1) |
Net periodic pension expense(1) | $ | 199 |  |  | $ | 6 |
The service cost component of net periodic pension expense is presented in “Cost of revenue” and the other components of net periodic pension expense are presented in “G&A” and "(Gain) loss on pension settlement". DB Plan Assumptions The ranges of assumptions indicated below cover DB plans in the Netherlands, Germany and the Philippines and are based on the economic environment in each host country at the end of each reporting period. The discount rates for the DB plans were determined primarily based on a hypothetical yield curve developed from the yields on high quality corporate and government bonds with durations consistent with the pension obligations in those countries. The expected long-term rate of return on asset assumptions utilizing historical returns, correlations and investment manager forecasts are established for all relevant asset classes including international equities and government, corporate and other debt securities.
| December 31,
| 2021 | 2020
For determining PBO at year-end: |  |
Discount rates | 1.20-4.75% | 0.80-3.50%
Rates of increase in compensation levels | 2.25-5.00% | 2.25-6.00%
For determining net periodic cost for the year: |  |
Discount rates | 0.80-3.50% | 1.20-4.75%
Rates of increase in compensation levels | 2.25-6.00% | 2.25-6.00%
Expected long-term rates of return on assets | 0.80-5.70% | 1.20-5.60%
The following table sets forth the change in PBO, plan assets and funded status of the plans:
|  | December 31,
(in millions) |  | 2021
Change in PBO: |  |
Benefit obligation at beginning of year |  | $ | 870 |
Service cost |  | 17 |
Interest cost |  | 7 |
Employee contributions |  | 3 |
Currency translation |  | (32) |
Actuarial (gain)/loss (primarily due to plan experience in 2021 and assumption changes in 2020) |  | 52 |
Benefits paid |  | (15) |
Settlements |  | (799) |
PBO at end of year |  | 103 |
Change in plan assets: |  |
Plan assets at beginning of year |  | 829 |
Actual return on plan assets |  | 30 |
Company contributions |  | 13 |
Employee contributions |  | 3 |
Currency translation |  | (28) |
Benefits paid |  | (15) |
Settlements |  | (799) |
Plan assets at end of year |  | 33 |
Funded status — (Under)/overfunded |  | $ | (70) |
Amounts recognized in the Consolidated Balance Sheet: |  |
Pension assets included in other assets |  | $ | — |
Pension liabilities included in other accrued liabilities |  | — |
Pension liabilities included in current liabilities related to assets held for sale |  | (22) |
Pension liabilities included in noncurrent liabilities |  | (48) |
AOCI (pre-tax) |  | $ | 3 |
Plans with PBO in excess of plan assets: |  |
PBO |  | $ | 103 |
Plan assets |  | 33 |
Plans with ABO in excess of plan assets: |  |
ABO |  | $ | 40 |
Plan assets |  | 18 |
Multiemployer Pension Plans In addition to our DB plans, we participate in multiemployer pension plans for unionized construction and maintenance craft employees. Company contributions are based on the hours worked by employees covered under various collective bargaining agreements and totaled $51 million, $44 million and $38 million during 2022, 2021 and 2020, respectively. Upon withdrawal from a multiemployer plan, we may have an obligation to make additional contributions for our share of any unfunded benefit obligation, but only if we do not meet the requirements of any applicable exemptions. We participate in a multiemployer plan in which we are aware of a significant unfunded benefit obligation. However, we believe we qualify for an exemption and do not believe we have a probable payment to the plan. Therefore, we have not recognized a liability related to this unfunded benefit obligation. The preceding information does not include amounts related to benefit plans applicable to employees associated with certain contracts with the U.S. Department of Energy because we are not responsible for the current or future funding of these plans.

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