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Pension and Other Post-Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Pension and Other Post-Retirement Benefit Plans

Components of net periodic benefit cost (credit)

​

​	​	​	​	​	​	​	​	​	​
​	​	U.S. and Non-U.S. Pension Benefits
​	​	Year Ended December 31,
​		2024			2023			2022
​	​	(in millions)
Interest cost	​	$	6	​	$	6	​	$	4
Expected return on plan assets	​		(5)	​		(5)	​		(5)
Amortization of actuarial losses	​		—	​		0	​		1
​	​	$	1	​	$	1	​	$	—

Changes in benefit obligations and plan assets, and funded status of plans

​

​	​	​	​	​	​	​
​	​	U.S. and Non-U.S. Pension Benefits
​		2024			2023
​	​	(in millions)
Change in benefit obligation:	​	​			​
Benefit obligation, beginning of year	​	$	116	​	$	115
Interest cost	​		6	​		6
Benefits paid	​		(8)	​		(8)
Actuarial loss (gain)	​		(1)	​		1
Currency translation	​		(4)	​		2
Benefit obligation, end of year	​		109	​		116
Change in plan assets:	​			​
Fair value of plan assets, beginning of year	​		89	​		84
Actual return on plan assets	​		4	​		10
Employer contributions	​		4	​		3
Benefits paid	​		(9)	​		(8)
Fair value of plan assets, end of year	​		88	​		89
Funded status of the plan and amounts recognized in the consolidated balance sheets	​	$	(21)	​	$	(27)

Defined benefit plan assets measured at fair value on a recurring basis

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December 31, 2024

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December 31, 2023

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Level 1

Level 2

Total

Level 1

Level 2

Total

​

​

(in millions)

U.S. and Non-U.S. Plans:

​

​

​

​

​

​

​

​

​

​

​

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Cash and cash equivalents

​

$

2

​

$

—

​

$

2

​

$

1

​

$

39

​

$

40

Government debt securities

​

1

​

56

​

57

​

3

​

—

​

3

Exchange traded funds

​

—

​

—

​

—

​

—

​

—

​

—

Mutual funds

​

—

​

—

​

—

​

—

​

—

​

—

Common stock

​

29

​

—

​

29

​

46

​

—

​

46

​

​

$

32

​

$

56

​

$

88

​

$

50

​

$

39

​

$

89

​

X

- Definition

Pension, Other Post-Retirement Benefits and Employee Benefit Plans. [Abstract]

+ References

No definition available.

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- Definition

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- Definition

Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 20
-Topic 715
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

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-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

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-Name Accounting Standards Codification
-Topic 715
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-Section 50
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-Publisher FASB
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-Name Accounting Standards Codification
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-Section 50
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-SubTopic 20
-Section 50
-Paragraph 2
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- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (h)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

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