At December 31, 2022, the Company had approximately 2,425 employees, of which approximately 100 were temporary employees.

The Company has benefit plans covering substantially all of its employees. Defined contribution benefit plans cover most of the U.S. and Canadian employees, and benefits are based on years of service and a percentage of current earnings. For the years ended December 31, 2022, 2021 and 2020, employer contributions for defined contribution plans were $5 million, $1 million and $5 million, respectively, and all funding is current.

The Company has a non-qualified deferred compensation plan (the “NQDC Plan”) for certain members of senior management. NQDC Plan assets are invested in mutual funds held in a “rabbi trust,” which is restricted for payment to participants of the NQDC Plan. Such equity securities held in a rabbi trust are measured using quoted market prices at the reporting date (Level 1 within the fair value hierarchy) and were included in other assets, with the corresponding liability included in other long-term liabilities in the consolidated balance sheets.

As of December 31, 2022, the Company sponsors two defined benefit plans in the United Kingdom under which accrual of pension benefits have ceased. Plan member benefits that have previously been accrued are indexed in line with inflation during the period up to retirement in order to protect their purchasing power. During 2020, the Company made lump-sum payments and entered into a buy-in annuity contract in connection with the de-risking of one of the defined benefit plans, which is expected to transfer the remaining liability to the insurance provider when the remaining buy-out contract provisions are completed.

Net periodic benefit cost (income) for the Company’s defined benefit plans was income of less than $1 million, cost of less than $1 million and cost of $6 million for the years ended December 31, 2022, 2021 and 2020, respectively, and were included in other income (expense) in the consolidated statement of operations. The Company immediately recognizes actuarial gains and losses in other income (expense), which are generally measured annually and recorded in the fourth quarter, unless an earlier remeasurement is required.

The change in benefit obligation, plan assets and the funded status of the defined benefit pension plans in the United Kingdom using a measurement date of December 31, 2022 and 2021, are as follows (in millions):


	Pension Benefits
At year end	2022			2021
Benefit obligation at beginning of year	$	8		$	9
Actuarial loss (gain)		(3	)		1
Plan settlements		—			(2	)
Foreign currency exchange rate changes		(1	)		—
Benefit obligation at end of year	$	4		$	8

Fair value of plan assets at beginning of year	$	9		$	11
Actual return		(2	)		—
Plan settlements		—			(2	)
Foreign currency exchange rate changes		(1	)		—
Fair value of plan assets at end of year	$	6		$	9

Funded status		2			1
Accumulated benefit obligation at end of year	$	4		$	8

The net asset is presented within other assets in the consolidated balance sheets.

The Company estimates income or expense related to its pension and postretirement plans based on actuarial assumptions, including assumptions regarding discount rates and expected returns on plan assets, adjusted for current period actuarial gains and losses. Assumed long-term rates of return on plan assets and discount rates vary for the different plans according to the local economic conditions.

In determining the overall expected long-term rate of return for plan assets, the Company takes into consideration the historical experience as well as future expectations of the asset mix involved. As different investments yield different returns, each asset category is reviewed individually and then weighted for significance in relation to the total portfolio. In the plan that purchased the annuity contract, the long-term rate of return is equal to the discount rate used to value the obligation.

Both plans have plan assets in excess of projected benefit obligations. The Company expects to pay future benefit amounts on its defined benefit plans of less than $1 million for each of the next five years and in the aggregate $1 million for the five years thereafter. The Company does not expect to contribute to its defined benefit pension plans in 2023.

The Company and its investment advisers collaboratively reviewed market opportunities using historic and statistical data, as well as the actuarial valuation reports for the plans, to ensure that the levels of acceptable return and risk are well-defined and monitored. Currently, the Company’s management believes that there are no significant concentrations of risk associated with plan assets.

The following table sets forth by level, within the fair value hierarchy, the plan’s assets carried at fair value (in millions):


	Fair Value Measurements
	Total		Level 1		Level 2		Level 3 (1)
December 31, 2022:
Annuity contract	$	3	$	—	$	—	$	3
Other		3		—		3		—
Total fair value measurements	$	6	$	—	$	3	$	3

December 31, 2021:
Annuity contract	$	5	$	—	$	—	$	5
Other		4		1		3		—
Total fair value measurements	$	9	$	1	$	3	$	5