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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2023
Defined Benefit Pension Plans Defined Benefit Postretirement Plans And Defined Contribution Pension Plans Disclosure [Abstract] |
Employee Benefit Plans | 20. Employee Benefit Plans At December 31, 2023, the Company had approximately 2,475 employees, of which approximately 100 were temporary employees. Benefit plans 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, 2023, 2022 and 2021, employer contributions for defined contribution plans were $6 million, $5 million and $1 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. Defined Benefit Pension Plans Historically, the Company sponsored two defined benefit plans in the United Kingdom under which accrual of pension benefits have ceased as of December 31, 2023. T he Company made lump-sum payments and entered into a buy-in annuity contract in connection with the de-risking both of its defined benefit plans. During 2023, transfers were made to complete the buy-out of the remaining liability of the annuity contract. As a result of the 2023 transfers, the buy-in policies were converted into buy-out policies, and the plans were effectively settled. Plans that were previously accrued were indexed in line with inflation during the period up to retirement in order to protect their purchasing power. Net periodic benefit cost (income) for the Company’s defined benefit plans was cost of $1 million, income of less th an $1 million and cost of less than $1 million for the years ended December 31, 2023, 2022 and 2021, 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, 2023 and 2022, are as follows (in millions):
|  | Pension Benefits |
At year end |  | 2023 |  |  | 2022 |
Benefit obligation at beginning of year |  | $ | 4 |  |  | $ | 8 |
Actuarial loss (gain) |  |  | — |  |  |  | (3 | )
Plan settlements |  |  | (4 | ) |  |  | — |
Foreign currency exchange rate changes |  |  | — |  |  |  | (1 | )
Benefit obligation at end of year |  | $ | — |  |  | $ | 4 |
Fair value of plan assets at beginning of year |  | $ | 6 |  |  | $ | 9 |
Actual return |  |  | — |  |  |  | (2 | )
Plan settlements |  |  | (5 | ) |  |  | — |
Foreign currency exchange rate changes and other |  |  | (1 | ) |  |  | (1 | )
Fair value of plan assets at end of year |  | $ | — |  |  | $ | 6 |
Funded status |  |  | — |  |  |  | 2 |
Accumulated benefit obligation at end of year |  | $ | — |  |  | $ | 4 |
The net asset were presented within other assets in the consolidated balance sheets. The Company estimated 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 varied according to the local economic conditions. The assumption rates used for benefit obligations are as follows:
|  | December 31,
|  | 2023 |  | 2022
Discount rate: |  | N/A |  | 4.1% - 5.10%
The assumption rates used for net periodic benefit costs are as follows:
|  | December 31,
|  | 2023 |  | 2022 |  | 2021
Discount rate: |  | 4.10% - 5.10% |  | 1.20% - 1.80% |  | 0.70% - 1.20%
Expected return on assets: |  | 4.00% - 5.12% |  | 1.10% - 2.22% |  | 0.70% - 1.78%
Both plans had plan assets in excess of projected benefit obligations. As the plans were settled in 2023, the Company will not pay future benefit amounts, and does no t expect to contribute to its defined benefit pension plans in the future. 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 were well-defined and monitored. 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 |
December 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |
Annuity contract |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total fair value measurements |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
December 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |
Annuity contract |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |
Other |  |  | 3 |  |  |  | — |  |  |  | 3 |  |  |  | — |
Total fair value measurements |  | $ | 6 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 3 |

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- Definition Defined Benefit Pension Plans Defined Benefit Postretirement Plans And Defined Contribution Pension Plans Disclosure Abstract + References No definition available. + Details
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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//710/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//712/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//715/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent + Details
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