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Post-Employment and Other Long-Term Employees Benefits (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Changes in Benefit Obligation and Plan Assets | The changes in benefit obligation and plan assets were as follows:
|  | Pension Benefits |  | Other Long-Term Benefits
|  | December 31, 2024 |  | December 31, 2023 |  | December 31, 2024 |  | December 31, 2023
Change in benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | 1,008 |  |  | 886 |  |  | 99 |  |  | 86 |
Service cost |  | 32 |  |  | 28 |  |  | 23 |  |  | 17 |
Interest cost |  | 36 |  |  | 35 |  |  | 3 |  |  | 3 |
Employee contributions |  | 6 |  |  | 5 |  |  | — |  |  | — |
Plan amendments |  | 3 |  |  | (1) |  |  | — |  |  | — |
Benefits paid |  | (39) |  |  | (18) |  |  | (12) |  |  | (9) |
Effect of settlement |  | (11) |  |  | (1) |  |  | — |  |  | — |
Actuarial (gain) loss |  | (5) |  |  | 39 |  |  | 1 |  |  | (2) |
Foreign currency translation |  | (38) |  |  | 35 |  |  | (5) |  |  | 4 |
Benefit obligation at end of year |  | 992 |  |  | 1,008 |  |  | 109 |  |  | 99 |
Change in plan assets: |  |  |  |  |  |  |  |
Plan assets at fair value at beginning of year |  | 654 |  |  | 567 |  |  | — |  |  | — |
Actual return on plan assets |  | 18 |  |  | 38 |  |  | — |  |  | — |
Employer contributions |  | 25 |  |  | 26 |  |  | — |  |  | — |
Employee contributions |  | 6 |  |  | 5 |  |  | — |  |  | — |
Benefits paid |  | (25) |  |  | (4) |  |  | — |  |  | — |
Effect of settlement |  | (11) |  |  | (1) |  |  | — |  |  | — |
Foreign currency translation |  | (21) |  |  | 23 |  |  | — |  |  | — |
Plan assets at fair value at end of year |  | 646 |  |  | 654 |  |  | — |  |  | — |
Funded status |  | (346) |  |  | (354) |  |  | (109) |  |  | (99) |
Amounts recorded in the consolidated balance sheets |  |  |  |  |  |  |  |
Other investments and other non-current assets |  | 22 |  |  | 15 |  |  | — |  |  | — |
Other payables and accrued liabilities |  | (15) |  |  | (15) |  |  | (10) |  |  | (7) |
Other non-current liabilities |  | — |  |  | — |  |  | (99) |  |  | (92) |
Post-employment benefit obligations |  | (353) |  |  | (354) |  |  | — |  |  | — |
Net amount recorded |  | (346) |  |  | (354) |  |  | (109) |  |  | (99) |
Accumulated Other Comprehensive Income (Loss) Before Tax Effects | The components of accumulated other comprehensive loss (income) before tax effects were as follows:
|  | Actuarial (gains)/losses |  | Prior service cost |  | Total
Accumulated other comprehensive loss as of December 31, 2022 |  | 49 |  |  | 1 |  |  | 50 |
Net amount generated/arising in current year |  | 25 |  |  | (1) |  |  | 24 |
Amortization |  | (6) |  |  | (1) |  |  | (7) |
Foreign currency translation adjustment |  | 1 |  |  | — |  |  | 1 |
Accumulated other comprehensive loss as of December 31, 2023 |  | 69 |  |  | (1) |  |  | 68 |
Net amount generated/arising in current year |  | 7 |  |  | 3 |  |  | 10 |
Amortization |  | (8) |  |  | — |  |  | (8) |
Foreign currency translation adjustment |  | (1) |  |  | — |  |  | (1) |
Accumulated other comprehensive loss as of December 31, 2024 |  | 67 |  |  | 2 |  |  | 69 |
Schedule of Accumulated Benefit Obligations | The accumulated benefit obligations were as follows:
|  | Pension Benefits |  | Other Long-Term Benefits
|  | December 31, 2024 |  | December 31, 2023 |  | December 31, 2024 |  | December 31, 2023
Accumulated benefit obligations |  | 880 |  | 808 |  | 45 |  | 35
Components of Net Periodic Benefit Cost | The components of the net periodic benefit cost included the following:
|  | Pension Benefits |  | Other Long-term Benefits
|  | Year ended December 31, 2024 |  | Year ended December 31, 2023 |  | Year ended December 31, 2022 |  | Year ended December 31, 2024 |  | Year ended December 31, 2023 |  | Year ended December 31, 2022
Service cost |  | 32 |  |  | 28 |  |  | 33 |  |  | 23 |  |  | 17 |  |  | 17 |
Interest cost |  | 36 |  |  | 35 |  |  | 27 |  |  | 3 |  |  | 3 |  |  | 1 |
Expected return on plan assets |  | (29) |  |  | (24) |  |  | (23) |  |  | — |  |  | — |  |  | — |
Amortization of actuarial net loss (gain) |  | 8 |  |  | 6 |  |  | 6 |  |  | 1 |  |  | (2) |  |  | (14) |
Amortization of prior service cost |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |
Effect of settlement |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost |  | 47 |  |  | 47 |  |  | 44 |  |  | 27 |  |  | 18 |  |  | 4 |
Weighted Average Assumptions Used in Determination of Benefit Obligation and Plan Assets | The weighted average assumptions used to determine the benefit obligation and the periodic benefit costs for pension plans and other long-term benefits were as follows:
|  | 2024 |  | 2023 |  | 2022
Benefit obligation |  |  |  |  |  |
Discount rate |  | 3.86 | % |  | 3.73 | % |  | 4.18 | %
Salary increase rate |  | 2.40 | % |  | 2.17 | % |  | 2.31 | %
Net periodic benefit cost |  |  |  |  |  |
Discount rate |  | 3.73 | % |  | 4.18 | % |  | 1.84 | %
Salary increase rate |  | 2.17 | % |  | 2.31 | % |  | 2.27 | %
Expected long-term rates of return on plan assets |  | 3.01 | % |  | 2.66 | % |  | 3.19 | %
Pension Plan Asset Allocation | The Company’s pension plan asset allocation as of December 31, 2024 and December 31, 2023 is as follows:
|  | Percentage of Plan Assets at December
Asset Category |  | 2024 |  | 2023
Cash and cash equivalents |  | 1 | % |  | 1 | %
Equity securities |  | 14 | % |  | 13 | %
Government debt securities |  | 10 | % |  | 11 | %
Corporate debt securities |  | 14 | % |  | 19 | %
Investments in funds(a) |  | 16 | % |  | 15 | %
Real estate |  | 1 | % |  | 1 | %
Other (mainly insurance assets – contracts and reserves) |  | 44 | % |  | 40 | %
Total |  | 100 | % |  | 100 | %
(a) As of December 31, 2024, investments in funds were composed of commingled and multi-strategy funds invested in diversified portfolios of fixed income (69%) - mainly corporate bonds, time deposits and money market (15%), equities (14%) and other instruments (2%). As of December 31, 2023, investments in funds were composed of commingled and multi-strategy funds invested in diversified portfolios of fixed income (68%) - mainly corporate bonds, equities (24%), time deposits and money market (5%) and other instruments (3%).
Pension Plan Asset Allocation Including Fair-Value Measurements | The Company’s detailed pension plan asset allocation including the fair-value measurements of those plan assets as of December 31, 2024 is as follows:
|  | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Cash and cash equivalents |  | 7 |  |  | 7 |  |  | — |  |  | — |
Equity securities |  | 91 |  |  | 1 |  |  | 90 |  |  | — |
Government debt securities |  | 63 |  |  | — |  |  | 63 |  |  | — |
Corporate debt securities |  | 94 |  |  | — |  |  | 77 |  |  | 17 |
Investment funds |  | 106 |  |  | 16 |  |  | 90 |  |  | — |
Real estate |  | 10 |  |  | — |  |  | 10 |  |  | — |
Other (mainly insurance assets – contracts and reserves) |  | 275 |  |  | — |  |  | 60 |  |  | 215 |
TOTAL |  | 646 |  |  | 24 |  |  | 390 |  |  | 232 |
The Company’s detailed pension plan asset allocation including the fair-value measurements of those plan assets as of December 31, 2023 is as follows:
|  | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Cash and cash equivalents |  | 7 |  |  | 7 |  |  | — |  |  | — |
Equity securities |  | 87 |  |  | 1 |  |  | 86 |  |  | — |
Government debt securities |  | 69 |  |  | — |  |  | 69 |  |  | — |
Corporate debt securities |  | 123 |  |  | — |  |  | 101 |  |  | 22 |
Investment funds |  | 100 |  |  | 14 |  |  | 86 |  |  | — |
Real estate |  | 9 |  |  | — |  |  | 9 |  |  | — |
Other (mainly insurance assets – contracts and reserves) |  | 259 |  |  | — |  |  | 48 |  |  | 211 |
TOTAL |  | 654 |  |  | 22 |  |  | 399 |  |  | 233 |
Reconciliation for Plan Assets Measured at Fair Value Using Unobservable Inputs (Level 3) | For plan assets measured at fair value using significant unobservable inputs (Level 3), the reconciliation between January 1, 2024 and December 31, 2024 is presented as follows:
|  | Fair Value Measurements using Significant Unobservable Inputs (Level 3)
January 1, 2024 |  | 233 |
Contributions (employer and employee) |  | 25 |
Actual return on plan assets (b) |  | 15 |
Net benefit payments (a) |  | (13) |
Settlements (b) |  | (11) |
Foreign currency translation adjustment (c) |  | (17) |
December 31, 2024 |  | 232 |
(a) Net cash flows between benefits paid from the insurance contracts and benefits transferred into the insurance contracts by employees. (b) Included in non operating expenses in the consolidated statement of income. (c) Unrealized losses included in the consolidated statement of comprehensive income. For plan assets measured at fair value using significant unobservable inputs (Level 3), the reconciliation between January 1, 2023 and December 31, 2023 is presented as follows:
|  | Fair Value Measurements using Significant Unobservable Inputs (Level 3)
January 1, 2023 |  | 178 |
Contributions (employer and employee) |  | 21 |
Actual return on plan assets (b) |  | 4 |
Net benefit payments (a) |  | 14 |
Settlements (b) |  | (1) |
Foreign currency translation adjustment (c) |  | 17 |
December 31, 2023 |  | 233 |
(a) Net cash flows between benefits paid from the insurance contracts and benefits transferred into the insurance contracts by employees. (b) Included in non operating expenses in the consolidated statement of income. (c) Unrealized gains included in the consolidated statement of comprehensive income.
Estimated Future Benefit Payments | The Company’s estimated future benefit payments as of December 31, 2024 are as follows:
Years |  | Pension Benefits |  | Other Long-term Benefits
2025 |  | 69 |  | 10
2026 |  | 63 |  | 10
2027 |  | 55 |  | 10
2028 |  | 59 |  | 10
2029 |  | 66 |  | 12
From 2030 to 2034 |  | 380 |  | 47

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