v3.25.0.1
Employee Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of retirement plan expenses
The Company's expense for all defined benefit pension plans, is as follows:
U.S. PlansNon-U.S. Plans
Year Ended December 31,Year Ended December 31,
(In millions, except percentages)202420232022202420232022
Costs Recognized in Income:
Pension service cost:
  Service cost
$— $— $— $(1)$(1)$(1)
Pension financing benefit (cost):
  Interest cost
(31)(32)(20)(9)(10)(6)
  Expected return on plan assets
41 41 39 10 10 9 
  Amortization of losses and other
— 1 (1)— 1 (1)
  Settlements
(4)— — — — — 
Restructuring related pension cost:
  Special termination benefits
— — — (1)(1)— 
Net pension income (expense)$6 $10 $18 $(1)$(1)$1 
Weighted Average Assumptions:
Discount rate
5.16 %5.51 %2.93 %5.07 %5.30 %2.31 %
Compensation increase
NANAN/A2.89 %2.69 %2.30 %
Long-term return on assets
7.23 %6.87 %6.23 %4.79 %4.60 %3.70 %
Schedule of accumulated benefit obligations in excess of fair value of plan assets The benefit plan obligations for employee retirement plans with accumulated benefit obligations in excess of plan assets were as follows:
Year Ended December 31,
(In millions)20242023
Accumulated benefit obligation$594 $671 
Projected benefit obligation$596 $674 
Fair value of plan assets$486 $529 
Schedule of accumulated and projected benefit obligations
Assumptions used by the Company in determining its defined benefit pension obligations as of December 31, 2024 and 2023 are summarized in the following table:
U.S. PlansNon-U.S. Plans
Year Ended December 31,Year Ended December 31,
Weighted Average Assumptions2024202320242023
Discount rate5.65 %5.16 %5.82 %5.07 %
Rate of increase in compensationNANA2.58 %2.89 %
Cash balance interest crediting rate4.15 %4.28 %1.60 %1.25 %
Schedule of defined benefit plans disclosures
The Company’s obligation for all defined benefit pension plans, is as follows:
U.S. PlansNon-U.S. Plans
Year Ended December 31,Year Ended December 31,
(In millions)2024202320242023
Change in Benefit Obligation:
Benefit obligation — beginning
$622 $603 $201 $178 
Service cost
— — 1 1 
Interest cost
31 32 9 10 
Actuarial loss (gain)
(25)27 (19)10 
Settlements(40)— (1)(1)
Special termination benefits
— — (1)1 
Foreign exchange translation
— — (11)10 
Benefits paid and other
(36)(40)(5)(8)
Benefit obligation — ending
$552 $622 $174 $201 
Change in Plan Assets:
Plan assets — beginning
$509 $532 $172 $157 
Actual return on plan assets
19 17 (6)8 
Sponsor contributions
19 — 7 7 
Settlements
(40)— (1)(1)
Foreign exchange translation
— — (8)9 
Benefits paid and other
(35)(40)(7)(8)
Plan assets — ending
$472 $509 $157 $172 
Total funded status at end of period
$(80)$(113)$(17)$(29)
Balance Sheet Classification:
Other non-current assets
— $— $12 $3 
 Accrued employee liabilities
— — (1)(1)
Employee benefits
(80)(113)(28)(31)
Accumulated other comprehensive loss:
Actuarial loss
57 65 27 32 
Tax effects/other
(9)(11)(9)(10)
$48 $54 $18 $22 
Schedule of amounts recognized in other comprehensive income (loss)
Components of the net change in AOCI related to all defined benefit pension plans, exclusive of amounts attributable to non-controlling interests on the Company’s Consolidated Statements of Changes in Equity for the years ended December 31, 2024 and 2023, are as follows:
U.S. PlansNon-U.S. Plans
Year Ended December 31,Year Ended December 31,
(In millions)2024202320242023
Actuarial (gain) loss$(4)$50 $(4)$13 
Deferred taxes2 (11)2 (4)
Currency/other— — (1)2 
Reclassification to net income— 1 — 1 
Settlements(4)— (1)(1)
$(6)$40 $(4)$11 
Schedule of expected benefit payments
Benefit payments, which reflect expected future service, are expected to be paid by the Company plans as follows:
(In millions)
U.S. Plans
Non-U.S. Plans
2025$39 $8 
202640 7 
202740 8 
202841 10 
202941 10 
Years 2030 - 2034210 55 
Schedule of allocation of plan assets
The Company’s retirement plan asset allocation as of December 31, 2024 and 2023 and target allocation for 2025 are as follows:
Target AllocationPercentage of Plan Assets
U.S.Non-U.S.U.S.Non-U.S.
202520252024202320242023
Equity securities38 %13 %37 %30 %14 %10 %
Fixed income28 %65 %12 %17 %64 %65 %
Alternative strategies33 %— %48 %51 %8 %11 %
Cash1 %2 %3 %2 %3 %3 %
Other— %20 %— %— %11 %11 %
100 %100 %100 %100 %100 %100 %