Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of funded status of defined benefit pension plans

The following table provides a reconciliation of benefit obligations, plan assets and the funded status of the Plans as of and for the years ended December 31:


	U.K. Plan				U.S. and Other Plans
(In millions)	2023		2022		2023		2022
Change in projected benefit obligations:
Balance at beginning of year	$	(418)	$	(736)	$	(169)	$	(221)


Interest cost	(21)		(12)		(8)		(5)

Actuarial (loss) gain	(5)		230		(1)		41
Benefits paid	26		28		14		14
Foreign currency translation	(27)		72		—		2
Balance at end of year	$	(445)	$	(418)	$	(164)	$	(169)

Change in fair value of plan assets:
Balance at beginning of year	$	570	$	983	$	130	$	183

Actual return on plan assets	8		(290)		8		(39)


Benefits paid	(26)		(28)		(14)		(14)
Foreign currency translation	37		(95)		—		—
Balance at end of year	$	589	$	570	$	124	$	130

Funded status of the plans	$	144	$	152	$	(40)	$	(39)

Schedule of weighted-average rate assumptions

The weighted-average rate assumptions used in the measurement of the Company’s projected benefit obligations and net periodic benefit expense as of and for the years ended December 31 were as follows:


	Projected Benefit Obligations				Net Periodic Benefit Expense
	2023		2022		2023		2022
Discount rate	4.81	%	5.01	%	5.01	%	1.97	%
Expected long-term return on plan assets	n/a		n/a		4.74	%	2.19	%

Schedule of allocation of plan assets

The following table sets forth assets carried and measured at fair value on a recurring basis for the Plans at December 31:


(In millions)	Level 1		Level 2		Level 3
December 31, 2023
Cash and cash equivalents (1)	$	27	$	—	$	—
Equity securities (2)	—		—		—
Fixed income securities (3)	312		—		—
Other investments (4)	269		6		—
Total investments at fair value	$	608	$	6	$	—

December 31, 2022
Cash and cash equivalents (1)	$	43	$	—	$	—
Equity securities (2)	1		40		—
Fixed income securities (3)	137		86		—
Other investments (4)	301		(26)		—
Total investments at fair value	$	482	$	100	$	—

(1)Cash and cash equivalents include highly liquid investments in money market funds.

(2)Equity securities primarily consist of domestic, international and global equity pooled funds.

(3)Fixed income securities primarily consist of debt securities issued by U.S. and foreign government agencies and debt obligations issued by a variety of private and public corporations.

(4)Other investments primarily consist of index-linked government bonds, derivatives and other investments.

Schedule of components of net periodic benefit expense

The components of net periodic benefit cost (income) were as follows:


	Year Ended December 31,
(In millions)	2023		2022		2021

Interest cost	$	29	$	17	$	16
Expected return on plan assets	(26)		(18)		(23)

Net periodic benefit expense (income)	$	3	$	(1)	$	(7)