Pension and Other Post-Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Pension and Other Post-Retirement Benefit Plans

Components of net periodic benefit cost (credit)

	U.S. and Non-U.S. Pension Benefits
	Year Ended December 31,
	2023		2022		2021
	(in millions)
Interest cost	$	6	$	4	$	4
Expected return on plan assets		(5)		(5)		(5)
Amortization of actuarial losses		0		1		1
	$	1	$	—	$	—

Changes in benefit obligations and plan assets, and funded status of plans

	U.S. and Non-U.S. Pension Benefits
	2023		2022
	(in millions)
Change in benefit obligation:
Benefit obligation, beginning of year	$	115	$	154
Interest cost		6		4
Benefits paid		(8)		(8)
Actuarial loss (gain)		1		(34)
Currency translation		2		(1)
Benefit obligation, end of year		116		115
Change in plan assets:
Fair value of plan assets, beginning of year		84		106
Actual return on plan assets		10		(15)
Employer contributions		3		1
Benefits paid		(8)		(8)
Fair value of plan assets, end of year		89		84
Funded status of the plan and amounts recognized in the consolidated balance sheets	$	(27)	$	(31)

Defined benefit plan assets measured at fair value on a recurring basis

	December 31, 2023						December 31, 2022
	Level 1		Level 2		Total		Level 1		Level 2		Total
	(in millions)
U.S. and Non-U.S. Plans:
Cash and cash equivalents	$	1	$	39	$	40	$	13	$	—	$	13
Government debt securities		3		—		3		2		13		15
Exchange traded funds		—		—		—		12		—		12
Mutual funds		—		—		—		20		—		20
Common stock		46		—		46		24		—		24
	$	50	$	39	$	89	$	71	$	13	$	84