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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Net periodic benefit costs and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss)
The benefit obligations, funded status and net periodic benefit costs related to these pension and other postretirement benefits were comprised of the following:
December 31, 2023December 31, 2022
Pension BenefitsOther Postretirement
Benefits		Pension BenefitsOther Postretirement
Benefits
U.S.
Plans		Non-
U.S.
Plans		TotalU.S.
Plans		Non-
U.S.
Plans		TotalU.S.
Plans		Non-
U.S.
Plans		TotalU.S.
Plans		Non-
U.S.
Plans		Total
(In millions)
Benefit obligations
$8,649 $849 $9,498 $723 $42 $765 $8,425 $873 $9,298 $758 $36 $794 
Estimated fair value of plan assets
7,786 484 8,270 1,307 27 1,334 7,831 463 8,294 1,277 26 1,303 
Over (under) funded status
$(863)$(365)$(1,228)$584 $(15)$569 $(594)$(410)$(1,004)$519 $(10)$509 
Net periodic benefit costs
$227 $64 $291 $(41)$3 $(38)$49 $73 $122 $(43)$1 $(42)
The components of net periodic benefit costs and other changes in plan assets and benefit obligations recognized in OCI were as follows:
Years Ended December 31,
202320222021
Pension
Benefits
Other Postretirement Benefits
Pension
Benefits
Other Postretirement Benefits
Pension
Benefits
Other Postretirement Benefits
(In millions)
Net periodic benefit costs:
Service costs$143 $3 $187 $4 $215 $4 
Interest costs474 43 328 34 342 37 
Settlement and curtailment (gains) losses
6 — 5 — (7)1 
Expected return on plan assets(480)(54)(516)(55)(506)(56)
Amortization of net actuarial (gains) losses159 (30)129 (25)162 (39)
Amortization of prior service costs (credit)(11)— (11)— (12)— 
Total net periodic benefit costs (credit)
291 (38)122 (42)194 (53)
Other changes in plan assets and benefit obligations recognized in OCI:
Net actuarial (gains) losses250 (41)2 (191)(166)(54)
Prior service costs (credit)— — 8 — 1 (1)
Amortization of net actuarial gains (losses)
(159)30 (129)25 (162)39 
Amortization of prior service (costs) credit
11 — 11 — 12 — 
Settlement and curtailment (gains) losses
(6)— (5)— (10)10 
Exchange rate changes
(2)— (7)— (8)— 
Total recognized in OCI94 (11)(120)(166)(333)(6)
Total recognized in net periodic benefit costs and OCI
$385 $(49)$2 $(208)$(139)$(59)
Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation
Obligations and Funded Status
December 31,
20232022
Pension
Benefits (1)		Other
Postretirement
Benefits		Pension
Benefits (1)		Other
Postretirement
Benefits
(In millions)
Change in benefit obligations:
Benefit obligations at January 1,
$9,298 $794 $12,182 $1,138 
Service costs
143 3 187 4 
Interest costs
474 43 328 34 
Plan participants’ contributions
— 30 — 32 
Plan amendments
— — 8 — 
Net actuarial (gains) losses (2)
299 (23)(2,609)(289)
Acquisition, divestitures, settlements and curtailments
(35)— (45)— 
Benefits paid
(636)(86)(630)(125)
Effect of foreign currency translation
(45)4 (123)— 
Benefit obligations at December 31,
9,498 765 9,298 794 
Change in plan assets:
Estimated fair value of plan assets at January 1,
8,294 1,303 10,971 1,443 
Actual return on plan assets
529 72 (2,095)(43)
Acquisition, divestitures and settlements
(35)— (38)— 
Plan participants’ contributions
— 30 — 32 
Employer contributions
140 13 152 (3)
Benefits paid
(636)(86)(630)(125)
Effect of foreign currency translation
(22)2 (66)(1)
Estimated fair value of plan assets at December 31,
8,270 1,334 8,294 1,303 
Over (under) funded status at December 31,
$(1,228)$569 $(1,004)$509 
Amounts recognized on the consolidated balance sheets:
Other assets
$229 $886 $428 $796 
Other liabilities
(1,457)(317)(1,432)(287)
Net amount recognized
$(1,228)$569 $(1,004)$509 
AOCI:
Net actuarial (gains) losses
$2,360 $(509)$2,277 $(498)
Prior service costs (credit)
(25)— (36)— 
AOCI, before income tax
$2,335 $(509)$2,241 $(498)
Accumulated benefit obligation
$9,377 N/A$9,185 N/A
__________________
(1)Includes nonqualified unfunded plans, for which the aggregate PBO was $1.0 billion at both December 31, 2023 and 2022.
(2)For the year ended December 31, 2023, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions of $256 million and $8 million, respectively, demographic assumptions of ($54) million and ($8) million, respectively, and plan experience of $97 million and ($23) million, respectively. For the year ended December 31, 2022, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions, primarily related to an increase in the discount rate, of ($2.6) billion and ($276) million, respectively, and plan experience of $14 million and ($13) million, respectively.
Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation
Obligations and Funded Status
December 31,
20232022
Pension
Benefits (1)		Other
Postretirement
Benefits		Pension
Benefits (1)		Other
Postretirement
Benefits
(In millions)
Change in benefit obligations:
Benefit obligations at January 1,
$9,298 $794 $12,182 $1,138 
Service costs
143 3 187 4 
Interest costs
474 43 328 34 
Plan participants’ contributions
— 30 — 32 
Plan amendments
— — 8 — 
Net actuarial (gains) losses (2)
299 (23)(2,609)(289)
Acquisition, divestitures, settlements and curtailments
(35)— (45)— 
Benefits paid
(636)(86)(630)(125)
Effect of foreign currency translation
(45)4 (123)— 
Benefit obligations at December 31,
9,498 765 9,298 794 
Change in plan assets:
Estimated fair value of plan assets at January 1,
8,294 1,303 10,971 1,443 
Actual return on plan assets
529 72 (2,095)(43)
Acquisition, divestitures and settlements
(35)— (38)— 
Plan participants’ contributions
— 30 — 32 
Employer contributions
140 13 152 (3)
Benefits paid
(636)(86)(630)(125)
Effect of foreign currency translation
(22)2 (66)(1)
Estimated fair value of plan assets at December 31,
8,270 1,334 8,294 1,303 
Over (under) funded status at December 31,
$(1,228)$569 $(1,004)$509 
Amounts recognized on the consolidated balance sheets:
Other assets
$229 $886 $428 $796 
Other liabilities
(1,457)(317)(1,432)(287)
Net amount recognized
$(1,228)$569 $(1,004)$509 
AOCI:
Net actuarial (gains) losses
$2,360 $(509)$2,277 $(498)
Prior service costs (credit)
(25)— (36)— 
AOCI, before income tax
$2,335 $(509)$2,241 $(498)
Accumulated benefit obligation
$9,377 N/A$9,185 N/A
__________________
(1)Includes nonqualified unfunded plans, for which the aggregate PBO was $1.0 billion at both December 31, 2023 and 2022.
(2)For the year ended December 31, 2023, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions of $256 million and $8 million, respectively, demographic assumptions of ($54) million and ($8) million, respectively, and plan experience of $97 million and ($23) million, respectively. For the year ended December 31, 2022, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions, primarily related to an increase in the discount rate, of ($2.6) billion and ($276) million, respectively, and plan experience of $14 million and ($13) million, respectively.
Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation
Obligations and Funded Status
December 31,
20232022
Pension
Benefits (1)		Other
Postretirement
Benefits		Pension
Benefits (1)		Other
Postretirement
Benefits
(In millions)
Change in benefit obligations:
Benefit obligations at January 1,
$9,298 $794 $12,182 $1,138 
Service costs
143 3 187 4 
Interest costs
474 43 328 34 
Plan participants’ contributions
— 30 — 32 
Plan amendments
— — 8 — 
Net actuarial (gains) losses (2)
299 (23)(2,609)(289)
Acquisition, divestitures, settlements and curtailments
(35)— (45)— 
Benefits paid
(636)(86)(630)(125)
Effect of foreign currency translation
(45)4 (123)— 
Benefit obligations at December 31,
9,498 765 9,298 794 
Change in plan assets:
Estimated fair value of plan assets at January 1,
8,294 1,303 10,971 1,443 
Actual return on plan assets
529 72 (2,095)(43)
Acquisition, divestitures and settlements
(35)— (38)— 
Plan participants’ contributions
— 30 — 32 
Employer contributions
140 13 152 (3)
Benefits paid
(636)(86)(630)(125)
Effect of foreign currency translation
(22)2 (66)(1)
Estimated fair value of plan assets at December 31,
8,270 1,334 8,294 1,303 
Over (under) funded status at December 31,
$(1,228)$569 $(1,004)$509 
Amounts recognized on the consolidated balance sheets:
Other assets
$229 $886 $428 $796 
Other liabilities
(1,457)(317)(1,432)(287)
Net amount recognized
$(1,228)$569 $(1,004)$509 
AOCI:
Net actuarial (gains) losses
$2,360 $(509)$2,277 $(498)
Prior service costs (credit)
(25)— (36)— 
AOCI, before income tax
$2,335 $(509)$2,241 $(498)
Accumulated benefit obligation
$9,377 N/A$9,185 N/A
__________________
(1)Includes nonqualified unfunded plans, for which the aggregate PBO was $1.0 billion at both December 31, 2023 and 2022.
(2)For the year ended December 31, 2023, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions of $256 million and $8 million, respectively, demographic assumptions of ($54) million and ($8) million, respectively, and plan experience of $97 million and ($23) million, respectively. For the year ended December 31, 2022, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions, primarily related to an increase in the discount rate, of ($2.6) billion and ($276) million, respectively, and plan experience of $14 million and ($13) million, respectively.
Accumulated benefit obligations in excess of fair value of plan assets
Information regarding pension plans and other postretirement benefit plans with PBOs and/or accumulated benefit obligations (“ABO”) or APBO in excess of plan assets was as follows at:
December 31,
202320222023202220232022
PBO Exceeds Estimated Fair Value
of Plan Assets		ABO Exceeds Estimated Fair Value
of Plan Assets		APBO Exceeds Estimated Fair Value
of Plan Assets
(In millions)
Projected benefit obligations
$1,474 $1,444 $1,459 $1,434 N/AN/A
Accumulated benefit obligations
$1,411 $1,384 $1,411 $1,384 N/AN/A
Accumulated postretirement benefit obligations
N/AN/AN/AN/A$580 $562 
Estimated fair value of plan assets
$15 $10 $2 $— $266 $276 
Defined benefit plan pension plans with projected benefit obligations in excess of plan assets
Information regarding pension plans and other postretirement benefit plans with PBOs and/or accumulated benefit obligations (“ABO”) or APBO in excess of plan assets was as follows at:
December 31,
202320222023202220232022
PBO Exceeds Estimated Fair Value
of Plan Assets		ABO Exceeds Estimated Fair Value
of Plan Assets		APBO Exceeds Estimated Fair Value
of Plan Assets
(In millions)
Projected benefit obligations
$1,474 $1,444 $1,459 $1,434 N/AN/A
Accumulated benefit obligations
$1,411 $1,384 $1,411 $1,384 N/AN/A
Accumulated postretirement benefit obligations
N/AN/AN/AN/A$580 $562 
Estimated fair value of plan assets
$15 $10 $2 $— $266 $276 
Net periodic benefit costs and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss)
The components of net periodic benefit costs and other changes in plan assets and benefit obligations recognized in OCI were as follows:
Years Ended December 31,
202320222021
Pension
Benefits
Other Postretirement Benefits
Pension
Benefits
Other Postretirement Benefits
Pension
Benefits
Other Postretirement Benefits
(In millions)
Net periodic benefit costs:
Service costs$143 $3 $187 $4 $215 $4 
Interest costs474 43 328 34 342 37 
Settlement and curtailment (gains) losses
6 — 5 — (7)1 
Expected return on plan assets(480)(54)(516)(55)(506)(56)
Amortization of net actuarial (gains) losses159 (30)129 (25)162 (39)
Amortization of prior service costs (credit)(11)— (11)— (12)— 
Total net periodic benefit costs (credit)
291 (38)122 (42)194 (53)
Other changes in plan assets and benefit obligations recognized in OCI:
Net actuarial (gains) losses250 (41)2 (191)(166)(54)
Prior service costs (credit)— — 8 — 1 (1)
Amortization of net actuarial gains (losses)
(159)30 (129)25 (162)39 
Amortization of prior service (costs) credit
11 — 11 — 12 — 
Settlement and curtailment (gains) losses
(6)— (5)— (10)10 
Exchange rate changes
(2)— (7)— (8)— 
Total recognized in OCI94 (11)(120)(166)(333)(6)
Total recognized in net periodic benefit costs and OCI
$385 $(49)$2 $(208)$(139)$(59)
Assumptions used in determining benefit obligations and net periodic benefit costs
Assumptions used in determining benefit obligations for the U.S. plans were as follows:
Pension BenefitsOther Postretirement Benefits
December 31, 2023
Weighted average discount rate5.25%5.35%
Weighted average interest crediting rate4.00%N/A
Rate of compensation increase2.50%-8.00%N/A
December 31, 2022
Weighted average discount rate5.60%5.70%
Weighted average interest crediting rate4.00%N/A
Rate of compensation increase2.50%-8.00%N/A
Assumptions used in determining net periodic benefit costs for the U.S. plans were as follows:
Pension BenefitsOther Postretirement Benefits
Year Ended December 31, 2023
Weighted average discount rate5.60%5.70%
Weighted average interest crediting rate4.00%N/A
Weighted average expected rate of return on plan assets6.25%4.25%
Rate of compensation increase2.50%-8.00%N/A
Year Ended December 31, 2022
Weighted average discount rate2.95%3.05%
Weighted average interest crediting rate3.43%N/A
Weighted average expected rate of return on plan assets5.00%3.86%
Rate of compensation increase2.50%-8.00%N/A
Year Ended December 31, 2021
Weighted average discount rate3.01%3.14%
Weighted average interest crediting rate3.24%N/A
Weighted average expected rate of return on plan assets5.00%3.87%
Rate of compensation increase2.50%-8.00%N/A
Assumed healthcare costs trend rates
The assumed healthcare costs trend rates used in measuring the APBO and net periodic benefit costs were as follows:
December 31,
20232022
Before
Age 65		Age 65 and
older		Before
Age 65		Age 65 and
older
Following year
6.2 %4.5 %5.2 %3.9 %
Ultimate rate to which cost increase is assumed to decline
3.7 %4.5 %3.7 %4.5 %
Year in which the ultimate trend rate is reached
2074210220742100
Plan Assets
The table below summarizes the actual weighted average allocation of the estimated fair value of total plan assets by asset class at December 31 for the years indicated and the approved target allocation by major asset class at December 31, 2023 for the Invested Plans:
December 31,
20232022
U.S. Pension
Benefits
U.S. Other
Postretirement
Benefits (1)
U.S. Pension
Benefits		U.S. Other
Postretirement
Benefits (1)
TargetActual
Allocation		TargetActual
Allocation		Actual
Allocation		Actual
Allocation
Asset Class
Fixed maturity securities AFS
85 %82 %95 %94 %83 %96 %
Equity securities (2)
7 %6 %5 %6 %6 %4 %
Alternative securities (3)
8 %12 %— %— %11 %— %
Total assets
100 %100 %100 %100 %
__________________
(1)U.S. other postretirement benefits do not reflect postretirement life’s plan assets invested in fixed maturity securities AFS.
(2)Equity securities percentage includes derivative assets.
(3)Alternative securities primarily include private equity and real estate funds.
The pension and other postretirement plan assets measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy are summarized as follows:
December 31, 2023
Pension BenefitsOther Postretirement Benefits
Fair Value HierarchyFair Value Hierarchy
Level 1Level 2Level 3Total
Estimated
Fair Value		Level 1Level 2Level 3Total
Estimated
Fair Value
(In millions)
Assets
Fixed maturity securities AFS:
Corporate
$— $3,029 $54 $3,083 $— $167 $— $167 
U.S. government bonds
1,537 38 — 1,575 52 6 — 58 
Foreign bonds
— 808 2 810 — 46 — 46 
Federal agencies
62 141 — 203 1 — — 1 
Municipals
— 147 — 147 — 8 — 8 
Short-term investments
13 184 — 197 554 403 — 957 
Other (1)
114 577 8 699 4 33 — 37 
Total fixed maturity securities AFS
1,726 4,924 64 6,714 611 663 — 1,274 
Equity securities
436 162 12 610 59 — — 59 
Other investments
41 — 828 869 1 — — 1 
Derivative assets
10 67 — 77 — — — — 
Total assets
$2,213 $5,153 $904 $8,270 $671 $663 $— $1,334 
December 31, 2022
Pension BenefitsOther Postretirement Benefits
Fair Value HierarchyFair Value Hierarchy
Level 1Level 2Level 3Total
Estimated
Fair Value		Level 1Level 2Level 3Total
Estimated
Fair Value
(In millions)
Assets
Fixed maturity securities AFS:
Corporate
$— $2,946 $55 $3,001 $— $205 $— $205 
U.S. government bonds
1,462 45 — 1,507 68 — — 68 
Foreign bonds
— 769 — 769 — 61 — 61 
Federal agencies
87 190 — 277 3 1 — 4 
Municipals
— 159 — 159 — 15 — 15 
Short-term investments
12 384 — 396 463 396 — 859 
Other (1)
92 598 3 693 8 36 — 44 
Total fixed maturity securities AFS
1,653 5,091 58 6,802 542 714 — 1,256 
Equity securities
416 151 3 570 47 — — 47 
Other investments
40 1 855 896 — — — — 
Derivative assets
21 1 4 26 — — — — 
Total assets
$2,130 $5,244 $920 $8,294 $589 $714 $— $1,303 
__________________
(1)Other primarily includes money market securities, mortgage-backed securities, collateralized mortgage obligations and ABS & CLO.
Rollforward fair value measurement using significant unobservable outputs (level 3)
A rollforward of all pension and other postretirement benefit plan assets measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs was as follows:
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Fixed Maturity Securities AFS:
Foreign BondsCorporateOtherEquity SecuritiesOther
Investments		Derivative Assets
(In millions)
Balance, January 1, 2022$1 $— $1 $11 $954 $— 
Realized gains (losses)— — — — — — 
Unrealized gains (losses)— (1)— — 54 1 
Purchases, sales, issuances and settlements, net— 56 3 (8)(153)3 
Transfers into and/or out of Level 3(1)— (1)— — — 
Balance, December 31, 2022$— $55 $3 $3 $855 $4 
Realized gains (losses)— — — — (1)— 
Unrealized gains (losses)— 1 — 1 (51)(1)
Purchases, sales, issuances and settlements, net— 2 — 8 25 (3)
Transfers into and/or out of Level 32 (4)5 — — — 
Balance, December 31, 2023$2 $54 $8 $12 $828 $— 
Defined benefit plan estimated future benefit payments
Gross benefit payments for the next 10 years, which reflect expected future service where appropriate, are expected to be as follows:
Pension BenefitsOther Postretirement Benefits
(In millions)
2024$690 $61 
2025$697 $58 
2026$707 $57 
2027$718 $57 
2028$735 $56 
2029-2033$3,668 $267