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Retirement Benefits (Tables)
12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Reconciliation Of The Benefit Obligation
The reconciliation of the benefit obligation is as follows:
 Pension BenefitsOther Benefits
 2022202120222021
Benefit obligation at beginning of year$1,859 $2,009 $343 $399 
Service cost— — — 
Interest cost52 34 
Plan participant contributions— — 17 17 
Actuarial (gain) loss(362)(33)(54)(31)
Settlements(74)(90)— — 
Benefits paid(60)(61)(36)(48)
Benefit obligation at end of year$1,415 $1,859 $277 $343 
Changes In The Fair Value Of Plan Assets
The changes in the fair value of plan assets are as follows:
 Pension BenefitsOther Benefits
 2022202120222021
Fair value of plan assets at beginning of year$2,216 $2,186 $371 $391 
Actual return on plan assets(352)174 (61)33 
Employer contributions— — 
Plan participant contributions— — 17 17 
Settlements(74)(90)— (29)
Benefits paid(60)(61)(28)(41)
Fair value of plan assets at end of year$1,734 $2,216 $299 $371 
Net Amount Included In Consolidated Balance Sheets The net amount included in the consolidated balance sheets is as follows:
 Pension BenefitsOther Benefits
 2022202120222021
Noncurrent assets$363 $415 $22 $28 
Current liabilities(6)(6)— — 
Noncurrent liabilities(38)(52)— — 
Net amount at December 31$319 $357 $22 $28 
Net Amounts Included In Accumulated Other Comprehensive Loss (Income) That Have Not Been Recognized As Components Of Net Periodic Benefit Costs The net amounts included in accumulated other comprehensive income (loss) that have not been recognized as components of net periodic benefit costs are as follows:
 Pension BenefitsOther Benefits
 2022202120222021
Net actuarial (loss) gain$(672)$(625)$$36 
Prior service credit— — 
Net amount before tax at December 31$(672)$(625)$$44 
Schedule Of Assumptions Used In Calculating The Benefit Obligations
The weighted-average assumptions used in calculating the benefit obligations for all plans are as follows: 
 Pension BenefitsOther Benefits
 2022202120222021
Discount rate5.18 %2.70 %5.12 %2.49 %
Rate of compensation increase3.00 %3.00 %3.00 %3.00 %
Expected rate of return on plan assets6.58 %5.02 %6.57 %6.43 %
Interest crediting rate4.25 %3.82 %3.89 %1.56 %
Components Of Net Periodic Benefit Cost (Credit)
The components of net periodic benefit credit included in the consolidated statements of income are as follows:
202220212020
Pension Benefits
Interest cost$52 $34 $47 
Expected return on assets(101)(134)(138)
Recognized actuarial loss16 25 24 
Settlement loss28 26 29 
Net periodic benefit credit$(5)$(49)$(38)
Other Benefits
Service cost$— $$
Interest cost10 
Expected return on assets(26)(26)(25)
Amortization of prior service credit(4)(4)(7)
Net periodic benefit credit$(23)$(24)$(21)
Weighted-Average Assumptions Used In Calculating The Benefit Obligations For All Plans
The weighted-average assumptions used in calculating the net periodic benefit cost for all plans are as follows:
202220212020
Pension Benefits
Discount rate2.70 %2.24 %3.11 %
Rate of compensation increase3.00 %3.00 %3.00 %
Expected rate of return on plan assets5.02 %6.72 %7.33 %
Interest crediting rate3.82 %3.82 %3.82 %
Other Benefits
Discount rate2.49 %1.99 %2.93 %
Rate of compensation increase3.00 %3.00 %3.00 %
Expected rate of return on plan assets6.43 %6.60 %7.00 %
Interest crediting rate1.56 %0.87 %1.81 %
Fair Values of Pension Benefit Assets and Other Benefit Assets by Asset Category and Level Inputs The fair values of our pension benefit assets and other benefit assets by asset category and level inputs at December 31, 2022, excluding cash, investment income receivable and amounts due to/from brokers, resulting in a net asset of $36, and excluding estimated claims settlements to be paid from other benefit assets of ($17), are as follows (see Note 7, “Fair Value,” for additional information regarding the definition of level inputs):
Level ILevel IILevel IIITotal
December 31, 2022
Pension Benefit Assets:
Equity securities:
U.S. securities$489 $— $— $489 
Foreign securities145 — — 145 
Mutual funds39 — — 39 
Fixed maturity securities:
Government securities— 247 — 247 
Corporate securities— 275 — 275 
Asset-backed securities— 185 — 185 
Other types of investments:
Commingled fund— 93 — 93 
Insurance company contracts— — 154 154 
Total pension benefit assets at fair value$673 $800 $154 1,627 
Partnership investments71 
Total pension benefit assets$1,698 
Other Benefit Assets:
Equity securities:
U.S. securities$$— $— $
Foreign securities— — 
Mutual funds17 — — 17 
Fixed maturity securities:
Government securities— — 
Corporate securities— — 
Asset-backed securities— — 
Other types of investments:
Commingled fund— — 
Life insurance contracts— — 270 270 
Investment in DOL 103-12 trust— 10 — 10 
Total other benefit assets$25 $21 $270 $316 
The fair values of our pension benefit assets and other benefit assets by asset category and level inputs at December 31, 2021, excluding cash, investment income receivable and amounts due to/from brokers, resulting in a net asset of $48, and excluding estimated claims settlements to be paid from other benefit assets of ($29), are as follows:
Level ILevel IILevel IIITotal
December 31, 2021
Pension Benefit Assets:
Equity securities:
U.S. securities$682 $— $— $682 
Foreign securities204 — — 204 
Mutual funds49 — — 49 
Fixed maturity securities:
Government securities— 395 — 395 
Corporate securities— 379 — 379 
Asset-backed securities— 98 — 98 
Other types of investments:
Commingled fund— 106 — 106 
Insurance company contracts— — 179 179 
Total pension benefit assets at fair value$935 $978 $179 2,092 
Partnership investments78 
Total pension benefit assets$2,170 
Other Benefit Assets:
Equity securities:
U.S. securities$10 $— $— $10 
Foreign securities— — 
Mutual funds24 — — 24 
Fixed maturity securities:
Government securities— — 
Corporate securities— — 
Asset-backed securities— — 
Other types of investments:
Commingled fund— — 
Life insurance contracts— — 338 338 
Investment in DOL 103-12 trust— 11 — 11 
Total other benefit assets$36 $24 $338 $398 
Reconciliation Of The Beginning And Ending Balances Of Plan Assets Measured At Fair Value Using Level III Inputs A reconciliation of the beginning and ending balances of plan assets measured at fair value using Level III inputs for the years ended December 31, 2022, 2021 and 2020 is as follows:
Insurance
Company
Contracts
Life
Insurance
Contracts
Total
Year ended December 31, 2022
Beginning balance at January 1, 2022$179 $338 $517 
Actual return on plan assets relating to assets still held at the reporting date
(22)(53)(75)
Purchases— 
Sales(12)(15)(27)
Ending balance at December 31, 2022$154 $270 $424 
Year ended December 31, 2021
Beginning balance at January 1, 2021$189 $323 $512 
Actual return on plan assets relating to assets still held at the reporting date
(6)26 20 
Purchases— 
Sales(9)(11)(20)
Ending balance at December 31, 2021$179 $338 $517 
Year ended December 31, 2020
Beginning balance at January 1, 2020$175 $294 $469 
Actual return on plan assets relating to assets still held at the reporting date
29 36 
Purchases15 — 15 
Sales(8)— (8)
Ending balance at December 31, 2020$189 $323 $512 
Estimated Future Payments For Pension Benefits And Other Benefits
Our estimated future payments for pension benefits and other benefits, which reflect expected future service, as appropriate, are as follows:
Pension
Benefits
Other
Benefits
2023$125 $32 
2024120 30 
2025118 29 
2026116 28 
2027113 27 
2028 - 2032526 110