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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
The following table provides an analysis of the changes in the benefit obligations, plan assets and funded status of our dedicated pension plans (including those transferred to us):
As of and for the
Year Ended December 31,
(MILLIONS OF DOLLARS)20222021
Change in benefit obligation:
Projected benefit obligation, beginning$159 $164 
Service cost6 8 
Interest cost2 2 
Changes in actuarial assumptions and other(27)(1)
Settlements and curtailments(3)(2)
Benefits paid(1)(2)
Adjustments for foreign currency translation(13)(9)
Other––net(1)(1)
Benefit obligation, ending122 159 
Change in plan assets:
Fair value of plan assets, beginning92 85 
Actual return on plan assets(4)11 
Company contributions4 5 
Settlements and curtailments(3)(1)
Benefits paid(1)(2)
Adjustments for foreign currency translation(9)(5)
Other––net(1)(1)
Fair value of plan assets, ending78 92 
Funded status—Projected benefit obligation in excess of plan assets at end of year(a)
$(44)$(67)
(a)    Included in Other noncurrent liabilities.
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets Information related to the funded status of selected plans follows:
As of December 31,
(MILLIONS OF DOLLARS)20222021
Pension plans with an accumulated benefit obligation in excess of plan assets:
Fair value of plan assets$7 $24 
Accumulated benefit obligation40 72 
Pension plans with a projected benefit obligation in excess of plan assets:
Fair value of plan assets58 84 
Projected benefit obligation103 152 
Schedule of Net Benefit Costs The following table provides the net periodic benefit cost associated with dedicated pension plans (including those transferred to us):
Year Ended December 31,
(MILLIONS OF DOLLARS)202220212020
Service cost$6 $8 $8 
Interest cost2 2 2 
Expected return on plan assets(3)(3)(3)
Amortization of net losses1 1 2 
Net periodic benefit cost$6 $8 $9 
Schedule of Assumptions Used The following table provides the weighted average actuarial assumptions for the dedicated pension plans (including those transferred to us):
As of December 31,
(PERCENTAGES)202220212020
Weighted average assumptions used to determine benefit obligations:
Discount rate3.7 %1.4 %1.2 %
Rate of compensation increase3.5 %3.4 %3.1 %
Cash balance credit interest rate1.7 %1.5 %1.5 %
Weighted average assumptions used to determine net benefit cost for the year ended December 31:
Discount rate1.4 %1.2 %1.3 %
Expected return on plan assets3.3 %3.8 %3.8 %
Rate of compensation increase3.4 %3.1 %3.1 %
Cash balance credit interest rate1.5 %1.5 %1.5 %
Schedule of Allocation of Plan Assets
The components of plan assets follow:
As of December 31,
(MILLIONS OF DOLLARS)20222021
Cash and cash equivalents$2 $1 
Equity securities: Equity commingled funds29 36 
Debt securities: Government bonds38 45 
Other investments9 10 
Total(a)
$78 $92 
(a)    Fair values are determined based on valuation inputs categorized as Level 1, 2 or 3 (see Note 3. Significant Accounting Policies—Fair Value). Investment plan assets are valued using Level 1 or Level 2 inputs.
Schedule Of Percentage Of Allocation Of Plan Assets The long-term target asset allocations and the percentage of the fair value of plans assets for dedicated benefit plans follow:
As of December 31,
Target allocation
percentagePercentage of Plan Assets
(PERCENTAGES)202220222021
Cash and cash equivalents
0-10%
2.3 %1.5 %
Equity securities
0-60%
37.7 %39.3 %
Debt securities
15-100%
48.0 %48.7 %
Other investments
0-100%
12.0 %10.5 %
Total
100%
100 %100 %