Pension (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Summary of the Projected Benefit Obligations and Assets Related to Pension Plans

The following table summarizes the projected benefit obligations and assets related to our U.S. and non-U.S. pension plans:

	For the Years Ended December 31,
(In millions)	2023		2022
Change in benefit obligation
Benefit obligation, January 1	$	3,948	$	5,223
Service cost	1		2
Interest cost	204		140
Actuarial losses (gains), net (1)	93		(1,094)
Benefits paid from plan assets	(294)		(296)
Other	(18)		(27)
Benefit obligation, December 31	3,934		3,948
Change in plan assets
Fair value of plan assets, January 1	4,186		4,846
Actual return on plan assets	246		(366)
Benefits paid	(294)		(296)
Contributions	—		2
Fair value of plan assets, December 31	4,138		4,186
Funded status	$	204	$	238
Amounts presented in Consolidated Balance Sheets
Other assets	$	204	$	238

(1) 2023 losses reflect a decrease in the discount rate while 2022 gains reflect an increase in the discount rate.

Benefit Payments

The following benefit payments are expected to be paid in:

(In millions)
2024	$	319
2025	$	316
2026	$	317
2027	$	314
2028	$	311
2029 - 2033	$	1,484

Postretirement Benefits Liability Adjustment Included in AOCI

Amounts reflected in the pension assets/(liabilities) shown above that have not yet been reported in Net income and, therefore, have been included in Accumulated other comprehensive loss consisted of the following:

(In millions)	December 31, 2023		December 31, 2022
Unrecognized net (losses)	$	(1,207)	$	(1,208)
Unrecognized prior service cost	(4)		(5)
Postretirement benefits liability adjustment	$	(1,211)	$	(1,213)

Components of Net Pension Cost

Net pension cost was as follows:

	For the Years Ended December 31,
(In millions)	2023		2022		2021
Service cost	$	1	$	2	$	2
Interest cost	204		140		132
Expected long-term return on plan assets	(204)		(272)		(269)
Amortization of:
Prior actuarial losses, net	52		89		78
Settlement loss	—		—		4
Net (benefit) cost	$	53	$	(41)	$	(53)

Assumptions Used for Pension

	For the Years Ended December 31,
	2023	2022
Discount rate:
Pension benefit obligation	5.10%	5.43%
Pension benefit cost	5.43%	2.82%
Expected long-term return on plan assets:
Pension benefit cost	6.50%	6.75%
Mortality table for pension obligations	White Collar mortality table with MP 2021 projection scale	White Collar mortality table with MP 2021 projection scale

Fair Value of Pension Assets by Category

The fair values of pension assets by category are as follows:

(In millions)	December 31, 2023		December 31, 2022
Debt securities:
Federal government and agency	$	12	$	11
Corporate	2,780		2,349
Asset-backed	121		109
Fund investments	278		478
Total debt securities	3,191		2,947
Equity securities:
Domestic	27		89
International, including funds and pooled separate accounts (1)	6		35
Total equity securities	33		124
Securities partnerships	419		452
Real estate funds, including pooled separate accounts (1)	270		315
Commercial mortgage loans	46		63
Guaranteed deposit account contract	48		50
Cash equivalents and other current assets, net	131		235
Total pension assets at fair value	$	4,138	$	4,186

(1) A pooled separate account has several participating benefit plans and each owns a share of the total pool of investments.

Annual Expense for 401(k) Plans

The Company's annual expense for the plan was as follows:

	For the Years Ended December 31,
(In millions)	2023		2022		2021
Expense	$	296	$	274	$	268