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Pension (Tables)
12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of Changes in Plan Assets and Benefit Obligations

 

December 31, 2022

 

Plan assets

$

1,617

 

 

 

 

 

December 31, 2022

 

Projected benefit obligation ("PBO") funded status

 

 

Fair value of plan assets

$

1,617

 

Benefit obligations

 

(1,262

)

Funded status of plans

$

355

 

 

 

 

Year Ended
December 31, 2022

 

Change in benefit obligation

 

 

 

Beginning balance

 

$

 

Acquisition

 

 

2,041

 

Service cost

 

 

7

 

Interest cost

 

 

32

 

Plan participants' contributions

 

 

1

 

Actuarial gain

 

 

(531

)

Benefits paid

 

 

(92

)

Settlements

 

 

(13

)

Currency impact

 

 

(183

)

Ending balance

 

$

1,262

 

 

 

 

 

Change in plan assets

 

 

 

Beginning balance

 

$

 

Acquisition

 

 

2,615

 

Employer contributions

 

 

34

 

Plan participants' contributions

 

 

1

 

Benefits paid

 

 

(92

)

Actual return on assets

 

 

(687

)

Settlements

 

 

(13

)

Currency impact

 

 

(241

)

Ending balance

 

$

1,617

 

Summary of Supplemental Consolidated Balance Sheets Information Related to Pension

Supplemental consolidated balance sheets information related to pension is as follows:

 

 

December 31, 2022

 

Pension and post-retirement benefits

$

392

 

Other accrued liabilities

 

(1

)

Other noncurrent liabilities

 

(36

)

Net amount recognized

$

355

 

Information for Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets

Information for pension plans with accumulated benefit obligations in excess of plan assets:

 

 

 

December 31, 2022

 

PBO

 

$

54

 

Accumulated benefit obligation

 

 

44

 

Fair value of plan assets

 

 

18

 

 

Information for Pension Plans with Projected Benefit Obligations in Excess of Plan Assets

Information for pension plans with projected benefit obligations in excess of plan assets:

 

 

 

December 31, 2022

 

PBO

 

$

60

 

Accumulated benefit obligation

 

 

49

 

Fair value of plan assets

 

 

23

 

Components of Net Periodic Pension Benefit

The components of the net periodic pension benefit for the defined benefit pension plans are as follows:

 

 

 

Year Ended
December 31, 2022

 

Service cost

 

$

7

 

Interest cost

 

 

32

 

Expected return on plan assets

 

 

(74

)

Net periodic pension benefit

 

$

(35

)

Major Assumptions Used to Determine Benefit Obligation

Major assumptions used in determining the benefit obligation and net periodic benefit cost for pension plans are presented in the following table as weighted averages:

 

 

Year Ended December 31, 2022

 

 

Benefit Obligation

 

 

Net Periodic
Benefit Cost

 

Discount rates:

 

 

 

 

 

PBO

 

4.9

%

 

 

1.9

%

Interest cost

 

 

 

 

1.7

%

Service cost

 

 

 

 

2.2

%

Salary scale

 

3.0

%

 

 

2.9

%

Expected return on plan assets

 

 

 

 

3.1

%

Summary of Allocation of Pension Plan Assets

The allocation of the pension plan assets are presented in the following table as weighted averages:

 

 

Year Ended December 31, 2022

 

 

Target Asset Allocation Percentage

 

 

Percentage of Plan Assets

 

Equity securities

 

3.8

%

 

 

3.8

%

Debt securities

 

82.2

%

 

 

76.1

%

Real estate

 

0.6

%

 

 

0.8

%

Other

 

13.4

%

 

 

19.3

%

Total

 

100.0

%

 

 

100.0

%

 

Summary of Fair Value of Pension Plan Assets by Asset Category

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

 

 

Quoted Prices in

 

Significant

 

Significant

 

 

 

 

 

 

Active Markets for

 

Observable

 

Unobservable

 

Not

 

 

 

 

Identical Assets

 

Inputs

 

Inputs

 

Subject to

 

 

 

Asset Category

Level 1

 

Level 2

 

Level 3

 

Leveling 1

 

Total

 

Equities:

 

 

 

 

 

 

 

 

 

 

Global equity funds

$

 

$

326

 

$

 

$

12

 

$

338

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

Governments

 

 

 

762

 

 

 

 

 

 

762

 

Corporate bonds

 

 

 

415

 

 

 

 

 

 

415

 

Global fixed income at net asset value

 

 

 

50

 

 

 

 

 

 

50

 

Real estate 2

 

 

 

11

 

 

 

 

 

 

11

 

Other 3

 

 

 

1

 

 

 

 

4

 

 

5

 

Cash & cash equivalents 4

 

16

 

 

20

 

 

 

 

 

 

36

 

Subtotal

$

16

 

$

1,585

 

$

 

$

16

 

$

1,617

 

Other assets & liabilities 5

 

 

 

 

 

 

 

 

 

 

Total at December 31, 2022

 

 

 

 

 

 

 

 

$

1,617

 

 

(1)
In accordance with ASU 2015-07, Fair Value Measurement (Topic 820), certain investments that are measured at fair value using net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension assets.
(2)
Represents investments in real estate, including commingled funds and directly held properties.
(3)
Represents insurance contracts and global risk balanced commingled funds consisting mainly of equity, bonds, and some commodities.
(4)
Represents short-term commercial paper, bonds, and other cash or cash-like investments.
(5)
Represents trust receivables and payables that are not leveled.