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RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Summary of changes in projected benefit obligations, fair value of plan assets, and funded status of plan
The following table shows the changes in the benefit obligation and plan assets and the plans’ funded status.
In millions
20232022
Change in projected benefit obligation:
Benefit obligation, January 1
$307 $462 
Service cost
4 6 
Interest cost
17 13 
Actuarial loss (gain)
11 (151)
Benefits paid
(7)(7)
Expenses paid from assets— (1)
Effect of foreign currency exchange rate movements
6 (15)
Benefit obligation, December 31
$338 $307 
Change in plan assets:
Fair value of plan assets, January 1
$286 $431 
Actual return on plan assets
26 (126)
Company contributions
6 3 
Benefits paid
(8)(7)
Expenses paid from assets— (1)
Effect of foreign currency exchange rate movements
7 (14)
Fair value of plan assets, December 31
$317 $286 
Funded status, December 31
$(21)$(21)
Amounts recognized in the consolidated balance sheets:
Non-current asset
$12 $8 
Non-current liability
(33)(29)
$(21)$(21)
Amounts recognized in accumulated other comprehensive income under ASC 715 (pre-tax):
Net prior service cost$1 $2 
Net actuarial loss
93 91 
$94 $93 
Schedule of amounts recognized in balance sheet
The following table shows the changes in the benefit obligation and plan assets and the plans’ funded status.
In millions
20232022
Change in projected benefit obligation:
Benefit obligation, January 1
$307 $462 
Service cost
4 6 
Interest cost
17 13 
Actuarial loss (gain)
11 (151)
Benefits paid
(7)(7)
Expenses paid from assets— (1)
Effect of foreign currency exchange rate movements
6 (15)
Benefit obligation, December 31
$338 $307 
Change in plan assets:
Fair value of plan assets, January 1
$286 $431 
Actual return on plan assets
26 (126)
Company contributions
6 3 
Benefits paid
(8)(7)
Expenses paid from assets— (1)
Effect of foreign currency exchange rate movements
7 (14)
Fair value of plan assets, December 31
$317 $286 
Funded status, December 31
$(21)$(21)
Amounts recognized in the consolidated balance sheets:
Non-current asset
$12 $8 
Non-current liability
(33)(29)
$(21)$(21)
Amounts recognized in accumulated other comprehensive income under ASC 715 (pre-tax):
Net prior service cost$1 $2 
Net actuarial loss
93 91 
$94 $93 
Schedule of amounts recognized in other comprehensive income (loss)
The following table shows the changes in the benefit obligation and plan assets and the plans’ funded status.
In millions
20232022
Change in projected benefit obligation:
Benefit obligation, January 1
$307 $462 
Service cost
4 6 
Interest cost
17 13 
Actuarial loss (gain)
11 (151)
Benefits paid
(7)(7)
Expenses paid from assets— (1)
Effect of foreign currency exchange rate movements
6 (15)
Benefit obligation, December 31
$338 $307 
Change in plan assets:
Fair value of plan assets, January 1
$286 $431 
Actual return on plan assets
26 (126)
Company contributions
6 3 
Benefits paid
(8)(7)
Expenses paid from assets— (1)
Effect of foreign currency exchange rate movements
7 (14)
Fair value of plan assets, December 31
$317 $286 
Funded status, December 31
$(21)$(21)
Amounts recognized in the consolidated balance sheets:
Non-current asset
$12 $8 
Non-current liability
(33)(29)
$(21)$(21)
Amounts recognized in accumulated other comprehensive income under ASC 715 (pre-tax):
Net prior service cost$1 $2 
Net actuarial loss
93 91 
$94 $93 
Schedule of accumulated and projected benefit obligations
In millions as of December 31
20232022
Pension plans with ABO in excess of plan assets
Accumulated benefit obligation
$220 $201 
Fair value of plan assets
196 180 
Pension plans with PBO in excess of plan assets
Projected benefit obligation
$229 $209 
Fair value of plan assets
196 180 
Schedule of defined benefit plans disclosures
In millions as of December 31
20232022
Pension plans with ABO in excess of plan assets
Accumulated benefit obligation
$220 $201 
Fair value of plan assets
196 180 
Pension plans with PBO in excess of plan assets
Projected benefit obligation
$229 $209 
Fair value of plan assets
196 180 
Schedule of net benefit costs
Net periodic pension expense comprised the following:
In millions
202320222021
Service cost
$4 $6 $2 
Interest cost17 13 6 
Expected return on plan assets
(17)(21)(11)
Actuarial loss (gain)
3 4 2 
Net periodic pension expense (benefit)
$7 $2 $(1)
Schedule of assumptions used to determine the net periodic (benefit)/cost
Major actuarial assumptions used in determining the benefit obligations and net periodic pension cost for our defined benefit plans are presented in the following table:
202320222021
Actuarial assumptions used to determine benefit obligations as of December 31:
Discount rate
5.27 %5.52 %2.79 %
Rate of compensation increase
3.30 %3.36 %3.36 %
Actuarial assumptions used to determine net periodic pension cost for years ended December 31:
Discount rate
5.52 %2.79 %2.79 %
Expected long-term rate of return on plan assets
5.84 %5.18 %5.38 %
Rate of compensation increase
3.36 %3.36 %2.85 %
Defined benefit plan, plan assets, category
The target allocations for each asset class in the U.S. plan were 35% in equity securities, 65% in debt securities and 0% in other investment types for the year ended December 31, 2023, and were 23% in equity securities, 75% in debt securities and 2% in other investment types for the year ended December 31, 2022. The target allocations for each asset class in the U.K. plan were 33% in growth assets and 67% in stabilizing assets for the year ended December 31, 2023, and were 48% in growth assets and 52% in stabilizing assets for the year ended December 31, 2022. Pension assets for the immaterial plans totaled $30 million for the years ended December 31, 2023 and $26 million for the year ended December 31, 2022. These assets primarily relate to government securities within Level 1 of the fair value hierarchy.
Fair Value Measurement U.S. Plans
20232022
Asset Class 
TotalQuoted Prices in Active Markets For Identical Assets (Level 1)Significant Observable Inputs (Level 2)TotalQuoted Prices in Active Markets For Identical Assets (Level 1)Significant Observable Inputs (Level 2)
In millions
Cash and cash equivalents
$5 $5 $— $10 $10 $— 
Equities - developed markets
58 58 — 41 — 41 
Equities - emerging markets markets
7 7 — — — — 
Government securities50 — 50 7 7 — 
Corporate bonds72 — 72 108 — 108 
Other fixed income securities— — — 9 — 9 
Derivatives— — — 1 — 1 
Total Investments
$192 $70 $122 $176 $17 $159 
Fair Value Measurement U.K. Plans
20232022
Asset Class 
TotalQuoted Prices in Active Markets For Identical Assets (Level 1)Significant Observable Inputs (Level 2)TotalQuoted Prices in Active Markets For Identical Assets (Level 1)Significant Observable Inputs (Level 2)
In millions
Cash and cash equivalents
$1 $1 $— $2 $2 $— 
Equities - emerging markets
— — — — — — 
Diversified growth funds8 — 8 6 — 6 
Multi-asset credit10 — 10 8 — 8 
Absolute return fixed income1 — 1 4 — 4 
Liability driven investments32 — 32 30 — 30 
Cash flow driven investments
29 — 29 25 — 25 
Other Investments:
Private equity14 — — 9 — — 
Total Investments
$95 $1 $80 $84 $2 $73 
Schedule of expected future benefit payments
At December 31, 2023, projected future pension benefit payments, excluding any termination benefits, were as follows:

In millions
2024$8 
202511 
202613 
202716 
202817 
2029-2033113