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Pensions and other benefit plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost
Net periodic benefit costs for the Company’s defined benefit retirement plans and other benefit plans for 2023, 2022 and 2021 include the following components:
Retirement PlansOther Benefit Plans
(Dollars in Millions)202320222021202320222021
Service cost$8931,3191,412264320309
Interest cost1,43790876821410480
Expected return on plan assets(2,716)(2,756)(2,644)(7)(8)(7)
Amortization of prior service cost (184)(184)(181)(2)(5)(31)
Recognized actuarial losses (gains)(199)6501,25123122151
Curtailments and settlements9311(5)——
Net periodic benefit cost (credit)$(676)(62)607487533502
Rates Used to Develop Actuarial Present Value of Projected Benefit Obligation
The following table represents the weighted-average actuarial assumptions:
Retirement PlansOther Benefit Plans
Worldwide Benefit Plans202320222021202320222021
Net Periodic Benefit Cost
Service cost discount rate4.85 %2.46 2.14 5.40 2.59 2.09 
Interest cost discount rate5.25 %2.80 2.34 5.43 2.64 2.33 
Rate of increase in compensation levels3.71 %4.02 4.01 4.22 4.21 4.25 
Expected long-term rate of return on plan assets7.21 %7.25 7.71 
Benefit Obligation
Discount rate4.58 %5.01 2.49 5.11 5.42 2.68 
Rate of increase in compensation levels3.69 %4.00 4.01 4.22 4.21 4.21 
Assumed Health Care Cost Trend Rates
The following table displays the assumed healthcare cost trend rates, for all individuals:
Healthcare Plans20232022
Healthcare cost trend rate assumed for next year13.90 %*5.96 %
Rate to which the cost trend rate is assumed to decline (ultimate trend)4.00 %3.99 %
Year the rate reaches the ultimate trend rate2048 2047 
*excludes ongoing negotiations regarding healthcare cost with service providers
Schedule of Net Funded Status
The following table sets forth information related to the benefit obligation and the fair value of plan assets at fiscal year-end 2023 and 2022 for the Company’s defined benefit retirement plans and other post-retirement plans:
Retirement PlansOther Benefit Plans
(Dollars in Millions)2023202220232022
Change in Benefit Obligation
Projected benefit obligation — beginning of year$29,39041,2724,1924,874
Service cost8931,319264320
Interest cost1,437908214104
Plan participant contributions7367——
Amendments(6)7——
Actuarial (gains) losses(1)
2,068(12,159)469(704)
Divestitures & acquisitions(2)
(352)—1—
Curtailments, settlements & restructuring(238)(7)(332)—
Benefits paid from plan(3)
(2,122)(1,220)(702)(393)
Effect of exchange rates601(797)2(9)
Projected benefit obligation — end of year$31,74429,3904,1084,192
Change in Plan Assets
Plan assets at fair value — beginning of year$31,49641,90978102
Actual return (loss) on plan assets3,951(8,663)16(17)
Company contributions268261694386
Plan participant contributions7367——
Settlements(176)(5)——
Divestitures & acquisitions(2)
(509)———
Benefits paid from plan assets(3)
(2,122)(1,220)(702)(393)
Effect of exchange rates626(853)——
Plan assets at fair value — end of year$33,60731,4968678
Funded status — end of year$1,8632,106(4,022)(4,114)
Amounts Recognized in the Company’s Balance Sheet consist of the following:
Non-current assets$4,9924,581——
Current liabilities(119)(127)(416)(461)
Non-current liabilities(3,010)(2,348)(3,606)(3,653)
Total recognized in the consolidated balance sheet — end of year$1,8632,106(4,022)(4,114)
Amounts Recognized in Accumulated Other Comprehensive Income consist of the following:
Net actuarial loss$4,9623,948354239
Prior service cost (credit)(1,236)(1,417)(6)(7)
Unrecognized net transition obligation———
Total before tax effects$3,7262,531348232
Accumulated Benefit Obligations — end of year$30,13927,797
(1)The actuarial (gains)/losses for retirement plans in 2023 and 2022 were primarily driven by changes in the discount rates.
(2)Primarily driven by the Kenvue separation.
(3)Includes approximately $800 million transferred to a group annuity contract issued by a third-party insurer for the U.S. Salaried Pension Plan.
Retirement PlansOther Benefit Plans
(Dollars in Millions)2023202220232022
Amounts Recognized in Net Periodic Benefit Cost and Other Comprehensive Income
Net periodic benefit cost (credit)$(676)(62)487533
Net actuarial (gain) loss711(793)136(751)
Amortization of net actuarial loss199(655)(22)(121)
Prior service cost (credit)(2)7——
Amortization of prior service (cost) credit18518325
Effect of exchange rates103(140)—(1)
Total loss/(income) recognized in other comprehensive income, before tax$1,195(1,398)116(868)
Total recognized in net periodic benefit cost and other comprehensive income$519(1,460)603(335)
Information Related to the Benefit Obligation and the Fair Value of Plan Assets
The following table displays the funded status of the Company's U.S. Qualified & Non-Qualified pension plans and international funded and unfunded pension plans at December 31, 2023 and December 31, 2022, respectively:
U.S. PlansInternational Plans
Qualified PlansNon-Qualified PlansFunded PlansUnfunded Plans
(Dollars in Millions)20232022202320222023202220232022
Plan Assets$22,29820,937——11,30910,559——
Projected Benefit Obligation19,15218,3942,0371,93710,4318,98212477
Accumulated Benefit Obligation18,55717,6961,9821,8729,4988,16610263
Over (Under) Funded Status
Projected Benefit Obligation$3,1462,543(2,037)(1,937)8781,577(124)(77)
Accumulated Benefit Obligation3,7413,241(1,982)(1,872)1,8112,393(102)(63)
Projected Future Benefit Payments from Company's Retirement and Other Benefit Plans
The following table displays the projected future benefit payments from the Company’s retirement and other benefit plans:
(Dollars in Millions)202420252026202720282029-2033
Projected future benefit payments
Retirement plans$1,4811,4731,5491,6471,74510,133
Other benefit plans $4274383964114282,360
Projected Future Minimum Contributions to the Company's U.S. and International Unfunded Retirement Plans
The following table displays the projected future minimum contributions to the unfunded retirement plans. These amounts do not include any discretionary contributions that the Company may elect to make in the future.
(Dollars in Millions)202420252026202720282029-2033
Projected future contributions$122126133139145787
Company' Retirement Plan Asset Allocation and Target Allocations
The Company’s retirement plan asset allocation at the end of 2023 and 2022 and target allocations for 2024 are as follows:
Percent of
Plan Assets		Target
Allocation
202320222024
Worldwide Retirement Plans
Equity securities58 %62 %58 %
Debt securities42 38 42 
Total plan assets100 %100 %100 %
Schedule of Defined Benefit Plans Disclosures
The following table sets forth the Retirement Plans' investments measured at fair value as of December 31, 2023 and December 31, 2022:
Quoted Prices
in Active
Markets for
Identical Assets		Significant
Other
Observable
Inputs
Significant
Unobservable
Inputs(1)
Investments Measured at Net Asset Value
(Level 1)(Level 2)(Level 3)Total Assets
(Dollars in Millions)2023202220232022202320222023202220232022
Short-term investment funds
$122682913————84139
Government and agency securities——5,9855,863————5,9855,863
Debt instruments——3,8993,681————3,8993,681
Equity securities7,7648,846—2————7,7648,848
Commingled funds——4,9674,36243566,6726,09611,68210,514
Other assets——493392123,2952,5063,4362,551
Investments at fair value
$7,7768,87215,72913,954135689,9678,60233,60731,496
(1) The activity for the Level 3 assets is not significant for all years presented.