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Pension and Other Postretirement Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost
The net periodic benefit cost (credit) for pension and other postretirement benefit plans (including certain costs reported as part of discontinued operations) consisted of the following components:
Pension Benefits
U.S.InternationalOther Postretirement Benefits
Years Ended December 31202220212020202220212020202220212020
Service cost$372 $403 $360 $283 $328 $297 $48 $48 $52 
Interest cost457 404 431 145 123 136 46 45 57 
Expected return on plan assets(753)(755)(774)(383)(416)(414)(86)(79)(75)
Amortization of unrecognized prior service cost(32)(38)(49)(14)(16)(18)(57)(63)(73)
Net loss (gain) amortization128 298 303 96 142 127 (43)(42)(18)
Termination benefits2 56 10 1  37 
Curtailments12 16 10  (26)— (1)(29)(4)
Settlements239 216 13 1 15  — — 
Net periodic benefit cost (credit)$425 $600 $304 $129 $148 $146 $(93)$(83)$(59)
Obligation and Funded Status
Summarized information about the changes in plan assets and benefit obligations, the funded status and the amounts recorded at December 31 is as follows:
Pension BenefitsOther
Postretirement
Benefits
U.S.International
  202220212022202120222021
Fair value of plan assets January 1$13,067 $12,672 $12,195 $12,009 $1,292 $1,221 
Actual return on plan assets(3,129)1,250 (2,793)891 (306)118 
Company contributions293 305 155 189 46 33 
Effects of exchange rate changes — (848)(671) — 
Benefits paid(219)(219)(250)(233)(90)(86)
Settlements(918)(941)(16)(55) — 
Spin-off of Organon —  (55) — 
Other — 30 120 5 
Fair value of plan assets December 31$9,094 $13,067 $8,473 $12,195 $947 $1,292 
Benefit obligation January 1$13,999 $14,613 $11,575 $12,458 $1,541 $1,607 
Service cost372 403 283 328 48 48 
Interest cost457 404 145 123 46 45 
Actuarial (gains) losses (1)
(3,851)(332)(3,283)(240)(392)(103)
Benefits paid(219)(219)(250)(233)(90)(86)
Effects of exchange rate changes — (732)(678)(1)(1)
Plan amendments — 4  — 
Curtailments12 15  (38) (12)
Termination benefits2 56 1  37 
Settlements(918)(941)(16)(55) — 
Spin-off of Organon —  (118) — 
Other — 28 19 5 
Benefit obligation December 31$9,854 $13,999 $7,755 $11,575 $1,157 $1,541 
Funded status December 31$(760)$(932)$718 $620 $(210)$(249)
Recognized as:
Other Assets$5 $$1,052 $1,395 $ $— 
Accrued and other current liabilities(59)(64)(19)(22)(8)(8)
Other Noncurrent Liabilities(706)(877)(315)(753)(202)(241)
(1)    Actuarial (gains) losses primarily reflect changes in discount rates.
Schedule of Accumulated and Projected Benefit Obligations in Excess of Fair Value of Plan Assets
Information related to the funded status of selected pension plans at December 31 is as follows:
U.S.International
2022202120222021
Pension plans with a projected benefit obligation in excess of plan assets
Projected benefit obligation$9,186 $13,013 $2,779 $2,507 
Fair value of plan assets8,421 12,072 2,445 1,731 
Pension plans with an accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation$9,081 $12,916 $1,226 $2,462 
Fair value of plan assets8,421 12,072 948 1,723 
Schedule of Allocation of Plan Assets
The fair values of the Company’s pension plan assets at December 31 by asset category are as follows:
 Fair Value Measurements UsingFair Value Measurements Using
  Level 1Level 2Level 3
NAV (1)
TotalLevel 1Level 2Level 3
NAV (1)
Total
20222021
U.S. Pension Plans
Cash and cash equivalents$49 $ $ $98 $147 $$— $— $289 $292 
Investment funds
Developed markets equities211   2,443 2,654 236 — — 3,799 4,035 
Emerging markets equities   707 707 — — — 919 919 
Real estate   131 131 — — — — — 
Equity securities
Developed markets1,956    1,956 2,915 — — — 2,915 
Fixed income securities
Government and agency obligations 1,934   1,934 — 2,870 — — 2,870 
Corporate obligations 1,438   1,438 — 2,005 — — 2,005 
Mortgage and asset-backed securities 22   22 — 23 — — 23 
Other investments
Derivatives 101   101 — — — — — 
Other  4  4 — — 
Plan assets at fair value$2,216 $3,495 $4 $3,379 $9,094 $3,156 $4,898 $$5,007 $13,067 
International Pension Plans
Cash and cash equivalents$57 $8 $ $13 $78 $82 $10 $— $18 $110 
Investment funds
Developed markets equities375 2,957  90 3,422 531 4,292 — 121 4,944 
Government and agency obligations177 2,656  130 2,963 240 4,025 — 171 4,436 
Emerging markets equities52   59 111 137 — — 72 209 
Corporate obligations8 9  129 146 — 171 188 
Other fixed income obligations10 7  4 21 15 — 26 
Real estate 1  10 11 — — 16 17 
Equity securities
Developed markets263    263 369 — — — 369 
Fixed income securities
Government and agency obligations 448   448 591 — 597 
Corporate obligations 157   157 — 223 — 225 
Mortgage and asset-backed securities 69   69 — 90 — — 90 
Other investments
Insurance contracts (2)
 18 761 1 780 — 44 937 982 
Other1 3   4 — — 
Plan assets at fair value$943 $6,333 $761 $436 $8,473 $1,387 $9,293 $937 $578 $12,195 
(1)    Certain investments that were measured at net asset value (NAV) per share or its equivalent have not been classified in the fair value hierarchy. The NAV amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets at December 31, 2022 and 2021.
(2)    The plans’ Level 3 investments in insurance contracts are generally valued using a crediting rate that approximates market returns and invest in underlying securities whose market values are unobservable and determined using pricing models, discounted cash flow methodologies, or similar techniques.
The fair values of the Company’s other postretirement benefit plan assets at December 31 by asset category are as follows:
 Fair Value Measurements UsingFair Value Measurements Using
  Level 1Level 2Level 3
NAV (1)
TotalLevel 1Level 2Level 3
NAV (1)
Total
  2022  2021  
Cash and cash equivalents$2 $ $ $8 $10 $11 $— $— $28 $39 
Investment funds
Developed markets equities22   257 279 24 — — 378 402 
Emerging markets equities   74 74 — — — 92 92 
Real estate   14 14 — — — — — 
Government and agency obligations1    1 — — — 
Equity securities— 
Developed markets206    206 290 — — — 290 
Fixed income securities
Government and agency obligations 212   212 — 275 — — 275 
Corporate obligations 137   137 — 191 — — 191 
Mortgage and asset-backed securities 2   2 — — — 
Other Investments
Derivatives 12   12 — — — — — 
Plan assets at fair value$231 $363 $ $353 $947 $326 $468 $— $498 $1,292 
(1)    Certain investments that were measured at net asset value (NAV) per share or its equivalent have not been classified in the fair value hierarchy. The NAV amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets at December 31, 2022 and 2021.
Summary of Changes in Fair Value of Company's Level 3 Pension Plan Assets
The table below provides a summary of the changes in fair value, including transfers in and/or out, of all financial assets measured at fair value using significant unobservable inputs (Level 3) for the Company’s pension plan assets:
 20222021
  Insurance
Contracts
Real
Estate
OtherTotalInsurance
Contracts
Real
Estate
OtherTotal
U.S. Pension Plans
Balance January 1$ $ $6 $6 $— $— $$
Actual return on plan assets:
Relating to assets still held at December 31  (3)(3)— — (5)(5)
Relating to assets sold during the year  2 2 — — 
Purchases and sales, net  (1)(1)— — (3)(3)
Balance December 31$ $ $4 $4 $— $— $$
International Pension Plans
Balance January 1$937 $ $ $937 $935 $— $— $935 
Actual return on plan assets:
Relating to assets still held at December 31(147)  (147)(34)— — (34)
Purchases and sales, net(39) (39)(42)— — (42)
Transfers into Level 310  10 78 — — 78 
Balance December 31$761 $ $ $761 $937 $— $— $937 
Summary of Expected Benefit Payments
Expected benefit payments are as follows:
U.S. Pension BenefitsInternational Pension
Benefits
Other
Postretirement
Benefits
2023$627 $271 $84 
2024634 257 86 
2025650 262 87 
2026676 283 89 
2027694 297 90 
2028 — 20323,948 1,704 474 
Components of Other Comprehensive Income The following amounts were reflected as components of OCI:
 Pension PlansOther Postretirement
Benefit Plans
U.S.International
Years Ended December 31202220212020202220212020202220212020
Net (loss) gain arising during the period$(42)$813 $(472)$116 $772 $(424)$ $156 $199 
Prior service (cost) credit arising during the period — — (4)(4)64  — — 
 $(42)$813 $(472)$112 $768 $(360)$ $156 $199 
Net loss (gain) amortization included in benefit cost$128 $298 $303 $96 $142 $127 $(43)$(42)$(18)
Prior service credit amortization included in benefit cost(32)(38)(49)(14)(16)(18)(57)(63)(73)
Settlements and curtailments251 232 23 1 (18)15 (1)(29)(4)
 $347 $492 $277 $83 $108 $124 $(101)$(134)$(95)
Summary of Weighted Average Assumptions Used in Determining Pension Plan and U.S. Pension and Other Postretirement Benefit Plan Information
The Company reassesses its benefit plan assumptions on a regular basis. The weighted average assumptions used in determining U.S. pension and other postretirement benefit plan and international pension plan information are as follows:
 U.S. Pension and Other
Postretirement Benefit Plans
International Pension Plans
December 31202220212020202220212020
Net periodic benefit cost      
Discount rate3.00 %2.70 %3.40 %1.50 %1.10 %1.50 %
Expected rate of return on plan assets6.70 %6.70 %7.30 %3.70 %3.80 %4.40 %
Salary growth rate4.60 %4.60 %4.20 %2.90 %2.80 %2.80 %
Interest crediting rate5.00 %4.70 %4.90 %3.00 %3.00 %2.80 %
Benefit obligation      
Discount rate5.50 %3.00 %2.70 %3.90 %1.50 %1.10 %
Salary growth rate4.60 %4.60 %4.60 %3.20 %2.90 %2.80 %
Interest crediting rate5.30 %5.00 %4.70 %3.30 %3.00 %3.00 %
Summary of Health Care Cost Trend Rate Assumptions for Other Postretirement Benefit Plans
The health care cost trend rate assumptions for other postretirement benefit plans are as follows:
December 3120222021
Health care cost trend rate assumed for next year7.8 %6.4 %
Rate to which the cost trend rate is assumed to decline4.5 %4.5 %
Year that the trend rate reaches the ultimate trend rate20382032