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Pension and Other Postretirement Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Funded Status of Pension and Postretirement Benefit Plans
The following sets forth the funded status of the U.S. pension, non-U.S. pension and postretirement benefit plans as of the most recent actuarial valuations using measurement dates of December 31 ($ in millions):
 U.S. Pension BenefitsNon-U.S. Pension BenefitsPostretirement Benefits
 202320222023202220232022
Change in pension benefit obligation:
Benefit obligation at beginning of year$(1,909)$(2,528)$(1,168)$(1,811)$(101)$(130)
Service cost— — (30)(35)— — 
Interest cost(97)(54)(46)(22)(5)(3)
Employee/retiree contributions— — (7)(5)(1)(1)
Benefits and other expenses paid155 178 47 45 12 13 
Actuarial (loss) gain (52)495 (99)451 (3)20 
Amendments, settlements and curtailments45 — 13 62 — — 
Foreign exchange rate impact and other— — (59)147 — — 
Benefit obligation at end of year(1,858)(1,909)(1,349)(1,168)(98)(101)
Change in plan assets:
Fair value of plan assets at beginning of year1,857 2,303 772 1,260 — — 
Actual return on plan assets222 (278)24 (321)— — 
Employer contributions10 10 36 36 11 12 
Employee contributions— — 7 5 1 1 
Amendments and settlements(45)— (13)(61)— — 
Benefits and other expenses paid(155)(178)(47)(45)(12)(13)
Foreign exchange rate impact and other— — 36 (102)— — 
Fair value of plan assets at end of year1,889 1,857 815 772 — — 
Funded status$31 $(52)$(534)$(396)$(98)$(101)
Projected Benefit Obligation and Fair Value of Plan Assets
Projected benefit obligation (“PBO”) and fair value of plan assets for pension plans and postretirement benefit plans with PBO’s in excess of plan assets ($ in millions):
U.S. Pension BenefitsNon-U.S. Pension BenefitsPostretirement Benefits
202320222023202220232022
Projected benefit obligation$92 $94 $977 $699 $98 $101 
Fair value of plan assets— — 360 214 — — 
The year-over-year change in the amounts above reflects the changes in the benefit plans with a fair value of plan assets in excess of the projected benefit obligation.
Accumulated Benefit Obligation and Fair Value of Plan Assets
Accumulated benefit obligation (“ABO”) and fair value of plan assets for pension plans with ABO’s in excess of plan assets ($ in millions):
U.S. Pension BenefitsNon-U.S. Pension Benefits
2023202220232022
Accumulated benefit obligation$92 $94 $914 $644 
Fair value of plan assets— — 357 204 
The year-over-year change in the amounts above reflects the changes in the benefit plans with a fair value of plan assets in excess of the accumulated benefit obligation.
Weighted Average Assumptions Used to Determine Benefit Obligations and Cost
Weighted average assumptions used to determine benefit obligations at date of measurement:
 U.S. Pension BenefitsNon-U.S. Pension BenefitsPostretirement Benefits
 202320222023202220232022
Discount rate5.1 %5.4 %3.5 %4.0 %5.1 %5.4 %
Rate of compensation increaseN/AN/A3.1 %3.0 %N/AN/A
Weighted average assumptions used to determine net periodic pension benefit (cost) at date of measurement:
 U.S. PlansNon-U.S. Plans
 2023202220232022
Discount rate5.4 %2.7 %4.0 %1.5 %
Expected long-term return on plan assets6.8 %6.8 %4.6 %3.3 %
Rate of compensation increaseN/AN/A3.0 %2.7 %
Components of Net Periodic Pension and Postretirement Benefit (Cost)
Components of net periodic pension and postretirement benefit (cost) ($ in millions):
 U.S. Pension BenefitsNon-U.S. Pension BenefitsPostretirement Benefits
202320222023202220232022
Service cost$— $— $(30)$(35)$— $— 
Interest cost(97)(54)(46)(22)(5)(3)
Expected return on plan assets124 130 33 35 — — 
Amortization of prior service (cost) credit(1)(1)1 1 2 2 
Amortization of net (loss) gain(12)(35)7 (1)— (1)
Curtailment and settlement gains (losses) recognized— — 1 (7)— — 
Net periodic pension benefit (cost)$14 $40 $(34)$(29)$(3)$(2)
Fair Values of Pension Plan Assets
The fair values of the Company’s pension plan assets for both the U.S. and non-U.S. plans as of December 31, 2023 and 2022, by asset category were as follows ($ in millions):
Quoted Prices in Active Market (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)Total
20232022202320222023202220232022
Cash and equivalents$116 $113 $— $— $— $— $116 $113 
Equity securities:
Common stock410 379 — — — — 410 379 
Fixed income securities:
Corporate bonds— — 278 129 — — 278 129 
Government issued— — 25 24 — — 25 24 
Mutual funds112 156 167 118 — — 279 274 
Insurance contracts— — 236 206 — — 236 206 
Total$638 $648 $706 $477 $— $— 1,344 1,125 
Investments measured at NAV (a):
Common/collective trusts906 811 
Venture capital, partnerships and other private investments454 693 
Total assets at fair value$2,704 $2,629 
(a)    The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the total plan assets.
Benefit Payments that Reflect Expected Future Service
The following sets forth benefit payments, which reflect expected future service, as appropriate, expected to be paid by the plans in the periods indicated ($ in millions):
U.S. Pension PlansNon-U.S. Pension PlansPostretirement Benefit PlansAll Plans
2024$175 $56 $13 $244 
2025174 63 12 249 
2026173 62 11 246 
2027173 66 10 249 
2028170 66 9 245 
2029 - 2033697 358 39 1,094