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Pension and Other Postretirement Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
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
 202420232024202320242023
Change in pension benefit obligation:
Benefit obligation at beginning of year$(1,858)$(1,909)$(1,349)$(1,168)$(98)$(101)
Service cost— — (32)(30)— — 
Interest cost(90)(97)(45)(46)(4)(5)
Employee/retiree contributions— — (8)(7)(2)(1)
Benefits and other expenses paid152 155 50 47 12 12 
Actuarial gain (loss) 47 (52)29 (99)— (3)
Amendments, settlements and curtailments46 45 16 13 — — 
Foreign exchange rate impact and other— — 36 (59)— — 
Benefit obligation at end of year(1,703)(1,858)(1,303)(1,349)(92)(98)
Change in plan assets:
Fair value of plan assets at beginning of year1,889 1,857 815 772 — — 
Actual return on plan assets214 222 (14)24 — — 
Employer contributions8 10 37 36 11 11 
Employee contributions— — 8 7 1 1 
Amendments and settlements(45)(45)(13)(13)— — 
Benefits and other expenses paid(152)(155)(50)(47)(12)(12)
Foreign exchange rate impact and other— — (4)36 — — 
Fair value of plan assets at end of year1,914 1,889 779 815 — — 
Funded status$211 $31 $(524)$(534)$(92)$(98)
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
202420232024202320242023
Projected benefit obligation$85 $92 $865 $977 $92 $98 
Fair value of plan assets— — 276 360 — — 
Accumulated Benefit Obligation and Fair Value of Plan Assets
Accumulated benefit obligation (“ABO”) and fair value of plan assets for pension plans with ABO’s in excess of plan assets ($ in millions):
U.S. Pension BenefitsNon-U.S. Pension Benefits
2024202320242023
Accumulated benefit obligation$85 $92 $803 $914 
Fair value of plan assets— — 271 357 
Weighted Average Assumptions Used to Determine Benefit Obligations and Cost
Weighted average assumptions used to determine benefit obligations at date of measurement:
 U.S. Pension BenefitsNon-U.S. Pension BenefitsPostretirement Benefits
 202420232024202320242023
Discount rate5.6 %5.1 %3.5 %3.5 %5.5 %5.1 %
Rate of compensation increaseN/AN/A2.9 %3.1 %N/AN/A
Weighted average assumptions used to determine net periodic pension benefit (cost) at date of measurement:
 U.S. PlansNon-U.S. Plans
 2024202320242023
Discount rate5.1 %5.4 %3.5 %4.0 %
Expected long-term return on plan assets6.8 %6.8 %4.2 %4.6 %
Rate of compensation increaseN/AN/A3.1 %3.0 %
Components of Net Periodic Pension and Postretirement Benefit (Cost)
Components of net periodic pension and postretirement benefit (cost) ($ in millions):
 U.S. Pension BenefitsNon-U.S. Pension BenefitsPostretirement Benefits
202420232024202320242023
Service cost$— $— $(32)$(30)$— $— 
Interest cost(90)(97)(45)(46)(4)(5)
Expected return on plan assets121 124 31 33 — — 
Amortization of prior service (cost) credit(1)(1)1 1 2 2 
Amortization of net (loss) gain(13)(12)— 7 — — 
Curtailment and settlement (losses) gains recognized— — (1)1 — — 
Net periodic pension benefit (cost)$17 $14 $(46)$(34)$(2)$(3)
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, 2024 and 2023, 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
20242023202420232024202320242023
Cash and equivalents$209 $116 $— $— $— $— $209 $116 
Equity securities:
Common stock276 410 — — — — 276 410 
Preferred stock1 — — — — — 1 — 
Fixed income securities:
Corporate bonds— — 252 278 — — 252 278 
Government issued— — 24 25 — — 24 25 
Mutual funds118 112 164 167 — — 282 279 
Insurance contracts— — 268 236 — — 268 236 
Total$604 $638 $708 $706 $— $— 1,312 1,344 
Investments measured at NAV(a):
Common/collective trusts1,013 906 
Venture capital, partnerships and other private investments368 454 
Total assets at fair value$2,693 $2,704 
(a)    The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the total plan assets.
Benefit Payments that Reflect Expected Future Service
The following sets forth benefit payments, which reflect expected future service, as appropriate, expected to be paid by the plans in the periods indicated ($ in millions):
U.S. Pension PlansNon-U.S. Pension PlansPostretirement Benefit PlansAll Plans
2025$170 $56 $13 $239 
2026171 66 12 249 
2027170 64 11 245 
2028167 65 10 242 
2029164 65 9 238 
2030 - 2034658 354 36 1,048