Pension, Other Postretirement Benefits and Savings Plans (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Benefit Costs and Amounts Recognized in Other Comprehensive (Income) Loss

Total benefits cost and amounts recognized in other comprehensive (income) loss follows:

	Pension Plans
	U.S.									Non-U.S.									Other Postretirement Benefits
(In millions)	2022			2021			2020			2022			2021			2020			2022			2021			2020
Benefits cost (credit):
Service cost	$	13		$	9		$	4		$	24		$	30		$	30		$	3		$	3		$	2
Interest cost		133			94			126			60			47			56			12			9			8
Expected return on plan assets		(214	)		(196	)		(193	)		(67	)		(48	)		(54	)		—			—			—
Amortization of prior service cost (credit)		—			—			—			2			1			1			(1	)		(6	)		(9	)
Amortization of net losses		101			107			109			21			33			38			2			3			4
Net periodic cost	$	33		$	14		$	46		$	40		$	63		$	71		$	16		$	9		$	5
Net curtailments/settlements/ termination benefits		124			41			31			—			2			(4	)		—			—			(4	)
Total benefits cost	$	157		$	55		$	77		$	40		$	65		$	67		$	16		$	9		$	1
Recognized in other comprehensive (income) loss before tax and minority:
Prior service cost (credit) from plan amendments	$	6		$	—		$	—		$	(1	)	$	3		$	3		$	—		$	(4	)	$	—
(Decrease) increase in net actuarial losses		(99	)		(45	)		108			(10	)		(136	)		(100	)		(101	)		(20	)		5
Amortization of prior service (cost) credit in net periodic cost		—			—			—			(2	)		(2	)		(2	)		1			6			9
Amortization of net losses in net periodic cost		(101	)		(107	)		(109	)		(21	)		(33	)		(38	)		(2	)		(3	)		(4	)
Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments and settlements		(124	)		(41	)		(26	)		—			(2	)		(9	)		—			—			6
Total recognized in other comprehensive (income) loss before tax and minority	$	(318	)	$	(193	)	$	(27	)	$	(34	)	$	(170	)	$	(146	)	$	(102	)	$	(21	)	$	16
Total recognized in total benefits cost and other comprehensive (income) loss before tax and minority	$	(161	)	$	(138	)	$	50		$	6		$	(105	)	$	(79	)	$	(86	)	$	(12	)	$	17

Changes in Benefit Obligation and Plan Assets

The change in benefit obligation and plan assets for 2022 and 2021 and the amounts recognized in our Consolidated Balance Sheets at December 31, 2022 and 2021 are as follows:

	Pension Plans
	U.S.						Non-U.S.						Other Postretirement Benefits
(In millions)	2022			2021			2022			2021			2022			2021
Change in benefit obligation:
Beginning balance	$	(5,798	)	$	(5,235	)	$	(3,464	)	$	(3,382	)	$	(406	)	$	(236	)
Service cost — benefits earned		(13	)		(9	)		(24	)		(30	)		(3	)		(3	)
Interest cost		(133	)		(94	)		(60	)		(47	)		(12	)		(9	)
Plan amendments		(6	)		—			1			(3	)		—			4
Actuarial gain		1,282			153			881			168			103			21
Participant contributions		—			—			(3	)		(1	)		(8	)		(8	)
Curtailments/settlements/ termination benefits		233			90			6			10			—			—
Acquisition of Cooper Tire (1)		—			(1,088	)		—			(450	)		—			(205	)
Foreign currency translation		—			—			287			118			5			2
Benefit payments		351			385			149			153			29			28
Ending balance	$	(4,084	)	$	(5,798	)	$	(2,227	)	$	(3,464	)	$	(292	)	$	(406	)
Change in plan assets:
Beginning balance	$	5,720		$	4,970		$	3,272		$	3,041		$	—		$	—
Actual return on plan assets		(969	)		86			(845	)		(9	)		—			—
Company contributions to plan assets		—			29			32			30			—			—
Cash funding of direct participant payments		7			10			21			22			21			20
Participant contributions		—			—			3			1			8			8
Settlements		(233	)		(90	)		(6	)		(10	)		—			—
Acquisition of Cooper Tire (1)		—			1,100			—			412			—			—
Foreign currency translation		—			—			(285	)		(62	)		—			—
Benefit payments		(351	)		(385	)		(149	)		(153	)		(29	)		(28	)
Ending balance	$	4,174		$	5,720		$	2,043		$	3,272		$	—		$	—
Funded status at end of year	$	90		$	(78	)	$	(184	)	$	(192	)	$	(292	)	$	(406	)

(1)Represents the fair value of Cooper Tire related benefit plan obligations and plan assets as of the Closing Date.

Funded Status Recognized in the Consolidated Balance Sheets

The funded status at December 31 recognized in the Consolidated Balance Sheets consists of:

	Pension Plans												Other Postretirement
	U.S.						Non-U.S.						Benefits
(In millions)	2022			2021			2022			2021			2022			2021
Noncurrent assets	$	164		$	96		$	258		$	432		$	—		$	—
Current liabilities		(4	)		(7	)		(21	)		(22	)		(24	)		(25	)
Noncurrent liabilities		(70	)		(167	)		(421	)		(602	)		(268	)		(381	)
Net amount recognized	$	90		$	(78	)	$	(184	)	$	(192	)	$	(292	)	$	(406	)

Amounts Recognized in Accumulated Other Comprehensive Loss

The amounts recorded in AOCL at December 31, net of tax and minority interest, consist of:

	Pension Plans											Other Postretirement
	U.S.					Non-U.S.						Benefits
(In millions)	2022		2021			2022			2021			2022			2021
Prior service (credit) cost	$	3	$	(3	)	$	22		$	26		$	(4	)	$	(5	)
Net actuarial loss (gain)		1,836		2,160			435			465			(96	)		7
Gross amount recorded		1,839		2,157			457			491			(100	)		2
Deferred income taxes		81		3			(59	)		(64	)		1			(23	)
Minority shareholders’ equity		—		—			(4	)		(1	)		—			—
Net amount recorded	$	1,920	$	2,160		$	394		$	426		$	(99	)	$	(21	)

Weighted Average Assumptions Used

The following table presents significant weighted average assumptions used to determine benefit obligations at December 31:

	Pension Plans						Other Postretirement Benefits
	2022			2021			2022			2021
Discount rate:
—U.S.		5.45	%		2.82	%		5.51	%		2.87	%
—Non-U.S.		4.69			2.01			6.75			4.69
Rate of compensation increase:
—U.S.	N/A			N/A			N/A			N/A
—Non-U.S.		2.84			2.77		N/A			N/A

The following table presents significant weighted average assumptions used to determine benefits cost for the years ended December 31:

	Pension Plans									Other Postretirement Benefits
	2022			2021			2020			2022			2021			2020
Discount rate for determining interest cost:
—U.S.		2.74	%		1.72	%		2.66	%		2.33	%		1.97	%		2.68	%
—Non-U.S.		2.32			1.82			2.26			6.65			6.54			5.68
Expected long term return on plan assets:
—U.S.		4.23			3.74			4.22		N/A			N/A			N/A
—Non-U.S.		2.64			2.27			2.52		N/A			N/A			N/A
Rate of compensation increase:
—U.S.	N/A			N/A			N/A			N/A			N/A			N/A
—Non-U.S.		2.77			2.89			2.92		N/A			N/A			N/A

Estimated Future Benefit Payments

The following table presents estimated future benefit payments from the plans as of December 31, 2022. Benefit payments for U.S. pension plans in 2023 reflect the termination of the Cooper Tire U.S. salaried defined benefit pension plan. Benefit payments for other postretirement benefits are presented net of retiree contributions and Medicare Part D Subsidy Receipts:

	Pension Plans				Other Postretirement
(In millions)	U.S.		Non-U.S.		Benefits
2023	$	755	$	147	$	24
2024		358		141		24
2025		348		143		24
2026		346		145		24
2027		354		148		23
2028-2032		1,489		779		115

Selected Pension Plan Information

The following table presents selected information on our pension plans at December 31:

	U.S.				Non-U.S.
(In millions)	2022		2021		2022		2021
All plans:
Accumulated benefit obligation	$	4,077	$	5,780	$	2,167	$	3,385
Plans not fully-funded:
Projected benefit obligation	$	275	$	1,847	$	799	$	1,273
Accumulated benefit obligation		267		1,829		752		1,216
Fair value of plan assets		202		1,674		360		650

Assumed Health Care Cost Trend Rates

Assumed health care cost trend rates at December 31 follow:

	2022			2021
Health care cost trend rate assumed for the next year		7.0	%		6.5	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)		5.0			5.0
Year that the rate reaches the ultimate trend rate		2031			2028

Pension Plan Weighted Average Investment Allocation

Our pension plan weighted average investment allocation at December 31, by asset category, follows:

	U.S.						Non-U.S.
	2022			2021			2022			2021
Cash and short term securities		—	%		1	%		3	%		2	%
Equity securities		6			6			5			6
Debt securities		93			92			88			90
Alternatives		1			1			4			2
Total		100	%		100	%		100	%		100	%

Fair Values of Pension Plan Assets

The fair values of our pension plan assets at December 31, 2022 by asset category are as follows:

	U.S.									Non-U.S
(In millions)	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Other Unobservable Inputs (Level 3)
Cash and Short Term Securities	$	7		$	5	$	2	$	—	$	47		$	43	$	4		$	—
Equity Securities
Common and Preferred Stock		—			—		—		—		22			22		—			—
Commingled Funds		—			—		—		—		14			14		—			—
Mutual Funds		—			—		—		—		15			6		9			—
Debt Securities
Corporate Bonds		1,873			—		1,873		—		222			4		218			—
Government Bonds		646			—		646		—		1,369			51		1,318			—
Repurchase Agreements		—			—		—		—		(348	)		—		(348	)		—
Asset Backed Securities		157			—		157		—		21			5		16			—
Commingled Funds		—			—		—		—		25			19		6			—
Mutual Funds		—			—		—		—		10			10		—			—
Alternatives
Commingled Funds		—			—		—		—		3			3		—			—
Insurance Contracts		1			—		—		1		20			—		—			20
Derivatives		1			—		1		—		1			—		1			—
Total Investments in the Fair Value Hierarchy		2,685		$	5	$	2,679	$	1		1,421		$	177	$	1,224		$	20
Investments Measured at Net Asset Value, as Practical Expedient:
Equity Securities
Commingled Funds		—									38
Mutual Funds		111									3
Partnership Interests		119									—
Debt Securities
Commingled Funds		283									453
Mutual Funds		558									43
Partnership Interests		153									29
Short Term Securities
Commingled Funds		222									14
Pooled Separate Accounts		10									—
Alternatives
Commingled Funds		44									43
Partnership Interests		—									20
Total Investments		4,185									2,064
Other		(11	)								(21	)
Total Plan Assets	$	4,174								$	2,043

The fair values of our pension plan assets at December 31, 2021 by asset category are as follows:

	U.S.									Non-U.S
(In millions)	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Other Unobservable Inputs (Level 3)
Cash and Short Term Securities	$	71		$	71	$	—	$	—	$	56		$	51	$	5		$	—
Equity Securities
Common and Preferred Stock		—			—		—		—		28			28		—			—
Commingled Funds		—			—		—		—		20			20		—			—
Mutual Funds		—			—		—		—		37			8		29			—
Debt Securities
Corporate Bonds		2,673			—		2,673		—		286			5		281			—
Government Bonds		958			—		958		—		2,391			71		2,320			—
Repurchase Agreements		—			—		—		—		(570	)		—		(570	)		—
Asset Backed Securities		172			—		172		—		26			7		19			—
Commingled Funds		—			—		—		—		29			20		9			—
Mutual Funds		—			—		—		—		9			9		—			—
Alternatives
Insurance Contracts		1			—		—		1		25			—		—			25
Derivatives		4			—		4		—		2			—		2			—
Total Investments in the Fair Value Hierarchy		3,879		$	71	$	3,807	$	1		2,339		$	219	$	2,095		$	25
Investments Measured at Net Asset Value, as Practical Expedient:
Equity Securities
Commingled Funds		8									102
Mutual Funds		167									2
Partnership Interests		161									13
Debt Securities
Commingled Funds		388									708
Mutual Funds		877									76
Partnership Interests		143									39
Short Term Securities
Commingled Funds		78									19
Pooled Separate Accounts		10									—
Alternatives
Commingled Funds		60									39
Total Investments		5,771									3,337
Other		(51	)								(65	)
Total Plan Assets	$	5,720								$	3,272

Changes in Fair Value of Non-U.S. Pension Plan Insurance Contracts Classified as Level 3

The following table sets forth a summary of changes in fair value of the non-U.S. pension plan insurance contracts classified as Level 3:

(In millions)	2022			2021
Balance, beginning of year	$	25		$	28
Unrealized gains relating to instruments still held at the reporting date		(3	)		(1	)
Foreign currency translation		(2	)		(2	)
Balance, end of year	$	20		$	25