Pension, Other Postretirement Benefits and Savings Plans (Tables)

12 Months Ended

Dec. 31, 2023

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)	2023			2022			2021			2023			2022			2021			2023			2022			2021
Benefits cost (credit):
Service cost	$	8		$	13		$	9		$	18		$	24		$	30		$	2		$	3		$	3
Interest cost		195			133			94			108			60			47			16			12			9
Expected return on plan assets		(231	)		(214	)		(196	)		(92	)		(67	)		(48	)		—			—			—
Amortization of prior service cost (credit)		—			—			—			2			2			1			(1	)		(1	)		(6	)
Amortization of net losses (gains)		98			101			107			16			21			33			(9	)		2			3
Net periodic cost	$	70		$	33		$	14		$	52		$	40		$	63		$	8		$	16		$	9
Net curtailments/settlements/ termination benefits		34			124			41			7			—			2			—			—			—
Total benefits cost	$	104		$	157		$	55		$	59		$	40		$	65		$	8		$	16		$	9
Recognized in other comprehensive (income) loss before tax and minority:
Prior service cost (credit) from plan amendments	$	—		$	6		$	—		$	—		$	(1	)	$	3		$	—		$	—		$	(4	)
Increase (decrease) in net actuarial losses		40			(99	)		(45	)		120			(10	)		(136	)		1			(101	)		(20	)
Amortization of prior service (cost) credit in net periodic cost		—			—			—			(2	)		(2	)		(2	)		1			1			6
Amortization of net (losses) gains in net periodic cost		(98	)		(101	)		(107	)		(16	)		(21	)		(33	)		9			(2	)		(3	)
Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments and settlements		(34	)		(124	)		(41	)		(13	)		—			(2	)		—			—			—
Total recognized in other comprehensive (income) loss before tax and minority	$	(92	)	$	(318	)	$	(193	)	$	89		$	(34	)	$	(170	)	$	11		$	(102	)	$	(21	)
Total recognized in total benefits cost and other comprehensive (income) loss before tax and minority	$	12		$	(161	)	$	(138	)	$	148		$	6		$	(105	)	$	19		$	(86	)	$	(12	)

Changes in Benefit Obligation and Plan Assets

The change in benefit obligation and plan assets for 2023 and 2022 and the amounts recognized in our Consolidated Balance Sheets at December 31, 2023 and 2022 are as follows:

	Pension Plans
	U.S.						Non-U.S.						Other Postretirement Benefits
(In millions)	2023			2022			2023			2022			2023			2022
Change in benefit obligation:
Beginning balance	$	(4,084	)	$	(5,798	)	$	(2,227	)	$	(3,464	)	$	(292	)	$	(406	)
Service cost — benefits earned		(8	)		(13	)		(18	)		(24	)		(2	)		(3	)
Interest cost		(195	)		(133	)		(108	)		(60	)		(16	)		(12	)
Plan amendments		—			(6	)		—			1			—			—
Actuarial gain (loss)		(98	)		1,282			(116	)		881			(1	)		103
Participant contributions		—			—			(3	)		(3	)		(7	)		(8	)
Curtailments/settlements/ termination benefits		355			233			21			6			—			—
Foreign currency translation		—			—			(83	)		287			(1	)		5
Benefit payments		371			351			142			149			32			29
Ending balance	$	(3,659	)	$	(4,084	)	$	(2,392	)	$	(2,227	)	$	(287	)	$	(292	)
Change in plan assets:
Beginning balance	$	4,174		$	5,720		$	2,043		$	3,272		$	—		$	—
Actual return on plan assets		290			(969	)		102			(845	)		—			—
Company contributions to plan assets		(18	)		—			42			32			—			—
Cash funding of direct participant payments		4			7			26			21			25			21
Participant contributions		—			—			3			3			7			8
Settlements		(355	)		(233	)		(16	)		(6	)		—			—
Foreign currency translation		—			—			88			(285	)		—			—
Benefit payments		(371	)		(351	)		(142	)		(149	)		(32	)		(29	)
Ending balance	$	3,724		$	4,174		$	2,146		$	2,043		$	—		$	—
Funded status at end of year	$	65		$	90		$	(246	)	$	(184	)	$	(287	)	$	(292	)

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)	2023			2022			2023			2022			2023			2022
Noncurrent assets	$	155		$	164		$	215		$	258		$	—		$	—
Current liabilities		(14	)		(4	)		(28	)		(21	)		(24	)		(24	)
Noncurrent liabilities		(76	)		(70	)		(433	)		(421	)		(263	)		(268	)
Net amount recognized	$	65		$	90		$	(246	)	$	(184	)	$	(287	)	$	(292	)

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)	2023		2022		2023			2022			2023			2022
Prior service (credit) cost	$	3	$	3	$	22		$	22		$	(4	)	$	(4	)
Net actuarial loss (gain)		1,744		1,836		524			435			(85	)		(96	)
Gross amount recorded		1,747		1,839		546			457			(89	)		(100	)
Deferred income taxes		103		81		(77	)		(59	)		(2	)		1
Minority shareholders’ equity		—		—		(4	)		(4	)		—			—
Net amount recorded	$	1,850	$	1,920	$	465		$	394		$	(91	)	$	(99	)

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
	2023			2022			2023			2022
Discount rate:
—U.S.		5.12	%		5.45	%		5.16	%		5.51	%
—Non-U.S.		4.29			4.69			6.38			6.75
Rate of compensation increase:
—U.S.	N/A			N/A			N/A			N/A
—Non-U.S.		2.82			2.84		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
	2023			2022			2021			2023			2022			2021
Discount rate for determining interest cost:
—U.S.		5.34	%		2.74	%		1.72	%		5.37	%		2.33	%		1.97	%
—Non-U.S.		4.72			2.32			1.82			7.64			6.65			6.54
Expected long term return on plan assets:
—U.S.		6.27			4.23			3.74		N/A			N/A			N/A
—Non-U.S.		4.79			2.64			2.27		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.		2.84			2.77			2.89		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, 2023. 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
2024	$	381	$	165	$	24
2025		379		146		23
2026		350		148		23
2027		328		150		23
2028		318		154		23
2029-2033		1,408		813		109

Selected Pension Plan Information

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

	U.S.				Non-U.S.
(In millions)	2023		2022		2023		2022
All plans:
Accumulated benefit obligation	$	3,650	$	4,077	$	2,330	$	2,167
Plans not fully-funded:
Projected benefit obligation	$	292	$	275	$	905	$	799
Accumulated benefit obligation		283		267		858		752
Fair value of plan assets		203		202		445		360

Assumed Health Care Cost Trend Rates

Assumed health care cost trend rates at December 31 follow:

	2023			2022
Health care cost trend rate assumed for the next year		6.75	%		7.0	%
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			2031

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.
	2023			2022			2023			2022
Cash and short term securities		—	%		—	%		2	%		3	%
Equity securities		3			6			4			5
Debt securities		97			93			91			88
Alternatives		—			1			3			4
Total		100	%		100	%		100	%		100	%

Fair Values of Pension Plan Assets

The fair values of our pension plan assets at December 31, 2023 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	$	11	$	6	$	5	$	—	$	50		$	46	$	4		$	—
Equity Securities
Common and Preferred Stock		—		—		—		—		1			1		—			—
Commingled Funds		—		—		—		—		5			5		—			—
Mutual Funds		—		—		—		—		43			22		21			—
Debt Securities
Corporate Bonds		1,832		—		1,831		1		223			—		223			—
Government Bonds		729		—		729		—		1,676			67		1,609			—
Repurchase Agreements		—		—		—		—		(453	)		—		(453	)		—
Asset Backed Securities		163		—		163		—		18			—		18			—
Commingled Funds		—		—		—		—		18			18		—			—
Mutual Funds		—		—		—		—		38			38		—			—
Alternatives
Commingled Funds		—		—		—		—		2			2		—			—
Insurance Contracts		1		—		—		1		21			—		—			21
Derivatives		5		—		5		—		1			—		1			—
Mutual Funds		—		—		—		—		1			1		—			—
Total Investments in the Fair Value Hierarchy		2,741	$	6	$	2,733	$	2		1,644		$	200	$	1,423		$	21
Investments Measured at Net Asset Value, as Practical Expedient:
Equity Securities
Commingled Funds		—								29
Mutual Funds		—								4
Partnership Interests		95								—
Debt Securities
Commingled Funds		216								385
Mutual Funds		289								44
Partnership Interests		150								23
Short Term Securities
Commingled Funds		227								7
Alternatives
Commingled Funds		—								27
Partnership Interests		—								9
Total Investments		3,718								2,172
Other		6								(26	)
Total Plan Assets	$	3,724							$	2,146

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

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)	2023		2022
Balance, beginning of year	$	20	$	25
Unrealized gains relating to instruments still held at the reporting date		1		(3	)
Foreign currency translation		—		(2	)
Balance, end of year	$	21	$	20