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Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Change in Benefit Obligation, Fair Value of Plan Assets & Funded Status of Pension Plans & Postretirement Medical Plan
The following table summarizes the benefit obligations, the fair value of plan assets, and the funded status of our pension and postretirement medical plans:
Funded
Pension Plans		Unfunded
Pension Plan		Postretirement
Medical Plan
 202320222023202220232022
 (In millions)
Change in Benefit Obligation      
Balance at January 1, $1,802 $2,948 $212 $248 $52 $59 
Service cost 26 33 9 11 3 3 
Interest cost 88 66 9 3 2 1 
Actuarial (gain) loss (a)44 (818)7 (38)1 (7)
Plan settlements(143)(266)— — — — 
Benefit payments(77)(90)(15)(12)(5)(4)
Foreign currency exchange rate changes 20 (71)— — — — 
Balance at December 31, (b)$1,760 $1,802 $222 $212 $53 $52 
Change in Fair Value of Plan Assets
Balance at January 1,$2,450 $3,357 $— $— $— $— 
Actual return on plan assets186 (469)— — — — 
Employer contributions1 1 15 12 5 4 
Plan settlements(143)(266)— — — — 
Benefit payments(77)(90)(15)(12)(5)(4)
Foreign currency exchange rate changes28 (83)— — — — 
Balance at December 31,$2,445 $2,450 $— $— $— $— 
Funded Status (Plan assets greater (less) than benefit obligations) at December 31,$685 $648 $(222)$(212)$(53)$(52)
Unrecognized Net Actuarial (Gains) Losses (c)$332 $337 $30 $23 $(25)$(27)
(a)In 2023, changes in discount rates resulted in actuarial losses of $56 million, updates to census data resulted in actuarial losses of $18 million, and the alignment of the projected benefit obligation to the amount of plan settlement payments resulted in actuarial gains of $20 million. Changes in all other assumptions resulted in net actuarial gains of $2 million in 2023. In 2022, changes in discount rates resulted in actuarial gains of $874 million and changes in mortality assumptions resulted in actuarial losses of $8 million. Changes in all other assumptions, including inflation and demographic assumptions, resulted in net actuarial losses of $3 million in 2022.
(b)At December 31, 2023, the accumulated benefit obligation for the funded and unfunded defined benefit pension plans was $1,684 million and $181 million, respectively (2022: $1,743 million and $180 million, respectively).
(c)At December 31, 2023, the unrecognized net actuarial losses related to the U.K. pension plan was $179 million (2022: $175 million).
Amounts Recognized in Balance Sheet for Pension Plans & Postretirement Medical Plan Amounts recognized in the Consolidated Balance Sheet at December 31 consisted of the following:
Funded
Pension Plans		Unfunded
Pension Plan		Postretirement
Medical Plan
 202320222023202220232022
 (In millions)
Noncurrent assets$685 $648 $— $— $— $— 
Current liabilities— — (23)(24)(5)(6)
Noncurrent liabilities— — (199)(188)(48)(46)
Post-retirement benefit assets / (liabilities)$685 $648 $(222)$(212)$(53)$(52)
Accumulated other comprehensive (income) loss, pre-tax (a)$332 $337 $30 $23 $(25)$(27)
(a)The after‑tax deficit reflected in Accumulated other comprehensive income (loss) was $134 million at December 31, 2023 (2022: $131 million deficit).
Components of Net Periodic Benefit Cost for Pension Plans & Postretirement Medical Plan
The net periodic benefit cost for funded and unfunded pension plans, and the postretirement medical plan, is as follows:
 Pension PlansPostretirement Medical Plan
 202320222021202320222021
 (In millions)
Service cost $35 $44 $51 $3 $3 $3 
Interest cost 97 69 55 2 1 1 
Expected return on plan assets (156)(196)(197)— — — 
Amortization of unrecognized net actuarial losses (gains)3 11 58 (2)(1)(1)
Settlement loss 17 2 9 — — — 
Net Periodic Benefit Cost / (Income) (a)$(4)$(70)$(24)$3 $3 $3 
(a)Net non-service cost, which is included in Other, net in the Statement of Consolidated Income, was income of $39 million in 2023 (2022: $114 million of income; 2021: $75 million of income).
Actuarial Assumptions Used for Pension Plans & Postretirement Medical Plan The weighted average actuarial assumptions used to determine benefit obligations at December 31 and net periodic benefit cost for the three years ended December 31 for our funded and unfunded pension plans were as follows:
 202320222021
Benefit Obligations:   
Discount rate 4.8%5.0%2.5%
Rate of compensation increase 3.9%4.0%3.8%
Net Periodic Benefit Cost:
Discount rate
Service cost5.0%3.3%2.6%
Interest cost4.9%3.0%1.7%
Expected rate of return on plan assets 6.5%6.5%6.6%
Rate of compensation increase 4.0%3.8%3.8%
The actuarial assumptions used to determine benefit obligations at December 31 for the post-retirement medical plan were as follows:
 202320222021
Discount rate 4.7%4.9%2.4%
Initial health care trend rate 6.0%6.3%5.5%
Ultimate trend rate 4.0%4.0%4.0%
Year in which ultimate trend rate is reached 204620462046
Fair Value of Financial Assets of Funded Pension Plans The following tables provide the fair value of the financial assets of the funded pension plans at December 31, 2023 and 2022 in accordance with the fair value measurement hierarchy described in Note 1, Nature of Operations, Basis of Presentation and Summary of Accounting Policies.
 Level 1Level 2Level 3Net Asset
Value (c)		Total
 (In millions)
December 31, 2023     
Cash and Short-Term Investment Funds $27 $— $— $— $27 
Equities:
U.S. equities (domestic) 309 — — — 309 
International equities (non-U.S.) 52 — — 158 210 
Global equities (domestic and non-U.S.) — 6 — 55 61 
Fixed Income:
Treasury and government related (a) — 581 — — 581 
Mortgage-backed securities (b) — 98 — 12 110 
Corporate — 547 — 3 550 
Other:
Hedge funds — — — — — 
Private equity funds — — — 414 414 
Real estate funds — — — 183 183 
Total investments$388 $1,232 $— $825 $2,445 
December 31, 2022
Cash and Short-Term Investment Funds $51 $— $— $— $51 
Equities:
U.S. equities (domestic) 409 — — 11 420 
International equities (non-U.S.) 62 11 — 306 379 
Global equities (domestic and non-U.S.) — 5 — 90 95 
Fixed Income:
Treasury and government related (a) — 364 — — 364 
Mortgage-backed securities (b) — 142 — 18 160 
Corporate — 304 — 8 312 
Other:
Hedge funds — — — 75 75 
Private equity funds — — — 374 374 
Real estate funds 9 — — 211 220 
Total investments$531 $826 $— $1,093 $2,450 
(a)Includes securities issued and guaranteed by U.S. and non‑U.S. governments, and securities issued by governmental agencies and municipalities.
(b)Comprised of U.S. residential and commercial mortgage-backed securities.
(c)Includes certain investments that have been valued using the net asset value (NAV) practical expedient, and therefore have not been categorized in the fair value hierarchy.  The inclusion of such amounts in the above table is intended to aid reconciliation of investments categorized in the fair value hierarchy to total pension plan assets.
Estimated Future Benefit Payments for Pension Plans & Postretirement Medical Plan
Estimated future benefit payments by the funded and unfunded pension plans, and the post-retirement medical plan, which reflect expected future service, are as follows (in millions):
2024$112 
2025117 
2026167 
2027117 
2028123 
Years 2029 to 2033611