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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost
Weighted average assumptions used to determine benefit obligations:

Pension BenefitsOther Postretirement Benefits
December 31202220212020202220212020
       
Discount rate5.2 %2.6 %2.1 %5.4 %2.6 %2.2 %
Interest crediting rate3.4 %3.0 %3.0 %  
Rate of compensation increase
0.0% to 4.5%
0.0% to 3.0%
0.0% to 3.0%
   

Weighted average assumptions used to determine net periodic benefit cost:

Pension BenefitsOther Postretirement Benefits
Year Ended December 31
202220212020202220212020
       
Discount rate3.4 %2.1 %3.0 %2.6 %2.2 %2.9 %
Expected long term rate of return on plan assets6.3 %6.7 %7.2 %2.0 %2.8 %3.6 %
Interest crediting rate3.0 %3.0 %3.7 %   
Rate of compensation increase
0.0% to 3.0%
0.0% to 3.0%
0.0% to 3.0%
   
Assumed Health Care Cost Trend Rates
Assumed health care cost trend rates:

December 31202220212020
    
Health care cost trend rate assumed for next year
4.0% to 6.5%
4.0% to 7.0%
4.0% to 7.5%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
4.0% to 5.5%
4.0% to 5.0%
4.0% to 5.0%
Year that the rate reaches the ultimate trend rate
2023-2026
2022-2026
2021-2026
Net Periodic (Benefit) Cost Components
Net periodic (benefit) cost components:

Pension Benefits
Other Postretirement Benefits
Year Ended December 31
202220212020202220212020
(In millions)      
       
Service cost$2 $3 $3 
Interest cost76 70 92 $1 $1 $2 
Expected return on plan assets(165)(169)(173)(2)(3)(3)
Amortization of unrecognized net loss32 49 48 (1)
Settlements and curtailments5 3 10 (1)
Regulatory asset decrease3 
Net periodic (benefit) cost$(50)$(41)$(20)$(1)$(2)$(3)
Reconciliation of Benefit Obligations and Plan Assets
The following provides a reconciliation of benefit obligations and plan assets:

Pension Benefits
Other Postretirement Benefits
 2022202120222021
(In millions)    
     
Change in benefit obligation:    
     
Benefit obligation at January 1$2,916 $3,243 $44 $51 
Deconsolidation(98)
Service cost2 3 
Interest cost76 70 1 1 
Plan participants’ contributions3 4 
Actuarial (gain) loss(557)(89)(6)(2)
Benefits paid from plan assets(181)(193)(9)(10)
Settlements and curtailments(23)(19)
Foreign exchange(13)(1)
Benefit obligation at December 31
$2,220 $2,916 $33 $44 
Change in plan assets:
Fair value of plan assets at January 1$2,816 $2,739 $93 $96 
Deconsolidation(85)
Actual return on plan assets(405)355 (9)
Company contributions19 20 3 3 
Plan participants' contributions3 4 
Benefits paid from plan assets(181)(193)(9)(10)
Settlements(23)(19)
Foreign exchange(14)(1)
Fair value of plan assets at December 31
$2,212 $2,816 $81 $93 
Funded status$(8)$(100)$48 $49 
Amounts Recognized in the Consolidated Balance Sheets
Pension Benefits
Other Postretirement Benefits
 2022202120222021
(In millions)    
     
Amounts recognized in the Consolidated Balance Sheets consist of:    
     
Other assets$149 $90 $57 $62 
Other liabilities(157)(190)(9)(13)
Net amount recognized$(8)$(100)$48 $49 
Amounts recognized in Accumulated other comprehensive income (loss), not yet recognized in net periodic (benefit) cost:
Net actuarial loss$811 $837 $(5)
Net amount recognized$811 $837 $— $(5)
Information for plans with projected and accumulated benefit obligations in excess of plan assets:
Projected benefit obligation$234 $292 
Accumulated benefit obligation231 286 $10 $13 
Fair value of plan assets78 104 
Estimated Future Minimum Benefit Payments
The table below presents the estimated future minimum benefit payments at December 31, 2022.

Expected future benefit paymentsPension BenefitsOther Postretirement Benefits
(In millions)  
   
2023$241 $3 
2024196 3 
2025196 3 
2026197 3 
2027195 3 
2028 – 2032844 11 
Plan Assets Measured at Fair Value on Recurring Basis
Pension plan assets measured at fair value on a recurring basis are summarized below.

December 31, 2022Level 1Level 2Level 3Total
(In millions)    
    
Plan assets at fair value:    
Fixed maturity securities:    
Corporate and other bonds$859 $7 $866 
States, municipalities and political subdivisions49 49 
Asset-backed157 9 166 
Total fixed maturities$— 1,065 16 1,081 
Equity securities236 13 249 
Short term investments194 1 195 
Fixed income mutual funds42 42 
Other assets (a)2 12 57 71 
Total plan assets at fair value$474 $1,091 $73 $1,638 
Plan assets at net asset value: (b)
Equity securities21 
Limited partnerships553 
Total plan assets$474 $1,091 $73 $2,212 
December 31, 2021Level 1Level 2Level 3Total
(In millions)    
     
Plan assets at fair value:    
Fixed maturity securities:    
Corporate and other bonds$645 $8 $653 
States, municipalities and political subdivisions30 30 
Asset-backed110 110 
Total fixed maturities$— 785 8 793 
Equity securities801 141 942 
Short term investments47 47 
Fixed income mutual funds111 111 
Other assets2 8 10 
Total plan assets at fair value$961 $934 $8 $1,903 
Plan assets at net asset value: (b)
Equity securities20 
Limited partnerships893 
Total plan assets$961 $934 $8 $2,816 

(a)In November 2022, the Company elected to de-risk a portion of the pension assets and purchased an annuity contract.
(b)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position.

The limited partnership investments held within the plans are recorded at fair value, which represents the plans’ shares of the net asset value of each partnership, as determined by the general partner. Limited partnerships comprising 62% and 34% of the carrying value as of December 31, 2022 and 2021 were invested in private debt and equity. Limited partnerships comprising 38% and 66% of the carrying value as of December 31, 2022 and 2021 employ hedge fund strategies. Private debt and equity funds cover a broad range of investment strategies including buyout, private credit, growth capital and distressed investing. Hedge fund strategies include both long and short positions in fixed income, equity and derivative instruments. Within hedge fund strategies, approximately 64% were equity related, 24% pursued a multi-strategy approach and 12% were focused on distressed investments at December 31, 2022.

For a discussion of the valuation methodologies used to measure fixed maturity securities, equities and short term investments, see Note 4.

Other postretirement benefits plan assets measured at fair value on a recurring basis are summarized below.

December 31, 2022Level 1Level 2Level 3Total
(In millions)   
    
Fixed maturity securities:   
Corporate and other bonds$55 $55 
States, municipalities and political subdivisions34 34 
Asset-backed1 1 
Total fixed maturities$— 90 $— 90 
Short term investments2 2 
Fixed income mutual funds2 2 
Total assets$4 $90 $— $94 
Other liabilities$(13)$(13)
December 31, 2021Level 1Level 2Level 3Total
(In millions)   
Fixed maturity securities:   
Corporate and other bonds$31 $31 
States, municipalities and political subdivisions32 32 
Asset-backed7 7 
Total fixed maturities$— 70 $— 70 
Short term investments4 4 
Fixed income mutual funds19 19 
Total$23 $70 $— $93