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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
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 31202320222021202320222021
       
Discount rate5.0 %5.2 %2.6 %5.1 %5.4 %2.6 %
Interest crediting rate4.5 %3.4 %3.0 %  
Rate of compensation increase
0.0% to 3.5%
0.0% to 4.5%
0.0% to 3.0%
   

Weighted average assumptions used to determine net periodic benefit cost:

Pension BenefitsOther Postretirement Benefits
Year Ended December 31
202320222021202320222021
       
Discount rate5.2 %3.4 %2.1 %5.4 %2.6 %2.2 %
Expected long-term rate of return on plan assets6.2 %6.3 %6.7 %3.0 %2.0 %2.8 %
Interest crediting rate3.5 %3.0 %3.0 %   
Rate of compensation increase
0.0% to 3.8%
0.0% to 3.0%
0.0% to 3.0%
   
Assumed Health Care Cost Trend Rates
Assumed health care cost trend rates:

December 31202320222021
    
Health care cost trend rate assumed for next year
4.0% to 7.0%
4.0% to 6.5%
4.0% to 7.0%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
4.0% to 5.5%
4.0% to 5.5%
4.0% to 5.0%
Year that the rate reaches the ultimate trend rate
2024-2028
2023-2026
2022-2026
Net Periodic (Benefit) Cost Components
Net periodic (benefit) cost components:

Pension Benefits
Other Postretirement Benefits
Year Ended December 31
202320222021202320222021
(In millions)      
       
Service cost$2 $2 $3 
Interest cost110 76 70 $2 $1 $1 
Expected return on plan assets(125)(165)(169)(3)(2)(3)
Amortization of unrecognized net loss35 32 49 1 
Settlements48 5 3 
Regulatory asset decrease3 
Net periodic (benefit) cost$70 $(50)$(41)$— $(1)$(2)
Reconciliation of Benefit Obligations and Plan Assets
The following provides a reconciliation of benefit obligations and plan assets:

Pension Benefits
Other Postretirement Benefits
 2023202220232022
(In millions)    
     
Change in benefit obligation:    
     
Benefit obligation at January 1$2,220 $2,916 $33 $44 
Service cost2 2 
Interest cost110 76 2 1 
Plan participants’ contributions3 3 
Actuarial (gain) loss31 (557)6 (6)
Benefits paid from plan assets(181)(181)(10)(9)
Settlements(194)(23)
Foreign exchange3 (13)
Benefit obligation at December 31
$1,991 $2,220 $34 $33 
Change in plan assets:
Fair value of plan assets at January 1$2,212 $2,816 $81 $93 
Actual return on plan assets206 (405)5 (9)
Company contributions22 19 4 3 
Plan participants' contributions3 3 
Benefits paid from plan assets(181)(181)(10)(9)
Settlements(188)(23)
Foreign exchange3 (14)
Fair value of plan assets at December 31
$2,074 $2,212 $83 $81 
Funded status$83 $(8)$49 $48 
Amounts Recognized in the Consolidated Balance Sheets
Pension Benefits
Other Postretirement Benefits
 2023202220232022
(In millions)    
     
Amounts recognized in the Consolidated Balance Sheets consist of:    
     
Other assets$229 $149 $59 $57 
Other liabilities(146)(157)(10)(9)
Net amount recognized$83 $(8)$49 $48 
Amounts recognized in Accumulated other comprehensive income (loss), not yet recognized in net periodic (benefit) cost:
Prior service credit$1 
Net actuarial loss672 $811 $3 
Net amount recognized$673 $811 $3 $— 
Information for plans with projected and accumulated benefit obligations in excess of plan assets:
Projected benefit obligation$229 $234 
Accumulated benefit obligation143 231 $11 $10 
Fair value of plan assets83 78 
Estimated Future Minimum Benefit Payments
The table below presents the estimated future minimum benefit payments at December 31, 2023.

Expected future benefit paymentsPension BenefitsOther Postretirement Benefits
(In millions)  
   
2024$190 $4 
2025183 3 
2026178 3 
2027180 3 
2028174 3 
2029 – 2033752 10 
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, 2023Level 1Level 2Level 3Total
(In millions)    
    
Plan assets at fair value:    
Fixed maturity securities:    
Corporate and other bonds$10 $1,041 $6 $1,057 
States, municipalities and political subdivisions55 55 
Asset-backed233 8 241 
Total fixed maturities10 1,329 14 1,353 
Equity securities154 6 160 
Short-term investments114 114 
Fixed income mutual funds26 26 
Other assets11 11 
Total plan assets at fair value$304 $1,346 $14 $1,664 
Plan assets at net asset value: (a)
Equity securities25 
Limited partnerships385 
Total plan assets$304 $1,346 $14 $2,074 
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 (b)2 12 57 71 
Total plan assets at fair value$474 $1,091 $73 $1,638 
Plan assets at net asset value: (a)
Equity securities21 
Limited partnerships553 
Total plan assets$474 $1,091 $73 $2,212 

(a)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.
(b)In November 2022, a portion of the pension assets was de-risked through the purchase of an annuity contract.

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 93% and 62% of the carrying value as of December 31, 2023 and 2022 were invested in private debt and equity. Limited partnerships comprising 7% and 38% of the carrying value as of December 31, 2023 and 2022 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 8% were equity related, 92% pursued a multi-strategy approach and none were focused on distressed investments at December 31, 2023.

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, 2023Level 1Level 2Level 3Total
(In millions)   
    
Fixed maturity securities:   
Corporate and other bonds$67 $67 
States, municipalities and political subdivisions39 39 
Asset-backed1 1 
Total fixed maturities$— 107 $— 107 
Short-term investments13 13 
Fixed income mutual funds2 2 
Total assets$15 $107 $— $122 
Other liabilities$39 $39 
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$4 $90 $— $94 
Other liabilities$13 $13