Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities

The fair values of the Company’s financial assets and liabilities by level in the fair value hierarchy as of December 31, 2022 and December 31, 2021 were as follows: 

December 31, 2022	Level 1		Level 2		Total
Assets:
Foreign exchange derivative contracts	$	—	$	15	$	15
Common stock and equivalents	21		—		21
Liabilities:
Foreign exchange derivative contracts	$	—	$	5	$	5

December 31, 2021	Level 1		Level 2		Total
Assets:
Foreign exchange derivative contracts	$	—	$	7	$	7
Common stock and equivalents	69		—		69
Liabilities:
Foreign exchange derivative contracts	$	—	$	5	$	5

Pension and Postretirement Health Care Plan Assets

The fair values of the various pension and postretirement health care benefits plans’ assets by level in the fair value hierarchy as of December 31, 2022 and 2021 were as follows:

U.S. Pension Benefit Plans

December 31, 2022	Level 1		Level 2		Level 3		Total
Equities	$	48	$	—	$	—	$	48
Commingled funds	1,159		488		—		1,647
Government fixed income securities	—		159		—		159
Corporate fixed income securities	—		863		—		863
Short-term investment funds	186		—		—		186
Private assets	—		—		111		111
Total investment securities	$	1,393	$	1,510	$	111	$	3,014
Accrued income receivable							45
Cash							17
Fair value plan assets							$	3,076

The following table summarizes the changes in fair value of the Level 3 assets:

	2022
Fair value at January 1, 2022	60
Actual return on plan assets	(1)
Purchases	52
Fair value at December 31, 2022	111

December 31, 2021	Level 1		Level 2		Level 3		Total
Equities	$	41	$	—	—		$	41
Commingled funds	1,601		505		—		2,106
Government fixed income securities	—		412		—		412
Corporate fixed income securities	—		1,145		—		1,145
Short-term investment funds	338		—		—		338
Private Assets	—		—		60		60
Total investment securities	$	1,980	$	2,062	$	60	$	4,102
Accrued income receivable							49
Cash							6
Fair value plan assets							$	4,157

Non-U.S. Pension Benefit Plans

December 31, 2022	Level 1		Level 2		Total
Equities	$	55	$	—	$	55
Commingled funds	252		41		293
Government fixed income securities	—		491		491
Short-term investment funds	83		—		83
Total investment securities	$	390	$	532	$	922
Cash					3
Accrued income receivable					121
Insurance contracts					46
Fair value plan assets					$	1,092

December 31, 2021	Level 1		Level 2		Total
Equities	$	94	$	—	$	94
Commingled funds	458		75		533
Government fixed income securities	2		1,004		1,006
Short-term investment funds	105		—		105
Total investment securities	$	659	$	1,079	$	1,738
Cash					4
Accrued income receivable					78
Insurance contracts					50
Fair value plan assets					$	1,870

Postretirement Health Care Benefits Plan 

December 31, 2022	Level 1		Level 2		Level 3		Total
Equities	$	2	$	—	$	—	$	2
Commingled funds	49		22		—		71
Government fixed income securities	—		7		—		7
Corporate fixed income securities	—		39		—		39
Short-term investment funds	8		—		—		8
Private funds	—		—		5		5
Total investment securities	$	59	$	68	5		132
Accrued income receivable							2
Fair value plan assets							$	134

The following table summarizes the changes in fair value of the Level 3 assets:

	2022
Fair value at January 1, 2022	3
Purchases	2
Fair value at December 31, 2022	5

December 31, 2021	Level 1		Level 2		Level 3		Total
Equities	$	2	$	—	$	—	$	2
Commingled funds	72		23		—		95
Government fixed income securities	—		18		—		18
Corporate fixed income securities	—		51		—		51
Short-term investment funds	15		—		—		15
Private funds	—		—		3		3
Total investment securities	$	89	$	92	3		$	184
Accrued income receivable							2
Fair value plan assets							$	186