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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023 and December 31, 2022 were as follows: 
December 31, 2023Level 1Level 2Total
Assets:
Foreign exchange derivative contracts$— $13 $13 
Equity swap contracts1 — 1 
Common stock and equivalents28 — 28 
Liabilities:
Foreign exchange derivative contracts$— $4 $4 
Treasury rate lock— 12 — 
December 31, 2022Level 1Level 2Total
Assets:
Foreign exchange derivative contracts$— $15 $15 
Common stock and equivalents21 — 21 
Liabilities:
Foreign exchange derivative contracts$— $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, 2023 and 2022 were as follows:
U.S. Pension Benefit Plans
December 31, 2023Level 1Level 2Level 3Total
Equities$27 $— $— $27 
Commingled funds1,230 479 — 1,709 
Government fixed income securities— 192 — 192 
Corporate fixed income securities— 894 — 894 
Short-term investment funds253 — — 253 
Private assets— — 157 157 
Total investment securities$1,510 $1,565 $157 $3,232 
Accrued income receivable23 
Cash18 
Fair value plan assets$3,273 
The following table summarizes the changes in fair value of the Level 3 assets:
2023
Fair value at January 1, 2023111 
Actual return on plan assets10 
Purchases36 
Fair value at December 31, 2023157 
December 31, 2022Level 1Level 2Level 3Total
Equities$48 $— — $48 
Commingled funds1,159 488 — 1,647 
Government fixed income securities— 159 — 159 
Corporate fixed income securities— 863 — 863 
Short-term investment funds186 — — 186 
Private Assets— — 111 111 
Total investment securities$1,393 $1,510 $111 $3,014 
Accrued income receivable45 
Cash17 
Fair value plan assets   $3,076 
Non-U.S. Pension Benefit Plans
December 31, 2023Level 1Level 2Total
Equities$60 $— $60 
Commingled funds289 32 321 
Government fixed income securities— 663 663 
Short-term investment funds60 — 60 
Total investment securities$409 $695 $1,104 
Cash5 
Accrued income receivable16 
Insurance contracts47 
Fair value plan assets  $1,172 
December 31, 2022Level 1Level 2Total
Equities$55 $— $55 
Commingled funds252 41 293 
Government fixed income securities— 491 491 
Short-term investment funds83 — 83 
Total investment securities$390 $532 $922 
Cash3 
Accrued income receivable121 
Insurance contracts46 
Fair value plan assets  $1,092 
Postretirement Health Care Benefits Plan 
December 31, 2023Level 1Level 2Level 3Total
Equities$1 $— $— $1 
Commingled funds49 20 — 69 
Government fixed income securities— 8 — 8 
Corporate fixed income securities— 38 — 38 
Short-term investment funds10 — — 10 
Private funds— — 7 7 
Total investment securities$60 $66 7 133 
Accrued income receivable1 
Fair value plan assets$134 
The following table summarizes the changes in fair value of the Level 3 assets:
2023
Fair value at January 1, 20235 
Purchases2 
Fair value at December 31, 20237 
December 31, 2022Level 1Level 2Level 3Total
Equities$2 $— $— $2 
Commingled funds49 22 — 71 
Government fixed income securities— 7 — 7 
Corporate fixed income securities— 39 — 39 
Short-term investment funds8 — — 8 
Private funds— — 5 5 
Total investment securities$59 $68 $5 $132 
Accrued income receivable2 
Fair value plan assets$134