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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Retirement Plan Expense
The following table sets forth the components of retirement plan expense for the years ended December 31, 2022, 2021, and 2020:
 Pension BenefitsPostretirement Benefits
(In millions) Year Ended December 31Year Ended December 31
202220212020202220212020
Retirement plan expense
Defined benefit plans:
Service cost (benefits earned during the period)$48 $64 $61 $1 $$
Interest cost48 48 70 3 
Expected return on plan assets(79)(95)(126) — — 
Settlement charges 83 —  — — 
Curtailments(2)— —  — — 
Amortization of actuarial loss17 33 38 5 
Amortization of prior service cost (credit)(20)(20)(19) (2)(13)
Net periodic defined benefit plan expense12 113 24 9 (2)
Defined contribution plans67 61 54  — — 
Total retirement plan expense$79 $174 $78 $9 $$(2)
Changes In Defined Benefit Obligation And Fair Value Of Defined Benefit Plan Assets
The following tables set forth changes in the defined benefit obligation and the fair value of defined benefit plan assets for the years ended December 31, 2022 and 2021:
 Pension BenefitsPostretirement Benefits
December 31
2022
December 31
2021
December 31
2022
December 31
2021
 (In millions)(In millions)
Benefit obligation, beginning$2,178 $3,014 $154 $173 
Service cost48 64 1 
Interest cost48 48 3 
Actuarial loss (gain)(575)(152)(24)(5)
Employee contributions3  — 
Curtailments(2)—  — 
Settlements(1)(715) — 
Benefits paid(47)(51)(16)(17)
Foreign currency effects(65)(32) — 
Benefit obligation, ending$1,587 $2,178 $118 $154 
Fair value of plan assets, beginning$1,742 $2,337 $ $— 
Actual return on plan assets(438)146  — 
Employer contributions60 30 16 17 
Employee contributions3  — 
Settlements(1)(715) — 
Benefits paid(47)(51)(16)(17)
Foreign currency effects(50)(7) — 
Fair value of plan assets, ending$1,269 $1,742 $ $— 
Funded status$(318)$(436)$(118)$(154)
Prepaid benefit cost$60 $121 $ $— 
Accrued benefit liability – current(18)(18)(14)(15)
Accrued benefit liability – long-term(360)(539)(104)(139)
Net amount recognized in the balance sheet$(318)$(436)$(118)$(154)
Principal Assumptions In Developing Net Periodic Pension Cost
The following table sets forth the principal assumptions used in developing net periodic benefit cost:
 Pension BenefitsPostretirement Benefits
December 31
2022
December 31
2021
December 31
2022
December 31
2021
Discount rate2.5%2.3%2.7%2.3%
Expected return on plan assets5.0%6.0%N/AN/A
Rate of compensation increase4.2%4.8%N/AN/A
Interest crediting rate1.9%2.0%N/AN/A

The following table sets forth the principal assumptions used in developing the year-end actuarial present value of the projected benefit obligations:

 Pension BenefitsPostretirement Benefits
December 31
2022
December 31
2021
December 31
2022
December 31
2021
Discount rate4.8 %2.5 %5.1%2.7%
Rate of compensation increase4.3 %4.2 %N/AN/A
Interest crediting rate3.9 %1.9 %N/AN/A
Schedule Of Fair Value Of Plan Assets
The following tables set forth, by level within the fair value hierarchy, the fair value of plan assets as of December 31, 2022 and 2021.
 Fair Value Measurements at December 31, 2022
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
 (In millions)
Common stock$68 $ $ $68 
Mutual funds245   245 
Corporate bonds 318  318 
U.S. Treasury instruments
173   173 
U.S. government agency, state and local government bonds
 5  5 
Other 9  9 
Total assets$486 $332 $ $818 
Common collective trust funds at NAV
U.S. equity23 
International equity76 
Fixed income247 
Other105 
Total assets at fair value$1,269 
 Fair Value Measurements at December 31, 2021
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
 (In millions)
Common stock$135 $— $— $135 
Mutual funds426 — — 426 
Corporate bonds— 304 — 304 
U.S. Treasury instruments226 — — 226 
U.S. government agency, state and local government bonds
— — 
Other— — 
Total assets$787 $315 $— $1,102 
Common collective trust funds at NAV
U.S. equity34 
International equity193 
Fixed income285 
Other128 
Total assets at fair value$1,742 
Actual Asset Allocation For Global Pension Plan Assets
The following table sets forth the actual asset allocation for the Company’s global pension plan assets as of the measurement date:
 
December 31 2022(1)(2)
December 31
2021(2)
Equity securities33%47%
Debt securities62%44%
Other5%9%
Total100%100%

(1)The Company’s U.S. pension plans contain approximately 66% of the Company’s global pension plan assets.  The actual asset allocation for the Company’s U.S. pension plans as of the measurement date consists of 37% equity securities and 63% debt securities.  The target asset allocation for the Company’s U.S. pension plans is approximately the same as the actual asset allocation. The actual asset allocation for the Company’s foreign pension plans as of the measurement date consists of 24% equity securities, 62% debt securities, and 14% other.  The target asset allocation for the Company’s foreign pension plans is approximately the same as the actual asset allocation.
(2)The Company’s pension plans did not directly hold any shares of Company common stock as of the December 31, 2022 and 2021 measurement dates.
Expected Future Benefit Payments To Be Paid
The following benefit payments, which reflect expected future service, are expected to be paid by the benefit plans:
 
Pension
Benefits
Postretirement
Benefits
 (In millions)
2023$64 $14 
202470 13 
202576 12 
202682 11 
202785 10 
2028-2032524 44