XML 63 R49.htm IDEA: XBRL DOCUMENT v3.24.3
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Retirement Plan Expense
The following table sets forth the components of retirement plan expense for the years ended December 31, 2023, 2022, and 2021:
 Pension BenefitsPostretirement Benefits
(In millions) Year Ended December 31Year Ended December 31
202320222021202320222021
Retirement plan expense
Defined benefit plans:
Service cost (benefits earned during the period)$41 $48 $64 $— $1 $1 
Interest cost76 48 48 6 3 2 
Expected return on plan assets(83)(79)(95)— — — 
Settlement charges— — 83 — — — 
Curtailments— (2)— — — — 
Amortization of actuarial loss3 17 33 2 5 6 
Amortization of prior service cost (credit)(20)(20)(20)— — (2)
Net periodic defined benefit plan expense17 12 113 8 9 7 
Defined contribution plans73 67 61 — — — 
Total retirement plan expense$90 $79 $174 $8 $9 $7 
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, 2023 and 2022:
 Pension BenefitsPostretirement Benefits
December 31
2023		December 31
2022		December 31
2023		December 31
2022
 (In millions)(In millions)
Benefit obligation, beginning$1,587 $2,178 $118 $154 
Service cost41 48 — 1 
Interest cost76 48 6 3 
Actuarial loss (gain)83 (575)6 (24)
Employee contributions3 3 — — 
Curtailments— (2)— — 
Business combinations(1)— — — 
Settlements(1)(1)— — 
Benefits paid(53)(47)(17)(16)
Foreign currency effects30 (65)— — 
Benefit obligation, ending$1,765 $1,587 $113 $118 
Fair value of plan assets, beginning$1,269 $1,742 $— $— 
Actual return on plan assets121 (438)— — 
Employer contributions54 60 17 16 
Employee contributions3 3 — — 
Settlements(1)(1)— — 
Benefits paid(53)(47)(17)(16)
Foreign currency effects22 (50)— — 
Fair value of plan assets, ending$1,415 $1,269 $— $— 
Funded status$(350)$(318)$(113)$(118)
Prepaid benefit cost$63 $60 $— $— 
Accrued benefit liability – current(19)(18)(14)(14)
Accrued benefit liability – long-term(394)(360)(99)(104)
Net amount recognized in the balance sheet$(350)$(318)$(113)$(118)
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
2023		December 31
2022		December 31
2023		December 31
2022
Discount rate4.8%2.5%5.1%2.7%
Expected return on plan assets6.0%5.0%N/AN/A
Rate of compensation increase4.3%4.2%N/AN/A
Interest crediting rate3.9%1.9%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
2023		December 31
2022		December 31
2023		December 31
2022
Discount rate4.5 %4.8 %4.9%5.1%
Rate of compensation increase4.8 %4.3 %N/AN/A
Interest crediting rate4.0 %3.9 %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, 2023 and 2022.
 Fair Value Measurements at December 31, 2023
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$37 $— $— $37 
Mutual funds147 — — 147 
Corporate bonds— 473 — 473 
U.S. Treasury instruments
262 — — 262 
U.S. government agency, state and local government bonds
— 8 — 8 
Other— 7 — 7 
Total assets$446 $488 $— $934 
Common collective trust funds at NAV
U.S. equity15 
International equity60 
Fixed income330 
Other76 
Total assets at fair value$1,415 
 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 instruments173 — — 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 
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 2023(1)(2)
December 31
2022(2)
Equity securities19%33%
Debt securities77%62%
Other4%5%
Total100%100%

(1)The Company’s U.S. pension plans contain approximately 67% 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 20% equity securities and 80% 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 17% equity securities, 71% debt securities, and 12% 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, 2023 and 2022 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)
2024$69 $14 
202575 13 
202682 11 
202788 11 
202894 10 
2029-2033559 41