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Pension Benefit Plans and Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2023
Pension Benefit Plans.  
Defined Benefit Plans and Other Postretirement Benefit Plans  
Changes in the benefit obligations

U.S.

Non-U.S.

 

    

2023

    

2022

    

2023

    

2022

 

Obligations at beginning of year

$

860

$

1,242

$

669

$

990

Change in benefit obligations:

Service cost

 

6

 

13

 

8

 

10

Interest cost

 

45

 

35

 

38

 

24

Actuarial (gain) loss

23

(320)

25

(221)

Settlements

(20)

 

(31)

(17)

Curtailments

 

13

Benefit payments

 

(70)

 

(90)

 

(41)

 

(42)

Other

2

1

3

Foreign currency translation

 

45

 

(78)

Net change in benefit obligations

 

6

 

(382)

 

58

 

(321)

Obligations at end of year

$

866

$

860

$

727

$

669

Changes in the fair value of the pension plans' assets

U.S.

Non-U.S.

 

    

2023

    

2022

    

2023

    

2022

 

Fair value at beginning of year

$

812

$

1,168

$

547

$

923

Change in fair value:

Actual gain (loss) on plan assets

 

94

 

(256)

 

27

 

(255)

Benefit payments

 

(70)

 

(90)

 

(41)

 

(42)

Employer contributions

 

1

 

10

 

31

 

16

Participant contributions

 

 

Settlements

(20)

(31)

(17)

Foreign currency translation

 

31

 

(79)

Other

 

 

1

Net change in fair value of assets

 

25

 

(356)

 

17

 

(376)

Fair value at end of year

$

837

$

812

$

564

$

547

Funded status

U.S.

Non-U.S.

 

2023

2022

2023

2022

 

Plan assets at fair value

    

$

837

    

$

812

    

$

564

    

$

547

Projected benefit obligations

 

866

 

860

 

727

 

669

Plan assets less than projected benefit obligations

 

(29)

 

(48)

 

(163)

 

(122)

Items not yet recognized in pension expense:

Actuarial loss

 

357

 

381

 

320

 

289

Prior service cost

 

 

 

9

 

9

 

357

 

381

 

329

 

298

Net amount recognized

$

328

$

333

$

166

$

176

Net amount recognized included in the Consolidated Balance Sheets

U.S.

Non-U.S.

 

    

2023

    

2022

    

2023

    

2022

 

Pension assets

$

$

$

66

$

60

Current pension liability, included with other accrued liabilities

 

(2)

 

(2)

 

(8)

 

(3)

Pension benefits

 

(27)

 

(46)

 

(221)

 

(179)

Accumulated other comprehensive loss

 

357

 

381

 

329

 

298

Net amount recognized

$

328

$

333

$

166

$

176

Changes in plan assets and/or benefit obligations recognized in accumulated other comprehensive income

U.S.

Non-U.S.

 

    

2023

    

2022

    

2023

    

2022

 

Current year actuarial (gain) loss

$

(15)

$

(3)

$

38

$

71

Amortization of actuarial loss

 

(9)

 

(40)

 

(9)

 

(9)

Settlement

(13)

(6)

(7)

Curtailment

(13)

Other

3

Foreign currency translation

 

21

 

(29)

$

(24)

$

(56)

$

31

$

29

Components of net periodic pension cost

U.S.

Non-U.S.

 

2023

2022

2021

2023

2022

2021

 

Service cost

    

$

6

    

$

13

    

$

13

    

$

8

    

$

10

    

$

12

Interest cost

 

45

 

35

 

40

 

38

 

24

 

21

Expected asset return

 

(55)

 

(61)

 

(82)

 

(30)

 

(36)

 

(46)

Amortization:

Actuarial loss

 

9

 

40

 

61

 

9

 

9

 

13

Net expense

$

5

$

27

$

32

$

25

$

7

$

Information for plans with projected and accumulated benefit obligations in excess of the fair value of plan assets

Projected Benefit Obligation Exceeds 

Accumulated Benefit Obligation Exceeds

 

the Fair Value of Plan Assets

the Fair Value of Plan Assets

 

U.S.

Non-U.S.

U.S.

Non-U.S.

 

    

2023

2022

    

2023

2022

    

2023

2022

    

2023

2022

Projected benefit obligations

$

866

$

860

$

282

$

240

$

866

$

860

$

282

$

216

Accumulated benefit obligation

 

866

 

860

 

247

 

226

 

866

 

860

 

247

 

203

Fair value of plan assets

 

837

 

812

 

53

 

56

 

837

 

812

 

53

 

33

Fair value of defined benefit pension plan assets and target allocations

2023

2022

    

Level 1

    

Level 2

    

Level 3

    

Total

    

Level 1

    

Level 2

    

Level 3

    

Total

    

Cash and cash equivalents

$

18

$

$

$

18

$

9

$

$

$

9

Debt securities

22

22

29

29

Diversified funds and other

23

23

21

21

Total

$

63

$

$

$

59

$

$

 

Investments measured at net asset value

 

$

501

 

$

488

 

Total non-U.S. assets at fair value

$

564

$

547

Estimated future benefit payments, reflecting expected future service, as appropriate, expected to be paid

Year(s)

    

U.S.

    

Non-U.S.

2024

$

72

$

45

2025

 

71

 

46

2026

 

70

 

48

2027

 

70

 

49

2028

 

69

 

52

2029-2033

 

317

 

282

Postretirement Benefits Other Than Pensions  
Defined Benefit Plans and Other Postretirement Benefit Plans  
Changes in the benefit obligations

U.S.

Non-U.S.

 

    

2023

    

2022

    

2023

    

2022

 

Obligations at beginning of year

$

22

$

34

$

45

$

76

Change in benefit obligations:

Service cost

 

 

 

1

 

2

Interest cost

 

1

 

1

 

2

 

2

Actuarial (gain) loss

 

 

(11)

 

3

 

(29)

Benefit payments

 

(2)

 

(2)

 

(2)

 

(3)

Foreign currency translation

 

1

 

(3)

Net change in benefit obligations

 

(1)

 

(12)

 

5

 

(31)

Obligations at end of year

$

21

$

22

$

50

$

45

Funded status

U.S.

Non-U.S.

 

    

2023

    

2022

    

2023

    

2022

 

Postretirement benefit obligations

$

(21)

$

(22)

$

(50)

$

(45)

Items not yet recognized in net postretirement benefit cost:

Actuarial gain

(20)

(12)

(35)

(40)

Prior service credit

 

(9)

 

(18)

 

 

 

(29)

 

(30)

 

(35)

 

(40)

Net amount recognized

$

(50)

$

(52)

$

(85)

$

(85)

Net amount recognized included in the Consolidated Balance Sheets

U.S.

Non-U.S.

 

    

2023

    

2022

    

2023

    

2022

 

Current nonpension postretirement benefit, included with Other accrued liabilities

$

(1)

$

(2)

$

(3)

$

(2)

Nonpension postretirement benefits

 

(20)

 

(20)

 

(47)

 

(43)

Accumulated other comprehensive income

 

(29)

 

(30)

 

(35)

 

(40)

Net amount recognized

$

(50)

$

(52)

$

(85)

$

(85)

Changes in plan assets and/or benefit obligations recognized in accumulated other comprehensive income

U.S.

Non-U.S.

 

    

2023

    

2022

    

2023

    

2022

 

Current year actuarial (gain) loss

$

$

(11)

$

3

$

(29)

Amortization of actuarial gain (loss)

 

(8)

 

(8)

3

Amortization of prior service credit

 

9

 

8

Foreign currency translation

 

(1)

2

$

1

$

(11)

$

5

$

(27)

Components of net periodic pension cost

U.S.

Non-U.S.

 

    

2023

    

2022

    

2021

    

2023

    

2022

    

2021

 

Service cost

$

$

$

$

1

$

2

$

2

Interest cost

 

1

 

1

 

2

 

2

 

2

 

2

Amortization:

Actuarial (gain) loss

 

8

 

8

 

9

(3)

Prior service credit

 

(9)

 

(8)

 

(9)

Net amortization

 

(1)

 

 

 

(3)

 

 

Net postretirement benefit (income) cost

$

$

1

$

2

$

$

4

$

4

Weighted average assumptions used to determine benefit obligations and net periodic pension costs for pension plans, and accumulated postretirement benefit obligation and net postretirement benefit cost for postretirement plans

U.S.

Non-U.S.

 

    

2023

    

2022

    

2021

    

2023

    

2022

    

2021

 

Accumulated postretirement benefit obligation

 

5.18

%  

5.48

%  

2.90

%  

4.65

%  

5.15

%  

2.95

%  

Net postretirement benefit cost

 

5.48

%  

2.90

%  

2.48

%  

5.15

%  

2.95

%  

2.55

%  

Weighted average assumed health care cost trend rates

U.S.

Non-U.S.

 

    

2023

    

2022

    

2023

    

2022

 

Health care cost trend rate assumed for next year

 

6.3

%  

6.5

%  

5.0

%  

5.0

%  

Rate to which the cost trend rate is assumed to decline (ultimate trend rate)

 

5.0

%  

5.0

%  

5.0

%  

5.0

%  

Year that the rate reaches the ultimate trend rate

 

2031

2031

N/A

N/A

Estimated future benefit payments, reflecting expected future service, as appropriate, expected to be paid

Year(s)

    

U.S.

    

Non-U.S.

 

2024

$

1

$

3

2025

 

1

 

3

2026

 

1

 

3

2027

 

1

 

3

2028

 

1

 

3

2029  -  2033

 

8

 

15