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Pension Benefit Plans and Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2024
Pension Benefit Plans.  
Defined Benefit Plans and Other Postretirement Benefit Plans  
Changes in the benefit obligations

U.S.

Non-U.S.

 

    

2024

    

2023

    

2024

    

2023

 

Obligations at beginning of year

$

866

$

860

$

727

$

669

Change in benefit obligations:

Service cost

 

6

 

6

 

9

 

8

Interest cost

 

43

 

45

 

35

 

38

Actuarial (gain) loss

(45)

23

(56)

25

Settlements

 

(15)

(31)

Curtailments

 

(2)

13

Benefit payments

 

(78)

 

(70)

 

(41)

 

(41)

Other

2

1

Foreign currency translation

 

(42)

 

45

Net change in benefit obligations

 

(73)

 

6

 

(112)

 

58

Obligations at end of year

$

793

$

866

$

615

$

727

Changes in the fair value of the pension plans' assets

U.S.

Non-U.S.

 

    

2024

    

2023

    

2024

    

2023

 

Fair value at beginning of year

$

837

$

812

$

564

$

547

Change in fair value:

Actual gain (loss) on plan assets

 

30

 

94

 

(12)

 

27

Benefit payments

 

(78)

 

(70)

 

(41)

 

(41)

Employer contributions

 

5

 

1

 

27

 

31

Participant contributions

 

1

 

Settlements

(15)

(31)

Foreign currency translation

 

(19)

 

31

Other

 

 

Net change in fair value of assets

 

(43)

 

25

 

(59)

 

17

Fair value at end of year

$

794

$

837

$

505

$

564

Funded status

U.S.

Non-U.S.

 

2024

2023

2024

2023

 

Plan assets at fair value

    

$

794

    

$

837

    

$

505

    

$

564

Projected benefit obligations

 

793

 

866

 

615

 

727

Plan assets less than projected benefit obligations

 

1

 

(29)

 

(110)

 

(163)

Items not yet recognized in pension expense:

Actuarial loss

 

321

 

357

 

283

 

320

Prior service cost

 

 

 

9

 

9

 

321

 

357

 

292

 

329

Net amount recognized

$

322

$

328

$

182

$

166

Net amount recognized included in the Consolidated Balance Sheets

U.S.

Non-U.S.

 

    

2024

    

2023

    

2024

    

2023

 

Pension assets

$

8

$

$

84

$

66

Current pension liability, included with other accrued liabilities

 

(1)

 

(2)

 

(7)

 

(8)

Pension benefits

 

(6)

 

(27)

 

(187)

 

(221)

Accumulated other comprehensive loss

 

321

 

357

 

292

 

329

Net amount recognized

$

322

$

328

$

182

$

166

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

U.S.

Non-U.S.

 

    

2024

    

2023

    

2024

    

2023

 

Current year actuarial (gain) loss

$

(22)

$

(15)

$

(14)

$

38

Amortization of actuarial loss

 

(14)

 

(9)

 

(10)

 

(9)

Settlement

(4)

(6)

Curtailment

(13)

Other

Foreign currency translation

 

(9)

 

21

$

(36)

$

(24)

$

(37)

$

31

Components of net periodic pension cost

U.S.

Non-U.S.

 

2024

2023

2022

2024

2023

2022

 

Service cost

    

$

6

    

$

6

    

$

13

    

$

9

    

$

8

    

$

10

Interest cost

 

43

 

45

 

35

 

35

 

38

 

24

Expected asset return

 

(53)

 

(55)

 

(61)

 

(32)

 

(30)

 

(36)

Amortization:

Actuarial loss

 

14

 

9

 

40

 

10

 

9

 

9

Net expense

$

10

$

5

$

27

$

22

$

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.

 

    

2024

2023

    

2024

2023

    

2024

2023

    

2024

2023

Projected benefit obligations

$

257

$

866

$

227

$

282

$

257

$

866

$

227

$

282

Accumulated benefit obligation

 

257

 

866

 

199

 

247

 

257

 

866

 

199

 

247

Fair value of plan assets

 

250

 

837

 

32

 

53

 

250

 

837

 

32

 

53

Fair value of defined benefit pension plan assets and target allocations

2024

2023

    

Level 1

    

Level 2

    

Level 3

    

Total

    

Level 1

    

Level 2

    

Level 3

    

Total

    

Cash and cash equivalents

$

12

$

$

$

12

$

18

$

$

$

18

Debt securities

17

17

22

22

Diversified funds and other

23

23

Total

$

29

$

$

$

63

$

$

 

Investments measured at net asset value

 

$

476

 

$

501

 

Total non-U.S. assets at fair value

$

505

$

564

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

Year(s)

    

U.S.

    

Non-U.S.

2025

$

71

$

42

2026

 

69

 

43

2027

 

68

 

44

2028

 

68

 

46

2029

 

66

 

48

2030-2034

 

306

 

249

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

U.S.

Non-U.S.

 

    

2024

    

2023

    

2024

    

2023

 

Obligations at beginning of year

$

21

$

22

$

50

$

45

Change in benefit obligations:

Service cost

 

 

 

1

 

1

Interest cost

 

1

 

1

 

2

 

2

Actuarial (gain) loss

 

(1)

 

 

(1)

 

3

Benefit payments

 

(2)

 

(2)

 

(2)

 

(2)

Foreign currency translation

 

(4)

 

1

Net change in benefit obligations

 

(2)

 

(1)

 

(4)

 

5

Obligations at end of year

$

19

$

21

$

46

$

50

Funded status

U.S.

Non-U.S.

 

    

2024

    

2023

    

2024

    

2023

 

Postretirement benefit obligations

$

(19)

$

(21)

$

(46)

$

(50)

Items not yet recognized in net postretirement benefit cost:

Actuarial gain

(29)

(20)

(30)

(35)

Prior service credit

 

 

(9)

 

 

 

(29)

 

(29)

 

(30)

 

(35)

Net amount recognized

$

(48)

$

(50)

$

(76)

$

(85)

Net amount recognized included in the Consolidated Balance Sheets

U.S.

Non-U.S.

 

    

2024

    

2023

    

2024

    

2023

 

Current nonpension postretirement benefit, included with Other accrued liabilities

$

(1)

$

(1)

$

(2)

$

(3)

Nonpension postretirement benefits

 

(18)

 

(20)

 

(44)

 

(47)

Accumulated other comprehensive loss

 

(29)

 

(29)

 

(30)

 

(35)

Net amount recognized

$

(48)

$

(50)

$

(76)

$

(85)

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

U.S.

Non-U.S.

 

    

2024

    

2023

    

2024

    

2023

 

Current year actuarial (gain) loss

$

$

$

(1)

$

3

Amortization of actuarial gain (loss)

 

(9)

 

(8)

3

3

Amortization of prior service credit

 

9

 

9

Foreign currency translation

 

3

(1)

$

$

1

$

5

$

5

Components of net periodic pension cost

U.S.

Non-U.S.

 

    

2024

    

2023

    

2022

    

2024

    

2023

    

2022

 

Service cost

$

$

$

$

1

$

1

$

2

Interest cost

 

1

 

1

 

1

 

2

 

2

 

2

Amortization:

Actuarial (gain) loss

 

8

 

8

 

8

(3)

(3)

Prior service credit

 

(8)

 

(9)

 

(8)

Net amortization

 

 

(1)

 

 

(3)

 

(3)

 

Net postretirement benefit cost

$

1

$

$

1

$

$

$

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.

 

    

2024

    

2023

    

2022

    

2024

    

2023

    

2022

 

Accumulated postretirement benefit obligation

 

5.70

%  

5.18

%  

5.48

%  

4.65

%  

4.65

%  

5.15

%  

Net postretirement benefit cost

 

5.10

%  

5.48

%  

2.90

%  

4.65

%  

5.15

%  

2.95

%  

Weighted average assumed health care cost trend rates

U.S.

Non-U.S.

 

    

2024

    

2023

    

2024

    

2023

 

Health care cost trend rate assumed for next year

 

6.5

%  

6.3

%  

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

 

2032

2032

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.

 

2025

$

1

$

3

2026

 

1

 

3

2027

 

1

 

3

2028

 

1

 

3

2029

 

1

 

3

2030  -  2034

 

7

 

14